Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Transocean Ltd. (RIG)
A forensic read on Transocean Ltd. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-1.1
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-32.8%
ROE
$6.7B
Market cap
Transocean Ltd. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -1.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-13%Return on invested capital.Return on invested capital is -13% and slipping from -0% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+12.4%/yrShare-count dilution.Diluted share count changed +37% over the last 3 years to FY2025 (+12.4%/yr). The count is GROWING — existing holders are being diluted. That's ~12.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~37%.
Key fundamentals
Net Margin-73.5%
Debt / Equity0.70x
Free Cash Flow$626.0M
Latest Revenue$3.96B
Return on Equity-36.0%
Revenue Growth YoY+12.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Transocean Ltd.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RIG's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown