Dolphin Drilling AS (DDRIL) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Dolphin Drilling AS stock NOK 0.19, price NOK 1.68, upside -88.7%, quality 34 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 4, 2026.
How to read this chart
48‑month range kr 1.51 – kr 4,418 · fair‑value band kr 0.1900 – kr 0.5900 · the kr 1.68 price screens above the kr 0.1900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 4, 2026.
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Dolphin Drilling AS provides drilling services to the offshore oil and gas industry in the United Kingdom, India, Norway, and Nigeria. The company was founded in 1965 and is based in Sandnes, Norway.
Stock analysis
Dolphin Drilling AS (DDRIL) currently trades at kr 1.68, while our model-based Fair Value estimate is kr 0.1900, 88.7% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the data coverage at low.
Scenario range: kr 0.1900 (bear) to kr 0.5900 (bull), the price of kr 1.68 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 34/100 (below-average quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Dolphin Drilling AS reported revenue of $178M in FY2025 versus $121M in FY2021, a compound +10.1%/yr. Reported net income was −$54.3M in FY2025.
Key figures
Market cap 681M NOK (≈ $72.5M) Micro · P/E ratio 0.1 · P/S ratio 4.06 · EPS (TTM) kr 21.94 · Net margin −30.6% · Return on equity −102% · Return on assets (EBIT) −28.0% · Operating margin 7.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).
What moves the price
The share trades about 51% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −13% fair-value upside, at −89%, DDRIL screens richer than that median.
Fair Value models
Bearkr 0.1900Fair Value kr 0.1900Bullkr 0.5900
Price kr 1.68 · Upside -88.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 17.61 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.30/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+91.1%
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.1%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−59.2% (2021) → −5.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Drilling · 33 stocks
Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside−88.7% · Bottom 25%
Profitability
Return on assets−27.3% · Bottom 25%
Net margin (12 months)−25.9% · Bottom 25%
Operating margin (12 months)7.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)−5.3% · Below median
Balance sheet
Debt / equity1.55× · Highest 25%
Valuation Multiplesvs Oil & Gas Drilling median · lower = cheaper
P/E (12 months)0.1× · Cheapest 25%
P/B1.86× · Pricier than median
P/S (12 months)0.41× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 20
HEALTH (low debt)23· sector 80
DIVIDEND (yield)0· sector 37
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Dolphin Drilling AS Fair Value". https://www.fairvalue-calculator.com/stock/DDRIL
Frequently asked questions
Is Dolphin Drilling AS (DDRIL) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of kr 0.1900 versus a price of kr 1.68, about −89% upside (overvalued).
What is the fair value of DDRIL?
Our model-based fair value for Dolphin Drilling AS is kr 0.1900 (as of Oct 4, 2026), built from audited fundamentals. The current price: kr 1.68.
What is the quality score of DDRIL?
Dolphin Drilling AS has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dolphin Drilling AS (DDRIL)?
Our model-based price target is the fair value of kr 0.1900 (as of Oct 4, 2026) from 2 valuation models. Cautious scenario kr 0.1900, optimistic scenario kr 0.5900. It is a calculation from audited fundamentals, not an analyst target.
What is the Dolphin Drilling AS stock forecast for 2026?
Our models put fair value at kr 0.1900, about −89% upside versus a price of kr 1.68 (overvalued). Cautious scenario kr 0.1900, optimistic scenario kr 0.5900. The calculation is refreshed regularly with new filings.
What is the revenue of Dolphin Drilling AS (DDRIL)?
Dolphin Drilling AS reported trailing-twelve-month revenue of about $175M (latest available figure, as of Oct 4, 2026).
What is the intrinsic value of Dolphin Drilling AS (DDRIL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dolphin Drilling AS it is kr 0.1900 per share (as of Oct 4, 2026), against a price of kr 1.68. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Dolphin Drilling AS stock overvalued or undervalued in 2026?
As of Oct 4, 2026, DDRIL trades above its calculated fair value: price kr 1.68, fair value kr 0.1900, a gap of about −89% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DDRIL?
No. The price is what the market pays today (kr 1.68); the fair value is what the company's own numbers justify (kr 0.1900). For Dolphin Drilling AS the two are kr 1.49 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dolphin Drilling AS worth?
The market values Dolphin Drilling AS at about 681M NOK (market capitalisation, as of Oct 4, 2026). Per share that is kr 1.68; our models calculate a fair value of kr 0.1900 per share.
What do the bullish and bearish scenarios say about DDRIL?
Our models span a range for Dolphin Drilling AS: cautious scenario kr 0.1900, base kr 0.1900, optimistic kr 0.5900 per share (as of Oct 4, 2026, price kr 1.68). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DDRIL?
Dolphin Drilling AS trades at a price-to-earnings ratio of 0.1 (as of Oct 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 0.1900 is built from several models across several years. Other multiples: P/B 1.9, P/S 0.4.
How solid is the balance sheet of Dolphin Drilling AS (DDRIL)?
Balance-sheet figures for Dolphin Drilling AS (as of Oct 4, 2026): return on equity −101.7%, debt of 1.55 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is DDRIL from its 52-week high?
Dolphin Drilling AS trades at kr 1.68, about 51% below its 52-week high of kr 3.39 and 11% above the low of kr 1.51 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.1900 is for.
Which stocks are comparable to Dolphin Drilling AS?
From the same area (Energy) we also value Noble Corporation, Transocean Ltd, Sinopec Oilfield Service Corporation, Valaris Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dolphin Drilling AS stock attractive at the current price?
The data as of Oct 4, 2026: price kr 1.68, calculated fair value kr 0.1900 (−89%), Quality Score 34/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DDRIL calculated?
We run Dolphin Drilling AS through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 0.1900, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. Dolphin Drilling AS itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dolphin Drilling AS (DDRIL)?
The closing price on Oct 19, 2026 was kr 1.68. Our model-based fair value is kr 0.1900, about −89% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dolphin Drilling AS right now?
The price sits above even our optimistic bull case (kr 0.5900). The favourable scenario is already priced in. Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (kr 0.1900 to kr 0.5900). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Dolphin Drilling AS
How large is the market capitalisation of Dolphin Drilling AS (DDRIL)?
The market capitalisation of Dolphin Drilling AS is 681M NOK (≈ $72.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dolphin Drilling AS (DDRIL)?
The price-to-sales ratio of Dolphin Drilling AS is 4.06 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dolphin Drilling AS (DDRIL)?
Earnings per share at Dolphin Drilling AS are kr 21.94 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dolphin Drilling AS (DDRIL)?
The net margin of Dolphin Drilling AS is −30.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dolphin Drilling AS (DDRIL)?
The return on equity (ROE) of Dolphin Drilling AS is −102% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dolphin Drilling AS (DDRIL)?
On an EBIT basis the return on assets of Dolphin Drilling AS is −28.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dolphin Drilling AS (DDRIL)?
The operating margin of Dolphin Drilling AS is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dolphin Drilling AS (DDRIL)?
Revenue at Dolphin Drilling AS is growing −5.3% versus a year earlier (3y avg +104%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Dolphin Drilling AS (DDRIL) generate?
The free cash flow of Dolphin Drilling AS is −$45.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Dolphin Drilling AS (DDRIL) carry?
The net debt of Dolphin Drilling AS is $60.0M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Oct 4, 2026