olivLaw · US equity research
Weatherford International plc WFRD
Oil & Gas Field Machinery & Equipment · SIC 3533 · Vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)
Weatherford International plc is a global energy services company that supplies equipment and services for drilling, evaluation, well construction, completion, production and responsible abandonment of oil and gas wells, as well as for new energy platforms. The company operates in about 75 countries, and its NCS Multistage acquisition and offshore award flow make it relevant to the oilfield services market in 2026-2027, amid volatile oil prices and the Middle East conflict.
At the close of 04 Nov 2026, Weatherford International plc (WFRD) stock was 86.04 USD (−1.89% on the day), with market capitalisation 6.2 bn USD, P/E 15.3 on diluted EPS of 5.61 USD over the last 12 months, dividend yield 1.25%, beta 1.54, 52-week range 69.97–111.42 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (−7.2% YoY), net income of 120.0 m USD (+48.1% YoY), diluted EPS 1.66 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.1
- neutral
- Bollinger (20, 2)
- 71.35 – 94.19
- in the upper half of the band · %B 0.64 · band width 27.6%
- SMA 50 / 200
- 85.04 / 93.13
- mixed trend
- MACD (12, 26, 9)
- 1.72 / 0.95
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.5% | −1.1% | +5.6 pp | — |
| 3 months | −1.7% | −0.5% | −1.3 pp | — |
| 6 months | −20.6% | +4.4% | −25.0 pp | — |
| Year to date | +9.9% | +12.3% | −2.4 pp | — |
| 1 year | +17.1% | +13.5% | +3.5 pp | +16.2% |
| 3 years | −13.4% | +76.4% | −89.8 pp | +36.7% |
| 5 years | +165.4% | +63.7% | +101.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.1 bn |
| Research & development | 28.0 m | 29.0 m | 30.0 m | 27.0 m | 22.0 m | 21.0 m | 20.0 m | 23.0 m |
| SG&A | — | 161.0 m | 164.0 m | 169.0 m | — | 168.0 m | 172.0 m | 182.0 m |
| Operating income | 198.0 m | 142.0 m | 237.0 m | 178.0 m | 199.0 m | 123.0 m | 107.0 m | 153.0 m |
| Depreciation & amortisation | 83.0 m | 62.0 m | 64.0 m | 67.0 m | 74.0 m | 70.0 m | 71.0 m | 70.0 m |
| Pre-tax income | 169.0 m | 96.0 m | 191.0 m | 139.0 m | 128.0 m | 105.0 m | 75.0 m | 129.0 m |
| Income tax | 45.0 m | 10.0 m | 46.0 m | 52.0 m | -11.0 m | -4.0 m | 33.0 m | 4.0 m |
| Net income | 112.0 m | 76.0 m | 136.0 m | 81.0 m | 138.0 m | 108.0 m | 39.0 m | 120.0 m |
| Diluted EPS | 1.50 ≈ | 1.03 | 1.87 | 1.12 | 1.91 ≈ | 1.49 | 0.55 | 1.66 |
| Operating cash flow | 249.0 m | 142.0 m | 128.0 m ≈ | 138.0 m ≈ | 268.0 m | 136.0 m | 175.0 m ≈ | 192.0 m ≈ |
| Capex | 100.0 m | 77.0 m | 54.0 m ≈ | 44.0 m ≈ | 51.0 m | 54.0 m | 42.0 m ≈ | 45.0 m ≈ |
| Dividends paid | 18.0 m | 18.0 m | 18.0 m ≈ | 18.0 m ≈ | 18.0 m | 20.0 m | 20.0 m ≈ | 19.0 m ≈ |
| Share repurchases | 49.0 m | 53.0 m | 34.0 m ≈ | 7.0 m ≈ | 7.0 m | 10.0 m | 16.0 m ≈ | 28.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 16-quarter history (min 7.8, median 15.4, max 163.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.7 bn | 5.0 bn | 3.7 bn | 3.6 bn | 4.3 bn | 5.1 bn | 5.5 bn | 4.9 bn |
| Revenue YoY | +0.8% | −13.8% | −25.6% | −1.1% | +18.8% | +18.6% | +7.4% | −10.8% |
| Net income | -2.8 bn | 3.7 bn | -1.9 bn | -450.0 m | 26.0 m | 417.0 m | 506.0 m | 431.0 m |
| Net income YoY | unavailable | unavailable | −152.5% | unavailable | unavailable | +1,503.8% | +21.3% | −14.8% |
| Diluted EPS | unavailable | unavailable | -27.44 | -6.43 | 0.36 | 5.66 | 6.75 | 5.93 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +1,472.2% | +19.3% | −12.1% |
| net % | -48.9% | 73.9% | -52.1% | -12.3% | 0.6% | 8.1% | 9.2% | 8.8% |
| Free cash flow | -428.0 m | -997.0 m | 56.0 m | 237.0 m | 217.0 m | 623.0 m | 493.0 m | 450.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 987.0 m USD
- Financial debt
- 1.4 bn USD
- Net debt
- 458.0 m USD
- Equity
- 1.7 bn USD
- Total assets
- 5.2 bn USD
- Debt / equity
- 0.85x
- Current ratio
- 2.19x
- ROE
- 28.9%
- ROA
- 8.3%
- FCF margin
- 9.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 3.6 bn | 4.3 bn | 5.1 bn | 5.5 bn | 4.9 bn | SEC (XBRL)· 04 Feb 2026verified |
| Research & development | 97.0 m | 85.0 m | 90.0 m | 112.0 m | 123.0 m | 108.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Operating income | -1.5 bn | 116.0 m | 412.0 m | 820.0 m | 938.0 m | 756.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Depreciation & amortisation | 503.0 m | 440.0 m | 349.0 m | 327.0 m | 343.0 m | 267.0 m | SEC (XBRL)· 04 Feb 2026verified |
| EBITDA | -983.0 m ≈ | 556.0 m ≈ | 761.0 m ≈ | 1.1 bn ≈ | 1.3 bn ≈ | 1.0 bn ≈ | SEC (XBRL)· 04 Feb 2026derived |
| Pre-tax income | -1.8 bn | -343.0 m | 138.0 m | 506.0 m | 739.0 m | 554.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Income tax | 85.0 m | 86.0 m | 87.0 m | 57.0 m | 189.0 m | 97.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Net income | -1.9 bn | -450.0 m | 26.0 m | 417.0 m | 506.0 m | 431.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Diluted EPS | -27.44 | -6.43 | 0.36 | 5.66 | 6.75 | 5.93 | SEC (XBRL)· 04 Feb 2026verified |
| Weighted average diluted shares | 70.0 m | 70.0 m | 71.6 m | 73.6 m | 74.9 m | 72.6 m | SEC (XBRL)· 04 Feb 2026verified |
| Dividend per share | — | — | — | — | 0.50 | 1.00 | SEC (XBRL)· 04 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 951.0 m | 910.0 m | 958.0 m | 916.0 m | 987.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Receivables | 826.0 m | 825.0 m | 989.0 m | 1.2 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 04 Feb 2026verified |
| Inventories | 717.0 m | 670.0 m | 689.0 m | 788.0 m | 880.0 m | 836.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Current assets | 3.2 bn | 2.9 bn | 3.0 bn | 3.3 bn | 3.4 bn | 3.4 bn | SEC (XBRL)· 04 Feb 2026verified |
| Property, plant & equipment, net | 1.2 bn | 996.0 m | 918.0 m | 957.0 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 04 Feb 2026verified |
| Goodwill | 0 | — | — | — | — | — | SEC (XBRL)· 19 Feb 2021verified |
| Intangibles (excl. goodwill) | 810.0 m | 657.0 m | 506.0 m | 370.0 m | 325.0 m | 285.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Total assets | 5.4 bn | 4.8 bn | 4.7 bn | 5.1 bn | 5.2 bn | 5.2 bn | SEC (XBRL)· 04 Feb 2026verified |
| Accounts payable | 325.0 m | 380.0 m | 460.0 m | 679.0 m | 792.0 m | 650.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Short-term debt | 13.0 m | 12.0 m | 45.0 m | 168.0 m | 17.0 m | 30.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Long-term debt | 2.6 bn | 2.4 bn | — | 1.8 bn | 1.6 bn | 1.4 bn | SEC (XBRL)· 04 Feb 2026verified |
| Current liabilities | 1.4 bn | 1.3 bn | 1.5 bn | 1.9 bn | 1.7 bn | 1.5 bn | SEC (XBRL)· 04 Feb 2026verified |
| Total liabilities | 4.5 bn | 4.3 bn | 4.2 bn | 4.1 bn | 3.9 bn | 3.5 bn | SEC (XBRL)· 04 Feb 2026verified |
| Equity | 937.0 m | 496.0 m | 551.0 m | 922.0 m | 1.3 bn | 1.7 bn | SEC (XBRL)· 04 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 210.0 m | 322.0 m | 349.0 m | 832.0 m | 792.0 m | 676.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Capex | 154.0 m | 85.0 m | 132.0 m | 209.0 m | 299.0 m | 226.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Free cash flow | 56.0 m ≈ | 237.0 m ≈ | 217.0 m ≈ | 623.0 m ≈ | 493.0 m ≈ | 450.0 m ≈ | SEC (XBRL)· 04 Feb 2026derived |
| Investing cash flow | -75.0 m | -83.0 m | -54.0 m | -289.0 m | -293.0 m | -145.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Financing cash flow | 348.0 m | -403.0 m | -248.0 m | -514.0 m | -511.0 m | -474.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Dividends paid | — | — | 0 | 0 | 36.0 m | 72.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 99.0 m | 101.0 m | SEC (XBRL)· 04 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 85 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation96
- Returns59
- Quality93
- Balance sheet90
- Growth68
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 102.75 – 242.20 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA126.87 – 145.31 (Mid 130.86)5 companies used · median multiple 9.9x · quartiles 9.6x – 11.1xFET, FTI, INVX, NOV, WHD
- Peers: P/E102.75 – 242.20 (Mid 147.19)10 companies used · median multiple 26.2x · quartiles 18.3x – 43.2xBKR, FET, FLOC, FTI, INVX, LSE, NOV, OMSE, STAK, WHD
- Dividend discount (DDM)outside the aggregate13.14 – 17.67 (Mid 15.07)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 85/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 60.7% | 100 (vs peers) | 11% |
| Net margin · Quality | 8.6% | 73 (vs peers) | 7% |
| FCF conversion · Quality | 143.0% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 4.3% | 36 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 154.4% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -1.0x | 86 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 15.3x | 90 (vs peers) | 11% |
| EV/EBITDA · Valuation | 6.2x | 100 (vs peers) | 11% |
| FCF yield · Valuation | 9.3% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.2% | 32 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 13.3% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet90/100 · 2/3 factors with a value
- Growth68/100 · 2/2 factors with a value
- Quality93/100 · 3/3 factors with a value
- Returns59/100 · 2/2 factors with a value
- Valuation96/100 · 3/3 factors with a value
Memo
Weatherford International plc (WFRD). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.9 bn USD in 2025; YoY growth -10.8%; net margin 8.6%; ROE 23.0%; net debt/EBITDA -1.0x.
The estimated value range is 114.81–193.75 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 139.02 USD, the price of 86.04 USD leaves a potential of 61.6% (value / price − 1) and a margin of safety of 38.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 85/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 60.7%
- Net margin: 8.6%
- FCF conversion: 143.0%
- EPS CAGR 3Y: 154.4%
- Net debt / EBITDA: -1.0x
- Current ratio: 2.0x
- P/E (TTM): 15.3x
- EV/EBITDA: 6.2x
- FCF yield: 9.3%
- Payout ratio (FCF): 13.3%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Oil & Gas Field Machinery & Equipment (SIC 3533) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BKRBaker Hughes Company | 49.5 bn | 17.1 | 15.1% | 10.1% | −0.3% | −1% / +48% |
| FTITechnipFMC plc | 25.1 bn | 20.3 | 38.6% | 12.0% | +9.4% | +43% / +211% |
| NOVNov Inc. | 6.4 bn | 45.2 | 2.3% | 1.6% | −1.4% | +17% / −4% |
| WFRDWeatherford International plc | 6.2 bn | 15.3 | 23.0% | 8.6% | −10.8% | +17% / −13% |
| WHDCactus, Inc. | 4.3 bn | 23.6 | 14.7% | 12.0% | −4.5% | +35% / +37% |
| DNOWDnow Inc. | 2.8 bn | — | -12.4% | -4.9% | +18.8% | +10% / +54% |
| INVXInnovex International, Inc. | 1.8 bn | 37.1 | 4.5% | 4.8% | +48.0% | +16% / +15% |
| FETForum Energy Technologies, Inc. | 845.3 m | 28.8 | 9.8% | 3.5% | −3.1% | +135% / +238% |
| OISOil States International, Inc | 510.2 m | — | -16.8% | -16.5% | −3.4% | +35% / +24% |
| OMSEOMS Energy Technologies Inc. | 167.2 m | 3.3 | 43.5% | 22.0% | unavailable | −16% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 75.4 m | 55.4 | 2.9% | 2.6% | −30.0% | −14% / unavailable |
| DTIDrilling Tools International Corporation | 52.9 m | — | -2.5% | -2.0% | +3.4% | −38% / −56% |
| STAKSTAK Inc. | 27.5 m | 71.5 | 2.9% | 1.5% | +13.2% | +202% / unavailable |
| GPUSHyperscale Data, Inc. | 247.1 k | — | -159.8% | -71.0% | −4.3% | −89% / −100% |
| SEISolaris Energy Infrastructure, Inc. | — | — | 8.4% | 7.2% | +98.7% | +20% / +573% |
| FLOCFlowco Holdings Inc. | — | 17.7 | 12.5% | 6.4% | +41.9% | +15% / unavailable |
1- and 3-year price returns: for WFRD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 50.59 Total return -40% · Per year -40% | 89.44 Total return 5% · Per year 5% | 134.73 Total return 58% · Per year 58% |
| 3 years | 48.93 Total return -40% · Per year -16% | 97.35 Total return 17% · Per year 5% | 161.04 Total return 92% · Per year 24% |
| 5 years | 47.32 Total return -40% · Per year -10% | 105.96 Total return 30% · Per year 5% | 192.49 Total return 133% · Per year 18% |
- Exit P/E± 24.34
- Net margin± 17.04
- Annual revenue growth± 14.01
- Annual dilution± 1.43
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Weatherford International plc is a global energy services company that supplies equipment and services for drilling, evaluation, well construction, completion, production and responsible abandonment of oil and gas wells, as well as for new energy platforms. The company operates in about 75 countries, and its NCS Multistage acquisition and offshore award flow make it relevant to the oilfield services market in 2026-2027, amid volatile oil prices and the Middle East conflict 123.
SWOT
Strengths
- The company has a broad global presence across dozens of countries and a technology portfolio covering the full well life cycle 1. Adjusted cash generation remains solid, and debt is being managed through early redemptions 3.
- Diversification across three segments and many regions helps offset weakness in any single market 13. Investment in research, development and digital solutions gives it a technology edge that customers recognize 12.
- Recent acquisitions such as NCS Multistage strengthen its completions capabilities and extend access to markets where it had less presence 23.
Weaknesses
- Revenue depends on customer investment, which falls quickly when oil prices or rig counts decline, and in 2025 this produced a significant drop in sales 1.
- Fixed costs have fallen more slowly than revenues, which raised the cost of products and services as a share of revenue in 2025 1.
- A large part of activity takes place outside the United States, exposing the company to political, currency and regulatory risks in many countries 1.
Opportunities
- A recovery in offshore and unconventional activity could lift demand for completion products and the recently acquired services 23.
- Savings from the redomestication and the repayment of expensive debt could improve free cash flow in the years ahead 3.
- Emission-reduction solutions and responsible well abandonment could open new contracts if regulation tightens in many countries 1.
Threats
- Geopolitical conflicts in the Middle East and Eastern Europe could disrupt activity, supply chains and sales in the affected regions 12.
- Emission policies and the energy transition could reduce long-term demand for services tied to hydrocarbons 1.
- Consolidation among competitors and pricing pressure could limit the company's ability to maintain its margins 1.
Risks
- Dependence on customer investmenthigh
Demand depends on the capital spending of oil and gas companies, and cuts in that spending could sharply reduce revenue and asset utilization 1.
- Geopolitical exposurehigh
The Iran conflict and the war in Ukraine could disrupt activity, supply chains and logistics costs, especially if the situation worsens 12.
- Emissions regulationmedium
Climate-related measures could require added investment and could reduce demand for products tied to oil and gas 1.
- Acquisition integration riskmedium
Integrating NCS Multistage and other assets could delay expected synergies or bring unforeseen costs 23.
- Accidents and liability claimsmedium
Incidents in drilling and production operations can cause property damage, injuries and environmental harm, with potentially significant losses for the company 1.
Investment thesis
What would need to be true (bull case)
- Adjusted EBITDA margin rose in the third quarter of 2026 and adjusted free cash flow kept improving, suggesting the cost structure could support a recovery in activity 3.
- The NCS Multistage acquisition broadens the completions portfolio and could support growth in offshore and unconventional markets if integration goes well 23.
- The redomestication and the repayment of expensive notes could lower costs and support higher free cash flow in the coming years 3.
What would break the thesis
- Revenue fell in 2025 and dependence on customer budgets remains high, so a further drop in prices or activity could quickly weigh on results 1.
- The Middle East conflict has already affected regional activity, and the company itself said a quick recovery is unlikely, which may limit near-term growth 3.
- Strong competition and emissions-related regulatory pressure could reduce margins and market share, especially if major customers cut investment 1.
What to watch
- Completion of the Delaware redomestication and the savings it is expected to generateQ4 2026
- Fourth-quarter 2026 results and the full-year adjusted free cash flow guidanceQ4 2026
- Development of activity in the Middle East and its effect on regional revenue2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Weatherford International plc is an Irish company that, together with its subsidiaries, provides equipment and services used across the well life cycle, from drilling and evaluation to intervention and responsible abandonment, in the oil and natural gas exploration and production industry, as well as on new energy platforms 1. It reports in three segments, managed across the well life cycle, and its operations include manufacturing, research and development, service and training facilities 12. The stated strategy aims at sustainable profitability and cash generation across industry cycles, with emphasis on customer efficiency, digitalization and disciplined capital management 1.
Segments
Well Construction and Completions (WCC)
The WCC segment covers well integrity across the full well life cycle, including tubular running services, cementation products, completion tools, liner hangers and through-tubing well services 1. It is the largest segment, and the NCS Multistage acquisition adds a fracturing and completions technology platform with offshore reach 23.
Production and Intervention (PRI)
The PRI segment includes intervention services and drilling tools, artificial lift, digital solutions, sub-sea intervention and, in select markets, pressure pumping 1. It targets production and responsible abandonment of mature wells and relies on automation and monitoring solutions 13.
Market context
The market remains sensitive to customer capital budgets, which tend to shrink when prices fall or the cost of capital rises, and the energy transition could gradually change demand for fossil-fuel-related services 1. Customers include national oil companies, international and independent oil and gas companies, and new energy companies 1.
Trends
- Oil price volatility and geopolitical conflictsmixed
Oil prices rose in 2026, but the Iran conflict has disrupted Middle East activity and supply chains, and this volatility could influence customer investment in the coming quarters 23. The company said hopes of a quick recovery have been dampened by recent events in the region 3.
- Industry consolidation and acquisitionsmixed
The company completed the NCS Multistage acquisition, which extends its completions portfolio and gives access to unconventional and offshore markets 23. Consolidation among competitors may reduce some customer spending or shift demand, which the company considers hard to predict 1. Acquisitions can bring cost synergies if integration proceeds as planned 3.
- Tariffs and global trade policyheadwind
Tariffs had a limited effect on fiscal 2025 results, but changing trade policy remains a source of uncertainty 12. The company has filed claims for refunds of some tariffs and has begun receiving approvals, though new measures could weigh on margins if imposed at maximum rates 2.
- Operational efficiency and digitalizationtailwind
The ERP transformation and digital automation and optimization solutions could lower costs and improve margins over the longer term, particularly if customer demand for efficiency holds 23. The company reported that reducing fixed costs helped protect margins in the third quarter of 2026 3.
Competitive position
Weatherford competes with a number of global and regional providers, and competition is based on performance, safety, quality, reliability, service, price and response time 1. Principal competitors named in the annual report are SLB, Halliburton, Baker Hughes and Expro Group Holdings, along with smaller suppliers active in specific parts of the product portfolio 1.
The energy services business is highly competitive, and consolidation and acquisitions by competitors are difficult to predict and could affect the company's position 1. Its competitive position rests on a differentiated technology portfolio and a global footprint that lets it serve customers in several regions 12.
- SLBSLB
Named in the annual report as one of the principal global competitors in well services.
- HalliburtonHAL
Named as a principal global competitor active in drilling, completion and production.
- Baker HughesBKR
Named as a principal competitor in oilfield services and as the source of the rig count data used across the industry.
- Expro Group HoldingsXPRO
Named as a principal competitor in certain well service and completion segments.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Weatherford International’s (WFRD) Remarkable RecoveryYahoo Finance — News · 27 Aug 2026 · EN
The latest news item in our archive is from 27 Aug 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report27 Oct 2026Other events · Financial statements and exhibits
- Quarterly report21 Oct 2026
- Current report20 Oct 2026Results of operations · Financial statements and exhibits
- Current report20 Oct 2026Other events
- Current report04 Sept 2026Departure or appointment of officers
- Current report03 Sept 2026Shareholder vote · Other events
- Current report01 Sept 2026Other events · Financial statements and exhibits
- Quarterly report22 Jul 2026
- Current report21 Jul 2026Results of operations · Financial statements and exhibits
- Proxy statement13 Jul 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Weatherford International plc · 04 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Weatherford International plc · 21 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Weatherford International plc · 20 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.