SOC
Sable Offshore Corp.Energy·Oil & Gas Drilling
$14.65
$1.5B market cap
Revenue
$1.3M
Free Cash Flow
$-296.1M
Rev Growth
+0.0%
FCF Margin
-23299.4%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across approximately 76,000 acres. The company was formerly known as Flame Acquisition Corp. and changed its name to Sable Offshore Corp. in February 2024. Sable Offshore Corp. was incorporated in 2020 and is based in Houston, Texas.
2-Year Price History
$14.74-4.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1.3 | -114.8 | -118.8 | -197.0 | -82.4 | -103.5 | -21.1 | 52.2 | 0.0 | 98.2 | -811.9% | -3.4x | -- |
| Act | 2025-Q4 | 0.0 | -48.4 | -100.2 | -62.2 | -98.1 | -192.7 | -94.5 | 97.7 | 0.0 | 98.2 | -199.4% | -1.9x | -- |
Valuation & Metrics
Market Stats
Price$14.65
Market Cap$1.5B
Enterprise Value$1.4B
P/S Ratio1147.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)-23299.4%
FCF Yield-20.3%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.3M
Net Income$-259.2M
Free Cash Flow$-296.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin-12843.0%
Net Margin-20393.4%
FCF Margin-23299.4%
CapEx % of Revenue9093.7%
SBC % of Revenue996.3%
ROIC-505.6%
WC Change % Rev332.8%
Interest Coverage-2.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares25.0M
Days to Cover7.9
Change (vs Prior)-11.4%
Need at least 2 settlement dates for chart
Employees
Headcount161
Revenue / Employee$7,894
Gross Profit / Employee$-443,565
Cash Runway
2.1months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
123.4%(+58.8% YoY)
203 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
30.0%(+8.7% YoY)
10 filers
Vanguard, iShares, SPDR
Market makers
2.7%(-0.5% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Pilgrim Global Advisors LLC | $301M | $11.57 | +$0 | +$132M | +3.9% | $772M |
| CONTINENTAL GENERAL INSURANCE CO | $226M | $16.17 | +$216M | +$226M | -8.3% | $693M |
| Encompass Capital Advisors LLC | $222M | $15.62 | −$669K | +$178M | +0.7% | $2.45B |
| BlackRock, Inc.Passive | $155M | $19.25 | +$43.8M | +$86.2M | -0.2% | $5.69T |
| Capital International Investors | $125M | $10.33 | −$66.5M | +$125M | +0.4% | $424.78B |
| MORGAN STANLEY | $120M | $12.79 | +$33.7M | +$107M | -0.3% | $1.65T |
| FourWorld Capital Management LLC | $119M | $16.53 | +$119M | +$119M | -6.9% | $177M |
| Two Seas Capital LP | $90.8M | $15.49 | +$62.2M | +$90.8M | +4.9% | $2.15B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $90.4M | $16.52 | +$90.4M | +$90.4M | — | $4.04T |
| STATE STREET CORPPassive | $76.2M | $18.19 | +$13.8M | +$33.0M | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $48.9M | $15.99 | +$11.0M | +$28.2M | +2.3% | $1.61T |
| Alyeska Investment Group, L.P. | $44.4M | $10.05 | −$139M | +$44.4M | -0.5% | $35.33B |
| Capital World Investors | $39.1M | $16.52 | +$39.1M | +$39.1M | +0.3% | $732.46B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $36.4M | $18.72 | +$29.1M | +$25.1M | -0.6% | $77.14B |
| BW Gestao de Investimentos Ltda. | $35.2M | $11.35 | +$10.9M | +$35.2M | +2.4% | $2.25B |
| Verition Fund Management LLC | $33.8M | $15.47 | −$6.8M | +$25.1M | -0.4% | $9.73B |
| MILLENNIUM MANAGEMENT LLC | $31.7M | $11.65 | −$21.7M | +$31.4M | -0.5% | $127.40B |
| GOLDMAN SACHS GROUP INC | $31.6M | $17.13 | +$15.9M | +$29.5M | -0.2% | $760.93B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $31.2M | $16.52 | +$31.2M | +$31.2M | — | $1.91T |
| Whitefort Capital Management, LP | $25.5M | $9.02 | −$6.0M | +$25.5M | -0.8% | $317M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.42%
avg per quarter
Holders (ex-self)
-0.47%
excl. this stock
Buyers (this Q)
-2.99%
129 buyers · $1.09B in
Sellers (this Q)
+1.56%
61 sellers · $-0.05B out
alpha coverage: 94% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-16.1%
how holders react when this stock falls
On quiet Qs
-2.6%
−10% to +10% baseline
On rallies (+10%+)
-12.6%
how they react when this stock rises
Holders' portfolio flow this Q
+30.1%
inflows — adds are organic
Sellers' portfolio flow this Q
-28.0%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.6%
Holder mid (any stock)
-3.8%
Holder rally (any stock)
-2.2%
Biggest decreases this quarter
Alyeska Investment Group, L.P.−$139Mα-0.5Capital International Investors−$66.5Mα+0.4UBS Group AG−$21.8Mα-0.3MILLENNIUM MANAGEMENT LLC−$21.7Mα-0.5THOMIST CAPITAL MANAGEMENT, LPexited−$21.3MCaption Management, LLCexited−$13.6MPertento Partners LLPexited−$10.0MVerition Fund Management LLC−$6.8Mα-0.4Whitefort Capital Management, LP−$6.0Mα-0.8Yaupon Capital Management LPexited−$4.1M
New buyers this quarter
Top-5 holders · 45.5%
Pilgrim Global Advisors LLC--
CONTINENTAL GENERAL INSURANCE CO--
Encompass Capital Advisors LLC--
BlackRock, Inc.--
Capital International Investors--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Pilgrim Global Advisors LLC18.2MFMR LLC16KCONTINENTAL GENERAL INSURANCE CO13.7MEncompass Capital Advisors LLC13.4MCapital International Investors7.6MMORGAN STANLEY7.3MFourWorld Capital Management LLC7.2MAlyeska Investment Group, L.P.2.7MTwo Seas Capital LP5.5MADAGE CAPITAL PARTNERS GP, L.L.C.—
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$28.009110.0%
Last Year (5 analysts)$31.4011430.0%
Current Price$14.65
Analyst Ratings
2
1
1
Buy: 2Hold: 1Sell: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$17.20M
9 txns · 3 insiders · 1,077,406 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$14.78M
1 txn · 1 insider · 982,645 sh
Sells ($, 12mo)
$5.56M
3 txns · 2 insiders · 307,264 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-29 | SELL | Duenner Anthony | officer: See Remarks | 39,312 | $13.56 | $533K | $8.01M |
| 2026-04-29 | SELL | FLORES JAMES C | director, 10 percent owner, officer: Chairman & CEO | 68,792 | $13.56 | $933K | $110.87M |
| 2026-04-29 | SELL | Flores James Caldwell | officer: President, COO | 39,311 | $13.56 | $533K | $7.63M |
| 2026-04-29 | SELL | Patrinely Gregory D. | officer: EVP, CFO | 39,311 | $13.56 | $533K | $7.63M |
| 2026-04-28 | SELL | Duenner Anthony | officer: See Remarks | 40,743 | $13.33 | $543K | $7.07M |
| 2026-04-28 | SELL | FLORES JAMES C | director, 10 percent owner, officer: Chairman & CEO | 71,297 | $13.33 | $950K | $107.53M |
| 2026-04-28 | SELL | Flores James Caldwell | officer: President, COO | 40,743 | $13.33 | $543K | $6.69M |
| 2026-04-28 | SELL | Patrinely Gregory D. | officer: EVP, CFO | 40,743 | $13.33 | $543K | $6.69M |
| 2026-03-31 | SELL | Duenner Anthony | officer: See Remarks | 279,081 | $16.69 | $4.66M | $7.86M |
| 2026-03-31 | SELL | Flores James Caldwell | officer: President, COO | 279,081 | $16.69 | $4.66M | $7.39M |
| 2026-03-31 | SELL | Patrinely Gregory D. | officer: EVP, CFO | 279,081 | $16.69 | $4.66M | $7.39M |
| 2025-10-15 | BUY | Pilgrim Global ICAV | 10 percent owner | 982,645 | $15.04 | $14.78M | $164.42M |
| 2025-07-18 | SELL | Pilgrim Global ICAV | 10 percent owner | 167,175 | $21.98 | $3.67M | $218.34M |
Order Flow (FINRA, ~3w lag)
23.2%retail+2.4pp
23.5%dark-1.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
SABLE OFFSHORE CORP: A Pre-Revenue Legal War Zone Drowning in Toxic PIK Debt and Dilution
Overall Risk
9/10
Fraud
4/10
Dilution
10/10
Insolvency
9/10
Earnings Overstated
5/10
Hidden Liabilities
8/10
Legal
10/10
Audit Warnings
9/10
Hidden Upside
4/10
Contextually Acceptable
2/10