Weatherford International plc: Initiation Of Coverage – Does It Have A Sustainable Economic Moat? 

Weatherford International reported an exceptional year in 2023 with a revenue growth of 19%, adjusted EBITDA margins expanding 423 basis points to 23.1% and adjusted free cash flow of $651 million. The growth was noted across all segments, particularly with DRE and WCC seeing high teens growth due to increased drilling and completions activity. The company has achieved significant growth in international markets and even managed to grow margins in North America despite a decline in revenue, indicating an effective change in the operating culture.