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Transocean vs Valaris: revenue, profit, margins and growth compared

Transocean brought in $4B of revenue in fiscal 2025, Valaris $2.4B in fiscal 2025. Revenue changed by +12.5% at Transocean and +0.3% at Valaris on the year before, so Transocean grew faster. Transocean kept -73.5% of its revenue as net profit, Valaris 41.5%. Free cash flow was $626M at Transocean and $202.7M at Valaris.

Side by side, latest fiscal year

RIGVAL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4B$2.4B
Revenue growth+12.5%+0.3%
Net income-$2.9B$982.8M
Net margin-73.5%41.5%
Free cash flow$626M$202.7M
Free cash flow margin15.8%8.6%
Earnings per share (diluted)-$3.04$13.86
Cash$620M$599.4M
Debt$5.7B$1.1B
Price to earningsn/a5.8
Market value$6B$5.6B
Dividend yieldn/an/a
Rank by revenue in sector#36 of 129 · Energy#52 of 129 · Energy

Over the years

Revenue
RIG FY2018: $3BRIG FY2019: $3.1BRIG FY2020: $3.2BRIG FY2021: $2.6BRIG FY2022: $2.6BRIG FY2023: $2.8BRIG FY2024: $3.5BRIG FY2025: $4BVAL FY2017: $1.8BVAL FY2018: $1.7BVAL FY2019: $2.1BVAL FY2020: $1.4BVAL FY2022: $1.6BVAL FY2023: $1.8BVAL FY2024: $2.4BVAL FY2025: $2.4BFY17FY18FY19FY20FY21FY22FY23FY24FY25
RIG $4BVAL $2.4B
Net income
RIG FY2018: -$2BRIG FY2019: -$1.3BRIG FY2020: -$567MRIG FY2021: -$592MRIG FY2022: -$621MRIG FY2023: -$954MRIG FY2024: -$512MRIG FY2025: -$2.9BVAL FY2017: -$303.7MVAL FY2018: -$639.7MVAL FY2019: -$198MVAL FY2020: -$4.9BVAL FY2022: $176.5MVAL FY2023: $865.4MVAL FY2024: $373.4MVAL FY2025: $982.8MFY17FY18FY19FY20FY21FY22FY23FY24FY25
RIG -$2.9BVAL $982.8M
Net margin
RIG FY2018: -66.1%RIG FY2019: -40.6%RIG FY2020: -18.0%RIG FY2021: -23.2%RIG FY2022: -24.1%RIG FY2023: -33.7%RIG FY2024: -14.5%RIG FY2025: -73.5%VAL FY2017: -16.5%VAL FY2018: -37.5%VAL FY2019: -9.6%VAL FY2020: -340.2%VAL FY2022: 11.0%VAL FY2023: 48.5%VAL FY2024: 15.8%VAL FY2025: 41.5%FY17FY18FY19FY20FY21FY22FY23FY24FY25
RIG -73.5%VAL 41.5%
Revenue growth
RIG FY2019: +2.3%RIG FY2020: +2.1%RIG FY2021: -18.9%RIG FY2022: +0.7%RIG FY2023: +10.0%RIG FY2024: +24.4%RIG FY2025: +12.5%VAL FY2018: -7.5%VAL FY2019: +20.4%VAL FY2020: -30.5%VAL FY2023: +11.3%VAL FY2024: +32.4%VAL FY2025: +0.3%FY18FY19FY20FY21FY22FY23FY24FY25
RIG +12.5%VAL +0.3%
Free cash flow
RIG FY2018: $374MRIG FY2019: -$47MRIG FY2020: $133MRIG FY2021: $367MRIG FY2022: -$269MRIG FY2023: -$263MRIG FY2024: $193MRIG FY2025: $626MVAL FY2017: -$277.3MVAL FY2018: -$482.4MVAL FY2019: -$503.9MVAL FY2020: -$345.5MVAL FY2022: -$80MVAL FY2023: -$428.6MVAL FY2024: -$99.7MVAL FY2025: $202.7MFY17FY18FY19FY20FY21FY22FY23FY24FY25
RIG $626MVAL $202.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about Transocean and Valaris

Which is bigger by revenue, Transocean or Valaris?

Transocean is bigger by revenue: $4B in fiscal 2025, against $2.4B for Valaris in fiscal 2025.

Which keeps more of its revenue as profit, Transocean or Valaris?

Transocean had a net margin of -73.5% in fiscal 2025; Valaris had 41.5% in fiscal 2025.

Which grew revenue faster, Transocean or Valaris?

In their latest fiscal years revenue changed by +12.5% at Transocean and +0.3% at Valaris.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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