RIGTransocean Ltd.
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is RIG?
Transocean Ltd. earns −6.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 15 points below what the capital costs: growth destroys value
- Operating margin
- −24%
Operating margin · Oil & Gas Drilling median 2.3% · 12 months to Q2 2026
- Share count, year on year
- +35%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 42%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −16% |
| FY2021 | −4.4% |
| FY2022 | −1.2% |
| FY2023 | −11% |
| FY2024 | −12% |
| FY2025 | −59% |
Details›
- Gross margin12 months to Q2 2026
- 42%
- Operating margin12 months to Q2 2026
- −24%
- Net margin12 months to Q2 2026
- −40%
- Free cash flow margin
- 22%
- Revenue, trailing twelve months
- $4.12B
- Free cash flow, trailing twelve months
- $904M
- Net income, trailing twelve months
- −$1.66B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −6.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from RIG and who it buys from, as the companies report it.
- PBRPetrobras - Petroleo Brasileiro22%
Share of revenue · FY2025 10-K
- SHELShell plc22%
Share of revenue · FY2025 10-K
- EQNREquinor12%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; RIG’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.