Transocean Ltd. RIG

EnergyOil & Gas Related Equipment and ServicesSwitzerland

Last close 6.94 USD on Nov 1, 2026, +68.0% year to date

Quant rating

Quant rating B Rank 36 of 113 in Energy

Growth A 6 of 113
Valuation C 78 of 113
Quality D 81 of 113
Revisions B 35 of 113
Momentum B 29 of 113

Wall Street consensus Buy (2.47)Average target 6.71 USD −3.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.8B
Enterprise value: 12.4B
52-week range: 3.69 – 7.66
3-year range: 2.13 – 7.66
Dividend yield: –
Beta (5 years): 1.50
Shares outstanding: 1,117M
Next earnings: Nov 2, 2026

About the company

Transocean Ltd. is a Switzerland-based Company that provides offshore contract drilling services for oil and gas wells worldwide. The Company contracts its drilling rigs, related equipment, and work crews to customers on a dayrate basis to support exploration and development activities across global offshore regions. Its fleet includes mobile offshore drilling units categorized as floaters, including drillships and semisubmersibles, as well as jackups. The Company operates a diversified fleet comprising floaters designed for deepwater and harsh environments, midwater units, and high-specification jackups, enabling it to serve a range of offshore conditions. In addition, the Company maintains drilling units under construction or contract to expand and upgrade its operational capabilities.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,965	3,524	2,832	2,575	2,556	–
Revenue growth	12.5%	24.4%	10.0%	0.7%	−18.9%	4.7%
EPS (basic, normalized)	0.04	−0.26	−0.96	−0.93	−0.74	–
EPS growth	–	–	–	–	–	–
Gross margin	39.3%	37.6%	29.9%	34.8%	33.6%	35.0%
Net margin	−73.5%	−14.5%	−33.7%	−24.1%	−23.2%	−33.8%
ROE	−31.7%	−4.9%	−9.0%	−5.6%	−5.2%	−11.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	509
Current ratio	1.59x
Long-term debt (mil)	4,722
Net debt (mil)	4,610
Total equity (mil)	8,370
Net debt / equity	0.55x
Net debt / EBITDA	3.36x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,965	+12.5%	3.1x	1,370	+20.9%	9.0x	0.04	+115.4%	173.5x
2026	3,918	−1.2%	3.2x	1,371	0.0%	9.0x	0.10	+162.5%	66.1x
2027	3,896	−0.6%	3.2x	1,467	+7.1%	8.4x	0.27	+155.3%	25.9x
2028	3,942	+1.2%	3.1x	1,405	−4.3%	8.8x	0.30	+11.9%	23.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,918	0.0%	+2.0%	+1.1%	0.10	−11.3%	+34.0%	−47.0%
2027	3,896	+0.3%	+0.9%	+1.6%	0.27	+3.2%	−2.3%	+32.1%
2028	3,942	0.0%	+1.2%	+3.9%	0.30	+1.6%	+13.1%	+209.3%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	763	861	948	952	906	988	1,028	1,043	1,081	966
Sales mean (mil)	787	866	943	960	886	973	1,009	1,033	1,026	960
Surprise	−3.1%	−0.6%	+0.5%	−0.9%	+2.3%	+1.5%	+1.9%	+1.0%	+5.4%	+0.6%
EPS reported	−0.03	−0.15	0.00	−0.09	−0.10	0.00	0.06	0.02	−0.03	0.03
EPS mean	−0.14	−0.10	−0.04	0.00	−0.09	−0.01	0.03	0.08	0.08	0.02
Surprise	+79.3%	−49.6%	+100.0%	−8,081.8%	−12.0%	+100.0%	+75.9%	−73.5%	−139.9%	+64.7%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RIG Transocean Ltd.	7.8B	3.36x	−73.5%	0.93x	66.1x	25.9x	9.0x	8.4x
SLB SLB N.V.	79.3B	1.29x	9.4%	3.04x	21.9x	17.4x	11.2x	9.8x
BKR Baker Hughes Company	54.8B	2.75x	9.3%	2.72x	21.4x	18.9x	13.0x	11.3x
TS Tenaris SA	30.3B	−0.72x	16.1%	1.79x	16.1x	14.5x	10.2x	8.8x
HAL Halliburton Company	29.9B	1.27x	5.8%	2.69x	15.5x	12.4x	8.8x	7.6x
FTI TechnipFMC PLC	26.7B	−0.31x	9.7%	8.05x	23.7x	19.2x	11.9x	10.8x
Mean		1.28x	−3.9%	3.21x	27.5x	18.0x	10.7x	9.4x
Median		1.28x	9.4%	2.71x	21.7x	18.2x	10.7x	9.3x

Technical analysis

1M+31.4%
3M+39.1%
1Y+85.1%
3Y+6.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Transocean Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,965	3,524	2,832	2,575	2,556	3,152
Cost of revenue	2,406	2,199	1,986	1,679	1,697	2,000
Gross profit	1,559	1,325	846	896	859	1,152
Selling, general & administrative expenses	195	214	187	182	167	183
Research & development	–	–	–	–	–	–
Depreciation/amortization	659	739	744	735	742	781
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3,039	633	271	2.0	11.0	148
Other operating expenses	0	0	0	0	0	0
Operating income	−2,334	−261	−356	−23.0	−61.0	40.0
Net interest income (expense)	−514	−308	−608	−534	−432	−554
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−100	46.0	23.0	−5.0	23.0	−27.0
Net income before taxes	−2,948	−523	−941	−562	−470	−541
Provision for taxes	−33.0	−11.0	13.0	59.0	121	27.0
Minority interest	0	0	0	0	−1.0	1.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−2,915	−512	−954	−621	−592	−567
Extraordinary items	–	–	–	–	–	–
Net income	−2,915	−512	−954	−621	−592	−567
EBIT, normalized	705	372	−80.0	−21.0	−13.0	300
EBITDA, normalized	1,364	1,115	716	831	949	1,296
Basic EPS, normalized	0.04	−0.26	−0.96	−0.93	−0.74	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Transocean Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	620	560	762	683	976	1,154
Receivables	540	564	512	485	492	583
Total inventory	378	439	426	388	392	434
Prepaid expenses	–	–	–	–	–	–
Other current assets	543	889	426	452	584	569
Total current assets	2,081	2,452	2,126	2,008	2,444	2,740
Property, plant & equipment	12,577	15,831	16,941	17,469	17,098	17,667
Goodwill	–	–	–	–	–	–
Intangibles	–	0	4.0	56.0	173	393
Long-term investments	121	123	216	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	863	965	967	903	966	1,004
Total assets	15,642	19,371	20,254	20,436	20,681	21,804
Liabilities
Accounts payable	242	255	323	281	228	194
Payable/accrued	–	–	–	–	–	–
Accrued expenses	275	277	303	276	307	360
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	496	733	413	759	553	542
Other current liabilities	323	398	358	242	215	290
Total current liabilities	1,336	1,663	1,397	1,558	1,303	1,386
Long-term debt	5,381	6,419	7,319	6,951	7,023	7,709
Minority interest	0	1.0	1.0	1.0	1.0	3.0
Other liabilities	817	1,004	1,122	1,135	1,149	1,274
Total liabilities	7,534	9,087	9,839	9,645	9,476	10,372
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	110	87.0	81.0	71.0	64.0	60.0
Additional paid-in capital	15,604	14,880	14,544	13,984	13,683	13,501
Retained earnings (accumulated deficit)	−7,460	−4,545	−4,033	−3,079	−2,458	−1,866
Treasury stock	–	–	–	–	–	–
Other equity	−146	−138	−177	−185	−84.0	−263
Total equity	8,108	10,284	10,415	10,791	11,205	11,432
Total liabilities & shareholders' equity	15,642	19,371	20,254	20,436	20,681	21,804

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Transocean Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−2,915	−512	−954	−621	−591	−568
Depreciation, depletion & amortization	659	743	796	852	962	996
Deferred taxes	−111	−42.0	18.0	46.0	128	60.0
Non-cash items	3,311	512	537	265	153	324
Changes in working capital	−195	−254	−233	−94.0	−77.0	−414
Cash from operations	749	447	164	448	575	398
Investing activities
Capital expenditures	−123	−254	−427	−717	−208	−265
Other investing cash flows	90.0	103	4.0	−40.0	−25.0	8.0
Cash from investing	−33.0	−151	−423	−757	−233	−257
Financing activities
Financing cash flow items	−17.0	−17.0	−3.0	−8.0	−42.0	−36.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−643	−333	266	−104	−448	−894
Cash from financing	−660	−350	263	−112	−490	−930
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	56.0	−54.0	4.0	−421	−148	−789
Free cash flow	626	193	−263	−269	367	133

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.