Core Natural Resources vs Transocean

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KIRA’s take AI analyst

I put Core Natural Resources and Transocean side by side, using each one’s latest annual report. Here is what stands out:

Core Natural Resources is the larger business, with $4.2B of revenue in fiscal 2025 against $4.0B for Transocean.
Core Natural Resources grew revenue faster (86.2%, against 12.5%).
Core Natural Resources kept more of each dollar of sales as operating profit (−4.4% operating margin, against −58.9%).
Transocean turned more of its sales into free cash flow (15.8% FCF margin, against 0.5%).
Core Natural Resources earned a higher return on the capital invested in it (−5.7%, against −12.4%).

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

Core Natural Resources

CNR

6/9

Revenue growth5-year growthOperating marginNet marginReturn on capitalReturn on equity

Transocean

RIG

3/9

FCF marginPiotroski F-scoreShare count change

Side by side

Best in the row

Latest fiscal year	CNR FY25	RIG FY25
Size
Market cap	$4.5B	$7.8B
Revenue	$4.2B	$4.0B
Free cash flow	$21.2M	$626M
Net income	−$153M	−$2.9B
Growth
Revenue growth	86.2%	12.5%
5-year growth	32.5%	4.7%
Share count change	72.4%	3.8%
Profitability
Gross margin	—	39.3%
Operating margin	−4.4%	−58.9%
Net margin	−3.7%	−73.5%
FCF margin	0.5%	15.8%
Return on capital	−5.7%	−12.4%
Return on equity	−5.8%	−31.7%
Balance sheet
Net debt	$20.3M	$5.0B
Net debt / EBITDA	0.1x	—
Dividends and buybacks	$251M	$0.0M
Valuation & quality
P/E	44.5x	—
Piotroski F-score	4	6

Ten years

Revenue

FY16

CNR $1.2B

RIG $4.2B

FY17

CNR $1.4B

RIG $3.0B

FY18

CNR $1.5B

RIG $3.0B

FY19

CNR $1.4B

RIG $3.1B

FY20

CNR $1.0B

RIG $3.2B

FY21

CNR $1.3B

RIG $2.6B

FY22

CNR $2.1B

RIG $2.6B

FY23

CNR $2.6B

RIG $2.8B

FY24

CNR $2.2B

RIG $3.5B

FY25

CNR $4.2B

RIG $4.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CNR RIG

Operating margin

FY16

CNR —

RIG 26.6%

FY17

CNR —

RIG −84.3%

FY18

CNR —

RIG −41.5%

FY19

CNR —

RIG −23.4%

FY20

CNR —

RIG −15.6%

FY21

CNR —

RIG −4.4%

FY22

CNR —

RIG −1.2%

FY23

CNR 31.3%

RIG −11.5%

FY24

CNR 15.7%

RIG −11.8%

FY25

CNR −4.4%

RIG −58.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CNR RIG

Free cash flow

FY16

CNR $276M

RIG $636M

FY17

CNR $167M

RIG $673M

FY18

CNR $268M

RIG $374M

FY19

CNR $74.8M

RIG −$47.0M

FY20

CNR $43.3M

RIG $133M

FY21

CNR $173M

RIG $367M

FY22

CNR $479M

RIG −$269M

FY23

CNR $690M

RIG −$263M

FY24

CNR $298M

RIG $193M

FY25

CNR $21.2M

RIG $626M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CNR RIG

Return on capital

FY16

CNR —

RIG 4.6%

FY17

CNR 8.4%

RIG −10.3%

FY18

CNR 23.4%

RIG −5.2%

FY19

CNR 13.4%

RIG −2.8%

FY20

CNR 3.5%

RIG −2.1%

FY21

CNR 8.2%

RIG −0.5%

FY22

CNR 41.6%

RIG −0.1%

FY23

CNR 53.4%

RIG −1.5%

FY24

CNR 23.6%

RIG −2.0%

FY25

CNR −5.7%

RIG −12.4%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CNR RIG

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.