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WFRD, Weatherford International plc

Oilfield Services & Equipment capital-intensive Cyclical

Weatherford International plc is a leading global energy services company providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention, and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms.

We conduct business in approximately 75 countries, answering the challenges of the energy industry with approximately 305 operating locations including manufacturing, research and development, service, and training facilities.

Our operational performance is reviewed and managed across the life cycle of the well, and we report in three segments (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention.

Latest annual: FY2025 10-K

WFRD · Weatherford International plc

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$4.9B

−10.8% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $4.9B 5-yr avg $4.7B

Gross margin 56%

Operating margin 15.1% 5-yr avg 12.2%

ROIC 24% 5-yr avg 23%

Owner-earnings margin 10% 5-yr avg 8%

Free cash flow margin 10% 5-yr avg 8%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Services (61%) and Products (39%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 3.2% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The margin is cyclical, swinging between −40% and 17% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 18% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 5%, above 15% in 3 of 9 years). By owner earnings: roughly 5% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Services is 61% of revenue, with Products the other meaningful line at 39%.

Revenue by product line, FY2025

Services61%$3.0B
Products39%$1.9B

By geographyMiddle East/North Africa/Asia43%North America20%Europe/Sub-Sahara Africa/Russia19%Latin America18%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$5.7B	$5.7B	$5.7B	$5.0B	$3.7B	$3.6B	$4.3B	$5.1B	$5.5B	$4.9B	$4.9B	RevenueRevenue
63%	62%	—	—	—	—	—	—	—	—	56%	Gross marginGross mgn
2%	2%	2%	—	—	—	—	—	—	—	3%	SG&A / revenueSG&A/rev
3%	3%	2%	—	3%	2%	2%	2%	2%	2%	2%	R&D / revenueR&D/rev
($2.2B)	($2.2B)	($2.1B)	—	($1.5B)	$116M	$412M	$820M	$938M	$756M	$737M	Operating incomeOp. inc.
−39.1%	−38.1%	−36.3%	—	−40.3%	3.2%	9.5%	16.0%	17.0%	15.4%	15.1%	Operating marginOp. mgn
($3.4B)	($2.8B)	($2.8B)	$3.7B	($1.9B)	($450M)	$26M	$417M	$506M	$431M	$463M	Net incomeNet inc.
—	—	—	—	—	—	—	12%	27%	18%	15%	Effective tax rateTax rate
											Cash flow & returns
($304M)	($388M)	($242M)	—	$210M	$322M	$349M	$832M	$792M	$676M	$670M	Operating cash flowOp. cash
$956M	$801M	$556M	—	$503M	$440M	$349M	$327M	$343M	$267M	$275M	DepreciationDeprec.
$2.0B	$1.6B	$2.0B	—	$1.6B	$332M	($26M)	$88M	($57M)	($22M)	($153M)	Working capital & otherWC & other
$204M	$225M	$186M	—	$154M	$85M	$132M	$209M	$299M	$226M	$203M	CapexCapex
3.5%	3.9%	3.2%	—	4.2%	2.3%	3.0%	4.1%	5.4%	4.6%	4.2%	Capex / revenueCapex/rev
($508M)	($613M)	($428M)	—	$56M	$237M	$217M	$623M	$493M	$450M	$467M	Owner earningsOwner earn.
−8.8%	−10.8%	−7.5%	—	1.5%	6.5%	5.0%	12.1%	8.9%	9.2%	9.6%	Owner earnings marginOE mgn
($508M)	($613M)	($428M)	—	$56M	$237M	$217M	$623M	$493M	$450M	$467M	Free cash flowFCF
−8.8%	−10.8%	−7.5%	—	1.5%	6.5%	5.0%	12.1%	8.9%	9.2%	9.6%	Free cash flow marginFCF mgn
$5M	$7M	$0	—	$0	—	$0	$4M	$51M	$0	$0	AcquisitionsAcquis.
—	—	—	—	—	—	$0	$0	$36M	$72M	$74M	Dividends paidDiv. paid
—	—	—	—	—	—	$0	$0	$99M	$101M	—	BuybacksBuybacks
-21%	-27%	-49%	—	-49%	5%	11%	39%	34%	28%	24%	ROICROIC
-169%	—	—	125%	-212%	-95%	5%	45%	39%	25%	26%	Return on equityROE
—	—	—	—	—	—	5%	45%	37%	21%	22%	Retained to equityRetained/eq
											Balance sheet
$1.0B	$613M	$602M	$618M	$1.1B	$951M	$910M	$958M	$916M	$987M	$1.0B	Cash & investmentsCash+inv
$1.4B	$1.1B	$1.1B	$1.2B	$826M	$825M	$989M	$1.2B	$1.3B	$1.2B	$1.2B	ReceivablesReceiv.
$1.8B	$1.2B	$1.0B	$972M	$717M	$670M	$689M	$788M	$880M	$836M	$824M	InventoryInvent.
$845M	$856M	$732M	$585M	$325M	$380M	$460M	$679M	$792M	$650M	$630M	Accounts payablePayables
$2.3B	$1.5B	$1.3B	$1.5B	$1.2B	$1.1B	$1.2B	$1.3B	$1.3B	$1.4B	$1.4B	Operating working capitalOper. WC
$4.9B	$3.9B	$3.5B	$3.5B	$3.2B	$2.9B	$3.0B	$3.3B	$3.4B	$3.4B	$3.3B	Current assetsCur. assets
$2.4B	$2.2B	$2.3B	$1.7B	$1.4B	$1.3B	$1.5B	$1.9B	$1.7B	$1.5B	$1.4B	Current liabilitiesCur. liab.
2.0×	1.7×	1.5×	2.0×	2.3×	2.2×	2.1×	1.8×	2.0×	2.2×	2.3×	Current ratioCurr. ratio
$2.8B	$2.7B	$713M	$0	$0	—	—	—	—	—	$0	GoodwillGoodwill
$12.7B	$9.7B	$6.6B	$7.3B	$5.4B	$4.8B	$4.7B	$5.1B	$5.2B	$5.2B	$5.1B	Total assetsAssets
$7.6B	$7.7B	$7.7B	$2.2B	$2.6B	$2.4B	$2.3B	$1.9B	$1.6B	$1.5B	$1.9B	Total debtDebt
$6.5B	$7.1B	$7.1B	$1.5B	$1.5B	$1.5B	$1.4B	$943M	$718M	$498M	$889M	Net debt / (cash)Net debt
$2.0B	($626M)	($3.7B)	$2.9B	$907M	$472M	$535M	$924M	$1.3B	$1.7B	$1.8B	Shareholders’ equityEquity
											Per share
887M	990M	997M	1.00B	70.0M	70.0M	71.6M	73.6M	74.9M	72.6M	72.2M	Shares out (diluted)Shares
$6.48	$5.76	$5.76	$4.93	$52.64	$52.07	$60.49	$69.77	$73.60	$67.74	$67.55	Revenue / shareRev/sh
$-3.82	$-2.84	$-2.82	$3.65	$-27.44	$-6.43	$0.36	$5.67	$6.76	$5.94	$6.41	EPS (diluted)EPS
$-0.57	$-0.62	$-0.43	—	$0.80	$3.39	$3.03	$8.46	$6.58	$6.20	$6.47	Owner earnings / shareOE/sh
$-0.57	$-0.62	$-0.43	—	$0.80	$3.39	$3.03	$8.46	$6.58	$6.20	$6.47	Free cash flow / shareFCF/sh
—	—	—	—	—	—	$0.00	$0.00	$0.48	$0.99	$1.02	Dividends / shareDiv/sh
$0.23	$0.23	$0.19	—	$2.20	$1.21	$1.84	$2.84	$3.99	$3.11	$2.81	Cap. spending / shareCapex/sh
$2.27	$-0.63	$-3.72	$2.92	$12.96	$6.74	$7.47	$12.55	$17.16	$23.40	$24.35	Book value / shareBVPS

The diluted share count moved ×1/14.34 into 2020 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+29.8%/yr	+5.2%/yr
Owner earnings / share	—	+50.6%/yr
Capital spending / share	+33.6%/yr	+7.2%/yr
Book value / share	+29.6%/yr	+12.6%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Operating income-19.4%
“Operating income of $756 million in the twelve months ended December 31, 2025, decreased 19% compared to $938 million in the twelve months ended December 31, 2024, primarily due to the decline in revenue, with a partial offset from lower cost of products and services, lower selling general, administrative and research and development costs and a gain on the sale of our pressure pumping business in Argentina.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

73Mpeak FY2019

ROIC

28%low FY2018

Net debt ÷ owner earnings

1.1×peak FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$450Mowner earningsvs.$431Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2020FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $431M of profit into $450M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$431M

Owner earnings$450M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$431M	$506M	$417M	$26M	($450M)
Depreciation & amortizationnon-cash charge added back	+$267M	+$343M	+$327M	+$349M	+$440M
Working capital & othertiming of cash in and out, other non-cash items	−$22M	−$57M	+$88M	−$26M	+$332M
Cash from operations	$676M	$792M	$832M	$349M	$322M
Capital expenditurecash put back in to keep running and to grow	−$226M	−$299M	−$209M	−$132M	−$85M
Owner earnings	$450M	$493M	$623M	$217M	$237M
Owner-earnings marginowner earnings ÷ revenue	9%	9%	12%	5%	7%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $914M · 1.2× operating profit

Modest net debt

Cash $987M − debt $1.9B

What this means
Netting $987M of cash and short-term investments against $1.9B of debt leaves $914M owed, about 1.2× a year's operating profit (2.5× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 123d

Long (60+ days)

DSO 92 + DIO 142 − DPO 111 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 5%

Below average through the cycle

9-yr median, range -49%–39%; 24% latest = NOPAT $617M ÷ invested capital $2.6B

Industry peers: median 5%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 24% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 5%

Solid through the cycle

9-yr median margin, range -11%–12%; latest $450M = operating cash $676M − maintenance capex $226M

Industry peers: median 6%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 9% of revenue this year, a 5% median across 9 years. Treating stock comp as the real expense it is (less $87M of SBC) leaves $363M.
Are earnings backed by cash? 1.57×

Cash-backed

Cash from ops $676M ÷ net income $431M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 38%

Reinvests most of it

Dividends + buybacks $173M ÷ Owner Earnings $450M

What this means
Of $450M Owner Earnings, $173M (38%) went back to shareholders, $72M dividends, $101M buybacks. Net of $87M stock comp, the real buyback was about $14M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.85×

Maintaining

Capex $226M ÷ depreciation $267M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $4.9B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.19×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Near

Debt ≤ working capital · $1.9B vs $1.8B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 2 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $6.28/share (latest year $5.99), the averaged base the calculator's gate runs on, and book value is $23.62/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 10

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −38% → 16% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −38% early to 16% lately, median 3% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2020 · −40.3% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.3B

Cash & short-term investments$1.0B
Receivables$1.2B
Inventory$824M
Other current assets$273M

Current liabilities$1.4B

Debt due within a year$45M
Accounts payable$630M
Other current liabilities$743M

Current ratio2.31×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.73×stricter: inventory excluded

Cash ratio0.71×strictest: cash alone against what's due

Working capital$1.9Bthe cushion left after near-term bills

Debt due this year vs. cash$45M due · $1.0B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago−3.4%the freshest read on whether the business is still growing

Current ratio, recent quarters2.0× → 2.3×

Deeper floors

Tangible book value$1.5Bequity stripped of goodwill & intangibles

Net current asset value($51M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.6B$146M of it operating leases

Deferred revenue$43Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$29M

'27$20M

'28$9M

'29$4M

'30$238M

later$1.2B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$29Mthe first rung: what must be repaid or rolled over within the year

Within two years$49Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$238Min 2030the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$1.5Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$1.0B

One year of owner earnings (FY2025)$450M

Together, against $29M due next year50.4×

Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $1.5B against the $29M due in the twelve months after the Dec 31, 2025 schedule: 50 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2016–2025

Over the record, the business generated $2.2B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.7B · 77%
Dividends$108M · 5%
Buybacks$200M · 9%
Retained (debt / cash)$219M · 10%

Returned to owners$308M
58% of the owner earnings the business produced over the span, $108M as dividends and $200M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell $5.7B and cash and short-term investments fell $25M.
Average price paid for buybacks—
Buybacks ran $200M over the span, but a stock split in the window left the reported buyback-share counts on a basis the diluted-share count doesn't match, so a comparable average price can't be drawn.
Net change in share count−91.9%
The diluted count fell from 887M to 72M, so the buybacks outran the stock issued to staff.
Dividend record$0.99/sh
Paid in 2 of the years on record. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$285M5% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity0%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$71Mover 10 years buying other businesses, against $1.7B of capital spent building

$2.2B written down across 2 years (2018, 2020): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership2.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$87M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 12% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Weatherford International plc is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereAre "one-time" charges a yearly habit?5 of 10 years
Management took an impairment or write-down in 5 of the last 10 years, $6.7B in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Oilfield Services & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
FTITechnipFMC plc Ordinary Share	$9.9B	16%	7.0%	4%	6%
NOVNOV Inc.	$8.7B	16%	0.0%	-1%	7%
DOVDover Corporation	$8.1B	37%	14.8%	13%	11%
TEXTerex	$5.4B	20%	8.6%	11%	5%
WFRDWeatherford International plc	$4.9B	56%	3.2%	5%	5%
FLSFlowserve	$4.7B	30%	7.7%	7%	6%
HYHyster-Yale Inc.	$3.8B	17%	1.5%	5%	1%
DNOWDNOW Inc.	$2.8B	20%	-0.5%	-1%	6%
Group median	—	20%	5.1%	5%	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Weatherford International plc has delivered.

Weatherford International plc’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Weatherford International plc earns about $246M on its 5.0% median owner-earnings margin. This year’s 9.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($246M) Net of stock comp (−$85M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+20%/yr

Owner-earnings growth · since FY2020+52%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $467M on 72M shares outstanding, per the 10-Q cover, as of 2026-04-16; net debt $889M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh WFRD against another business →

The owners of WFRD: the meeting and the votes →

Cite: Owner Scorecard, "Weatherford International plc (WFRD), the owner's record," https://ownerscorecard.com/c/WFRD, data as of 2026-07-09.

Manual order: ← WFC its page in the Manual WGO →

Industry order: ← WBI the Oilfield Services & Equipment chapter WHD →