RIG
Transocean Ltd.
RIG's fundamentals are strong: its operating margin went from −63% to 20% and it turned 20% of its revenue into free cash flow. Its PE isn't a useful guide right now because of how its recent earnings were reported.
RIG Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| Strong | |
| Under pressure |
RIG's profitability and cash flow are currently healthy, but its revenue and balance sheet are under pressure.
RIG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $5.32 | — |
| Cheap | 26x | $3.97 | -25% |
| Fair | 29x | $4.32 | -19% |
| Expensive | 31x | $4.69 | -12% |
| Current | 36x | $5.32 | — |
Historical ranges are pointers, not guarantees.
RIG's PE is 36x, but its earnings don't support one, so it isn't a reliable read right now.
RIG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect RIG's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
RIG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.26 | +74% |
| Q3 2024 | -$0.72 | +$0.91 |
| Q2 2024 | -$0.42 | +$0.97 |
| Q1 2024 | -$0.49 | +$0.78 |
| Q4 2023 | -$1.24 | -$0.35 |
| Q3 2023 | -$1.63 | -$0.83 |
| Q2 2023 | -$1.39 | -$0.43 |
| Q1 2023 | -$1.27 | -$0.24 |
| Q4 2022 | -$0.89 | +$0.04 |
RIG has returned to profit: it earned $0.15 per share over the past year, after losing money the year before.
RIG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $937M | -8.9% |
| Q2 2026 | $966M | -2.2% |
| Q1 2026 | $1.1B | +19% |
| Q4 2025 | $1B | +9.6% |
| Q3 2025 | $1B | +8.4% |
| Q2 2025 | $988M | +15% |
| Q1 2025 | $906M | +19% |
| Q4 2024 | $952M | +28% |
RIG's revenue has held roughly level: $937M last quarter, down 8.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +178 points |
| Q2 2026 | 16% | +113 points |
| Q1 2026 | 27% | +20 points |
| Q4 2025 | 23% | +9.4 points |
| Q3 2025 | -163% | -112 points |
| Q2 2025 | -98% | -91 points |
| Q1 2025 | 7.1% | +7.4 points |
| Q4 2024 | 14% | +23 points |
RIG's operating margin was 15% last quarter, up 178 points from the same quarter a year ago.
RIG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $131M | -44% |
| Q2 2026 | $212M | +104% |
| Q1 2026 | $136M | +$170M |
| Q4 2025 | $321M | +81% |
| Q3 2025 | $235M | +73% |
| Q2 2025 | $104M | +112% |
| Q1 2025 | -$34M | +$135M |
| Q4 2024 | $177M | +$299M |
RIG generated $800M in free cash flow over the past year, up 66% from the year before.
RIG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -6.2% | -75M shares |
| 1 year | +17% | +166M shares |
| 3 years | +48% | +366M shares |
| 5 years | +81% | +506M shares |
| Available history | +84% | +514M shares |
RIG has 1.1B diluted shares, up 17% from a year ago.
RIG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q1 2025 | 16.8x | High |
| Q4 2024 | 19.6x | High |
| Q3 2024 | 52.2x | High |
| Q2 2024 | 12.3x | High |
| Q1 2024 | 11.8x | High |
| Q4 2023 | 15.9x | High |
| Q3 2023 | 15.8x | High |
RIG's net debt is about 3.2 years of its operating earnings (EBITDA), down from 12 years a year ago.
RIG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.4 | Neutral |
| Stochastic | 39.8 | Neutral |
RIG's weekly RSI is 46 (neutral) and its Stochastic is 40 (neutral).
RIG PE vs Energy Sector
| Metric | RIG | Sector median | Relative |
|---|---|---|---|
| PE | 36x | 13x | 178% above |
RIG is trading at 36x earnings, a 178% premium to the Energy sector's median of 13x, though its earnings don't support one.
RIG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.70 | 6.7% below |
| 20 week MA | $5.58 | 4.7% below |
| 50 week MA | $5.64 | 5.7% below |
| 100 week MA | $4.41 | 21% above |
| 200 week MA | $5.22 | 1.9% above |
RIG has slipped below its 8-, 20- and 50-week averages, though it's still 1.9% above its 200-week average.
RIG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.57 | $2.20 | -67% |
| 2021 | $2.20 | $3.05 | +39% |
| 2022 | $3.05 | $4.67 | +53% |
| 2023 | $4.67 | $6.35 | +36% |
| 2024 | $6.35 | $3.53 | -44% |
| 2025 | $3.53 | $4.02 | +14% |
| 2026 YTD | $4.02 | $5.32 | +32% |
RIG has finished higher in four of the last six years. It's up 32% so far in 2026.