Transocean RIG
NYSE · Drilling Oil & Gas Wells · $6.1B$5.10−6.42%Nov 5 close · Databento
RIG Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $5.101D −6.42%3M −10.84%SMA20 $5.99SMA50 $5.75RSI(14) 35.5
5.10
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 35.5
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$6.1B
EV / True FCF24.7x
Revenue$4.0B +12.5%
True FCF (ex-SBC)$591.0M +224.4%
Rule of 4028.3%
ROIC-13.9%
True FCF Yield9.7%
EPS, diluted$-3.04 −300.0%
Modern Valuation (EOD)
Market Cap$6.1B
Enterprise Value$14.6B
EV / True FCF24.69
EV / FCF23.31
EV / Gross Profit—
EV / EBIT—
EV / Sales3.68
P / E (GAAP)—
P / FCF9.72
P / Oper. CF8.13
P / Book0.75
Owner & Cash Yields
True FCF Yield9.7%
FCF Yield10.3%
Owner Earn. Yield-39.7%
Earnings Yield-47.9%
Shareholder Yield+3.4%
Buyback Yield3.9%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$0.56
EPS (diluted)$-3.04
Compounder & Returns
Rule of 4028.3%
ROIC-13.9%
Cash ROIC (CROIC)3.8%
GP / Assets—
ROE-36.0%
ROA-18.6%
Gross Margin—
Oper. Margin-58.9%
Net Margin-73.5%
FCF Margin15.8%
True FCF Margin14.9%
Quality & Dilution
Cash Conversion—
Accrual Ratio−23.4%
SBC % of FCF5.6%
SBC % of Rev0.9%
Reinvest. Rate16%
Sales Growth Y/Y+12.5%
Sales 3Y CAGR+15.5%
EPS Growth Y/Y−300.0%
FCF Growth Y/Y+224.4%
FCF 3Y CAGR—
Share Change Y/Y+3.8%
Balance Sheet & Scale
Revenue (FY)$4.0B
Gross Profit (FY)—
Oper. Income (FY)$-2.3B
GAAP Net Income$-2.9B
True FCF (ex-SBC)$591.0M
Cash & Equiv$997.0M
Total Debt$9.5B
Net Cash (Debt)$-8.5B
Net Cash % MCap−139.7%
Debt / FCF (yrs)15.2y
Current Ratio1.561.12B sh
Price & Technicals (EOD)
Perf Week−23.77%
Perf Month−5.38%
Perf Quarter−3.04%
Perf Half Y−17.34%
Perf YTD−13.41%
SMA 20 Dist−14.80%$5.99
SMA 50 Dist−11.28%$5.75
SMA 100 Dist−8.03%$5.55
Window High−32.72%$7.58
Window Low+4.72%$4.87
RSI (14) · Vol35.569%v
Income Distribution & Cash Flow ConversionHow every dollar of RIG revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$2.4B ($60.7 / $100)
Operating Expenses$3.9B ($98.3 / $100)
Tax & Non-Operating$578.0M ($14.6 / $100)
Net Profit Kept$-2.9B ($0.0 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$-2.9B (-73.5% margin)
Operating Cash Flow (OCF)$749.0M(18.9% of rev)
Less: Capital Expenditures−$123.0M(3.1% of rev)
Standard Free Cash Flow (FCF)$626.0M(15.8% margin)
Less: Stock-Based Comp (SBC)−$35.0M(5.6% of FCF)
True FCF (Owner Cash ex-SBC)$591.0M(14.9% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $2.6B | $2.6B | $2.8B | $3.5B | $4.0B | +12.5% | +11.6% | |
| Cost of Revenue (COGS) | $1.7B | $1.7B | $2.0B | $2.2B | $2.4B | +9.4% | +9.1% | |
| Operating Income (EBIT) | $-112.0M | $-31.0M | $-325.0M | $-417.0M | $-2.3B | −460.4% | — | |
| Interest Expense | $447.0M | $561.0M | $646.0M | $362.0M | $555.0M | +53.3% | +5.6% | |
| Income Tax Expense | $121.0M | $59.0M | $13.0M | $-11.0M | $-33.0M | −200.0% | — | |
| GAAP Net Income | $-592.0M | $-621.0M | $-954.0M | $-512.0M | $-2.9B | −469.3% | — | |
| Diluted EPS | $-0.93 | $-0.89 | $-1.24 | $-0.76 | $-3.04 | −300.0% | — | |
| Diluted Shares | 637.0M | 699.0M | 768.0M | 925.0M | 960.0M | +3.8% | +10.8% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $1.4B | $991.0M | $995.0M | $941.0M | $997.0M | +6.0% | −8.3% | |
| Total Current Assets | $2.4B | $2.0B | $2.1B | $2.5B | $2.1B | −15.1% | −3.9% | |
| Total Assets | $20.7B | $20.4B | $20.3B | $19.4B | $15.6B | −19.3% | −6.7% | |
| Total Current Liabilities | $1.3B | $1.6B | $1.4B | $1.7B | $1.3B | −19.7% | +0.6% | |
| Total Debt (Short + Long Term) | $9.6B | $9.8B | $9.4B | $9.7B | $9.5B | −2.5% | −0.2% | |
| Stockholders' Equity | $11.2B | $10.8B | $10.4B | $10.3B | $8.1B | −21.2% | −7.8% | |
| Net Cash / (Net Debt) | $-8.2B | $-8.8B | $-8.4B | $-8.8B | $-8.5B | +3.4% | — | |
| Invested Capital | $19.4B | $19.6B | $18.8B | $19.1B | $16.6B | −13.0% | −3.8% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $575.0M | $448.0M | $164.0M | $447.0M | $749.0M | +67.6% | +6.8% | |
| Depreciation & Amortization (D&A) | $742.0M | $735.0M | $744.0M | $739.0M | $659.0M | −10.8% | −2.9% | |
| Stock-Based Compensation (SBC) | $28.0M | $29.0M | $40.0M | $47.0M | $35.0M | −25.5% | +5.7% | |
| Capital Expenditures (CapEx) | $208.0M | $717.0M | $427.0M | $254.0M | $123.0M | −51.6% | −12.3% | |
| Free Cash Flow (FCF) | $367.0M | $-269.0M | $-263.0M | $193.0M | $626.0M | +224.4% | +14.3% | |
| True FCF (ex-SBC Owner Cash) | $339.0M | $-298.0M | $-303.0M | $146.0M | $591.0M | +304.8% | +14.9% | |
| Share Repurchases (Buybacks) | — | — | — | — | $240.0M | — | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
On the Wire
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