Sable Offshore Corp.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here does not stand for an expensive share price but for documented risk to the substance of the business: first-half 2026 interest expense of $77.7 million is not covered by the operating result, cash stood at $21.6 million on June 30, 2026 against $968.8 million of term loan debt, the audit report attached to the 2025 annual report carried a going concern paragraph — and the entire revenue line depends on an administrative act that is before a court. That management considers those doubts alleviated after the July 2, 2026 refinancing does not change the fact that the new funding carries distressed terms. Two things decide whether this turns for the better, and both can be read in every quarterly report: operating cost per barrel and the litigation calendar. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Sable Offshore pulled off what ExxonMobil failed to do in seven years: oil has been flowing from the Santa Ynez Unit again since March 29, 2026, and the second quarter of 2026 delivered $137.1 million of revenue and $9.4 million of positive operating cash flow for the first time. That was permitted not by a regulator but by an order under the Defense Production Act, which California is challenging in court — and the rescue was paid for with 15 percent interest on $675.0 million, a guaranteed 1.25x minimum return for lenders, and a share count that more than doubled in 19 months to 191,869,572. The operational turn is genuine, the funding position remains strained, and the licence to operate sits with a judge. Not investment advice.
Operational turn
The restart is real: $137.1 million of revenue in the second quarter of 2026 — the first meaningful revenue in company history — and $9.4 million of positive operating cash flow for the first time. Sales volumes grew 149 percent within the quarter to roughly 40 thousand net barrels a day, and roughly 47 wells were online in July 2026. A proven field that delivered more than 671 million barrels of oil equivalent between 1981 and 2014.
Cost of capital and leverage
The July 2, 2026 refinancing costs 15.00 percent on $675.0 million, additionally guarantees lenders a 1.25x minimum multiple on invested capital at repayment, and sweeps 100 percent of excess cash flow. As of June 30, 2026, $968.8 million of term loan debt faced just $21.6 million of cash; first-half interest expense of $77.7 million far exceeds any operating surplus in the period.
Dilution
Shares outstanding rose from 89,310,996 (December 31, 2024) to 191,869,572 (August 7, 2026). The July 1, 2026 placement priced at $3.08 after the stock last closed at $6.97 on June 29, according to the prospectus supplement. Full conversion of the notes at $4.00 would add roughly 86.2 million shares, on top of 7,568,870 warrants outstanding.
Legal position and licence to operate
All revenue rests on the Defense Production Act order of March 13, 2026, which California has been challenging since March 30, 2026 (hearing set for September 28, 2026). Proceedings involving the Coastal Commission (an unaccrued penalty of roughly $18.0 million), Senate Bill 237, BSEE and BOEM, and rights of way run alongside. The 2020 consent decree has still not been terminated.
Substance and reserves
As of December 31, 2025 the annual report disclosed no SEC-qualifying reserves, only contingent resources — the visible consequence being a $500.0 million credit facility with a borrowing base of zero. That classification was factually unavoidable at the balance sheet date, because neither transport nor sales were running; both run now, so the next annual report could disclose reserves for the first time. That is not certain.
Governance and open proceedings
Subpoenas from the SDNY and the SEC have been outstanding since December 2, 2025, relating to a Hunterbrook Media report of October 31, 2025 and to trading in company securities. The special committee formed on November 3, 2025 had not completed its investigation according to the Form 10-K of February 27, 2026, and the Form 10-Q of August 10, 2026 reports no outcome. The July 2026 auditor change occurred without disagreements.
Worth Noting
SOC reached our research list through the in-house Reddit hype scanner (run of August 11, 2026), one day after the Form 10-Q for the quarter ended June 30, 2026 and the second-quarter earnings release were published. Our fundamental stock scanner produces no reliable metric series for this company, because there was no revenue at all until the first quarter of 2026.
Comparability: periods before February 14, 2024 are predecessor figures from the ExxonMobil era and are not mixed with Sable Offshore numbers here. The $617.3 million loss for the period from February 14 to December 31, 2024 includes $227.5 million from remeasuring warrants — an accounting item with no cash impact.
Valuation deliberately carries no market capitalization: the last share price documented in a filing dates from June 29, 2026 ($6.97), the placement price from July 1, 2026 ($3.08). The two diverge so far that any market capitalization or price-to-sales ratio derived from them would not be reliable. Analyses are evergreen; a daily quote is never a reason to buy.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at SOC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.10 $ to 24.50 $ · Last price: 4.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Drilling
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Sable Offshore Corp. SOC | 0.8 | – | -130.8 | -128.2 | -9,343.4 | – | -82.2 |
| Noble Corporation plc NE | 7.0 | 29.8 | 9.5 | 35.4 | 18.6 | 7.5 | 53.1 |
| Transocean Ltd RIG | 6.3 | – | 14.2 | 41.7 | 27.2 | 12.5 | 66.5 |
| Valaris Ltd VAL | 5.9 | 5.7 | 11.1 | 24.8 | 5.4 | 0.3 | 60.3 |
| Patterson-UTI Energy Inc PTEN | 4.6 | – | 6.5 | 23.8 | -1.3 | -10.3 | 129.1 |
| Helmerich and Payne Inc HP | 4.1 | – | 7.5 | 31.8 | -1.2 | 35.9 | 104.7 |
| Seadrill Limited SDRL | 3.0 | – | 9.8 | 35.3 | 7.2 | 3.8 | 42.4 |
| Borr Drilling Ltd BORR | 1.4 | – | 19.1 | 43.7 | – | 1.0 | 43.0 |
| Nabors Industries Ltd. NBR | 1.3 | 6.0 | 2.3 | 38.4 | – | 8.7 | 114.4 |
| Median of companies shown | 4.1 | 6.0 | 9.5 | 35.3 | 5.4 | 5.6 | 60.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2020 | – | 0 | 0 | 0.00 | 0 | 0 | 0 |
| 2021 | 0 | -2 | 4 | 0.12 | -2 | 275 | 288 |
| 2022 | 0 | -6 | -3 | -0.07 | -2 | 272 | 291 |
| 2023 | 0 | -94 | -94 | -2.11 | -4 | 339 | 712 |
| 2024 | 0 | -338 | -629 | -7.04 | -187 | 384 | 1,583 |
| 2025 | 0 | -408 | -410 | -4.18 | -352 | 534 | 1,741 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -1.40 | -534.00 | 0 | – | – | -58 | -62 |
| 2024: Q3 | -1.24 | -79.70 | 0 | – | – | -32 | -46 |
| 2024: Q4 | -0.38 | 76.70 | 19 | – | -85.20 | -38 | -91 |
| 2025: Q1 | -1.30 | – | 0 | – | – | -48 | -111 |
| 2025: Q2 | -1.40 | 0.00 | 0 | – | – | -95 | -225 |
| 2025: Q3 | -1.11 | 10.50 | 0 | – | – | -111 | -241 |
| 2025: Q4 | -0.39 | -3.80 | 0 | -100.00 | – | -98 | -193 |
| 2026: Q1 | -1.37 | -5.40 | 1 | – | -15,501.70 | -82 | -104 |
| 2026: Q2 | -0.42 | 70.00 | 137 | – | -46.80 | 9 | 9 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
- Bankruptcy Study: Stacked Warning Signals
- Below the 50- & 200-SMA
- Downward Momentum
- Insolvency Radar: Cash Running Low
- Kathy Donnelly: Liquid Movers Down
- RS Weakness (≤10)
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.59 | -2.18 – -1.00 | 539 | 68.7% | 2 |
| 12/31/2027 | 0.93 | 0.57 – 1.28 | 924 | 158.2% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Sable Offshore betreibt ein einziges Öl- und Gasfeld vor Kalifornien; in sechs geprüften SEC-Einreichungen — darunter der Geschäftsbericht 10-K für 2025 und die Quartalsberichte 10-Q zum 31.03.2026 und 30.06.2026 — kommt kein einziger Treffer für „artificial intelligence“, „machine learning“, „AI“, „automation“, „algorithm“ oder „data analytics“ vor; weder Geschäftsmodell, Risikofaktoren noch Kapitalallokation nehmen auf KI Bezug.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-08-10 · 10-K 2026-02-27 · 10-Q 2026-05-06 · DEF 14A 2026-04-30 · 8-K 2026-07-02 · 8-K 2026-08-10
Rated on August 11, 2026 · How the Rating Is Built
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -76.8%
- ROCE > 15% -56.9%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Sable Offshore Corp. operates as an independent oil and gas company in the United States. The company operates through three platforms located in federal waters offshore California. It also owns and operates 16 federal leases across approximately 76,000 acres, as well as subsea pipelines that transports crude oil, natural gas, and produced water from the platforms to the onshore processing facilities. The company was formerly known as Flame Acquisition Corp. and changed its name to Sable Offshore Corp. in February 2024. Sable Offshore Corp. was incorporated in 2020 and is headquartered in Houston, Texas.
- Employees
- 200
- Headquarters
- Houston, TX
- Address
- 845 Texas Avenue, 77002 Houston, United States
- Phone
- 713 579 6161
- Website
- sableoffshore.com
- IPO Date
- 02/15/2024
- ISIN
- US78574H1041
Management
| Name | Title | Birth Year |
|---|---|---|
| James C. Flores | Chairman & CEO | 1959 |
| J. Caldwell Flores | President & COO | 1993 |
| Gregory D. Patrinely | Executive VP & CFO | 1986 |
| Anthony C. Duenner | Executive VP, General Counsel & Secretary | 1960 |
| Harrison Breaud | Vice President of Finance & Investor Relations | – |
| Brian Broussard | Senior Vice President of Development | – |
| Trent Fontenot | Senior Vice President of Operations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/24/2026 Sable Offshore Corp. (SOC): Other Events; Financial Statements and Exhibits SEC ↗
- 08/10/2026 Sable Offshore Corp. (SOC): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/13/2026 Sable Offshore Corp. (SOC): Changes in Registrant's Certifying Accountant; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.