Northern Ocean Ltd (NTNOF) Fair Value & Analysis
Energy · US · Market cap $356M
Northern Ocean Ltd
NTNOF · US
Fair value as of: Jul 19, 2026
From 2 valuation models · updated 4 days ago
Fair value updated Jul 19, 2026, revised from $2.05 to $0.7600 (−62.9%) since Jun 24, 2026.
Price vs Fair Value (12 months)
12‑month range $0.5570 – $0.8200 · fair‑value band $0.5700 – $0.7600 · the $0.8200 price screens above the $0.7600 fair value. As of Jul 19, 2026.
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Northern Ocean Ltd (NTNOF) currently trades at $0.8200, while our model-based Fair Value estimate is $0.7600, implying the stock looks roughly 7.3% fairly valued today. We read business quality at 37/100 (below-average quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
Over the trailing twelve months, Northern Ocean Ltd generated revenue of $229M at a net margin of -50.0%. Revenue declined 77.2% year over year. It earns a return on equity of -30.4%. Net debt stands at $62.5M. Fundamentals as of Jul 19, 2026
Our scenario range runs from $0.5700 (bear case) to $0.7600 (bull case); at $0.8200, the current price sits above that range. The share trades about 38% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -32% fair-value upside, at -7%, NTNOF screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 19, 2026. TTM = trailing twelve months.
About the company
Northern Ocean Ltd. provides offshore contract drilling services for the oil and gas industry worldwide. The company owns and operates one semi-submersible rig. It also invests in power generation solutions. The company offers integrated drilling services, including rig preparation, mobilization, demobilization, and add-on services. The company was incorporated in 2017 and is based in Hamilton, Bermuda.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Northern Ocean Ltd reported revenue of $279M in FY2025 versus $67.8M in FY2021, a compound +42.5%/yr. Reported net income was −$103M in FY2025.
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Similar stocks
10 more Oil & Gas Drilling stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Noble Corporation NE | $41.95 | $23.09 | -45% |
| Sinopec Oilfield Service Corporation 600871 | ¥2.16 | ¥0.7200 | -67% |
| Transocean Ltd RIG | $6.01 | $3.18 | -47% |
| Valaris Limited VAL | $88.98 | $60.91 | -32% |
| Patterson-UTI Energy, Inc PTEN | $11.51 | $10.29 | -11% |
| Helmerich & Payne, Inc HP | $39.37 | $30.51 | -23% |
| Seadrill Limited SDRL | $39.89 | $25.17 | -37% |
| Odfjell Drilling Ltd ODFJF | $8.77 | $9.75 | +11% |
| Nabors Industries Ltd NBR | $101.63 | $182.96 | +80% |
| Borr Drilling Limited BORR | kr 46.80 | kr 24.50 | -48% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.