Sable Offshore Corp. (SOC)
NYSE:SOC
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Sable Offshore
(NYSE:SOC)
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Rating:42Neutral
Price Target:
$11.50
▼(-12.28% Downside)
Action:Reiterated
Date:06/11/26
The score is held down primarily by very weak financial performance (large losses and heavy negative free cash flow) and bearish technicals (below key moving averages with negative MACD). Positive corporate events around restarted operations and reserve/strategy updates provide some support, but valuation metrics remain unattractive due to losses (negative P/E) and no dividend yield provided.
Positive Factors
Balance sheet cushion
A large asset base and positive equity provide a multi‑month capital cushion as operations ramp. Improved reported leverage (debt at $0 TTM/2025) enhances financing optionality, supports lender confidence, and gives management time to convert reserves into cash before capital exhaustion.
Negative Factors
Severe cash burn
Very large negative operating and free cash flows show the company is burning cash at a structural rate. Over several months this necessitates external funding, elevates dilution and refinancing risk, and limits ability to sustain capex or absorb delays in the production ramp.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet cushion
A large asset base and positive equity provide a multi‑month capital cushion as operations ramp. Improved reported leverage (debt at $0 TTM/2025) enhances financing optionality, supports lender confidence, and gives management time to convert reserves into cash before capital exhaustion.
Read all positive factors
Sable Offshore (SOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.81B
Dividend YieldN/A
Average Volume (3M)3.42M
Price to Earnings (P/E)―
Beta (1Y)0.19
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. Volume4,569,474
30 Day Avg. Volume3,415,546
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 Cap0.78
Enterprise Value/Revenue1.11K
Enterprise Value/Gross Profit-18.06
Enterprise Value/Ebitda-3.69
Forecast
1Y Price Target
$19.67Price Target Upside50.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.93
Revenue Forecast (FY)$833.87M
Sable Offshore Business Overview & Revenue Model
Company Description
Sable Offshore Corp. (SOC) specializes in the exploration and production of oil and natural gas across the United States. The company's operational assets include three offshore platforms located off the California coast, along with an onshore pro...
How the Company Makes Money
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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 | -381.18M | -297.36M | -548.37M | -72.66M | -1.83M | 4.27M |
| 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $4.36B | -36.57 | -3.67% | 5.42% | -9.41% | 88.02% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $6.73B | -2.42 | -32.79% | ― | 12.90% | -274.70% | |
62 Neutral | $3.92B | -10.43 | -14.16% | 3.24% | 29.73% | -272.28% | |
55 Neutral | $1.43B | 39.28 | 3.14% | 5.99% | 5.84% | -19.93% | |
52 Neutral | $2.77B | -114.49 | -0.84% | ― | 7.91% | -120.67% | |
42 Neutral | $1.81B | -2.15 | -113.76% | ― | ― | 48.27% |
* Energy Sector Average
SOC
Sable Offshore
10.88
-12.15
-52.76%
HP
Helmerich & Payne
39.25
21.87
125.86%
PTEN
Patterson-UTI
11.49
5.37
87.59%
RIG
Transocean
6.04
2.81
87.00%
BORR
Borr Drilling
4.58
2.35
105.38%
SDRL
Seadrill Limited
44.25
15.15
52.06%
Sable Offshore Corporate Events
Executive/Board ChangesShareholder Meetings
Sable Offshore Stockholders Confirm Director and Auditor Appointments
Positive
Jun 10, 2026
At its Annual Meeting of Stockholders held on June 10, 2026, Sable Offshore Corp. reported that shareholders elected Gregory P. Pipkin as a Class II director to serve until the 2029 annual meeting, reinforcing the company’s existing leadersh...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Sable Offshore Updates Reserves, Strategy in Investor Presentation
Positive
Jun 1, 2026
On May 29, 2026, Sable Offshore announced it would release a new investor presentation and host a conference call on June 1, 2026, and subsequently posted the materials to its website that day for use with investors and analysts. Also on June 1, 2...
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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