Sable Offshore Corp. (SOC)
NYSE:SOC
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Sable Offshore
(NYSE:SOC)
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Rating:46Neutral
Price Target:
$14.50
▲(10.60% Upside)
Action:Reiterated
Date:05/09/26
The score is primarily held down by very weak financial performance—minimal revenue versus large losses and substantial negative operating/free cash flow—despite a balance sheet that currently shows positive equity and reported zero debt. Technicals add modest pressure (below key moving averages with negative MACD), while valuation is constrained by a negative P/E. Corporate events are a relative positive due to pipeline restart and production ramp plans, but financing needs and legal/regulatory complexity temper the benefit.
Positive Factors
Balance Sheet Cushion
Positive equity and a reported zero total debt position provide a durable capital cushion versus peers. This reduces immediate solvency risk, preserves strategic optionality for refinancing or capex, and gives management time to execute operational restarts without imminent forced deleveraging.
Negative Factors
Weak Profitability
Persistently negligible revenue versus massive net losses indicates the business remains pre-profit and cannot self-fund operations. Over months this erodes equity, undermines return metrics, and forces dependence on external capital unless operating margins and sales scale quickly.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Cushion
Positive equity and a reported zero total debt position provide a durable capital cushion versus peers. This reduces immediate solvency risk, preserves strategic optionality for refinancing or capex, and gives management time to execute operational restarts without imminent forced deleveraging.
Read all positive factors
Sable Offshore (SOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.25B
Dividend YieldN/A
Average Volume (3M)3.15M
Price to Earnings (P/E)―
Beta (1Y)0.08
Revenue GrowthN/A
EPS Growth48.27%
CountryUS
Employees161
SectorEnergy
Sector Strength52
IndustryOil & Gas Drilling
Share Statistics
EPS (TTM)-4.35
Shares Outstanding154,362,920
10 Day Avg. Volume2,980,217
30 Day Avg. Volume3,149,957
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.66
Price to Sales (P/S)0.00
P/FCF Ratio-1.15
Enterprise Value/Market Cap0.63
Enterprise Value/Revenue1.11K
Enterprise Value/Gross Profit-18.17
Enterprise Value/Ebitda-4.19
Forecast
1Y Price Target
$22.67Price Target Upside72.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.49
Revenue Forecast (FY)$914.20M
Sable Offshore Business Overview & Revenue Model
Company Description
Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across a...
How the Company Makes Money
null...
Sable Offshore Financial Statement Overview
Summary
Income Statement
7
Very Negative
Balance Sheet
48
Neutral
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.27M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -77.84M | -14.51M | -13.43M | -21.02M | 0.00 | 0.00 |
| EBITDA | -337.95M | -297.36M | -548.37M | -72.66M | -6.15M | -1.68M |
| Net Income | -497.64M | -410.16M | -629.07M | -93.67M | -2.59M | 4.27M |
Balance Sheet | ||||||
| Total Assets | 1.73B | 1.74B | 1.58B | 711.58M | 290.91M | 288.44M |
| Cash, Cash Equivalents and Short-Term Investments | 52.17M | 97.68M | 300.38M | 0.00 | 100.26K | 322.77K |
| Total Debt | 0.00 | 0.00 | 851.45M | 14.18M | 1.78M | 956.12K |
| Total Liabilities | 1.31B | 1.21B | 1.20B | 372.56M | 18.89M | 13.88M |
| Stockholders Equity | 421.86M | 534.30M | 384.19M | 339.02M | 272.02M | 274.56M |
Cash Flow | ||||||
| Free Cash Flow | -631.89M | -769.33M | -259.38M | -3.84M | -1.71M | -2.01M |
| Operating Cash Flow | -386.19M | -351.70M | -187.08M | -3.84M | -1.71M | -2.01M |
| Investing Cash Flow | -375.37M | -417.62M | -276.25M | 231.58M | 786.92K | -287.50M |
| Financing Cash Flow | 589.24M | 531.24M | 745.76M | -227.56M | 705.00K | 289.82M |
Sable Offshore Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $4.64B | -41.73 | -3.67% | 5.42% | -9.41% | 88.02% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $7.61B | 25.89 | -32.79% | ― | 12.90% | -274.70% | |
64 Neutral | $3.22B | 18.11 | -0.84% | ― | 7.91% | -120.67% | |
60 Neutral | $3.96B | -15.35 | -14.16% | 3.24% | 29.73% | -272.28% | |
55 Neutral | $1.74B | -15.32 | 3.14% | 5.99% | 5.84% | -19.93% | |
46 Neutral | $2.25B | -2.06 | -113.76% | ― | ― | 48.27% |
* Energy Sector Average
SOC
Sable Offshore
14.74
-18.19
-55.24%
HP
Helmerich & Payne
39.88
24.98
167.63%
PTEN
Patterson-UTI
12.31
6.89
127.21%
RIG
Transocean
6.81
4.20
160.92%
BORR
Borr Drilling
5.52
3.88
236.59%
SDRL
Seadrill Limited
50.98
26.99
112.51%
Sable Offshore Corporate Events
Business Operations and StrategyLegal ProceedingsPrivate Placements and Financing
Sable Offshore Resumes Key Pipeline Operations, Outlines Financing
Positive
Apr 20, 2026
On April 20, 2026, Sable Offshore Corp. reported that oil transportation through key segments of the Santa Ynez Pipeline System had resumed under its integrity management program, with 40 wells on Platforms Harmony and Heritage producing about 750...
Business Operations and StrategyRegulatory Filings and Compliance
Sable Offshore Resumes Santa Ynez Oil Sales, Ramping Output
Positive
Mar 30, 2026
On March 29, 2026, Sable Offshore Corp. resumed oil sales from its Santa Ynez Unit via the Santa Ynez Pipeline System, which was filled from Las Flores Canyon to Pentland Station at rates above 50,000 barrels of oil per day. The company reported t...
Business Operations and StrategyLegal ProceedingsPrivate Placements and Financing
Sable Offshore Restarts Santa Ynez Oil Pipeline Operations
Positive
Mar 16, 2026
On March 14, 2026, Sable Offshore resumed transportation of oil from the Santa Ynez Unit through the Santa Ynez Pipeline System from Las Flores Canyon to Pentland Station under an order from U.S. Secretary of Energy Chris Wright, following a March...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
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