Does NABORS INDUSTRIES LTD have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NABORS INDUSTRIES LTD (NBR) 28.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 60, returns on capital 11, balance-sheet safety 10, capital discipline 24.

How has NBR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 28.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NABORS INDUSTRIES LTD

NBR · Materials · $1.3B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power60

Median gross margin 36.9% over 8y, very stable.

Returns on capital11

Median ROIC 1.1%, above the 9% hurdle in 30% of years.

Balance-sheet safety10

Net debt/EBITDA 3.3x, interest coverage 2x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $83.89
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $4.9B (FY2007) to $3.2B (FY2025) — about −2.4% a year compounded over 18 years.

It earned 15.3% on invested capital in FY2025, with a median of 5.4% across 17 filed years. The Returns on Capital filter above scores it 11/100.

The balance sheet carried $2.5B of total debt in FY2025. Balance-Sheet Safety scores it 10/100.

The share count fell 94.4% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (60/100) and Balance-Sheet Safety the weakest (10/100), which is how NBR lands at 28/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$3.2B FY2025

Gross marginRevenue kept after cost of goods40.4% FY2023

Return on invested capitalOperating profit on the capital employed15.3% FY2025

Owner earningsCash an owner could take out−$429.3M FY2025

Gaps in a line mean that item isn’t in NBR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale28.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NBR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#152 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#150HXL HEXCEL CORP /DE/28.8 out of 100, No moatNo moat
#151AVD AMERICAN VANGUARD CORPORATION28.3 out of 100, No moatNo moat
#153CPSH CPS TECHNOLOGIES CORP.28.0 out of 100, No moatNo moat
#154IDR IDAHO STRATEGIC RESOURCES, INC28.0 out of 100, No moatNo moat

Compare NBR with its nearest peers →All Materials companies on the Index →

Common questions about NBR

Does NABORS INDUSTRIES LTD have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NABORS INDUSTRIES LTD (NBR) 28.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 60, returns on capital 11, balance-sheet safety 10, capital discipline 24.
How has NBR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 28.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NBR. See the disclaimer.