WFRD changes
Pick any two versions below to diff them.
- Price
- $76.19 → $81.18(+6.5%)
- Discount category
- Below intrinsic value → Close to intrinsic value
- Next earnings
- Oct 21, 2026 → Jan 20, 2027
- Next earnings is estimate
- No → Yes
- About
- Weatherford International provides equipment and services for oil and gas wells. It has three segments: Drilling and Evaluation (DRE), which includes managed pressure drilling (MPD) and wireline; Well Construction and Completions (WCC); and Production and Intervention (PRI), which includes artificial lift and pressure pumping. It has large operations in the Middle East, North Africa, Asia, Latin America and North America. The parent company is incorporated in Ireland, its headquarters are in Houston and its shares trade on NASDAQ. Revenue was removed: $1,105 added: $1,143 million in removed: Q2 added: Q3 2026. Girish Saligram is President and CEO.
- Thesis
- The market prices Weatherford for lower activity in the Middle East and for weak oilfield spending. The conflict with Iran disrupted work in the region in 2026. In removed: Q2 added: Q3 2026, revenue removed: fell 8% year over year to $1,105 added: was $1,143 million, removed: operating income fell 55% and net income fell 71%. added: 7% lower than a year earlier. In October 2026, Weatherford removed: says added: said that recent events in the Middle East reduced the expectation of a removed: return added: quick recovery. Cost control still raised the adjusted EBITDA margin to removed: activity levels added: 22.2% in Q3 2026 from removed: before the conflict will be gradual and needs regional stability. added: 20.2% in Q2. For the gap to close, three things must be true. Activity in the Middle East must recover, so that adjusted EBITDA removed: margin rises in removed: the second half of added: Q4 2026, as management removed: expects. added: expects, and revenue grows again in 2027. Adjusted free cash flow must stay strong, as in removed: Q2 added: Q3 2026, when it was removed: $139 added: $155 million. The redomestication to Delaware, which shareholders approved on September 3, 2026, must close in Q4 2026 and give the expected $20 million to $30 million of annual cash removed: savings, added: savings from 2027, and the NCS Multistage purchase must give at least $15 million of cost synergies. The removed: Q3 2026 results, with the conference call on October 21, 2026, give the first test, and the Irish High Court removed: hearing for added: decision on the redomestication removed: follows. added: and the Q4 2026 report in about January 2027 give the next tests. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a new escalation in the Middle East or lower oil prices, which reduce customer spending.
- Balance sheet
- Cash: removed: $1.1B added: $1.2B Debt: $1.5B Net debt: removed: $380M added: $319M Net debt / EBITDA: 0.3× (low) Debt due within 12 months: removed: $30M added: $264M Ratings: Moody's Ba2 (positive outlook), S&P BB (positive outlook), Fitch BB (positive outlook) Weatherford has low net debt. At removed: June added: September 30, 2026, total debt was $1.48 billion and cash was removed: $1.10 added: $1.16 billion, with $37 million more of restricted cash. Net debt, which subtracts cash and restricted cash, was removed: $343 added: $282 million, and net leverage, which is net debt divided by adjusted EBITDA for the last 12 months, was removed: 0.34 added: 0.28 times. Debt due in the next 12 months was removed: $30 added: $264 million. added: It includes the $236 million of 8.625% notes that Weatherford redeems on October 30, 2026 with cash on hand. Cash from operations was removed: $175 added: $192 million and adjusted free cash flow was removed: $139 added: $155 million in removed: Q2 added: Q3 2026. In the quarter, Weatherford paid removed: $20 added: $19 million of dividends and bought back removed: $16 added: $28 million of shares. added: In Q3 2026, Fitch and S&P changed their outlook on Weatherford's BB rating to positive, and Moody's kept its Ba2 rating with a positive outlook. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Oct 21, 2026: Q3 2026 results: Middle East activity and margins. removed: Pending. added: Passed. Watch: Higher adjusted EBITDA margin than the 20.2% of Q2 2026 and continued positive adjusted free cash flow pass; a lower margin or a further cut to the outlook fails. added: Outcome: Adjusted EBITDA margin rose to 22.2%, adjusted free cash flow was $155 million, and Weatherford raised its full-year adjusted free cash flow guidance again. Dec 2026 (estimate): Redomestication to Delaware closes. Pending. Watch: The High Court of Ireland sanctions the scheme and the move closes in Q4 2026 passes; a delay into 2027 or a court refusal fails. added: Jan 20, 2027 (estimate): Q4 2026 results: EBITDA increase and 2027 outlook. Pending. Watch: Q4 adjusted EBITDA above the $254 million of Q3 2026 and a 2027 outlook for growth pass; flat or lower Q4 adjusted EBITDA or a weaker 2027 outlook fails.
- Recent events
- added: Oct 20, 2026: Weatherford reported Q3 2026 results. Revenue rose 3% from Q2 to $1,143 million but fell 7% from a year earlier. Net income was $120 million, and adjusted EBITDA was $254 million, a margin of 22.2%. Adjusted free cash flow was $155 million. Weatherford expects a meaningful increase in adjusted EBITDA in Q4 2026 and raised its full-year adjusted free cash flow guidance again. Oct 20, 2026: Weatherford gave notice to redeem all $236 million of its 8.625% senior notes due 2030 on October 30, 2026, with cash on hand. It expects this to cut annual cash interest by about $20 million. Oct 15, 2026: The Board declared a dividend of $0.275 per share, payable on December 3, 2026. Sep 4, 2026: Weatherford appointed its Treasurer as Senior Vice President and Chief Accounting Officer. Sep 3, 2026: Shareholders approved the scheme of arrangement to move the parent company from Ireland to Delaware. The High Court of Ireland must sanction it, and Weatherford intends to close it in Q4 2026. Sep 1, 2026: Weatherford had completed its purchase of NCS Multistage, and it registered the resale of 357,159 shares that it issued as merger consideration. Jul 21, 2026: Weatherford reported Q2 2026 results. Revenue fell 4% from Q1 to $1,105 million, net income was $39 million and adjusted EBITDA was $223 million, a margin of 20.2%. Cash from operations was $175 million and adjusted free cash flow was $139 million. The Iran conflict reduced activity in the Middle East, and Weatherford lowered its outlook for the full year slightly. Jun 11, 2026: The proposal to move the parent company to Texas received more than 60% of votes cast at the June 2026 shareholder meetings, but it needed 75% and did not pass. Weatherford then proposed a move to Delaware. May 31, 2026: Weatherford agreed to buy NCS Multistage in a stock and cash transaction to expand its well completions products.