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Friday 6 November 2026
Export RIG’s income statement to Excel — free account
Transocean Ltd.
Transocean Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, up 12.5% from fiscal 2024.
- Revenue
- −8.85%
- EPS
- +101.2%
- Free cash flow
- −49.4%
- Total debt
- −19.3%
Quarter to September 2026, against a year earlier
5.14
0.31
−5.69%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 4,161 | 2,973 | 3,018 | 3,088 | 3,152 | 2,556 | 2,575 | 2,832 | 3,524 | 3,965 | 4,027 | (0.5%) | 3,940 | 3,908 | 3,912 | (0.4%) | |
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | 934 | (3,003) | (1,775) | (1,198) | (541) | (470) | (562) | (941) | (523) | (2,948) | 208 | n/m | ||||||
| EBT margin, % | 22.45 | (101.01) | (58.81) | (38.80) | (17.16) | (18.39) | (21.83) | (33.23) | (14.84) | (74.35) | 5.17 | (96.8) pt | ||||||
| Net income | 827 | (3,097) | (2,003) | (1,257) | (568) | (591) | (621) | (954) | (512) | (2,915) | 292 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 11.34 | 7.60 | 6.45 | 5.05 | 5.13 | 4.01 | 3.68 | 3.69 | 4.15 | 4.13 | 3.60 | (10.6%) | |||||
| Earnings | 2.10 | (8.00) | (4.27) | (2.05) | (0.92) | (0.93) | (0.89) | (1.24) | (0.60) | (3.04) | 0.25 | n/m | ||||||
| Cash flow | 5.40 | 2.99 | 1.19 | 0.56 | 0.65 | 0.90 | 0.64 | 0.21 | 0.53 | 0.78 | 0.82 | (19.3%) | ||||||
| Capex | (3.58) | (0.38) | (0.30) | (0.52) | (0.39) | (0.31) | (1.02) | (0.56) | (0.30) | (0.13) | (0.12) | (30.9%) | ||||||
| Free cash flow | 1.81 | 2.62 | 0.89 | 0.04 | 0.26 | 0.59 | (0.37) | (0.34) | 0.23 | 0.65 | 0.70 | (10.7%) | ||||||
| Book value | 43.07 | 32.51 | 28.02 | 19.39 | 18.59 | 17.59 | 15.44 | 13.56 | 12.10 | 8.45 | 7.55 | (16.6%) | ||||||
| Shares, m | 367 | 391 | 468 | 612 | 615 | 637 | 699 | 768 | 850 | 960 | 1,077 | +11.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 7.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.30 | 0.7 | |||||
| P/S | 1.35 | 1.44 | 1.08 | 1.36 | 0.45 | 0.69 | 1.17 | 1.69 | 0.90 | 1.00 | 1.43 | 1.1 | ||||||
| P/B | 0.36 | 0.34 | 0.25 | 0.35 | 0.12 | 0.16 | 0.28 | 0.46 | 0.31 | 0.49 | 0.68 | 0.3 | ||||||
| EV/Sales | 2.54 | 2.77 | 3.48 | 3.60 | 2.43 | 2.94 | 3.64 | 3.96 | 2.59 | 2.18 | 2.48 | 3.0 | ||||||
| EV/FCF | 15.87 | 8.05 | 25.22 | 483.63 | 48.84 | 19.99 | (35.78) | (42.65) | 47.29 | 13.78 | 12.69 | 58.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 1,980 | 1,170 | 558 | 340 | 398 | 575 | 448 | 164 | 447 | 749 | 923 | (10.2%) | |||||
| Capex | (1,314) | (147) | (141) | (317) | (241) | (199) | (710) | (427) | (254) | (123) | (136) | (23.1%) | ||||||
| Free cash flow | 666 | 1,023 | 417 | 23 | 157 | 376 | (262) | (263) | 193 | 626 | 787 | (0.7%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 3,113 | 3,237 | 2,490 | 1,916 | 1,354 | 1,141 | 450 | 729 | 789 | 745 | 686 | (14.7%) | |||||
| Net debt | 4,946 | 3,961 | 7,267 | 6,913 | 6,247 | 5,758 | 6,356 | 6,418 | 5,940 | 4,660 | 4,234 | (0.7%) | ||||||
| Shareholders’ equity | 15,805 | 12,711 | 13,114 | 11,867 | 11,435 | 11,206 | 10,792 | 10,416 | 10,285 | 8,108 | 8,454 | (7.1%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 2.87 | (12.69) | (8.30) | (5.04) | (2.47) | (2.79) | (3.02) | (4.69) | (2.58) | (16.65) | 1.87 | (19.5) pt | |||||
| ROIC | 3.33 | (9.39) | (3.84) | (2.40) | (1.74) | (0.41) | (0.11) | (1.21) | (1.61) | (11.44) | 4.05 | (14.8) pt | ||||||
| ROE | 4.96 | (21.93) | (15.46) | (10.05) | (4.87) | (5.23) | (5.65) | (9.00) | (4.95) | (31.70) | 3.53 | (36.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 5,400 | 4,900 | 6,700 | 6,600 | 5,350 | 5,530 | 5,340 | 5,800 | 5,800 | 5,600 | — | +0.4% | |||||
| Revenue/emp, $m | 0.77 | 0.61 | 0.45 | 0.47 | 0.59 | 0.46 | 0.48 | 0.49 | 0.61 | 0.71 | — | (0.9%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2016
| Oil and Gas Service | 3,705 | 89.04% |
|---|---|---|
| Product and Service, Other | 456 | 10.96% |
| Gross margin | 100.00% | |
| Operating margin | 26.58% | |
| Pre-tax margin | 22.45% |
Transocean Ltd. vs peers in Oil & Gas Drilling (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| NE Noble Corporation PLC | $6.4B | 116× | — (loss-making) | −8.68% (below 0%: shrinking) | n/m | −116.84% (below 0%: shrinking) | 35.71% | 8.24% | Compare |
| RIG Transocean Ltd. | $5.7B | 20.3× | 22.1× | −8.85% (below 0%: shrinking) | n/m | −49.44% (below 0%: shrinking) | 100.00% | 15.26% | |
| VAL Valaris Limited | $5.4B | 6.8× | 30.5× | −0.35% (below 0%: shrinking) | −74.70% (below 0%: shrinking) | −105.11% (below 0%: shrinking) | 29.70% | 13.70% | Compare |
| PTEN Patterson-UTI Energy, Inc. | $3.8B | — (loss-making) | — (loss-making) | +14.14% (above 0%: growing) | n/m | +169.62% (above 0%: growing) | 25.09% | 4.71% | Compare |
| HP Helmerich & Payne, Inc. | $3.5B | — (loss-making) | — (loss-making) | −0.58% (below 0%: shrinking) | n/m | +574.70% (above 0%: growing) | 29.52% | 18.19% | Compare |
| SDRL Seadrill Limited | $2.6B | — (loss-making) | 119× | +17.91% (above 0%: growing) | n/m | +2,066.67% (above 0%: growing) | 0.00% | 10.28% | Compare |
| NBR Nabors Industries Ltd. | $1.1B | — (loss-making) | — (loss-making) | +6.16% (above 0%: growing) | −93.96% (below 0%: shrinking) | +135.53% (above 0%: growing) | 38.77% | 8.96% | Compare |
| BORR Borr Drilling Limited | $962.6M | — (loss-making) | — (loss-making) | −13.22% (below 0%: shrinking) | n/m | −323.94% (below 0%: shrinking) | 24.62% | 0.13% | Compare |
| SOC Sable Offshore Corp. | $349.2M | — (loss-making) | — | — | n/m | +90.17% (above 0%: growing) | 100.00% | (48.78%) | Compare |
| Median of peers | $3.0B | — | — | −0.35% | — | +112.85% | 29.61% | 8.60% |
From the latest earnings call
- CEO Keelan Adamson said new awards brought standalone backlog to approximately $8 billion, with 2027 contract coverage rising to nearly 95%.
- Adamson said the Valaris acquisition had received required regulatory approvals and was expected to close on December 1, subject to shareholder votes and court approval.
Transocean Ltd. (RIG) Latest News
4 Nov
3 Nov
2 Nov
26 Oct
23 Oct
19 Oct
15 Oct
12 Oct
RIG metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Transocean provides offshore contract drilling services to oil and gas companies. It supplies mobile drilling rigs, equipment and crews to drill wells for customers exploring for oil and gas or developing known resources. Its rigs can also support work on existing production wells.
The company specializes in deepwater and harsh-environment drilling. Its drillships are ship-shaped vessels that can move between locations and maintain position over a well using onboard propulsion. Its semisubmersibles are partly submerged during drilling and are suited to rough seas. Both types carry crews and supplies so they can work away from port for extended periods.