Transocean Ltd.
$5.54
+0.22 (+4.14%) · delayed · Nov 13, 2026
Five-year price
52w $3.68 to $7.66
- Market cap
- $5.3B
- Enterprise value
- $10.4B
- P/E
- —
- EV / EBIT
- —
- FCF yield
- 11.8%
- ROIC
- −14.0%
- Debt / equity
- 0.70
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
20
- ○ROIC > 12% (5y avg)5y avg ROIC -3.6%
- ○ROE > 15% (5y avg)5y avg ROE -12.2%
- ○Stable operating marginsMargin volatility 21.1% (σ, 5y)
- –Earnings convert to cashFCF / net income n/a (5y avg)
- ●Growing revenueRevenue CAGR 5y 4.7%
- ○Shrinking share countDiluted shares 56.1% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 11.8%
- –Price below Graham NumberGraham Number n/a
- ●P/B below 3P/B 0.7
Safety
20
- ○Debt / equity below 0.5D/E 0.70
- ○Debt payable in < 4 yrs of earningsNet debt $5.0B
- ○Interest coverage > 8xCoverage -4.2x
- ●Current ratio > 1.5Current ratio 1.56
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
25
- ●Adequate size (revenue > $2B)Revenue $4.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.56
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $5.54, the market is pricing in about 3.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $5.0B · 960M shares · 5y revenue CAGR 4.7%
Intrinsic value
$7.17
Price
$5.54
Margin of safety
23%
What the price implies
The market is paying for 3.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
57% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,161 | 2,973 | 3,018 | 3,088 | 3,152 | 2,556 | 2,575 | 2,832 | 3,524 | 3,965 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,106 | (2,505) | (1,251) | (721) | (493) | (112) | (31) | (325) | (417) | (2,337) |
| Operating margin | 26.6% | -84.3% | -41.5% | -23.3% | -15.6% | -4.4% | -1.2% | -11.5% | -11.8% | -58.9% |
| Pre-tax income | 934 | (3,003) | (1,775) | (1,198) | (541) | (470) | (562) | (941) | (523) | (2,948) |
| Income tax | 107 | 94 | 228 | 59 | 27 | 121 | 59 | 13 | (11) | (33) |
| Net income | 778 | (3,127) | (1,996) | (1,255) | (567) | (592) | (621) | (954) | (512) | (2,915) |
| EPS (diluted) | 2.08 | -8.00 | -4.27 | -2.05 | -0.92 | -0.93 | -0.89 | -1.24 | -0.76 | -3.04 |
| Diluted shares | 367 | 391 | 468 | 612 | 615 | 637 | 699 | 768 | 925 | 960 |
Who owns it