Forensic Analysis · Oilfield Services · as of Nov 9, 2026

Seadrill Ltd (SDRL)

A forensic read on Seadrill Ltd built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

4.2

Distress distance

Clean

Earnings quality

Forensic signals

-2.7%

ROE

3.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Seadrill Ltd earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.52×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was 0.52× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

1.2%

FY2025

Return on invested capital. Return on invested capital is 1.2% in the latest fiscal year, against 9.5% in FY2023, having run between 1.2% and 11.8% across FY2023–FY2025 with no direction held. After-tax operating profit was $296M in FY2023 and $37M in FY2025, with operating income at 21.9% of revenue in FY2023, 29.7% in FY2024 and 3.3% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.

stopped

FY2024→FY2025

Shareholder returns — halted. Capital returns have STOPPED — $532M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.

Key fundamentals

Latest Revenue$1.44B

Revenue Growth YoY+3.8%

Revenue CAGR (2yr)-2.2%

Net Margin-5.4%

Return on Equity-2.7%

Debt / Equity0.21x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.