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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and Transocean Ltd. (RIG), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Transocean Ltd. is the larger business by last-quarter revenue ($1.0B vs $202.2M, roughly 5.2× FORUM ENERGY TECHNOLOGIES, INC.). Transocean Ltd. runs the higher net margin — 1.0% vs 2.4%, a 1.4% gap on every dollar of revenue. On growth, Transocean Ltd. posted the faster year-over-year revenue change (9.6% vs 0.6%). Transocean Ltd. produced more free cash flow last quarter ($321.0M vs $20.9M). Over the past eight quarters, Transocean Ltd.'s revenue compounded faster (16.9% CAGR vs -0.0%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
Transocean Ltd. is an American drilling company. It is the world's largest offshore drilling contractor based on revenue and is based in Steinhausen, Switzerland. The company has offices in 20 countries, including Canada, the United States, Norway, United Kingdom, India, Brazil, Singapore, Indonesia, and Malaysia.
FET vs RIG — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $202.2M | $1.0B |
| Net Profit | $2.1M | $25.0M |
| Gross Margin | 30.2% | 42.0% |
| Operating Margin | 6.3% | 23.0% |
| Net Margin | 1.0% | 2.4% |
| Revenue YoY | 0.6% | 9.6% |
| Net Profit YoY | 102.0% | 257.1% |
| EPS (diluted) | $0.25 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $202.2M | $1.0B | ||
| Q3 25 | $196.2M | $1.0B | ||
| Q2 25 | $199.8M | $988.0M | ||
| Q1 25 | $193.3M | $906.0M | ||
| Q4 24 | $201.0M | $952.0M | ||
| Q3 24 | $207.8M | $948.0M | ||
| Q2 24 | $205.2M | $861.0M | ||
| Q1 24 | $202.4M | $763.0M |
| Q4 25 | $2.1M | $25.0M | ||
| Q3 25 | $-20.6M | $-1.9B | ||
| Q2 25 | $7.7M | $-938.0M | ||
| Q1 25 | $1.1M | $-79.0M | ||
| Q4 24 | $-103.5M | $7.0M | ||
| Q3 24 | $-14.8M | $-494.0M | ||
| Q2 24 | $-6.7M | $-123.0M | ||
| Q1 24 | $-10.3M | $98.0M |
| Q4 25 | 30.2% | 42.0% | ||
| Q3 25 | 20.5% | 43.2% | ||
| Q2 25 | 29.7% | 39.4% | ||
| Q1 25 | 30.2% | 31.8% | ||
| Q4 24 | 31.1% | 39.2% | ||
| Q3 24 | 31.6% | 40.6% | ||
| Q2 24 | 30.7% | 38.0% | ||
| Q1 24 | 31.5% | 31.5% |
| Q4 25 | 6.3% | 23.0% | ||
| Q3 25 | -3.1% | -163.1% | ||
| Q2 25 | 7.4% | -97.6% | ||
| Q1 25 | 4.6% | 7.1% | ||
| Q4 24 | -53.1% | 13.7% | ||
| Q3 24 | 4.3% | -51.2% | ||
| Q2 24 | 3.9% | -6.9% | ||
| Q1 24 | 1.6% | -0.4% |
| Q4 25 | 1.0% | 2.4% | ||
| Q3 25 | -10.5% | -187.1% | ||
| Q2 25 | 3.9% | -94.9% | ||
| Q1 25 | 0.6% | -8.7% | ||
| Q4 24 | -51.5% | 0.7% | ||
| Q3 24 | -7.1% | -52.1% | ||
| Q2 24 | -3.3% | -14.3% | ||
| Q1 24 | -5.1% | 12.8% |
| Q4 25 | $0.25 | $0.13 | ||
| Q3 25 | $-1.76 | $-2.00 | ||
| Q2 25 | $0.61 | $-1.06 | ||
| Q1 25 | $0.09 | $-0.11 | ||
| Q4 24 | $-8.41 | $-0.14 | ||
| Q3 24 | $-1.20 | $-0.58 | ||
| Q2 24 | $-0.54 | $-0.15 | ||
| Q1 24 | $-0.85 | $0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $34.7M | $620.0M |
| Total DebtLower is stronger | $135.9M | $5.2B |
| Stockholders' EquityBook value | $291.1M | $8.1B |
| Total Assets | $752.5M | $15.6B |
| Debt / EquityLower = less leverage | 0.47× | 0.64× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $34.7M | $620.0M | ||
| Q3 25 | $31.7M | $833.0M | ||
| Q2 25 | $39.0M | $377.0M | ||
| Q1 25 | $31.1M | $263.0M | ||
| Q4 24 | $44.7M | $560.0M | ||
| Q3 24 | $33.3M | $435.0M | ||
| Q2 24 | $31.8M | $475.0M | ||
| Q1 24 | $48.5M | $446.0M |
| Q4 25 | $135.9M | $5.2B | ||
| Q3 25 | $140.0M | $4.8B | ||
| Q2 25 | $159.3M | $5.9B | ||
| Q1 25 | $171.4M | $5.9B | ||
| Q4 24 | $188.4M | $6.2B | ||
| Q3 24 | $231.5M | $6.5B | ||
| Q2 24 | $252.9M | $6.8B | ||
| Q1 24 | $287.5M | $6.8B |
| Q4 25 | $291.1M | $8.1B | ||
| Q3 25 | $297.3M | $8.1B | ||
| Q2 25 | $334.2M | $9.4B | ||
| Q1 25 | $320.0M | $10.2B | ||
| Q4 24 | $319.9M | $10.3B | ||
| Q3 24 | $443.5M | $10.2B | ||
| Q2 24 | $442.0M | $10.7B | ||
| Q1 24 | $446.2M | $10.5B |
| Q4 25 | $752.5M | $15.6B | ||
| Q3 25 | $770.1M | $16.2B | ||
| Q2 25 | $810.1M | $17.8B | ||
| Q1 25 | $790.1M | $19.0B | ||
| Q4 24 | $816.0M | $19.4B | ||
| Q3 24 | $973.7M | $19.5B | ||
| Q2 24 | $976.8M | $20.3B | ||
| Q1 24 | $1.0B | $19.9B |
| Q4 25 | 0.47× | 0.64× | ||
| Q3 25 | 0.47× | 0.60× | ||
| Q2 25 | 0.48× | 0.63× | ||
| Q1 25 | 0.54× | 0.58× | ||
| Q4 24 | 0.59× | 0.60× | ||
| Q3 24 | 0.52× | 0.64× | ||
| Q2 24 | 0.57× | 0.63× | ||
| Q1 24 | 0.64× | 0.65× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $22.4M | $349.0M |
| Free Cash FlowOCF − Capex | $20.9M | $321.0M |
| FCF MarginFCF / Revenue | 10.3% | 30.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.8% | 2.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 10.83× | 13.96× |
| TTM Free Cash FlowTrailing 4 quarters | $64.4M | $626.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $22.4M | $349.0M | ||
| Q3 25 | $22.9M | $246.0M | ||
| Q2 25 | $15.8M | $128.0M | ||
| Q1 25 | $9.3M | $26.0M | ||
| Q4 24 | $38.5M | $206.0M | ||
| Q3 24 | $25.6M | $194.0M | ||
| Q2 24 | $23.1M | $133.0M | ||
| Q1 24 | $5.0M | $-86.0M |
| Q4 25 | $20.9M | $321.0M | ||
| Q3 25 | $21.5M | $235.0M | ||
| Q2 25 | $14.8M | $104.0M | ||
| Q1 25 | $7.2M | $-34.0M | ||
| Q4 24 | $36.1M | $177.0M | ||
| Q3 24 | $24.3M | $136.0M | ||
| Q2 24 | $21.6M | $49.0M | ||
| Q1 24 | $2.1M | $-169.0M |
| Q4 25 | 10.3% | 30.8% | ||
| Q3 25 | 10.9% | 22.9% | ||
| Q2 25 | 7.4% | 10.5% | ||
| Q1 25 | 3.7% | -3.8% | ||
| Q4 24 | 18.0% | 18.6% | ||
| Q3 24 | 11.7% | 14.3% | ||
| Q2 24 | 10.5% | 5.7% | ||
| Q1 24 | 1.0% | -22.1% |
| Q4 25 | 0.8% | 2.7% | ||
| Q3 25 | 0.7% | 1.1% | ||
| Q2 25 | 0.5% | 2.4% | ||
| Q1 25 | 1.1% | 6.6% | ||
| Q4 24 | 1.2% | 3.0% | ||
| Q3 24 | 0.6% | 6.1% | ||
| Q2 24 | 0.7% | 9.8% | ||
| Q1 24 | 1.4% | 10.9% |
| Q4 25 | 10.83× | 13.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.05× | — | ||
| Q1 25 | 8.31× | — | ||
| Q4 24 | — | 29.43× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.88× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
FET
| Drilling And Completions Segment | $127.2M | 63% |
| Artificial Lift And Downhole Segment | $75.5M | 37% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |