NE vs RIG: Noble Corporation and Transocean compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Noble Corporation is the larger company, worth $7.0B, close to Transocean's $6.3B.
- Transocean grew revenue faster over the last year (-2.2% vs -15.2%).
- Noble Corporation keeps more of each dollar of revenue as operating profit (11.4% vs -24.2%).
- Noble Corporation's price assumes faster free cash flow growth: about 2% a year, against -4% for Transocean (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NE | RIG |
|---|---|---|
| Market cap | $7.0B | $6.3B |
| Share price | $42.36 | $5.51 |
| Revenue (last fiscal year) | $3.3B | $4.0B |
| Free cash flow (last fiscal year) | $432M | $626M |
| Revenue growth, last year | -15.2% | -2.2% |
| Revenue growth per year, last 5 fiscal years | +27.8% | +11.6% |
| Operating margin | 11.4% | -24.2% |
| Net margin | 4.9% | -40.2% |
| Return on equity | 3.3% | -19.8% |
| P/E (trailing) | 30.6x | — |
| Price / free cash flow | 16.1x | 10.1x |
| EV / EBITDA | 9.31x | — |
| FCF growth the price implies | 2.2% | -4.0% |
| Dividend yield | 4.5% | — |
| Debt / equity | 0.61x | 0.81x |
| Fundamental grade | D | D |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Noble Corporation
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $964M | $124M | -422.8% |
| 2022 | $1.4B | $107M | 16.2% |
| 2023 | $2.6B | $165M | 22.2% |
| 2024 | $3.1B | $80M | 19.8% |
| 2025 | $3.3B | $432M | 12.6% |
Transocean
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $367M | -4.4% |
| 2022 | $2.6B | -$269M | -1.2% |
| 2023 | $2.8B | -$263M | -11.5% |
| 2024 | $3.5B | $193M | -11.8% |
| 2025 | $4.0B | $626M | -58.9% |
Where the revenue comes from
Noble Corporation · by products, 2025
Contract drilling services$3.1B95%
Reimbursables and other$178M5%
Transocean · by products, 2025
Ultra-deepwater floaters$2.8B70%
Harsh environment floaters$1.2B30%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NE in InvestinglyQuestions
Which is bigger, Noble Corporation or Transocean?
Noble Corporation (NE), at $7.0B against $6.3B.
Which grows faster, NE or RIG?
Transocean: revenue grew -2.2% over the last year, against -15.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.