Subsea 7 Past Earnings Performance
Past criteria checks 5/6
Subsea 7 has been growing earnings at an average annual rate of 78.6%, while the Energy Services industry saw earnings growing at 37.7% annually. Revenues have been growing at an average rate of 11.2% per year. Subsea 7's return on equity is 10.7%, and it has net margins of 6.7%.
Key information
78.59%
Earnings growth rate
78.56%
EPS growth rate
| Energy Services Industry Growth | 25.64% |
| Revenue growth rate | 11.21% |
| Return on equity | 10.66% |
| Net Margin | 6.71% |
| Next Earnings Update | 30 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 15
SUBC: Elevated P E Multiples Will Strain Returns Despite New Long Dated Contracts
Analysts have nudged their fair value estimate for Subsea 7 slightly higher to NOK 233.20, supported by a series of recent price target increases on the stock, including one move to NOK 370, partly offset by a few downgrades. Analyst Commentary Recent Street research on Subsea 7 has been mixed.Narrative Update • Jun 01
SUBC: Elevated P E Multiples Will Challenge Returns Despite Recent Contract Wins
Subsea 7’s analyst price target has been raised from NOK 192.81 to NOK 232.39, reflecting updated analyst views that factor in higher projected P/E multiples, a slightly higher discount rate, modestly improved profit margins and softer revenue expectations, alongside a series of recent price target increases and some downgrades across the Street. Analyst Commentary Recent Street research on Subsea 7 shows a mix of higher price targets and fresh caution.
Narrative Update • May 16
SUBC: High Utilization And Contract Backlog Will Support Higher Future Earnings Multiple
Analysts have raised Subsea 7’s fair value estimate from NOK 399.43 to NOK 427.76, reflecting revised price targets across several firms and updated assumptions for discount rates, revenue growth, profit margins and future P/E levels. Analyst Commentary Recent Street research on Subsea 7 shows a mix of optimism and caution, with several bullish analysts lifting price targets while others have turned more cautious with downgrades.Narrative Update • Apr 28
SUBC: High Utilization And New Contracts Will Support Higher Future Earnings Multiple
The analyst fair value estimate for Subsea 7 has been lifted by about 3% to NOK 399.43. The shift reflects recent price target increases from several firms, alongside analyst commentary pointing to steady revenue growth assumptions, slightly stronger margin expectations, and a higher future P/E multiple, despite a series of rating downgrades on the shares.Narrative Update • Apr 14
SUBC: Rising Multiples And Weaker Margins Will Constrain Future Share Price Upside
The analyst price target for Subsea 7 has been increased from NOK 174.64 to NOK 192.81 as analysts factor in higher Street targets in the NOK 254 to NOK 320 range, supported by research citing strong recent utilization, firmer margins and expectations that these operational trends will persist into FY26. Analyst Commentary Recent Street research shows a mix of optimism on Subsea 7, with several large houses lifting price targets into the NOK 254 to NOK 320 range, while keeping ratings such as Buy, Overweight, Neutral and Sector Perform.Narrative Update • Mar 31
SUBC: High Utilization And New Contracts Will Support Future Multiple Reassessment
The updated analyst price target for Subsea 7 moves higher in value, supported by a series of recent target increases from NOK 254 to NOK 320 by major banks, along with analyst commentary around utilization, margins and earnings expectations. Analyst Commentary Recent research points to a cluster of more optimistic views on Subsea 7, with several bullish analysts lifting price targets and highlighting operational execution and earnings potential as key supports for valuation.
Narrative Update • Mar 17
SUBC: Offshore Backlog And Margin Sustainability Will Shape Balanced Future Prospects
The updated analyst price target for Subsea 7 rises from NOK 228.39 to NOK 274.67, reflecting analysts' higher NOK 254 to NOK 320 price targets that cite Q4 results with high utilization and firmer margins as key support. Analyst Commentary Recent research updates show a wide range of views on Subsea 7, with several bullish analysts lifting price targets while others have moved to more cautious stances.Narrative Update • Mar 03
SUBC: Contract Wins And Margin Trajectory Will Support Future Multiple Reassessment
The updated analyst price target for Subsea 7 rises materially from NOK 309.15 to NOK 367.57, reflecting analysts' focus on higher assumed revenue growth, stronger profit margins backed by recent commentary on utilization and margins, and a slightly lower future P/E assumption. Analyst Commentary Recent Street research on Subsea 7 shows a mix of views, but the most constructive voices are pointing to higher price targets and an improved outlook on utilization and margins.Narrative Update • Feb 16
SUBC: Contract Wins And Margin Outlook Will Support Future Multiple Reassessment
The updated analyst price target for Subsea 7 edges higher to NOK 309 from about NOK 307, as analysts balance recent downgrades from several banks with JPMorgan's NOK 17 upward revision and modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent research on Subsea 7 shows a split view, with several downgrades sitting alongside a higher price target from JPMorgan.Narrative Update • Feb 02
SUBC: Contract Backlog And Margin Outlook Will Support Earnings Multiple Reassessment
Analysts have lifted their price target on Subsea 7 by NOK 17 to NOK 208, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that align with recent Street research revisions. Analyst Commentary Recent Street commentary on Subsea 7 has focused on how updated valuation assumptions feed into revised price targets, with JPMorgan playing a visible role in the latest adjustments.Narrative Update • Jan 19
SUBC: Future Contract Pipeline Will Support Earnings Multiple Reassessment
Analysts have trimmed their price expectations for Subsea 7, with JPMorgan lowering its target from NOK 212 to NOK 208. Our updated fair value framework now reflects more conservative assumptions on growth and margins, along with a higher future P/E multiple.Narrative Update • Jan 05
SUBC: Offshore Contract Backlog And Margin Outlook Will Shape Balanced Prospects
Analysts have nudged their fair value estimate for Subsea 7 slightly higher to NOK 228.39, while Street targets have moved from NOK 212 to NOK 208, reflecting updated views on revenue growth, profitability and the appropriate P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts see the updated fair value estimate of NOK 228.39 as leaving a modest gap to the revised NOK 208 target.Narrative Update • Dec 14
SUBC: Long Term Revenue Concerns Will Restrain Future Share Price Upside
Analysts have modestly trimmed their price target on Subsea 7 to NOK 208 from NOK 212, reflecting slightly lower long term revenue growth expectations, partly offset by improved margin and valuation assumptions. Analyst Commentary Bearish analysts point to the modest price target cut to NOK 208 as a signal that expectations for Subsea 7's long term revenue trajectory are being recalibrated, even as near term fundamentals appear solid.Narrative Update • Nov 29
SUBC: Margin Expansion And Major Offshore Contracts Will Drive Share Performance
The analyst price target for Subsea 7 has been adjusted downward by NOK 4 to NOK 208. Analysts cite evolving revenue growth and industry-wide preferences for companies with stronger growth prospects.Narrative Update • Nov 15
SUBC: Major Contracts And Sector Shifts Will Drive Future Outperformance
Analysts have slightly reduced their fair value price target for Subsea 7 from NOK 229.88 to NOK 228.56. This change reflects updated expectations for growth and margin performance based on recent industry research.Narrative Update • Oct 31
SUBC: Recent Contract Wins And Dividend Initiatives Will Drive Upside Momentum
Analysts have modestly raised their average price target for Subsea 7, now forecasting NOK 229.88 per share. They note the company's stable outlook is supported by steady profit margins and a slight uptick in the discount rate.Narrative Update • Oct 17
Offshore Wind And Oil Projects Will Fuel Future Decarbonization
Analysts have increased their fair value estimate for Subsea 7 from NOK 223.06 to NOK 229.88. This change reflects improved revenue growth forecasts and recent price target updates by several firms.Narrative Update • Oct 03
Offshore Wind And Oil Projects Will Fuel Future Decarbonization
The analyst price target for Subsea 7 has increased from NOK 218.18 to NOK 223.06, reflecting analysts’ expectations for resilient performance and ongoing sector growth, even though some macroeconomic outlooks remain cautious. Analyst Commentary Recent Street research provides a nuanced view on Subsea 7's outlook, reflecting both confidence in the company's ongoing growth potential and caution about market dynamics.Narrative Update • Sep 16
Offshore Wind And Oil Projects Will Fuel Future Decarbonization
Analysts revised Subsea 7’s price target slightly lower to NOK218.18, citing macro uncertainty, elevated valuations, and share price strength prompting caution despite ongoing operational improvements and peer outperformance. Analyst Commentary Ongoing preference for oilfield services companies with self-help levers and superior growth prospects in the European market compared to exploration and production peers.New Narrative • May 02
Subsea 7 Set for a Strong Q2 with Promising Upside in June
Q1 knappast någon viktig katalysatorOrderingången för Subsea 7 i Q1 kommer sannolikt att vara liten och till största delen bestå av utökningsordrar (kommer troligen att ligga omkring drygt 500 miljone
New Narrative • Jan 26
Robust $11 Billion Backlog Will Positively Impact Future Earnings And Cash Flow
Subsea7 anticipates strong EBITDA growth with a robust backlog and strategic deepwater contract focus, positively impacting earnings and cash flow.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Subsea 7 makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 7,346 | 493 | 298 | 0 |
| 31 Dec 25 | 7,086 | 411 | 299 | 0 |
| 30 Sep 25 | 6,994 | 288 | 296 | 0 |
| 30 Jun 25 | 6,988 | 268 | 294 | 0 |
| 31 Mar 25 | 6,971 | 194 | 278 | 0 |
| 31 Dec 24 | 6,837 | 201 | 260 | 0 |
| 30 Sep 24 | 6,600 | 162 | 243 | 0 |
| 30 Jun 24 | 6,344 | 103 | 233 | 0 |
| 31 Mar 24 | 6,123 | 62 | 235 | 0 |
| 31 Dec 23 | 5,974 | 15 | 229 | 0 |
| 30 Sep 23 | 5,633 | 60 | 230 | 0 |
| 30 Jun 23 | 5,459 | 29 | 229 | 0 |
| 31 Mar 23 | 5,188 | 52 | 220 | 0 |
| 31 Dec 22 | 5,136 | 57 | 214 | 0 |
| 30 Sep 22 | 5,210 | 27 | 205 | 0 |
| 30 Jun 22 | 5,257 | 68 | 204 | 0 |
| 31 Mar 22 | 5,207 | 15 | 201 | 0 |
| 31 Dec 21 | 5,010 | 32 | 197 | 0 |
| 30 Sep 21 | 4,659 | -68 | 182 | 0 |
| 30 Jun 21 | 4,156 | -154 | 167 | 0 |
| 31 Mar 21 | 3,712 | -1,053 | 178 | 0 |
| 31 Dec 20 | 3,466 | -1,093 | 185 | 0 |
| 30 Sep 20 | 3,341 | -1,126 | 218 | 0 |
| 30 Jun 20 | 3,344 | -1,041 | 244 | 0 |
| 31 Mar 20 | 3,548 | -103 | 236 | 0 |
| 31 Dec 19 | 3,657 | -84 | 231 | 0 |
| 30 Sep 19 | 3,790 | 90 | 253 | 0 |
| 30 Jun 19 | 3,922 | 123 | 244 | 0 |
| 31 Mar 19 | 4,124 | 174 | 248 | 0 |
| 31 Dec 18 | 4,074 | 183 | 264 | 0 |
| 30 Sep 18 | 4,054 | 201 | 257 | 0 |
| 30 Jun 18 | 4,035 | 238 | 257 | 0 |
| 31 Mar 18 | 3,897 | 303 | 249 | 0 |
| 31 Dec 17 | 3,986 | 455 | 223 | 0 |
| 30 Sep 17 | 3,915 | 401 | 171 | 0 |
| 30 Jun 17 | 3,780 | 438 | 170 | 0 |
| 31 Mar 17 | 3,718 | 431 | 180 | 0 |
| 31 Dec 16 | 3,567 | 436 | 186 | 0 |
| 30 Sep 16 | 3,659 | 12 | 186 | 0 |
| 30 Jun 16 | 3,931 | 19 | 212 | 0 |
| 31 Mar 16 | 4,323 | -24 | 222 | 0 |
| 31 Dec 15 | 4,758 | -17 | 239 | 0 |
| 30 Sep 15 | 5,128 | -563 | 297 | 0 |
| 30 Jun 15 | 5,830 | -514 | 294 | 0 |
Quality Earnings: SUBC has high quality earnings.
Growing Profit Margin: SUBC's current net profit margins (6.7%) are higher than last year (2.8%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: SUBC has become profitable over the past 5 years, growing earnings by 78.6% per year.
Accelerating Growth: SUBC's earnings growth over the past year (154.8%) exceeds its 5-year average (78.6% per year).
Earnings vs Industry: SUBC earnings growth over the past year (154.8%) exceeded the Energy Services industry 32%.
Return on Equity
High ROE: SUBC's Return on Equity (10.7%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/19 03:41 |
| End of Day Share Price | 2026/06/19 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Subsea 7 S.A. is covered by 34 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Michael Pickup | Barclays |
| James West | Barclays |
| Richard Dawson | Berenberg |