A Business at a Glance
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Transocean Ltd.
RIG
$5.1B
Mkt Cap
$5.35
+0.56%
Transocean Ltd. (RIG) has a 5-year average return on invested capital (ROIC) of -5.7%. This is below average and may indicate limited pricing power.
Transocean Ltd. (RIG) has a market capitalization of $5.9B. It is classified as a mid-cap stock.
Transocean Ltd. (RIG) does not currently pay a regular dividend.
Transocean Ltd. (RIG) operates in the Drilling Oil & Gas Wells industry, within the Energy sector.
Transocean Ltd. (RIG) reported annual revenue of $4.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Transocean Ltd. (RIG) has a net profit margin of -73.5%. The company is currently unprofitable.
Transocean Ltd. (RIG) generated $626 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” the “Company,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.1B | 4.0B | 3.5B | 2.8B | 2.6B | 2.6B |
| Net Income | -2.8B | -2.9B | -512M | -954M | -621M | -592M |
| EPS | $-2.70 | $-3.04 | $-0.76 | $-1.24 | $-0.89 | $-0.93 |
| Free Cash Flow | 796M | 626M | 193M | -263M | -269M | 367M |
| ROIC | -12.7% | -19.6% | -3.0% | -5.5% | -0.0% | -0.6% |
| Gross Margin | - | 39.3% | 37.6% | 29.9% | 34.8% | 33.6% |
| Debt/Equity | 0.64 | 0.71 | 0.68 | 0.72 | 0.69 | 0.65 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -2.1B | -2.3B | -417M | -325M | -1.0M | -112M |
| Operating Margin | -51.1% | -58.9% | -11.8% | -11.5% | -0.0% | -4.4% |
| ROE | -33.8% | -31.7% | -4.9% | -9.0% | -5.6% | -5.2% |
| Shares Outstanding | 1,107M | 959M | 674M | 769M | 698M | 637M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 9.2B | 7.4B | 4.2B | 3.0B | 3.0B | 3.1B | 3.2B | 2.6B | 2.6B | 2.8B | 3.5B | 4.0B | 4.1B |
| Gross Margin | 49.7% | 65.8% | 54.3% | 53.3% | 40.4% | 30.7% | 36.5% | 33.6% | 34.8% | 29.9% | 37.6% | 39.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 234M | 192M | 172M | 156M | 188M | 193M | 183M | 167M | 182M | 187M | 214M | 195M | 194M |
| EBIT | -1.3B | 1.4B | 1.1B | -2.5B | -1.3B | -721M | -493M | -112M | -1.0M | -325M | -417M | -2.3B | -2.1B |
| Op. Margin | -14.7% | 18.5% | 26.6% | -84.3% | -41.5% | -23.3% | -15.6% | -4.4% | -0.0% | -11.5% | -11.8% | -58.9% | -51.1% |
| Net Income | -1.8B | 857M | 764M | -3.1B | -2.0B | -1.3B | -567M | -592M | -621M | -954M | -512M | -2.9B | -2.8B |
| Net Margin | -20.0% | 11.6% | 18.4% | -105.2% | -66.1% | -40.6% | -18.0% | -23.2% | -24.1% | -33.7% | -14.5% | -73.5% | -66.8% |
| Non-Recurring | 3.0B | 1.8B | 97M | -105M | 462M | -7.0M | 513M | -18M | 152M | -183M | 435M | 7.0M | 7.0M |
| Returns on Capital | |||||||||||||
| ROIC | -7.4% | 5.7% | 4.7% | -14.4% | -9.4% | -5.8% | -2.9% | -0.6% | -0.0% | -5.5% | -3.0% | -19.6% | -12.7% |
| ROE | -12.1% | 6.0% | 5.0% | -21.9% | -15.5% | -10.1% | -4.9% | -5.2% | -5.6% | -9.0% | -4.9% | -31.7% | -33.8% |
| ROA | -6.0% | 3.1% | 2.9% | -12.7% | -8.3% | -5.0% | -2.5% | -2.8% | -3.0% | -4.7% | -2.6% | -16.7% | -18.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.2B | 3.4B | 2.0B | 1.2B | 558M | 340M | 398M | 575M | 448M | 164M | 447M | 749M | 887M |
| Free Cash Flow | 55M | 1.4B | 636M | 673M | 374M | -47M | 133M | 367M | -269M | -263M | 193M | 626M | 796M |
| Owner Earnings | 993M | 2.4B | 1.0B | 297M | -305M | -552M | -414M | -195M | -316M | -620M | -339M | 55M | 226M |
| CapEx | 2.2B | 2.0B | 1.3B | 497M | 184M | 387M | 265M | 208M | 717M | 427M | 254M | 123M | 91M |
| Maint. CapEx | 1.1B | 963M | 893M | 832M | 818M | 855M | 781M | 742M | 735M | 744M | 739M | 659M | 626M |
| Growth CapEx | 1.0B | 1.0B | 451M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.1B | 963M | 893M | 832M | 818M | 855M | 781M | 742M | 735M | 744M | 739M | 659M | 626M |
| CapEx/OCF | 97.5% | 58.1% | 70.3% | 42.5% | 33.0% | 113.8% | 66.6% | 36.2% | 160.0% | 260.4% | 56.8% | 16.4% | 10.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 98M | 64M | 42M | 41M | 45M | 37M | 31M | 28M | 29M | 40M | 47M | 35M | 35M |
| Debt Repayment | 539M | 1.5B | 2.3B | 2.3B | 2.1B | 1.3B | 1.6B | 606M | 554M | 1.7B | 2.1B | 1.6B | 1.6B |
| Balance Sheet | |||||||||||||
| Net Debt | 7.4B | 6.2B | 5.4B | 4.4B | 7.6B | 7.5B | 6.8B | 6.3B | 6.8B | 6.8B | 6.4B | 5.1B | 4.9B |
| Cash & Equiv. | 2.6B | 2.3B | 3.1B | 2.5B | 2.2B | 1.8B | 1.2B | 976M | 683M | 762M | 560M | 620M | 330M |
| Long-Term Debt | 9.0B | 7.4B | 7.7B | 7.1B | 9.6B | 8.7B | 7.3B | 6.7B | 6.6B | 7.0B | 6.2B | 5.2B | 4.9B |
| Debt/Equity | 0.74 | 0.58 | 0.54 | 0.58 | 0.76 | 0.79 | 0.69 | 0.65 | 0.69 | 0.72 | 0.68 | 0.71 | 0.64 |
| Interest Coverage | -2.8 | 3.2 | 2.7 | -5.1 | -2.0 | -1.1 | -0.9 | -0.3 | -0.0 | -0.5 | -1.2 | -4.2 | -4.2 |
| Equity | 13.7B | 14.7B | 15.8B | 12.7B | 13.1B | 11.9B | 11.4B | 11.2B | 10.8B | 10.4B | 10.3B | 8.1B | 8.2B |
| Total Assets | 28.6B | 26.4B | 26.9B | 22.4B | 25.7B | 24.1B | 21.8B | 20.7B | 20.4B | 20.3B | 19.4B | 15.6B | 15.2B |
| Total Liabilities | 14.6B | 11.4B | 11.1B | 9.7B | 12.6B | 12.2B | 10.4B | 9.5B | 9.6B | 9.8B | 9.1B | 7.5B | 317M |
| Intangibles | N/A | N/A | N/A | N/A | 795M | 608M | 393M | 173M | 56M | 4.0M | N/A | N/A | N/A |
| Retained Earnings | 3.3B | 4.3B | 5.1B | 1.9B | -67M | -1.3B | -1.9B | -2.5B | -3.1B | -4.0B | -4.5B | -7.5B | -7.4B |
| Working Capital | 2.1B | 2.1B | 3.1B | 3.2B | 2.5B | 1.9B | 1.4B | 1.1B | 450M | 729M | 789M | 745M | 618M |
| Current Assets | 5.8B | 4.8B | 5.1B | 4.6B | 3.9B | 3.6B | 2.7B | 2.4B | 2.0B | 2.1B | 2.5B | 2.1B | 1.8B |
| Current Liabilities | 3.8B | 2.7B | 2.0B | 1.4B | 1.5B | 1.7B | 1.4B | 1.3B | 1.6B | 1.4B | 1.7B | 1.3B | 1.1B |
| Per Share Data | |||||||||||||
| EPS | -5.08 | 2.36 | 2.08 | -8.00 | -4.27 | -2.05 | -0.92 | -0.93 | -0.89 | -1.24 | -0.76 | -3.04 | -2.70 |
| Owner EPS | 2.74 | 6.66 | 2.85 | 0.76 | -0.65 | -0.90 | -0.67 | -0.31 | -0.45 | -0.81 | -0.50 | 0.06 | 0.20 |
| Book Value | 37.76 | 40.45 | 43.02 | 32.51 | 28.04 | 19.38 | 18.55 | 17.60 | 15.47 | 13.54 | 15.27 | 8.46 | 7.40 |
| Cash Flow/Share | 6.13 | 9.49 | 5.39 | 2.99 | 1.19 | 0.56 | 0.65 | 0.90 | 0.64 | 0.21 | 0.66 | 0.78 | -1.93 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 362.0M | 363.1M | 367.3M | 390.9M | 467.4M | 612.2M | 616.3M | 636.6M | 697.8M | 769.4M | 673.7M | 958.9M | 1.1B |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 5.2 | 7.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -2.0 |
| P/FCF | 117.2 | 3.1 | 8.6 | 6.2 | 8.8 | N/A | 10.0 | 5.2 | N/A | N/A | 12.3 | 6.2 | 7.4 |
| EV/EBIT | N/A | 6.9 | 7.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.5 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.1 | 0.2 | 0.3 | 0.5 | 0.2 | 0.5 | 0.7 |
| Price/Sales | 1.3 | 0.8 | 1.0 | 1.4 | 1.8 | 1.3 | 0.4 | 0.9 | 1.0 | 1.9 | 1.0 | 0.8 | 1.4 |
| FCF Yield | 0.9% | 31.9% | 11.4% | 16.1% | 11.4% | -1.2% | 10.0% | 19.1% | -8.5% | -5.3% | 8.1% | 16.2% | 13.4% |
| Market Cap | 6.4B | 4.5B | 5.6B | 4.2B | 3.3B | 4.0B | 1.3B | 1.9B | 3.2B | 5.0B | 2.4B | 3.9B | 5.9B |
| Avg. Price | 33.90 | 15.43 | 10.64 | 10.77 | 11.33 | 6.59 | 2.16 | 3.56 | 3.70 | 6.85 | 5.09 | 3.24 | 5.35 |
| Year-End Price | 17.80 | 12.34 | 14.91 | 10.72 | 7.01 | 6.57 | 2.16 | 3.02 | 4.55 | 6.48 | 3.53 | 4.02 | 5.35 |
Transocean Ltd. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 9.4x vs a median of 8.6x. The company's 5-year average gross margin is 35.0%. At current prices, the estimated annualized return to fair value is +5.8%.
Transocean Ltd. (RIG) has a debt-to-equity ratio of 0.71. This indicates moderate leverage.
Transocean Ltd. (RIG) reported earnings per share (EPS) of $-3.04 in its most recent fiscal year.
Transocean Ltd. (RIG) has a return on equity (ROE) of -31.7%. A negative ROE may indicate losses or negative equity.
Transocean Ltd. (RIG) has a 5-year average gross margin of 35.0%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for Transocean Ltd. (RIG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Transocean Ltd. (RIG) has a book value per share of $8.46, based on its most recent annual SEC filing.