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Held by 537 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $626.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -21%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.96B 100.0% | $3.52B 100.0% | $2.83B 100.0% | $2.58B 100.0% | $2.56B 100.0% | $3.15B 100.0% | $3.09B 100.0% | $3.02B 100.0% | $2.97B 100.0% | $4.16B 100.0% |
| Cost of Revenue | $2.41B 60.7% | $2.20B 62.4% | $1.99B 70.1% | $1.68B 65.2% | $1.70B 66.4% | $2.00B 63.5% | $2.14B 69.3% | $1.80B 59.6% | $1.39B 46.7% | $1.90B 45.7% |
| Selling, General & Admin | $195.0M 4.9% | $214.0M 6.1% | $187.0M 6.6% | $182.0M 7.1% | $167.0M 6.5% | $183.0M 5.8% | $193.0M 6.3% | $188.0M 6.2% | $156.0M 5.2% | $172.0M 4.1% |
| Total Operating Expenses | $3.26B 82.2% | $3.15B 89.4% | $2.92B 103.0% | $2.60B 100.8% | $2.61B 102.0% | $2.96B 94.0% | $3.19B 103.2% | $2.81B 92.9% | $2.38B 80.0% | $2.97B 71.3% |
| Operating Income | -$2.34B -58.9% | -$417.0M -11.8% | -$325.0M -11.5% | -$31.0M -1.2% | -$112.0M -4.4% | -$493.0M -15.6% | -$721.0M -23.3% | -$1.25B -41.5% | -$2.50B -84.3% | $1.11B 26.6% |
| Interest Expense | $555.0M 14.0% | $362.0M 10.3% | $646.0M 22.8% | $561.0M 21.8% | $447.0M 17.5% | $575.0M 18.2% | $660.0M 21.4% | $620.0M 20.5% | $491.0M 16.5% | $409.0M 9.8% |
| Interest & Investment Income | $40.0M 1.0% | $50.0M 1.4% | $52.0M 1.8% | $27.0M 1.0% | $15.0M 0.6% | $21.0M 0.7% | $43.0M 1.4% | $53.0M 1.8% | $43.0M 1.4% | $20.0M 0.5% |
| Other Income (Expense), net | -$611.0M -15.4% | -$106.0M -3.0% | -$616.0M -21.8% | -$531.0M -20.6% | -$358.0M -14.0% | -$48.0M -1.5% | -$477.0M -15.4% | -$524.0M -17.4% | -$498.0M -16.8% | -$172.0M -4.1% |
| Pretax Income | -$2.95B -74.4% | -$523.0M -14.8% | -$941.0M -33.2% | -$562.0M -21.8% | -$470.0M -18.4% | -$541.0M -17.2% | -$1.20B -38.8% | -$1.77B -58.8% | -$3.00B -101.0% | $934.0M 22.4% |
| Income Tax Expense | -$33.0M -0.8% | -$11.0M -0.3% | $13.0M 0.5% | $59.0M 2.3% | $121.0M 4.7% | $27.0M 0.9% | $59.0M 1.9% | $228.0M 7.6% | $94.0M 3.2% | $107.0M 2.6% |
| Net Income | -$2.92B -73.5% | -$512.0M -14.5% | -$954.0M -33.7% | -$621.0M -24.1% | -$592.0M -23.2% | -$567.0M -18.0% | -$1.25B -40.6% | -$2.00B -66.1% | -$3.13B -105.2% | $778.0M 18.7% |
| Per Share | ||||||||||
| EPS (Basic) | -$3.04 | -$0.60 | -$1.24 | -$0.89 | -$0.93 | -$0.92 | -$2.05 | -$4.27 | -$8.00 | $2.08 |
| EPS (Diluted) | -$3.04 | -$0.76 | -$1.24 | -$0.89 | -$0.93 | -$0.92 | -$2.05 | -$4.27 | -$8.00 | $2.08 |
| Weighted Avg Shares (Basic) | 960.0M | 850.0M | 768.0M | 699.0M | 637.0M | 615.0M | 612.0M | 468.0M | 391.0M | 367.0M |
| Weighted Avg Shares (Diluted) | 960.0M | 925.0M | 768.0M | 699.0M | 637.0M | 615.0M | 612.0M | 468.0M | 391.0M | 367.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $620.0M is below the $1.08B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2012-12-31 (10-K). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~9.8% on $5.66B of debt.
Cash of $620.0M fully covers short-term debt of $445.0M.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $5.58 today, the market must believe free cash flow compounds 12.0%/yr for a decade (off $409.5M on the 3-yr avg basis).
On the basis ($368.5M) the requirement is 13.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 12.0% is more optimistic than its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 1.12B shares (market data) · net debt $5.04B
mean 12.6% · volatility σ 158% · implied rate exceeded in 2/6 yrs
Central path = implied 12.0%/yr growth; shaded band = ±1σ (158%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SLB | $72.4B | 20.8× | — | 2.0× | -1.6% | — | 9.4% | 12.9% | 9.4% | — | 1,646 |
| HAL | $27.3B | — | 9.5× | 1.2× | -3.3% | — | 5.8% | 12.3% | 7.3% | 1.5× | 1,170 |
| NE | $6.9B | 32.2× | — | 2.1× | 7.4% | — | 6.6% | 4.8% | 3.3% | — | — |
| RIG | $6.3B | — | — | 1.6× | 12.5% | 39.3% | -73.5% | -36.0% | -21.2% | — | 537 |
| VAL | $5.9B | 6.2× | 10.3× | 2.5× | 0.3% | 31.2% | 41.5% | 31.0% | 23.1% | 0.8× | — |
| OII | $4.5B | 12.8× | 10.5× | 1.6× | 4.6% | 20.4% | 12.7% | 33.0% | 22.7% | -0.5× | 359 |
| HP | $3.9B | — | 9.2× | 1.0× | 35.9% | — | -4.4% | -5.8% | -3.3% | 3.0× | 363 |
| LBRT | $3.1B | 21.5× | 5.8× | 0.8× | -7.2% | 20.9% | 3.7% | 7.1% | 6.4% | 0.4× | 392 |
| SDRL | $3.1B | — | 11.7× | 2.1× | 3.8% | — | -5.4% | -2.7% | -2.2% | 1.0× | 1 |
| WTTR | $2.5B | — | 81.8× | 1.8× | -3.1% | 14.4% | 1.5% | 2.6% | 1.9% | 8.7× | 252 |
| NESR | $2.1B | 40.4× | 9.3× | 1.6× | 1.7% | 12.4% | 3.9% | 5.3% | 4.2% | 0.5× | 219 |
| XPRO | $1.8B | 36.5× | 6.3× | 1.1× | -6.2% | — | 3.2% | 3.4% | 3.2% | -0.4× | 160 |
| WBI | $1.7B | — | 14.1× | 3.3× | 66.2% | 27.1% | 0.0% | 0.0% | 0.0% | 6.3× | 161 |
| HLX | $1.6B | 50.5× | 5.8× | 1.2× | -4.9% | 12.3% | 2.4% | 2.0% | 1.6% | -0.4× | 277 |
| BORR | $1.5B | 28.2× | 6.9× | 1.4× | 1.0% | — | 4.4% | 3.7% | 1.3% | 3.8× | 194 |
| RES | $1.3B | 40.5× | 5.5× | 0.8× | 15.0% | 24.2% | 2.0% | 2.9% | 2.9% | -1.0× | 210 |
| HPK | $1.3B | 72.2× | 4.0× | 1.5× | -22.7% | — | 2.2% | 1.2% | 0.7% | 1.8× | 150 |
| PUMP | $1.1B | — | 6.1× | 0.8× | -12.1% | — | 0.1% | 0.1% | 0.1% | 0.1× | 263 |
| ACDC | $830M | — | 9.6× | 0.4× | -11.4% | — | -19.0% | -51.4% | -21.2% | 5.2× | 145 |
| CLB | $466M | 16.1× | 7.8× | 0.9× | 0.5% | 20.7% | 5.6% | 11.2% | 7.9% | 1.2× | 181 |
| NGS | $430M | 21.2× | 5.8× | 2.5× | 9.9% | — | 11.6% | 7.3% | 7.3% | 0.0× | 157 |
| RNGR | $363M | 28.3× | 5.8× | 0.7× | -4.2% | — | 2.2% | 4.1% | 4.1% | -0.1× | 144 |
| KLXE | $141M | — | 6.0× | 0.2× | -10.2% | 21.2% | -12.1% | 104% | -42.5% | 3.9× | 61 |
| NCSM | $140M | 6.2× | 6.8× | 0.8× | 13.0% | — | 12.9% | 18.8% | 17.7% | -1.8× | 33 |
| TUSK | $135M | 28.0× | — | 3.0× | -2.9% | — | 10.4% | 1.8% | 1.8% | — | 92 |
Peers = companies sharing RIG's sector (Drilling Oil & Gas Wells) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 86th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -36% against ROIC -21% — -15% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -31.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 36.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 59.6 | 69.3 | 63.5 | 66.4 | 65.2 | 70.1 | 62.4 | 60.7 |
| SG&A | 6.2 | 6.3 | 5.8 | 6.5 | 7.1 | 6.6 | 6.1 | 4.9 |
| Operating Income | -41.5 | -23.3 | -15.6 | -4.4 | -1.2 | -11.5 | -11.8 | -58.9 |
| Income Tax | 7.6 | 1.9 | 0.9 | 4.7 | 2.3 | 0.5 | -0.3 | -0.8 |
| Net Income | -66.1 | -40.6 | -18.0 | -23.2 | -24.1 | -33.7 | -14.5 | -73.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on RIG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 54.3% | 26.6% | 18.7% |
| FY2017 | 53.3% | -84.3% | -105.2% |
| FY2018 | 40.4% | -41.5% | -66.1% |
| FY2019 | 30.7% | -23.3% | -40.6% |
| FY2020 | 36.5% | -15.6% | -18.0% |
| FY2021 | 33.6% | -4.4% | -23.2% |
| FY2022 | 34.8% | -1.2% | -24.1% |
| FY2023 | 29.9% | -11.5% | -33.7% |
| FY2024 | 37.6% | -11.8% | -14.5% |
| FY2025 | 39.3% | -58.9% | -73.5% |
Return on equity is 15 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2012-12-31, 5035 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2012-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $5.65, free cash flow must compound 12.25%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 175.9% | 12.3% |
| FY2022 | −173.3% | 12.3% |
| FY2025 | 224.4% | 12.3% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.