RIG Energy

Transocean Ltd.

$5.90-5.30%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Energy
Industry: Oil & Gas Drilling
Country: Switzerland
Market cap: 6.6B USD
Enterprise value: 10.9B USD
Full-time employees: 5,220

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.34 vs a peer median of 0.57)higher risk: bigger price swings (beta 1.34 vs peers 0.57)

Ranks #328 of 363 energy companies (bottom 10%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 55% from December 2022 to July 2026.
Transocean had 55% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Transocean had 55% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Valuation signals disagree. Cheaper than 84% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Transocean looks cheaper than 84% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $170M profit in the quarter to June 2026.
Transocean reported a net loss over the last twelve months, but its most recent quarter was profitable ($170M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.
More volatile share price. Beta 1.34: tends to move more than the market.
Transocean's shares have swung more with the market than most peers' (beta 1.34, above the market's 1.0).

StockQuotient Score

28/ 100

Oct 5 28 → Nov 4 28

Valuation

Is the price right?

11/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 10 → 11

Share price -8.7%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-25.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.49Sector median: 0.0522 · MAD: 0.0351

EBITDA yield-3.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -2.33Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield13.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.53Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield127.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

76/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth15.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.08Sector median: -0.0135 · MAD: 0.0807

Revenue growth8.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.73Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

4/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 26.8 points to -24.2%

Why it changed since the Oct 27, 2026 close: Score 3 → 4

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-24.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.98Sector median: 0.1169 · MAD: 0.0936

Return on assets-10.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.36Sector median: 0.0444 · MAD: 0.0302

Return on invested capital-6.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.37Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin41.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity-19.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.34

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.19Sector median: 0.5680 · MAD: 0.2415

Current ratio1.59×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.43Sector median: 1.3710 · MAD: 0.5060

Debt / equity0.61×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.46Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Transocean

Is Transocean getting weaker?: Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 26.8 points to -24.2%. Its overall score is unchanged at 28/100 since Oct 28, 2026.
How is Transocean valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 11/100 against 404 energy peers. Free cash flow yield 13.7% vs a peer median of 6.2% (stronger than 84% of peers).Free cash flow yield 13.7% vs peers 6.2% (stronger than 84% of peers). Earnings yield -25.1% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -25.1% vs peers 5.2% (weaker than 100% of peers).
Is Transocean growing?: Yes, faster than most of its peers. Growth scores 76/100 against 404 energy peers. 3-year revenue growth 15.5% vs a peer median of -1.3% (stronger than 88% of peers).3-year revenue growth 15.5% vs peers -1.3% (stronger than 88% of peers).
How profitable is Transocean?: Less profitable than most of its peers. Profitability scores 4/100 against 404 energy peers. Operating margin -24.2% vs a peer median of 11.7% (weaker than 100% of peers).Operating margin -24.2% vs peers 11.7% (weaker than 100% of peers).
How risky is Transocean?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Beta 1.34 vs a peer median of 0.57 (weaker than 94% of peers).Beta 1.34 vs peers 0.57 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 26.8 points to -24.2%

Worth watching: Transocean is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	4.1B USD	4.1B USD	−0.5%
Net income (12 months)	−2.8B USD	−1.7B USD	−40.1%
Operating margin	-51.1%	-24.2%	+26.8 pts
Free cash flow (12 months)	796.0M USD	904.0M USD	+13.6%
Debt	5.3B USD	5.1B USD	−2.9%
Cash	330.0M USD	509.0M USD	+54.2%
Shares outstanding	1.12B	1.12B	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	33.6%	34.8%	29.9%	37.6%	39.3%	▲ 1.7 pts
Operating margin	-4.4%	-1.2%	-11.5%	-11.8%	-58.9%	▼ 47 pts
Net margin	-23.2%	-24.1%	-33.7%	-14.5%	-73.5%	▼ 59 pts
Return on assets (ROA)	-2.9%	-3.0%	-4.7%	-2.6%	-18.6%	▼ 16 pts
Return on equity (ROE)	-5.3%	-5.8%	-9.2%	-5.0%	-36.0%	▼ 31 pts
Free cash flow margin	14.4%	-10.4%	-9.3%	5.5%	15.8%	▲ 10 pts
Current ratio	1.88×	1.29×	1.52×	1.47×	1.56×	▲ 5.6%
Debt to equity	0.64×	0.68×	0.71×	0.67×	0.70×	▲ 4.3%
Interest coverage	-0.25×	-0.06×	-0.50×	-1.15×	-4.21×	▼ 266%

RIG price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.34 vs a peer median of 0.57)higher risk: bigger price swings (beta 1.34 vs peers 0.57)

Ranks #328 of 363 energy companies (bottom 10%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 55% from December 2022 to July 2026.

Transocean had 55% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Transocean had 55% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Valuation signals disagree. Cheaper than 84% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Transocean looks cheaper than 84% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $170M profit in the quarter to June 2026.

Transocean reported a net loss over the last twelve months, but its most recent quarter was profitable ($170M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

More volatile share price. Beta 1.34: tends to move more than the market.

Transocean's shares have swung more with the market than most peers' (beta 1.34, above the market's 1.0).

Questions investors ask about Transocean

Is Transocean getting weaker?

Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 26.8 points to -24.2%. Its overall score is unchanged at 28/100 since Oct 28, 2026.

How is Transocean valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 11/100 against 404 energy peers. Free cash flow yield 13.7% vs a peer median of 6.2% (stronger than 84% of peers).Free cash flow yield 13.7% vs peers 6.2% (stronger than 84% of peers). Earnings yield -25.1% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -25.1% vs peers 5.2% (weaker than 100% of peers).

Is Transocean growing?

Yes, faster than most of its peers. Growth scores 76/100 against 404 energy peers. 3-year revenue growth 15.5% vs a peer median of -1.3% (stronger than 88% of peers).3-year revenue growth 15.5% vs peers -1.3% (stronger than 88% of peers).

How profitable is Transocean?

Less profitable than most of its peers. Profitability scores 4/100 against 404 energy peers. Operating margin -24.2% vs a peer median of 11.7% (weaker than 100% of peers).Operating margin -24.2% vs peers 11.7% (weaker than 100% of peers).

How risky is Transocean?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Beta 1.34 vs a peer median of 0.57 (weaker than 94% of peers).Beta 1.34 vs peers 0.57 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

4.1B USD

4.1B USD

−0.5%

Net income (12 months)

−2.8B USD

−1.7B USD

−40.1%

Operating margin

-51.1%

-24.2%

+26.8 pts

Free cash flow (12 months)

796.0M USD

904.0M USD

+13.6%

Debt

5.3B USD

5.1B USD

−2.9%

Cash

330.0M USD

509.0M USD

+54.2%

Shares outstanding

1.12B

1.12B

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

33.6%

34.8%

29.9%

37.6%

39.3%

▲ 1.7 pts

Operating margin

-4.4%

-1.2%

-11.5%

-11.8%

-58.9%

▼ 47 pts

Net margin

-23.2%

-24.1%

-33.7%

-14.5%

-73.5%

▼ 59 pts

Return on assets (ROA)

-2.9%

-3.0%

-4.7%

-2.6%

-18.6%

▼ 16 pts

Return on equity (ROE)

-5.3%

-5.8%

-9.2%

-5.0%

-36.0%

▼ 31 pts

Free cash flow margin

14.4%

-10.4%

-9.3%

5.5%

15.8%

▲ 10 pts

Current ratio

1.88×

1.29×

1.52×

1.47×

1.56×

▲ 5.6%

Debt to equity

0.64×

0.68×

0.71×

0.67×

0.70×

▲ 4.3%

Interest coverage

-0.25×

-0.06×

-0.50×

-1.15×

-4.21×

▼ 266%