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Transocean

RIG NYSE Oil & Gas Drilling Financials FY2016–FY2025

Transocean's revenue rose 12.5% to $4.0 billion in fiscal 2025. Its operating margin was −58.9%, down from −11.8% a year earlier. Free cash flow was $626 million, up 224.3%. The diluted share count rose 3.8%.

Last close · Oct 23, 2026

$6.41

5.4%
Value it Compare
Revenue Total sales reported in the income statement.
$4.0B
12.5% vs prior year
Operating margin Operating income as a share of revenue.
−58.9%
47.1 pts
Net income Profit after all expenses, interest and tax.
−$2.9B
Free cash flow Cash from operations minus capital spending.
$626M
224.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−12.4%
10.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Transocean's short-term investments matured in 2018 and its balance sheets show none after that, so they count as zero. Transocean's 2025 operating loss made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Transocean does

No business description yet.

Legal name
Transocean Ltd.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001451505-26-000018
0001451505

Revenue and margins

Transocean had $4.0B of revenue in fiscal 2025, up 12.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $626M in fiscal 2025, 15.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Transocean returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Transocean yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$5.0B and divides by 960.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Transocean can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $976M$683M$762M$560M$620M
Debt incl. finance leases $7.2B$7.3B$7.4B$6.9B$5.7B
Net debt / EBITDA 9.8x9.5x15.9x19.6x—
Debt / equity 0.6x0.7x0.7x0.7x0.7x
Interest coverage −0.3x−0.1x−0.5x−1.2x−4.2x
Current ratio 1.9x1.3x1.5x1.5x1.6x
Quick ratio 1.9x1.3x1.5x1.5x1.6x
Total assets $20.7B$20.4B$20.3B$19.4B$15.6B
Total liabilities $9.5B$9.6B$9.8B$9.1B$7.5B
Shareholders' equity $11.2B$10.8B$10.4B$10.3B$8.1B
Net debt (− = net cash) $6.2B$6.7B$6.7B$6.3B$5.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$4.8M

5 insiders

Of sales under plans

27%

$1.3M

DateInsiderTradeSharesPriceValueFiling
Jul 2, 2026 Chad C DeatonDirector Bought 35,000 $4.95 $0.2M Form 4
May 21, 2026 Brady K LongEVP & Chief Legal Officer Sold 81,741 $7.45 $0.6M Form 4
Mar 4, 2026 Roderick James MackenzieEVP, Chief Commercial Officer Sold 78,370 $6.36 $0.5M Form 4
Jan 27, 2026 Brady K LongEVP & Chief Legal Officer Sold plan 99,293 $5.00 $0.5M Form 4
Jan 27, 2026 Keelan AdamsonPresident and CEO, Director Sold plan 58,687 $5.00 $0.3M Form 4
Jan 26, 2026 Brady K LongEVP & Chief Legal Officer Sold plan 16,085 $5.00 $0.1M Form 4
Jan 26, 2026 Keelan AdamsonPresident and CEO, Director Sold plan 22,846 $5.00 $0.1M Form 4
Dec 5, 2025 Keelan AdamsonPresident and CEO, Director Sold plan 57,968 $4.50 $0.3M Form 4
Dec 4, 2025 Keelan AdamsonPresident and CEO, Director Sold plan 8,469 $4.50 $0.0M Form 4
Dec 3, 2025 Roderick James MackenzieEVP, Chief Commercial Officer Sold 35,000 $4.48 $0.2M Form 4
Nov 26, 2025 Jeremy D ThigpenExecutive Chair, Director Sold 500,000 $4.32 $2.2M Form 4
Nov 26, 2025 Robert Thaddeus VaydaEVP, Chief Financial Officer Sold 30,000 $4.29 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 4 / 96 / 96 / 9
Accruals ratio −5.5%−4.8%−20.9%
Altman Z'' 0.590.55−1.12

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Transocean RIG $7.7B 12.5% −58.9% 15.8% −12.4% — 6
Helmerich & Payne HP $3.9B 35.9% 0.1% 3.1% 0.1% — 4 Compare →
Noble NE $7.6B 7.5% 12.7% 13.2% 5.3% 50.7x 5 Compare →
Patterson-UTI Energy PTEN $4.6B −10.3% −0.9% 7.7% −0.8% — 6 Compare →
Valaris VAL $6.9B 0.3% 20.1% 8.6% 14.4% 7.3x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $4.2B $3.0B $3.0B $3.1B $3.2B $2.6B $2.6B $2.8B $3.5B $4.0B
Gross profit $2.3B $1.6B $1.2B $948M $1.2B $859M $896M $846M $1.3B $1.6B
Operating income $1.1B −$2.5B −$1.3B −$721M −$493M −$112M −$31.0M −$325M −$417M −$2.3B
Interest expense $409M $491M $620M $660M $575M $447M $561M $646M $362M $555M
Pretax income $934M −$3.0B −$1.8B −$1.2B −$541M −$470M −$562M −$941M −$523M −$2.9B
Income tax $107M $94.0M $228M $59.0M $27.0M $121M $59.0M $13.0M −$11.0M −$33.0M
Net income $778M −$3.1B −$2.0B −$1.3B −$567M −$592M −$621M −$954M −$512M −$2.9B
Diluted EPS $2.08 −$8.00 −$4.27 −$2.05 −$0.92 −$0.93 −$0.89 −$1.24 −$0.76 −$3.04
Diluted shares 0.37B 0.39B 0.47B 0.61B 0.62B 0.64B 0.70B 0.77B 0.93B 0.96B
Cash flow
Cash from operations $2.0B $1.2B $558M $340M $398M $575M $448M $164M $447M $749M
Capital expenditure $1.3B $497M $184M $387M $265M $208M $717M $427M $254M $123M
Free cash flow $636M $673M $374M −$47.0M $133M $367M −$269M −$263M $193M $626M
Depreciation and amortization $893M $832M $818M $855M $781M $742M $735M $744M $739M $659M
Stock-based compensation $42.0M $41.0M $45.0M $37.0M $31.0M $28.0M $29.0M $40.0M $47.0M $35.0M
Acquisitions $0.0M $0.0M $883M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $3.1B $3.0B $2.2B $1.8B $1.2B $976M $683M $762M $560M $620M
Total debt $8.5B $7.4B $10.0B $9.3B $7.8B $7.2B $7.3B $7.4B $6.9B $5.7B
Finance lease liabilities $0.0M $0.0M $0.0M $479M $444M $406M $363M $319M $271M $220M
Current assets $5.1B $4.6B $3.9B $3.6B $2.7B $2.4B $2.0B $2.1B $2.5B $2.1B
Current liabilities $2.0B $1.4B $1.5B $1.7B $1.4B $1.3B $1.6B $1.4B $1.7B $1.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $21.1B $17.4B $20.4B $18.8B $17.7B $17.1B $17.5B $16.9B $15.8B $12.6B
Total assets $26.9B $22.4B $25.7B $24.1B $21.8B $20.7B $20.4B $20.3B $19.4B $15.6B
Total liabilities $11.1B $9.7B $12.6B $12.2B $10.4B $9.5B $9.6B $9.8B $9.1B $7.5B
Shareholders' equity $15.8B $12.7B $13.1B $11.9B $11.4B $11.2B $10.8B $10.4B $10.3B $8.1B
Margins
Gross margin 54.3% 53.3% 40.4% 30.7% 36.6% 33.6% 34.8% 29.9% 37.6% 39.3%
Operating margin 26.6% −84.3% −41.5% −23.4% −15.6% −4.4% −1.2% −11.5% −11.8% −58.9%
EBITDA margin 48.0% −56.3% −14.4% 4.3% 9.1% 24.7% 27.3% 14.8% 9.1% −42.3%
Net margin 18.7% −105.2% −66.1% −40.6% −18.0% −23.2% −24.1% −33.7% −14.5% −73.5%
FCF margin 15.3% 22.6% 12.4% −1.5% 4.2% 14.4% −10.5% −9.3% 5.5% 15.8%
Returns
Return on capital 4.6% −10.3% −5.2% −2.8% −2.1% −0.5% −0.1% −1.5% −2.0% −12.4%
Return on capital employed 4.5% −10.9% −5.5% −3.1% −2.3% −0.6% −0.2% −1.7% −2.3% −14.6%
Return on equity 5.1% −21.9% −15.5% −10.1% −4.9% −5.2% −5.7% −9.0% −5.0% −31.7%
Return on assets 2.9% −12.7% −8.3% −5.0% −2.5% −2.8% −3.0% −4.7% −2.6% −16.7%
Growth
Revenue growth −43.7% −28.6% 1.5% 2.3% 2.1% −18.9% 0.7% 10.0% 24.4% 12.5%
Net income growth −10.1% −501.9% — — — — — — — —
EPS growth −11.9% −484.6% — — — — — — — —
FCF growth −56.0% 5.8% −44.4% −112.6% — 175.9% −173.3% — — 224.4%
Share count change 1.1% 6.5% 19.7% 30.8% 0.5% 3.6% 9.7% 9.9% 20.4% 3.8%
Financial health
Net debt / EBITDA 2.7x — — 59.3x 23.1x 9.8x 9.5x 15.9x 19.6x —
Debt / equity 0.5x 0.6x 0.8x 0.8x 0.7x 0.6x 0.7x 0.7x 0.7x 0.7x
Interest coverage 2.7x −5.1x −2.0x −1.1x −0.9x −0.3x −0.1x −0.5x −1.2x −4.2x
Current ratio 2.6x 3.4x 2.7x 2.1x 2.0x 1.9x 1.3x 1.5x 1.5x 1.6x
Quick ratio 2.6x 3.4x 2.7x 2.1x 2.0x 1.9x 1.3x 1.5x 1.5x 1.6x
Capital allocation
Capex / revenue 32.3% 16.7% 6.1% 12.5% 8.4% 8.1% 27.8% 15.1% 7.2% 3.1%
Stock comp / revenue 1.0% 1.4% 1.5% 1.2% 1.0% 1.1% 1.1% 1.4% 1.3% 0.9%
Payouts / FCF 0.0% 0.0% 0.0% — 0.0% 0.0% — — 0.0% 0.0%
Quality scores
Piotroski F-score 4.0 4.0 4.0 4.0 6.0 3.0 4.0 4.0 6.0 6.0
Altman Z'' 3.2 1.9 1.4 1.2 1.1 1.2 0.8 0.6 0.6 −1.1
Accruals ratio −4.5% −17.4% −10.6% −6.4% −4.2% −5.5% −5.2% −5.5% −4.8% −20.9%

Source: SEC EDGAR XBRL filings (CIK 0001451505). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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