WFRD · Industrials(oil & gas field machinery & equipment) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Weatherford International plc reported revenue of $4.9 billion in fiscal 2025, after shrinking 1.7% a year over the previous 9 years. Its operating margin widened from -36.3% in 2018 to 15.4%, and it earned 20.0% on its invested capital in the latest year. Of the $2.9 billion its operations generated over 10 years, 43.9% went back into the business and 6.8% to buybacks; the share count rose 9.2%. On the accounting screens, it passes 6 of 8 Piotroski tests, its Altman Z'' of 3.10 is in the safe zone and its Beneish M-score is below the -1.78 line; none of the six cross-checks between its statements fires.
Revenue, fiscal 20254.9B-1.7% a year over 9 years
Operating margin15.4%gross margin —
Return on invested capital20.0%20.4% on average over 5 years
Free cash flow after stock pay412.0M8.4% of revenue
Net debt ÷ EBITDA0.4×net debt 428.0M
Piotroski F-score6/8tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
1-for-15 before fiscal 2020.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-4.0B-2.0B02.0B4.0B6.0B
2018Revenue 5.7BOperating income -2.1B
2019
2019
2019Revenue 5.0B
2020Revenue 3.7BOperating income -1.5B
2021Revenue 3.6BOperating income 116.0M
2022Revenue 4.3BOperating income 412.0M
2023Revenue 5.1BOperating income 820.0M
2024Revenue 5.5BOperating income 938.0M
2025Revenue 4.9BOperating income 756.0M
2018201920192019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+4.3%
+5.9%
-1.7%
Operating income
+22.4%
—
—
Net income
+155.0%
—
—
Earnings per share
+153.8%
—
—
Free cash flow per share
+26.9%
+50.6%
—
Shares
+0.5%
+0.7%
+1.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capitalCost of capital today · 8.0%
-50.0%0.0%50.0%100.0%
2018Return on invested capital 63.5%
2019
2019
2019
2020Return on invested capital -44.8%
2021Return on invested capital 5.1%
2022Return on invested capital 26.3%
2023Return on invested capital 26.4%
2024Return on invested capital 24.3%
2025Return on invested capital 20.0%
2018201920192019202020212022202320242025
Economic profit
Economic profit
-2.0B-1.0B01.0B
2018Economic profit -1.8B
2019
2019
2019
2020Economic profit -1.8B
2021Economic profit -84.8M
2022Economic profit 105.6M
2023Economic profit 506.0M
2024Economic profit 467.0M
2025Economic profit 373.0M
2018201920192019202020212022202320242025
(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.
Return on equity
25.4%
Return on assets
8.3%
Asset turnover
0.95×
Research & development
2.2% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-4.0B-2.0B02.0B4.0B
2018Net income -2.8BFree cash flow -428.0MAfter stock-based pay -475.0M
2019
2019
2019Net income 3.7B
2020Net income -1.9BFree cash flow 56.0MAfter stock-based pay 56.0M
2021Net income -450.0MFree cash flow 237.0MAfter stock-based pay 212.0M
2022Net income 26.0MFree cash flow 217.0MAfter stock-based pay 192.0M
2023Net income 417.0MFree cash flow 623.0MAfter stock-based pay 588.0M
2024Net income 506.0MFree cash flow 493.0MAfter stock-based pay 448.0M
2025Net income 431.0MFree cash flow 450.0MAfter stock-based pay 412.0M
2018201920192019202020212022202320242025
Where 10 years of operating cash went, 2018–2025
2.9B generated by the business. Each band is its share of that total.
Reinvested in the business 44%1.3B
Acquisitions 2%59.0M
Dividends 4%108.0M
Share buybacks 7%200.0M
Kept, or used to pay down debt 44%1.3B
Over the same years it paid 215.0M in stock. The share count rose 9.2%. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-50.00$-25.00$0.00$25.00$50.00$75.00
2018Earnings per share $-42.29Free cash flow per share $-6.44
2019
2019
2019Earnings per share $54.70
2020Earnings per share $-27.44Free cash flow per share $0.80
2021Earnings per share $-6.43Free cash flow per share $3.39
2022Earnings per share $0.36Free cash flow per share $3.03Dividend per share $0.00
2023Earnings per share $5.67Free cash flow per share $8.46Dividend per share $0.00
2024Earnings per share $6.76Free cash flow per share $6.58Dividend per share $0.48
2025Earnings per share $5.94Free cash flow per share $6.20Dividend per share $0.99
2018201920192019202020212022202320242025
Shares outstanding
Diluted shares
65.0M67.5M70.0M72.5M75.0M
2018Diluted shares 66.5M
2019
2019
2019Diluted shares 66.9M
2020Diluted shares 70.0M
2021Diluted shares 70.0M
2022Diluted shares 71.6M
2023Diluted shares 73.6M
2024Diluted shares 74.9M
2025Diluted shares 72.6M
2018201920192019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-1.0B01.0B2.0B
2018Net debt -219.0M
2019
2019
2019Net debt -605.0M
2020Net debt 1.4B
2021Net debt 1.4B
2022Net debt -865.0M
2023Net debt 872.0M
2024Net debt 670.0M
2025Net debt 428.0M
2018201920192019202020212022202320242025
Net debt ÷ EBITDA
0.4×
Interest coverage
— operating income ÷ interest
Current ratio
2.19 current assets ÷ current liabilities
Cash conversion cycle
— collects in 92d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✓More liquidCurrent ratio higher than a year beforepassed
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
3.10safe zone
1.12.6
Working capital ÷ assets 0.35 × 6.56+2.32
Retained earnings ÷ assets -0.22 × 3.26-0.71
Operating income ÷ assets 0.15 × 6.72+0.98
Equity ÷ liabilities 0.49 × 1.05+0.51
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.64below the -1.78 line
-1.78
Receivables vs sales 1.10+1.01
Gross margin slipping 1.00 (not reported, set to 1)+0.53
Soft assets 1.00+0.40
Sales growth 0.89+0.80
Slower depreciation 1.27+0.15
Overheads vs sales 1.00 (not reported, set to 1)-0.17
Profit not in cash -0.05-0.22
Leverage rising 0.89-0.29
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$174.27discounted at 8.0% a year · 60% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
29.4×
Enterprise value ÷ EBITDA
12.8×
Enterprise value ÷ revenue
2.7×
Free cash flow yield
3.3%
From cash flows to a value per share
10 years of cash flow, today5.2B
Everything after, today7.9B
The whole business13.1B
Minus net debt-428.0M
What belongs to shareholders12.7B
Divided among 72.6M shares: <strong>$174.27</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
-500.0M0500.0M1.0B
2018Reported -475.0M
2019
2019
2019
2020Reported 56.0M
2021Reported 212.0M
2022Reported 192.0M
2023Reported 588.0M
2024Reported 448.0M
2025Reported 412.0M
2026Projected 647.2M
2027Projected 683.5M
2028Projected 719.2M
2029Projected 753.9M
2030Projected 787.4M
2031Projected 819.4M
2032Projected 849.4M
2033Projected 877.2M
2034Projected 902.6M
2035Projected 925.2M
2018201920202022202420262028203020322034
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
5.2B
5.5B
5.8B
6.1B
6.3B
6.6B
6.8B
7.1B
7.3B
7.5B
Growth
6.0%
5.6%
5.2%
4.8%
4.4%
4.1%
3.7%
3.3%
2.9%
2.5%
Cash margin
12.4%
12.4%
12.4%
12.4%
12.4%
12.4%
12.4%
12.4%
12.4%
12.4%
Free cash flow
647.2M
683.5M
719.2M
753.9M
787.4M
819.4M
849.4M
877.2M
902.6M
925.2M
Worth today
598.9M
585.4M
570.1M
553.1M
534.7M
514.9M
494.0M
472.2M
449.7M
426.6M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
7.0%
180
196
215
238
268
7.5%
165
177
192
211
234
8.0%
151
162
174
189
207
8.6%
140
149
159
171
186
9.0%
130
138
146
156
168
Year-one growth and the final margin
margin ↓ · growth →
2.0%
4.0%
6.0%
8.0%
10.0%
9.9%
122
133
145
158
172
11.2%
134
146
160
174
189
12.4%
146
160
174
190
207
13.7%
158
173
189
206
224
14.9%
170
186
203
222
242
All the inputs moving at once
5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.0%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$125.18
Median$174.51
90th percentile$256.19
$100.00$200.00$300.00
Half of the simulations land between <b>$146.04</b> and <b>$211.41</b>; one in ten below $125.18, one in ten above $256.19.
Does the long run make sense?
11.0×The terminal value prices the business in year 10 at 11.0 times that year's EBITDA.
119%To grow 2.5% forever while reinvesting 2% of its after-tax operating profit, the business must earn 119% on the new capital — it has earned 20% on average over the last five years.
60%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$2.2M4 sale(s) by 3 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
