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Transocean vs Noble: RIG and NE compared
Transocean is the larger company: $937M of revenue in its latest quarter (Q3 2026) against $729M for Noble (Q3 2026). Noble is growing faster (-9% against -9% a year earlier). Transocean is more profitable, with an operating margin of 15.3% against 8.2%.
Where the money goes: RIG and NE
Transocean (RIG) · Q3 2026
Transocean, Q3 2026: revenue $937M (-9% year over year), operating margin 15.3%, net earnings $26.0M, operating cash flow $174M. The chart follows the revenue to costs, profit and cash.
Noble (NE) · Q3 2026
Noble, Q3 2026: revenue $729M (-9% year over year), operating margin 8.2%, net loss $117M, operating cash flow $144M. The chart follows the revenue to costs, profit and cash.
| Transocean (RIG) | Noble (NE) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $937M | $729M |
| Revenue growth, Y/Y | -9% | -9% |
| Operating margin | 15.3% | 8.2% |
| Net earnings | $26.0M | −$117M |
| Net margin | 2.8% | -16.1% |
| Operating cash flow | $174M | $144M |
| Free cash flow | $131M | — |
| Market value | $5.9B | $6.5B |
| P/E | 21.0× | 123.8× |
| Analysts’ mean target | $6.56 | $47.17 |
Where the revenue comes from
Transocean
- Ultra-deepwater floaters: $590M (63%)
- Harsh environment floaters: $347M (37%)
Noble
- Oil and Gas Service: $684M (94%)
- Service, Other: $45.1M (6%)
Questions
Which is bigger, Transocean or Noble?
Transocean is the larger company: $937M of revenue in its latest quarter (Q3 2026) against $729M for Noble (Q3 2026).
Is Transocean or Noble growing faster?
Noble is growing faster (-9% against -9% a year earlier).
Which is more profitable, Transocean or Noble?
Transocean is more profitable, with an operating margin of 15.3% against 8.2%.
More: Transocean earnings · how Transocean makes money · Noble earnings · how Noble makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Oct 27, 2026). Fiscal quarters can end on different dates. Not investment advice.