Helmerich & Payne vs Transocean

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The short version

Transocean is the larger business, with $4.0B of revenue in fiscal 2025 against $3.7B for Helmerich & Payne.
Helmerich & Payne grew revenue faster (35.9%, against 12.5%).
Helmerich & Payne kept more of each dollar of sales as operating profit (0.1% operating margin, against −58.9%).
Transocean turned more of its sales into free cash flow (15.8% FCF margin, against 3.1%).
Helmerich & Payne earned a higher return on the capital invested in it (0.1%, against −12.4%).

Latest fiscal year	HP · FY25	RIG · FY25
Size
Market cap	$3.9B	$7.7B
Revenue	$3.7B	$4.0B
Free cash flow	$117M	$626M
Net income	−$164M	−$2.9B
Growth
Revenue growth	35.9%	12.5%
5-year growth	16.1%	4.7%
Share count change	0.2%	3.8%
Profitability
Gross margin	—	39.3%
Operating margin	0.1%	−58.9%
Net margin	−4.4%	−73.5%
FCF margin	3.1%	15.8%
Return on capital	0.1%	−12.4%
Return on equity	−5.7%	−31.7%
Balance sheet
Net debt	$1.8B	$5.0B
Net debt / EBITDA	2.9x	—
Dividends and buybacks	$101M	$0.0M
Valuation & quality
P/E	—	—
Piotroski F-score	4	6

Revenue

FY16

HP $1.6B

RIG $4.2B

FY17

HP $1.8B

RIG $3.0B

FY18

HP $2.5B

RIG $3.0B

FY19

HP $2.8B

RIG $3.1B

FY20

HP $1.8B

RIG $3.2B

FY21

HP $1.2B

RIG $2.6B

FY22

HP $2.1B

RIG $2.6B

FY23

HP $2.9B

RIG $2.8B

FY24

HP $2.8B

RIG $3.5B

FY25

HP $3.7B

RIG $4.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HP RIG

Operating margin

FY16

HP −1.6%

RIG 26.6%

FY17

HP −9.4%

RIG −84.3%

FY18

HP 1.3%

RIG −41.5%

FY19

HP 0.7%

RIG −23.4%

FY20

HP −35.0%

RIG −15.6%

FY21

HP −35.2%

RIG −4.4%

FY22

HP 2.2%

RIG −1.2%

FY23

HP 19.8%

RIG −11.5%

FY24

HP 16.6%

RIG −11.8%

FY25

HP 0.1%

RIG −58.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HP RIG

Free cash flow

FY16

HP $497M

RIG $636M

FY17

HP −$26.4M

RIG $673M

FY18

HP $91.3M

RIG $374M

FY19

HP $397M

RIG −$47.0M

FY20

HP $398M

RIG $133M

FY21

HP $54.3M

RIG $367M

FY22

HP −$17.0M

RIG −$269M

FY23

HP $438M

RIG −$263M

FY24

HP $190M

RIG $193M

FY25

HP $117M

RIG $626M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HP RIG

Return on capital

FY16

HP −0.5%

RIG 4.6%

FY17

HP −3.3%

RIG −10.3%

FY18

HP 0.8%

RIG −5.2%

FY19

HP 0.4%

RIG −2.8%

FY20

HP −13.4%

RIG −2.1%

FY21

HP −11.2%

RIG −0.5%

FY22

HP 0.8%

RIG −0.1%

FY23

HP 14.0%

RIG −1.5%

FY24

HP 9.2%

RIG −2.0%

FY25

HP 0.1%

RIG −12.4%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

HP 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.