Transocean (RIG)
Market Price (5/10/2026): $6.4 | Market Cap: $7.1 BilSector: Energy | Industry: Oil & Gas Drilling
Transocean (RIG)
Market Price (5/10/2026): $6.4Market Cap: $7.1 BilSector: EnergyIndustry: Oil & Gas Drilling
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Attractive yieldFCF Yield is 11% Megatrend and thematic driversMegatrends include Global Energy Supply. Themes include Offshore Hydrocarbon Extraction Technology, and Deepwater Drilling Solutions. | Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -68% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% Stock price has recently run up significantly12M Rtn12 month market price return is 145% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43% Key risksRIG key risks include [1] a substantial debt load that limits its financial flexibility and [2] potential contract renegotiations and high rig operating costs that threaten revenue stability. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Attractive yieldFCF Yield is 11% |
| Megatrend and thematic driversMegatrends include Global Energy Supply. Themes include Offshore Hydrocarbon Extraction Technology, and Deepwater Drilling Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -68% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 145% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43% |
| Key risksRIG key risks include [1] a substantial debt load that limits its financial flexibility and [2] potential contract renegotiations and high rig operating costs that threaten revenue stability. |
Qualitative Assessment
AI Analysis | Feedback
1. Significant Contract Backlog Growth.
Transocean secured approximately $1.6 billion in new drilling contracts and extensions since February 2026, increasing its total contract backlog to about $7.1 billion as of May 4, 2026. Notably, this included a 1,156-day Petrobras extension for the Deepwater Corcovado valued at roughly $445 million and a five-well ultra-deepwater contract for Deepwater Asgard in the Eastern Mediterranean worth approximately $158 million, demonstrating strong demand for its high-specification fleet.
2. Strong Q1 2026 Financial Performance and Debt Reduction.
The company reported robust first-quarter 2026 results with contract drilling revenues of $1.08 billion, exceeding analyst estimates and marking a 19.3% year-over-year increase. Transocean also returned to profitability with a net income of $71 million, or $0.06 per diluted share, compared to a $79 million loss in the prior-year quarter. Furthermore, the company accelerated the full retirement of $358 million of 8.375% Senior Secured Notes due 2028 in March 2026, contributing to a reduction in total principal debt from $5.686 billion at year-end 2025 to $5.137 billion.
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Stock Movement Drivers
Fundamental Drivers
The 28.8% change in RIG stock from 1/31/2026 to 5/9/2026 was primarily driven by a 39.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5092026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.97 | 6.40 | 28.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,874 | 4,140 | 6.9% |
| P/S Multiple | 1.2 | 1.7 | 39.1% |
| Shares Outstanding (Mil) | 961 | 1,109 | -13.3% |
| Cumulative Contribution | 28.8% |
Market Drivers
1/31/2026 to 5/9/2026| Return | Correlation | |
|---|---|---|
| RIG | 28.8% | |
| Market (SPY) | 3.6% | 15.9% |
| Sector (XLE) | 9.8% | 46.6% |
Fundamental Drivers
The 66.7% change in RIG stock from 10/31/2025 to 5/9/2026 was primarily driven by a 80.0% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5092026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.84 | 6.40 | 66.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,874 | 4,140 | 6.9% |
| P/S Multiple | 1.0 | 1.7 | 80.0% |
| Shares Outstanding (Mil) | 961 | 1,109 | -13.3% |
| Cumulative Contribution | 66.7% |
Market Drivers
10/31/2025 to 5/9/2026| Return | Correlation | |
|---|---|---|
| RIG | 66.7% | |
| Market (SPY) | 5.5% | 24.0% |
| Sector (XLE) | 28.3% | 48.9% |
Fundamental Drivers
The 200.5% change in RIG stock from 4/30/2025 to 5/9/2026 was primarily driven by a 234.3% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5092026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.13 | 6.40 | 200.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,667 | 4,140 | 12.9% |
| P/S Multiple | 0.5 | 1.7 | 234.3% |
| Shares Outstanding (Mil) | 883 | 1,109 | -20.4% |
| Cumulative Contribution | 200.5% |
Market Drivers
4/30/2025 to 5/9/2026| Return | Correlation | |
|---|---|---|
| RIG | 200.5% | |
| Market (SPY) | 30.4% | 27.5% |
| Sector (XLE) | 42.8% | 52.3% |
Fundamental Drivers
The 8.5% change in RIG stock from 4/30/2023 to 5/9/2026 was primarily driven by a 60.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5092026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.90 | 6.40 | 8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,575 | 4,140 | 60.8% |
| P/S Multiple | 1.7 | 1.7 | 3.1% |
| Shares Outstanding (Mil) | 726 | 1,109 | -34.5% |
| Cumulative Contribution | 8.5% |
Market Drivers
4/30/2023 to 5/9/2026| Return | Correlation | |
|---|---|---|
| RIG | 8.5% | |
| Market (SPY) | 78.7% | 37.4% |
| Sector (XLE) | 44.3% | 61.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RIG Return | 19% | 65% | 39% | -41% | 10% | 49% | 167% |
| Peers Return | 27% | 54% | 25% | -28% | -0% | 65% | 188% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| RIG Win Rate | 50% | 75% | 42% | 42% | 75% | 80% | |
| Peers Win Rate | 46% | 64% | 42% | 33% | 58% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| RIG Max Drawdown | 0% | -14% | -6% | -45% | -43% | 0% | |
| Peers Max Drawdown | -15% | 0% | -11% | -34% | -42% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NE, VAL, SDRL. See RIG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | RIG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.1% | -18.8% |
| % Gain to Breakeven | 61.5% | 23.1% |
| Time to Breakeven | 148 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.3% | -6.7% |
| % Gain to Breakeven | 30.4% | 7.1% |
| Time to Breakeven | 110 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.4% | -24.5% |
| % Gain to Breakeven | 32.2% | 32.4% |
| Time to Breakeven | 13 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -80.4% | -33.7% |
| % Gain to Breakeven | 411.3% | 50.9% |
| Time to Breakeven | 317 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.3% | -3.7% |
| % Gain to Breakeven | 28.6% | 3.9% |
| Time to Breakeven | 96 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.3% | -12.2% |
| % Gain to Breakeven | 67.5% | 13.9% |
| Time to Breakeven | 285 days | 62 days |
In The Past
Transocean's stock fell -38.1% during the 2025 US Tariff Shock. Such a loss loss requires a 61.5% gain to breakeven.
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| Event | RIG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.1% | -18.8% |
| % Gain to Breakeven | 61.5% | 23.1% |
| Time to Breakeven | 148 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.3% | -6.7% |
| % Gain to Breakeven | 30.4% | 7.1% |
| Time to Breakeven | 110 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.4% | -24.5% |
| % Gain to Breakeven | 32.2% | 32.4% |
| Time to Breakeven | 13 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -80.4% | -33.7% |
| % Gain to Breakeven | 411.3% | 50.9% |
| Time to Breakeven | 317 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.3% | -3.7% |
| % Gain to Breakeven | 28.6% | 3.9% |
| Time to Breakeven | 96 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.3% | -12.2% |
| % Gain to Breakeven | 67.5% | 13.9% |
| Time to Breakeven | 285 days | 62 days |
In The Past
Transocean's stock fell -38.1% during the 2025 US Tariff Shock. Such a loss loss requires a 61.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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About Transocean (RIG)
AI Analysis | Feedback
Transocean is like United Rentals (URI) for giant offshore oil drilling rigs, complete with specialized crews.
Alternatively, they're like Fluor (FLR) or KBR (KBR), but exclusively providing services to drill oil and gas wells deep under the ocean using their own advanced fleet.
AI Analysis | Feedback
- Offshore Contract Drilling Services: Transocean provides specialized services for drilling oil and gas wells in offshore locations worldwide.
- Ultra-Deepwater Drilling Services: Utilizing its fleet of ultra-deepwater floaters, the company offers drilling solutions for extreme depths.
- Harsh Environment Drilling Services: Transocean provides drilling services designed for challenging and severe offshore conditions using its harsh environment floater rigs.
AI Analysis | Feedback
Transocean (RIG) primarily sells its offshore contract drilling services to other companies in the energy sector.
Based on their 2023 revenues, Transocean's major customers include:
- TotalEnergies (NYSE: TTE)
- Shell (NYSE: SHEL)
- Chevron (NYSE: CVX)
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- National Oilwell Varco (NYSE: NOV)
- Schlumberger (NYSE: SLB)
- Seatrium Limited (SGX: 5E2)
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Keelan Adamson, President and Chief Executive Officer
Keelan Adamson joined Transocean in 1995 and has held various executive positions including President and Chief Operating Officer (March 2022 - April 2025), Executive Vice President and Chief Operations Officer (August 2018 - February 2022), and Senior Vice President, Operations (October 2017 - July 2018). His responsibilities have encompassed Engineering and Technical Services, Major Capital Projects, Human Resources, and serving as the Managing Director for the company's business in North America, Canada, and Trinidad. Mr. Adamson earned a Bachelor's degree in Aeronautical Engineering from Queen's University Belfast and completed the Advanced Management Program at Harvard Business School. He has over 30 years of experience at Transocean.
R. Thaddeus Vayda, Executive Vice President and Chief Financial Officer
R. Thaddeus Vayda assumed the role of Executive Vice President and Chief Financial Officer for Transocean, effective May 1, 2024, succeeding Mark Mey.
Jeremy D. Thigpen, Chair of the Board of Directors
Jeremy D. Thigpen became the Chair of the Board of Directors following the 2025 Annual General Meeting, transitioning from his role as Chief Executive Officer, which he held since 2015. Prior to joining Transocean, Mr. Thigpen spent 18 years at National Oilwell Varco (NOV), where he served as Senior Vice President and Chief Financial Officer from 2012 to 2015. His tenure at NOV also included leadership roles as President of the Downhole and Pumping Solutions business (2007-2012) and President of the Downhole Tools group (2003-2007). He also held various management and business development capacities at NOV, including Director of Business Development and Special Assistant to the Chairman. He is currently a Director at Sunnova International Inc. and a Trustee at Rice University.
Roddie Mackenzie, Executive Vice President and Chief Commercial Officer
Roddie Mackenzie has served as Executive Vice President and Chief Commercial Officer at Transocean since February 2022. He began his career in the energy sector as a rig-based engineer in 1997 with Sedco Forex, which later merged with Transocean in 1999. Since joining Transocean, he has held various senior leadership positions, including Senior Vice President of Marketing, Innovation and Industry Relations, and Managing Director of Business Development, with responsibilities across global regions. Before joining Transocean, he was a Marketing & Sales Manager at ODS International. Mr. Mackenzie currently serves as Chairman of the International Association of Drilling Contractors.
Paul Johnson, Executive Vice President, Operations
Paul Johnson was appointed Executive Vice President, Operations for Transocean in March 2026. He commenced his career with Transocean in 1990 as a roustabout in the North Sea. Over his extensive career with the company, he progressed through various offshore roles before moving into shore-based management as a Rig Manager. He has held senior management positions in Corporate Planning, Human Resources, and Global Operations, including serving as Operations Director in both the United States and Brazil.
AI Analysis | Feedback
The key risks to Transocean's (RIG) business are primarily financial, operational, and regulatory, reflecting the inherent challenges of the offshore drilling industry and broader energy market dynamics.
- Financial Risks from High Debt and Volatile Oil & Gas Prices
Transocean faces significant financial risks due to its substantial debt load and below-investment-grade credit ratings, which can constrain its access to capital and increase borrowing costs. The company's profitability and demand for its drilling services are highly susceptible to fluctuations in global oil and natural gas prices, operating within a cyclical and competitive offshore drilling industry. Prolonged periods of low commodity prices can lead to decreased demand and lower day rates for its rigs, directly impacting financial performance. - Operational Risks Associated with Offshore Drilling
The nature of offshore drilling inherently involves significant operational hazards, including the potential for accidents, blowouts, explosions, fires, and equipment failures. Furthermore, operations are subject to extreme weather conditions such as hurricanes and storms, which can cause equipment damage, operational delays, and pose safety risks to personnel. Maintaining and reactivating its fleet of specialized drilling units also requires substantial ongoing capital and operating expenditures. - Regulatory and Energy Transition Risks
Transocean operates under an increasingly complex and stringent regulatory environment, particularly concerning environmental and safety standards. Evolving regulations can lead to higher compliance costs and operational restrictions. A longer-term risk stems from the global energy transition, which involves a growing emphasis on renewable energy sources and efforts to discourage investments in fossil fuel companies. This shift could negatively impact the future demand for offshore drilling services and potentially affect the company's stock price and access to capital markets.
AI Analysis | Feedback
The accelerating global transition to renewable energy sources, driven by climate policies, technological advancements, and shifting investor and consumer preferences, poses a clear emerging threat to Transocean. This macro shift is expected to reduce long-term demand for oil and gas, thereby diminishing the need for offshore drilling services.AI Analysis | Feedback
Addressable Markets for Transocean (RIG)
The addressable market for Transocean's main products and services, which include offshore contract drilling services for oil and gas wells, can be primarily assessed through the global offshore drilling market and, more specifically, the deepwater and ultra-deepwater drilling market, where Transocean specializes.
Global Offshore Drilling Market
The global offshore drilling market was valued at approximately USD 43.78 billion in 2025. This market is projected to grow significantly, reaching an estimated USD 87.50 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 7.87% during the forecast period.
Global Deepwater and Ultra-Deepwater Drilling Market
Given Transocean's focus on ultra-deepwater and harsh environment floaters, the global deepwater and ultra-deepwater drilling market represents a key specialized addressable market. This market was valued at approximately USD 15.9 billion in 2024 and is projected to reach USD 19.8 billion by 2030, growing at a CAGR of 3.8%.
AI Analysis | Feedback
Transocean Ltd. (RIG) is expected to drive future revenue growth over the next 2-3 years through several key factors:- Strong and Expanding Contract Backlog: Transocean benefits from a substantial contract backlog, which provides significant revenue visibility for the coming years. As of February 2026, the total backlog was approximately $6.1 billion, with recent fixtures adding an incremental backlog of about $610 million. The company expects $3.8-$3.95 billion in 2026 contract drilling revenues, with roughly 89% already secured under firm contracts.
- Increasing Demand and Utilization for High-Specification Rigs: The demand for Transocean's specialized ultra-deepwater and harsh-environment rigs is strengthening. Global ultra-deepwater fleet utilization is anticipated to exceed 90% by 2027, with the market expected to tighten by late 2026 and early 2027. This growing demand is driven by the need of energy companies to replace reserves and a strategic shift towards reliable hydrocarbon sources, positioning Transocean to capitalize on global ultra-deepwater tenders.
- Rising Dayrates for Drilling Rigs: Dayrates, the daily rental rates for drilling rigs, have been on an upward trajectory. The tightening market and increased demand for high-specification rigs are expected to continue driving day rates higher. For example, Transocean has secured contracts with average daily revenues around $461,000, and some high-specification rigs command day rates exceeding $500,000.
- Strategic Acquisition of Valaris: The recently announced definitive agreement to combine with Valaris is a transformative event. This merger is expected to create an expanded fleet of best-in-class, high-specification rigs and an industry-leading combined backlog of approximately $10 billion to $11 billion. This significantly increases Transocean's market reach and is anticipated to generate substantial cost synergies.
- Improved Rig Utilization and Operational Efficiency: Transocean is focused on maximizing the operational time of its fleet. The company delivered strong operational performance, achieving a fleet-wide revenue efficiency of 96.5% for the full year 2025 and 98% uptime in Q4 2025. Continued efforts in operational efficiency and cost reductions, including a planned $150 million decrease in costs in 2026, contribute to higher revenue conversion from its existing contracts.
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Share Issuance
- Transocean experienced a significant increase in shares outstanding from 902 million in June 2025 to 1.1 billion in February 2026, indicating recent equity issuance or conversions.
- The company raised approximately $616 million in net proceeds from two common stock issuances in the second half of 2025, primarily used to address 2025 exchangeable bonds.
- In February 2026, Transocean entered into an agreement to acquire Valaris through an all-share exchange, with a ratio of 15.235 Transocean shares per Valaris share.
Outbound Investments
- In 2024, Transocean acquired the remaining 67.0% ownership interest in Orion Holdings (Cayman) Limited, which owned the harsh environment floater Transocean Norge, for an aggregate fair value of $431 million, paid via 55.5 million Transocean shares and $130 million in senior notes.
- In February 2023, Transocean acquired a noncontrolling interest in Global Sea Mineral Resources (GSR) through a $10 million cash contribution and an $85 million non-cash contribution of the ultra-deepwater floater Ocean Rig Olympia and related assets.
- In 2025, Transocean evolved its 2023 joint venture with Eneti by forming a more ambitious partnership to construct new, purpose-built offshore wind turbine installation vessels.
Capital Expenditures
- Capital expenditures were $11 million in Q3 2025 and $28 million in Q4 2025.
- Transocean’s capital expenditures peaked in 2022 at $717 million, but have since significantly declined, with the latest twelve months (LTM) as of May 1, 2025, showing $81 million.
- The company allocates resources towards technological investments, including an $85 million R&D investment for 2025, focused on developing proprietary systems like the Digital Rig platform and the Eco-Rig Initiative to reduce non-productive time, lower emissions, and modernize its fleet.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04172026 | VAL | Valaris | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 15.2% | 15.2% | -0.9% |
| 03312026 | KGS | Kodiak Gas Services | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 16.3% | 16.3% | -0.7% |
| 03312026 | KOS | Kosmos Energy | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 10.8% | 10.8% | -10.8% |
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 54.5% | 54.5% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 25.4% | 25.4% | -6.5% |
| 12122025 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 65.1% | 65.1% | -7.0% |
| 06302021 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -36.7% | -26.3% | -38.9% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.23 |
| Mkt Cap | 6.8 |
| Rev LTM | 2,705 |
| Op Inc LTM | 413 |
| FCF LTM | 283 |
| FCF 3Y Avg | 133 |
| CFO LTM | 676 |
| CFO 3Y Avg | 444 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.4% |
| Rev Chg 3Y Avg | 15.4% |
| Rev Chg Q | 4.6% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | -31.9% |
| Op Inc Chg 3Y Avg | 81.3% |
| Op Mgn LTM | 15.5% |
| Op Mgn 3Y Avg | 13.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 21.2% |
| CFO/Rev 3Y Avg | 14.9% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 2.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.8 |
| P/S | 2.3 |
| P/Op Inc | 17.6 |
| P/EBIT | 14.8 |
| P/E | 2.0 |
| P/CFO | 8.2 |
| Total Yield | 1.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.1% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.7% |
| 3M Rtn | 25.2% |
| 6M Rtn | 72.1% |
| 12M Rtn | 134.7% |
| 3Y Rtn | 43.5% |
| 1M Excs Rtn | -9.1% |
| 3M Excs Rtn | 18.5% |
| 6M Excs Rtn | 62.6% |
| 12M Excs Rtn | 117.7% |
| 3Y Excs Rtn | -29.7% |
Comparison Analyses
Price Behavior
| Market Price | $6.40 | |
| Market Cap ($ Bil) | 7.1 | |
| First Trading Date | 05/28/1993 | |
| Distance from 52W High | -8.0% | |
| 50 Days | 200 Days | |
| DMA Price | $6.41 | $4.57 |
| DMA Trend | up | up |
| Distance from DMA | -0.2% | 40.0% |
| 3M | 1YR | |
| Volatility | 57.0% | 55.1% |
| Downside Capture | 0.15 | 0.44 |
| Upside Capture | 102.68 | 168.69 |
| Correlation (SPY) | 14.9% | 27.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.15 | 0.22 | 0.59 | 0.87 | 1.22 | 1.33 |
| Up Beta | -1.30 | -1.30 | -0.53 | 0.31 | 0.92 | 0.98 |
| Down Beta | -5.92 | 1.18 | 2.33 | 1.27 | 1.38 | 2.07 |
| Up Capture | -21% | 56% | 118% | 179% | 269% | 125% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 22 | 36 | 71 | 138 | 366 |
| Down Capture | -94% | 74% | -7% | 38% | 82% | 107% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 19 | 26 | 47 | 104 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RIG | |
|---|---|---|---|---|
| RIG | 188.7% | 55.7% | 2.12 | - |
| Sector ETF (XLE) | 42.9% | 20.1% | 1.67 | 52.6% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 27.2% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 8.6% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | 31.0% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 15.3% |
| Bitcoin (BTCUSD) | -17.4% | 42.1% | -0.34 | 25.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RIG | |
|---|---|---|---|---|
| RIG | 14.6% | 63.2% | 0.47 | - |
| Sector ETF (XLE) | 21.5% | 26.1% | 0.74 | 68.4% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 36.2% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 12.4% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 51.4% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 24.2% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 18.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RIG | |
|---|---|---|---|---|
| RIG | -5.0% | 74.7% | 0.26 | - |
| Sector ETF (XLE) | 9.5% | 29.5% | 0.36 | 65.4% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 39.8% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 4.7% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 48.8% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 28.3% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -9.2% | ||
| 2/20/2026 | -2.0% | -0.6% | -0.9% |
| 10/29/2025 | 2.1% | 1.8% | 13.6% |
| 8/4/2025 | 3.6% | 3.6% | 6.4% |
| 2/18/2025 | 0.6% | -5.7% | -9.3% |
| 10/30/2024 | 9.0% | 17.3% | 10.6% |
| 7/31/2024 | -5.7% | -13.1% | -18.1% |
| 4/30/2024 | 1.0% | 9.6% | 13.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 11 |
| # Negative | 9 | 9 | 10 |
| Median Positive | 3.6% | 8.6% | 13.6% |
| Median Negative | -4.9% | -5.7% | -9.6% |
| Max Positive | 20.9% | 48.6% | 190.3% |
| Max Negative | -10.8% | -13.1% | -39.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 930.00 Mil | 950.00 Mil | 970.00 Mil | -8.2% | Lowered | Guidance: 1.03 Bil for Q1 2026 | |
| Q2 2026 Operating and maintenance expense | 630.00 Mil | 645.00 Mil | 660.00 Mil | 4.9% | Raised | Guidance: 615.00 Mil for Q1 2026 | |
| Q2 2026 General and administrative | 40.00 Mil | 42.50 Mil | 45.00 Mil | -5.6% | Lowered | Guidance: 45.00 Mil for Q1 2026 | |
| Q2 2026 Capital Expenditures | 30.00 Mil | 35.00 Mil | 40.00 Mil | -12.5% | Lowered | Guidance: 40.00 Mil for Q1 2026 | |
| 2026 Revenue | 3.80 Bil | 3.85 Bil | 3.90 Bil | -0.6% | Lowered | Guidance: 3.88 Bil for 2026 | |
| 2026 Operating and maintenance expense | 2.25 Bil | 2.31 Bil | 2.38 Bil | 0 | Affirmed | Guidance: 2.31 Bil for 2026 | |
| 2026 General and administrative | 170.00 Mil | 175.00 Mil | 180.00 Mil | 0 | Affirmed | Guidance: 175.00 Mil for 2026 | |
| 2026 Capital Expenditures | 150.00 Mil | 15.4% | Raised | Guidance: 130.00 Mil for 2026 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | MacKenzie, Roderick James | EVP, Chief Commercial Officer | Direct | Sell | 3052026 | 6.36 | 78,370 | 498,433 | 1,704,639 | Form |
| 2 | Adamson, Keelan | PRESIDENT AND CEO | Direct | Sell | 1282026 | 5.00 | 58,687 | 293,435 | 6,110,910 | Form |
| 3 | Long, Brady K | EVP & Chief Legal Officer | Direct | Sell | 1282026 | 5.00 | 99,293 | 496,465 | 5,230,155 | Form |
| 4 | Adamson, Keelan | PRESIDENT AND CEO | Direct | Sell | 1282026 | 5.00 | 22,846 | 114,230 | 6,404,345 | Form |
| 5 | Long, Brady K | EVP & Chief Legal Officer | Direct | Sell | 1282026 | 5.00 | 16,085 | 80,425 | 5,726,620 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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