Sable Offshore Corp. Common Stock (SOC)

FairStock Score: 30/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At $3.62 on 2026-10-13, Sable Offshore is a speculative energy turnaround, not a comfortable Graham bargain. The business owns real infrastructure: three offshore platforms, 16 federal leases across roughly 76,000 acres, and subsea pipelines. But the financials are ugly. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $137.1 million and net income was -$64.2 million, or -$0.42 per diluted share. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was only $1.3 million and net income was -$197.0 million, or -$1.37 per share. In fiscal year 2025, the year ended 2025-12-31, the company lost $410.2 million, or -$4.18 per diluted share. Earlier filed years also show losses: fiscal year 2023, the year ended 2023-12-31, net loss was -$93.7 million; fiscal year 2022, the year ended 2022-12-31, net loss was -$2.6 million. FairStock calculations at the 2026-10-13 close show a negative P/E of -1.12, P/B of 1.41, ROE of -103.21%, ROCE of -14.02%, and FCF yield of -80.4%, with trailing free cash flow of -$558.8 million. Debt is heavy at D/E 2.50, and the Altman Z-Score of -1.06 warns of distress. The Piotroski F-Score of 7/9 offers a small accounting bright spot, and the fiscal Q2 2026 revenue shows operations can produce meaningful top line. But no moat is visible here; this is a capital-intensive, regulated, loss-making business. FairStock's Lynch category is TURNAROUND, based on a loss in the latest year after earlier profits. At 1.41 times book, the price is not demanding if cash flow inflects, but the negative free cash flow and leverage mean equity could be worth far less if the turnaround stalls.

In plain English: Sable Offshore is an independent oil and gas company that owns platforms, leases, and pipelines off the coast of California. The business looks weak right now: it lost money in its latest quarter and in its latest full year, and it has been burning cash while carrying a lot of debt. At $3.62, the stock is not cheap compared with those current results, so it depends on a successful turnaround rather than steady profits today.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2023 10-K (period ended 2023-12-31) · FY2022 10-K (period ended 2022-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer