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The Moat Index

Transocean Ltd.

RIG · Materials · $5.7B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

23/ 100
No moat

The four filters

Pricing power44

Median gross margin 37.1% over 10y, variable.

Returns on capital0

Median ROIC -2.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -4x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$5.14
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

Transocean Ltd. booked $4.0B of revenue in FY2025 in the Materials sector and kept 39.3% of it as gross profit — a solid-margin business by that measure. After every other cost, −73.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $6.4B (FY2007) to $4.0B (FY2025) — about −2.6% a year compounded over 18 years.

It earned −14.0% on invested capital in FY2025, with a median of −0.5% across 19 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $5.7B of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 245.0% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (44/100) and Returns on Capital the weakest (0/100), which is how RIG lands at 23/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from RIG’s SEC filings

RevenueSales, as filed$4.0B FY2025
$0$5B$10B2006201320202025
Gross marginRevenue kept after cost of goods39.3% FY2025
0%20%40%2006201320202025
Return on invested capitalOperating profit on the capital employed−14.0% FY2025
0%20%2006201320202025
Owner earningsCash an owner could take out−$2.4B FY2025
−$5B$02006201320202025

Gaps in a line mean that item isn’t in RIG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale23.4 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — RIG has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#171 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #169RCON Recon Technology, Ltd23.8No moat
  2. #170SND Smart Sand, Inc.23.8No moat
  3. #172ALB Albemarle Corporation23.1No moat
  4. #173MOS MOSAIC CO22.9No moat

Compare RIG with its nearest peers →All Materials companies on the Index →

Common questions about RIG

Does Transocean Ltd. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Transocean Ltd. (RIG) 23.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 44, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has RIG's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 23.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell RIG. See the disclaimer.

Transocean Ltd. (RIG) Moat Score — The Moat Index · Buy Like Buffett