Core Natural Resources vs Transocean
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The short version
- 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%).
| Latest fiscal year | CNR · FY25 | RIG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.7B | $7.7B |
| 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 | 46.3x | — |
| Piotroski F-score | 4 | 6 |
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
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%
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
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%
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.