Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Sable Offshore Corp. (SOC)
A forensic read on Sable Offshore Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-6.5
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-113.8%
ROE
$1.1B
Market cap
Sable Offshore Corp. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -6.5, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+38.7%Accruals ratio.Net operating assets grew +38.7% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -5% of net operating assets.
-21%Return on invested capital.Return on invested capital is -21% and slipping from -1% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
Key fundamentals
Debt / Equity1.72x
Free Cash Flow$-769.3M
Return on Equity-76.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Sable Offshore Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SOC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown