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Noble Corporation PLC (NE) vs Transocean Ltd. (RIG)

Noble Corporation PLC and Transocean Ltd. are both Oil & Gas Drilling companies. Noble Corporation PLC is the larger, with a market value of $6.9B against $6.2B — 1.1× the size. Transocean Ltd. has negative trailing earnings, so its P/E is not meaningful; Noble Corporation PLC trades at 46.4×. Transocean Ltd. grew revenue faster over the last twelve months: 8.54% against −11.1%. Noble Corporation PLC has the higher net margin (4.88% vs −40.2%) and the higher return on invested capital (3.68% vs −4.91%). Across the 19 metrics below, Noble Corporation PLC leads on 10 and Transocean Ltd. on 9.

Valuation

Metric NE RIG Oil & Gas Drilling median
P/E 46.40 n/m —
P/S 2.29 1.53 1.45
P/B 1.57 0.75 1.40
Price to free cash flow 11.32 6.85 16.15
EV/EBITDA 9.21 n/m 8.53
EV/Sales 2.76 2.58 2.37
Earnings yield 2.16% (31.44%) (2.00%)
Free cash flow yield 8.83% 14.59% 3.55%

Profitability

Metric NE RIG Oil & Gas Drilling median
Gross margin 39.78% 100.00% 39.29%
Operating margin 11.37% (24.24%) 7.77%
Net margin 4.88% (40.24%) 0.00%
Free cash flow margin 20.25% 22.34% 4.46%
Return on equity 3.28% (18.70%) (2.78%)
Return on assets 2.01% (10.05%) (1.64%)
Return on invested capital 3.68% (4.91%) 2.29%

Growth

Metric NE RIG Oil & Gas Drilling median
Revenue growth (TTM) (11.10%) 8.54% 4.14%
EPS growth (last fiscal year) (54.39%) (449.23%) (46.88%)
Revenue growth, 5-year CAGR 27.79% 4.70% 13.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric NE RIG Oil & Gas Drilling median
Debt to equity 0.42 0.61 0.61
Current ratio 1.91 1.59 1.89
Net debt to EBITDA 1.52 (2.86) 0.90

Dividend

Metric NE RIG Oil & Gas Drilling median
Dividend yield 4.54% — —
Payout ratio 2.15 — —

Size

Metric NE RIG Oil & Gas Drilling median
Market cap 6.85b 6.15b 3.77b

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