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Sable Offshore
(NYSE:SOC)
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Rating:45Neutral
Price Target:
$4.00
▼(-69.49% Downside)
Action:Reiterated
Date:07/07/26
SOC scores low primarily due to extremely weak financial performance (large losses and heavy cash burn) and a deeply bearish technical trend (price far below key moving averages). Corporate events provide some offset via operational progress and completed financing, but the high-cost capital structure and ongoing funding needs keep overall risk elevated; valuation is difficult to assess meaningfully given negative earnings.
Positive Factors
Balance sheet cushion
Sable's sizeable asset base and positive equity provide a structural capital cushion after prior high leverage. Reported zero total debt in the TTM reduces immediate solvency pressure and gives the company more flexibility to execute operational ramp-ups and negotiate refinancing without immediate default risk.
Negative Factors
Severe cash burn
Persistently negative operating and free cash flows indicate the business is consuming large amounts of capital to sustain operations and development. This structural cash burn forces reliance on external funding, heightens dilution and refinancing risk, and limits ability to fund sustaining capex or decommissioning without consistent operational improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet cushion
Sable's sizeable asset base and positive equity provide a structural capital cushion after prior high leverage. Reported zero total debt in the TTM reduces immediate solvency pressure and gives the company more flexibility to execute operational ramp-ups and negotiate refinancing without immediate default risk.
Read all positive factors
Sable Offshore (SOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$656.04M
Dividend YieldN/A
Average Volume (3M)3.92M
Price to Earnings (P/E)―
Beta (1Y)0.19
Revenue GrowthN/A
EPS Growth48.27%
CountryUS
Employees200
SectorEnergy
Sector Strength52
IndustryOil & Gas Drilling
Share Statistics
EPS (TTM)-4.41
Shares Outstanding154,362,920
10 Day Avg. Volume4,691,333
30 Day Avg. Volume3,918,643
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 Cap1.48
Enterprise Value/Revenue761.43
Enterprise Value/Gross Profit-12.43
Enterprise Value/Ebitda-2.54
Forecast
1Y Price Target
$11.33Price Target Upside-13.55% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.1
Revenue Forecast (FY)$750.93M
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
SOC primarily makes money by producing and selling hydrocarbons (crude oil and/or natural gas) from its offshore assets. Its core revenue stream is sales revenue recognized when produced volumes are delivered and sold to purchasers, typically pric...
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 | 267.82K | 100.26K | 322.77K |
| Total Debt | 956.25M | 943.41M | 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 | $3.29B | -27.69 | -3.67% | 5.42% | -9.41% | 88.02% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $3.13B | -8.08 | -14.16% | 3.24% | 29.73% | -272.28% | |
59 Neutral | $5.65B | -1.62 | -32.79% | ― | 12.90% | -274.70% | |
57 Neutral | $2.48B | ― | -0.84% | ― | 7.91% | -120.67% | |
55 Neutral | $1.38B | 27.52 | 3.14% | 5.99% | 5.84% | -19.93% | |
45 Neutral | $656.04M | -0.90 | -113.76% | ― | ― | 48.27% |
* Energy Sector Average
SOC
Sable Offshore
3.95
-19.39
-83.08%
HP
Helmerich & Payne
30.53
13.88
83.41%
PTEN
Patterson-UTI
8.56
2.27
36.15%
RIG
Transocean
4.93
2.00
68.26%
BORR
Borr Drilling
4.47
2.35
110.85%
SDRL
Seadrill Limited
38.35
8.11
26.82%
Sable Offshore Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Sable Offshore Completes Major Financing and Balance Sheet Reset
Positive
Jul 2, 2026
On July 2, 2026, Sable Offshore completed a $345 million offering of 6.5% convertible senior notes due 2031, including full exercise of a $45 million over-allotment, alongside a concurrent offering of 37.3 million common shares that raised about $...
Business Operations and StrategyPrivate Placements and Financing
Sable Offshore Amends Term Loan, Secures Waiver Extension
Positive
Jun 22, 2026
On June 22, 2026, Sable Offshore Corp. said it amended its Senior Secured Term Loan Agreement with Exxon Mobil, extending the loan’s maturity to the earlier of July 24, 2026, or any acceleration following an event of default. As part of the ...
Business Operations and StrategyPrivate Placements and Financing
Sable Offshore Proposes New $1 Billion Term Loan
Neutral
Jun 16, 2026
On June 16, 2026, Sable Offshore Corp. announced it is launching a proposed senior secured term loan facility of up to $1.0 billion to replace its existing senior secured term loan with Exxon Mobil Corp. The company expects to be the borrower unde...
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...
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
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.