Patterson-UTI Energy vs Transocean

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KIRA’s take AI analyst

I put Patterson-UTI Energy and Transocean side by side, using each one’s latest annual report. Here is what stands out:

Patterson-UTI Energy is the larger business, with $4.8B of revenue in fiscal 2025 against $4.0B for Transocean.
Transocean grew revenue faster (12.5%, against −10.3%).
Patterson-UTI Energy kept more of each dollar of sales as operating profit (−0.9% operating margin, against −58.9%).
Transocean turned more of its sales into free cash flow (15.8% FCF margin, against 7.7%).
Patterson-UTI Energy earned a higher return on the capital invested in it (−0.8%, against −12.4%).

Who comes out ahead

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

Patterson-UTI Energy

PTEN

6/9

5-year growthOperating marginNet marginReturn on capitalReturn on equityShare count change

Transocean

RIG

2/9

Revenue growthFCF margin

Side by side

Best in the row

Latest fiscal year	PTEN FY25	RIG FY25
Size
Market cap	$4.6B	$7.8B
Revenue	$4.8B	$4.0B
Free cash flow	$372M	$626M
Net income	−$93.6M	−$2.9B
Growth
Revenue growth	−10.3%	12.5%
5-year growth	33.8%	4.7%
Share count change	−3.5%	3.8%
Profitability
Gross margin	—	39.3%
Operating margin	−0.9%	−58.9%
Net margin	−1.9%	−73.5%
FCF margin	7.7%	15.8%
Return on capital	−0.8%	−12.4%
Return on equity	−2.8%	−31.7%
Balance sheet
Net debt	$822M	$5.0B
Net debt / EBITDA	—	—
Dividends and buybacks	$192M	$0.0M
Valuation & quality
P/E	—	—
Piotroski F-score	6	6

Ten years

Revenue

FY16

PTEN $916M

RIG $4.2B

FY17

PTEN $2.4B

RIG $3.0B

FY18

PTEN $3.3B

RIG $3.0B

FY19

PTEN $2.5B

RIG $3.1B

FY20

PTEN $1.1B

RIG $3.2B

FY21

PTEN $1.4B

RIG $2.6B

FY22

PTEN $2.6B

RIG $2.6B

FY23

PTEN $4.1B

RIG $2.8B

FY24

PTEN $5.4B

RIG $3.5B

FY25

PTEN $4.8B

RIG $4.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PTEN RIG

Operating margin

FY16

PTEN −49.8%

RIG 26.6%

FY17

PTEN −12.4%

RIG −84.3%

FY18

PTEN −9.7%

RIG −41.5%

FY19

PTEN −18.7%

RIG −23.4%

FY20

PTEN −79.4%

RIG −15.6%

FY21

PTEN −49.9%

RIG −4.4%

FY22

PTEN 8.0%

RIG −1.2%

FY23

PTEN 8.5%

RIG −11.5%

FY24

PTEN −16.5%

RIG −11.8%

FY25

PTEN −0.9%

RIG −58.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PTEN RIG

Free cash flow

FY16

PTEN $185M

RIG $636M

FY17

PTEN −$266M

RIG $673M

FY18

PTEN $89.2M

RIG $374M

FY19

PTEN $349M

RIG −$47.0M

FY20

PTEN $133M

RIG $133M

FY21

PTEN −$70.8M

RIG $367M

FY22

PTEN $129M

RIG −$269M

FY23

PTEN $390M

RIG −$263M

FY24

PTEN $497M

RIG $193M

FY25

PTEN $372M

RIG $626M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PTEN RIG

Return on capital

FY16

PTEN −11.8%

RIG 4.6%

FY17

PTEN −6.1%

RIG −10.3%

FY18

PTEN −5.5%

RIG −5.2%

FY19

PTEN −9.1%

RIG −2.8%

FY20

PTEN −22.3%

RIG −2.1%

FY21

PTEN −21.2%

RIG −0.5%

FY22

PTEN 8.3%

RIG −0.1%

FY23

PTEN 6.8%

RIG −1.5%

FY24

PTEN −13.5%

RIG −2.0%

FY25

PTEN −0.8%

RIG −12.4%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PTEN 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.