Patterson-UTI Energy vs Valaris

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KIRA’s take AI analyst

I put Patterson-UTI Energy and Valaris 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 $2.4B for Valaris, about 2.0 times as much.
Valaris grew revenue faster (0.3%, against −10.3%).
Valaris kept more of each dollar of sales as operating profit (20.1% operating margin, against −0.9%).
Valaris turned more of its sales into free cash flow (8.6% FCF margin, against 7.7%).
Valaris earned a higher return on the capital invested in it (14.4%, against −0.8%).

Who comes out ahead

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

Patterson-UTI Energy

PTEN

2/9

5-year growthShare count change

Valaris

VAL

7/9

Revenue growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score

Side by side

Best in the row

Latest fiscal year	PTEN FY25	VAL FY25
Size
Market cap	$4.7B	$7.0B
Revenue	$4.8B	$2.4B
Free cash flow	$372M	$203M
Net income	−$93.6M	$983M
Growth
Revenue growth	−10.3%	0.3%
5-year growth	33.8%	2.9%
Share count change	−3.5%	−2.7%
Profitability
Gross margin	—	31.2%
Operating margin	−0.9%	20.1%
Net margin	−1.9%	41.5%
FCF margin	7.7%	8.6%
Return on capital	−0.8%	14.4%
Return on equity	−2.8%	36.4%
Balance sheet
Net debt	$822M	$487M
Net debt / EBITDA	—	0.8x
Dividends and buybacks	$192M	$100M
Valuation & quality
P/E	—	7.5x
Piotroski F-score	6	7

Ten years

Revenue

FY16

PTEN $916M

VAL $2.8B

FY17

PTEN $2.4B

VAL $1.8B

FY18

PTEN $3.3B

VAL $1.7B

FY19

PTEN $2.5B

VAL $2.1B

FY20

PTEN $1.1B

VAL $1.4B

FY21

PTEN $1.4B

VAL —

FY22

PTEN $2.6B

VAL $1.6B

FY23

PTEN $4.1B

VAL $1.8B

FY24

PTEN $5.4B

VAL $2.4B

FY25

PTEN $4.8B

VAL $2.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PTEN VAL

Operating margin

FY16

PTEN −49.8%

VAL 33.5%

FY17

PTEN −12.4%

VAL −7.2%

FY18

PTEN −9.7%

VAL −13.8%

FY19

PTEN −18.7%

VAL −32.6%

FY20

PTEN −79.4%

VAL −303.7%

FY21

PTEN −49.9%

VAL —

FY22

PTEN 8.0%

VAL 2.3%

FY23

PTEN 8.5%

VAL 3.0%

FY24

PTEN −16.5%

VAL 14.9%

FY25

PTEN −0.9%

VAL 20.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PTEN VAL

Free cash flow

FY16

PTEN $185M

VAL $755M

FY17

PTEN −$266M

VAL −$277M

FY18

PTEN $89.2M

VAL −$482M

FY19

PTEN $349M

VAL −$504M

FY20

PTEN $133M

VAL −$346M

FY21

PTEN −$70.8M

VAL —

FY22

PTEN $129M

VAL −$80.0M

FY23

PTEN $390M

VAL −$429M

FY24

PTEN $497M

VAL −$99.7M

FY25

PTEN $372M

VAL $203M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PTEN VAL

Return on capital

FY16

PTEN −11.8%

VAL 7.3%

FY17

PTEN −6.1%

VAL −0.9%

FY18

PTEN −5.5%

VAL −1.5%

FY19

PTEN −9.1%

VAL −3.8%

FY20

PTEN −22.3%

VAL −35.5%

FY21

PTEN −21.2%

VAL —

FY22

PTEN 8.3%

VAL —

FY23

PTEN 6.8%

VAL 3.0%

FY24

PTEN −13.5%

VAL 13.0%

FY25

PTEN −0.8%

VAL 14.4%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PTEN VAL

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.