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Transocean Ltd. (RIG) vs Sable Offshore Corp. (SOC)

Transocean Ltd. and Sable Offshore Corp. are both Oil & Gas Drilling companies. Transocean Ltd. is the larger, with a market value of $5.7B against $349.2M — 16.3× the size. Sable Offshore Corp. has negative trailing earnings, so its P/E is not meaningful; Transocean Ltd. trades at 20.3×. Transocean Ltd. has the higher net margin (7.25% vs 0.00%) and the higher return on invested capital (4.05% vs −18.9%). Across the 13 metrics below, Transocean Ltd. leads on 12 and Sable Offshore Corp. on 1.

Valuation

Metric RIG SOC Oil & Gas Drilling median
P/E 20.30 n/m —
P/S 1.43 n/m 1.19
P/B 0.68 0.71 1.24
Price to free cash flow 7.31 n/m 14.65
EV/EBITDA 6.90 n/m 6.73
EV/Sales 2.48 n/m 2.12
Earnings yield 4.93% (186.35%) (0.70%)
Free cash flow yield 13.67% (197.87%) 3.79%

Profitability

Metric RIG SOC Oil & Gas Drilling median
Gross margin 100.00% — 33.60%
Operating margin 20.41% 0.00% 8.58%
Net margin 7.25% 0.00% (0.52%)
Free cash flow margin 19.54% 0.00% 6.98%
Return on equity 3.53% (103.21%) (0.79%)
Return on assets 1.87% (24.55%) (0.45%)
Return on invested capital 4.05% (18.87%) 2.81%

Growth

Metric RIG SOC Oil & Gas Drilling median
Revenue growth (TTM) 3.95% — 3.33%
EPS growth (last fiscal year) (301.16%) 55.47% (46.88%)
Revenue growth, 5-year CAGR 4.70% — 13.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric RIG SOC Oil & Gas Drilling median
Debt to equity 0.59 2.45 0.59
Current ratio 1.53 0.24 1.76
Net debt to EBITDA (2.86) (2.10) 0.90

Dividend

Metric RIG SOC Oil & Gas Drilling median
Dividend yield — — —
Payout ratio — — —

Size

Metric RIG SOC Oil & Gas Drilling median
Market cap 5.70b 349.20m 3.61b

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