Independence Contract Drilling, Inc.
Independence Contract Drilling, Inc. provides land-based contract drilling services for oil and natural gas producers in the United States. It operates a fleet of pad-optimal and superspec AC powered rigs in the Permian Basin and the Haynesville Shale. The company was incorporated in 2011 and is headquartered in Houston, Texas. On December 2, 2024, Independence Contract Drilling, Inc., along with… Read more
Independence Contract Drilling, Inc. (ICDI) - Net Assets
Latest net assets as of September 2024: $140.07 Million USD
Based on the latest financial reports, Independence Contract Drilling, Inc. (ICDI) has net assets worth $140.07 Million USD as of September 2024.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($356.85 Million) and total liabilities ($216.78 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $140.07 Million |
| % of Total Assets | 39.25% |
| Annual Growth Rate | -9.76% |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | 13.48 |
Independence Contract Drilling, Inc. - Net Assets Trend (2020–2023)
This chart illustrates how Independence Contract Drilling, Inc.'s net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Independence Contract Drilling, Inc. (2020–2023)
The table below shows the annual net assets of Independence Contract Drilling, Inc. from 2020 to 2023.
| Year | Net Assets | Change |
|---|---|---|
| 2023-12-31 | $181.58 Million | -15.43% |
| 2022-12-31 | $214.71 Million | +9.98% |
| 2021-12-31 | $195.23 Million | -20.97% |
| 2020-12-31 | $247.03 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Independence Contract Drilling, Inc.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 16973000000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2023)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | $618.37 Million | 340.55% |
| Total Equity | $181.58 Million | 100.00% |
Independence Contract Drilling, Inc. Competitors by Market Cap
The table below lists competitors of Independence Contract Drilling, Inc. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
MONTERAY MIN
BE:M2G
|
$243.40 |
|
Toughbuilt Industries Inc
NASDAQ:TBLT
|
$243.62 |
|
Edinburgh Worldwide Investment Trust plc
LSE:EWI
|
$243.64 |
|
AQT Water SA
WAR:AQT
|
$243.69 |
|
Orascom Investment Holding
EGX:ORMT
|
$243.15 |
|
FuturAqua Mineral Water Production & Asset Management NyRt.
BUD:FUTUR
|
$242.27 |
|
ETERNA PLC
XNSA:ETERNA
|
$242.05 |
|
MATRF
PINK:MATRF
|
$241.98 |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Independence Contract Drilling, Inc.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2022 to 2023, total equity changed from 214,712,000 to 181,579,000, a change of -33,133,000 (-15.4%).
- Net loss of 37,697,000 reduced equity.
- Share repurchases of 7,000 reduced equity.
- Other factors increased equity by 4,571,000.
Equity Change Factors (2022 to 2023)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-37.70 Million | -20.76% |
| Share Repurchases | $7.00K | -0.0% |
| Other Changes | $4.57 Million | +2.52% |
| Total Change | $- | -15.43% |
Book Value vs Market Value Analysis
This analysis compares Independence Contract Drilling, Inc.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.00x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2020-12-31 | $40.00 | $0.03 | x |
| 2021-12-31 | $19.13 | $0.03 | x |
| 2022-12-31 | $15.77 | $0.03 | x |
| 2023-12-31 | $12.59 | $0.03 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Independence Contract Drilling, Inc. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -20.76%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -17.94%
- • Asset Turnover: 0.53x
- • Equity Multiplier: 2.17x
- Recent ROE (-20.76%) is above the historical average (-31.12%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2020 | -39.12% | -115.85% | 0.20x | 1.67x | $-121.34 Million |
| 2021 | -34.17% | -75.85% | 0.22x | 2.03x | $-86.23 Million |
| 2022 | -30.42% | -34.99% | 0.43x | 2.00x | $-86.79 Million |
| 2023 | -20.76% | -17.94% | 0.53x | 2.17x | $-55.85 Million |
Industry Comparison
This section compares Independence Contract Drilling, Inc.'s net assets metrics with peer companies in the Oil & Gas Drilling industry.
Industry Context
- Industry: Oil & Gas Drilling
- Average net assets among peers: $168,298,265
- Average return on equity (ROE) among peers: -7.19%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Independence Contract Drilling, Inc. (ICDI) | $140.07 Million | -39.12% | 1.55x | $243.23 |
| Agri-Dynamics Inc (AGDY) | $-371.31K | 0.00% | 0.00x | $39.23 |
| AKITA Drilling Ltd (AKTAF) | $124.93 Million | 16.71% | 0.30x | $37.79 Million |
| Archer Limited (ARHVF) | $556.89 Million | 2.23% | 0.75x | $127.09 Million |
| Awilco Drilling PLC (AWLCF) | $-126.95 Million | 0.00% | 0.00x | $16.95 Million |
| Borr Drilling Ltd (BORR) | $993.30 Million | 8.27% | 2.44x | $1.19 Billion |
| Beard Co (BRCOQ) | $10.00 Million | -4.00% | 0.46x | $0.94 |
| Cathedral Energy Services Ltd (CETEF) | $90.77 Million | -6.37% | 0.50x | $68.91 Million |
| EP3Oil, Inc. (EEEP) | $7.39 Million | -22.45% | 0.56x | $101.31 |
| Enseco Energy Services Corp (ENSRF) | $22.49 Million | 0.00% | 0.05x | $0.97 |
| EnerNorth Industries Inc (ENYNF) | $4.54 Million | -66.24% | 2.35x | $0.92 |