PTEN vs RIG: Patterson-UTI Energy 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.
- Transocean is the larger company, worth $6.3B, about 1.4 times Patterson-UTI Energy.
- Patterson-UTI Energy grew revenue faster over the last year (+0.7% vs -2.2%).
- Patterson-UTI Energy keeps more of each dollar of revenue as operating profit (-1.1% vs -24.2%).
- Patterson-UTI Energy'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 | PTEN | RIG |
|---|---|---|
| Market cap | $4.4B | $6.3B |
| Share price | $11.31 | $5.51 |
| Revenue (last fiscal year) | $4.8B | $4.0B |
| Free cash flow (last fiscal year) | $372M | $626M |
| Revenue growth, last year | +0.7% | -2.2% |
| Revenue growth per year, last 5 fiscal years | +37.3% | +11.6% |
| Operating margin | -1.1% | -24.2% |
| Net margin | -1.9% | -40.2% |
| Return on equity | -2.9% | -19.8% |
| P/E (trailing) | — | — |
| Price / free cash flow | 11.8x | 10.1x |
| EV / EBITDA | 6.53x | — |
| FCF growth the price implies | -1.9% | -4.0% |
| Dividend yield | 2.8% | — |
| Debt / equity | 0.73x | 0.81x |
| Fundamental grade | D | D |
| Superinvestors holding it | 5 | 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.
Patterson-UTI Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.4B | -$71M | -49.9% |
| 2022 | $2.6B | $129M | 8.0% |
| 2023 | $4.1B | $390M | 8.5% |
| 2024 | $5.4B | $497M | -16.5% |
| 2025 | $4.8B | $372M | -0.85% |
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
Patterson-UTI Energy · by segments, 2025
Completion Services$2.9B60%
Drilling Services$1.6B32%
Drilling Products$344M7%
Other$33M1%
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 PTEN in InvestinglyQuestions
Which is bigger, Patterson-UTI Energy or Transocean?
Transocean (RIG), at $6.3B against $4.4B.
Which grows faster, PTEN or RIG?
Patterson-UTI Energy: revenue grew +0.7% over the last year, against -2.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.