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Oceaneering International
(NYSE:OII)
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Rating:76Outperform
Price Target:
$53.00
▲(0.51% Upside)
Action:Reiterated
Date:07/25/26
The score is driven primarily by improved fundamentals (higher revenue base, meaningfully stronger margins, and sharply better leverage) with solid but somewhat variable cash-flow conversion. Technicals support the uptrend, though overbought signals raise near-term risk. Valuation is middling at ~15x earnings with no dividend-yield support, while recent financing actions modestly strengthen liquidity and flexibility.
Positive Factors
Revenue & margin turnaround
Multi-year revenue expansion with a sustained move to positive and improving margins indicates durable operational improvement and better project mix. Higher net, EBIT and EBITDA margins imply improved pricing power and operating leverage that should support cash generation and reinvestment over 2–6 months.
Negative Factors
Cyclicality and limited market visibility
Revenue and utilization depend on cyclical offshore, industrial and defense spending; management notes limited visibility in key end markets. This structural cyclicality means earnings and utilization can swing across quarters, making backlog conversion and planning uncertain over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin turnaround
Multi-year revenue expansion with a sustained move to positive and improving margins indicates durable operational improvement and better project mix. Higher net, EBIT and EBITDA margins imply improved pricing power and operating leverage that should support cash generation and reinvestment over 2–6 months.
Read all positive factors
Oceaneering International Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales figures by business unit, showing which areas contribute most to the top line and where there might be potential for expansion or risk.
Breaks down sales figures by business unit, showing which areas contribute most to the top line and where there might be potential for expansion or risk.
Data provided by:
The Fly
The FlyOceaneering International (OII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.11B
Dividend YieldN/A
Average Volume (3M)1.26M
Price to Earnings (P/E)15.0
Beta (1Y)0.95
Revenue Growth3.84%
EPS Growth75.32%
CountryUS
Employees11,100
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)3.48
Shares Outstanding99,529,650
10 Day Avg. Volume1,369,415
30 Day Avg. Volume1,263,371
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)2.27
Price to Sales (P/S)0.87
P/FCF Ratio11.71
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$48.67Price Target Upside-7.71% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)1.99
Revenue Forecast (FY)$2.94B
Oceaneering International Business Overview & Revenue Model
Company Description
Headquartered in Houston, Texas, Oceaneering International, Inc., established in 1964, is a global provider of specialized engineering services, innovative products, and advanced robotic solutions. The company serves a diverse clientele spanning t...
How the Company Makes Money
Oceaneering makes money primarily by delivering services and selling engineered products under customer contracts, with revenue generally driven by (a) utilization of its equipment and offshore crews, (b) day-rate/time-and-materials service work, ...
Oceaneering International Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call communicated a clear improvement in financial and operating performance: significant year-over-year revenue growth, a return to operating and net profitability for FY2026, record quarterly results in Canvys, meaningful backlog growth, and tangible progress on strategic initiatives (BES program, Gotion partnership, Made in America focus, AI pilots). Headwinds include a modest Q4 gross margin dip due to product mix, some full-year margin pressure at Canvys, a slight year-over-year reduction in cash, and ongoing macro/visibility risks. On balance, the positive operational and financial momentum and strengthened backlog and pipeline outweigh the noted challenges.Positive Updates
Strong Revenue Growth - Q4 and Full Year
Consolidated net sales for Q4 increased 27.6% to $66.2M (vs. $51.9M prior-year Q4); fiscal 2026 net sales were $228.6M, up 9.4% versus $208.9M in FY2025. This was the company's eighth consecutive quarterly year-over-year sales increase and the highest quarterly net sales since Q3 FY2023.
Negative Updates
Q4 Gross Margin Compression
Consolidated gross margin in Q4 was 31.2% vs. 31.6% in prior-year Q4 (a 40 basis point decline) driven by lower margins in PMT and GES due to product mix, partially offset by improved freight-related margin in Canvys.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth - Q4 and Full Year
Consolidated net sales for Q4 increased 27.6% to $66.2M (vs. $51.9M prior-year Q4); fiscal 2026 net sales were $228.6M, up 9.4% versus $208.9M in FY2025. This was the company's eighth consecutive quarterly year-over-year sales increase and the highest quarterly net sales since Q3 FY2023.
Read all positive updates
Company Guidance
Management guided that Richardson is entering fiscal 2027 expecting continued revenue growth and improved visibility, highlighting an expected multimillion‑dollar BES order in Q1 and a BES pipeline of roughly 50 active opportunities with initial system sizes of ~760 kW and 5 MW (including a booked 17‑unit container order); supporting metrics cited were Q4 net sales up 27.6% to $66.2M and FY26 net sales $228.6M (+9.4%), consolidated gross margin 31.2%, Q4 operating income $3.9M (FY operating income $6.5M), year‑end cash $31.8M with no revolver debt, FY26 capex $4.4M, a $0.06/share quarterly dividend declared, combined PMT+GES backlog up 24.8% and Canvys backlog $40.8M with a Q4 book‑to‑bill of 1.3.Oceaneering International Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.87B | 2.78B | 2.66B | 2.42B | 2.07B | 1.87B |
| Gross Profit | 569.26M | 568.44M | 485.49M | 398.97M | 307.38M | 264.06M |
| EBITDA | 414.32M | 425.13M | 366.28M | 302.54M | 238.24M | 172.82M |
| Net Income | 350.06M | 353.76M | 147.47M | 97.40M | 25.94M | -49.31M |
Balance Sheet | ||||||
| Total Assets | 2.69B | 2.67B | 2.34B | 2.24B | 2.03B | 1.96B |
| Cash, Cash Equivalents and Short-Term Investments | 629.47M | 688.87M | 504.52M | 461.57M | 575.11M | 544.34M |
| Total Debt | 822.16M | 487.42M | 851.75M | 848.66M | 872.39M | 879.35M |
| Total Liabilities | 1.52B | 1.59B | 1.62B | 1.60B | 1.51B | 1.45B |
| Stockholders Equity | 1.17B | 1.07B | 714.26M | 628.02M | 519.74M | 504.96M |
Cash Flow | ||||||
| Free Cash Flow | 223.24M | 207.85M | 96.08M | 109.23M | 39.84M | 175.12M |
| Operating Cash Flow | 318.48M | 318.86M | 203.21M | 209.96M | 120.88M | 225.31M |
| Investing Cash Flow | -84.81M | -96.23M | -124.17M | -86.35M | -76.86M | -34.16M |
| Financing Cash Flow | -19.95M | -45.55M | -27.04M | -227.30M | -1.86M | -101.68M |
Oceaneering International Technical Analysis
Positive
52.73
Price Trends
42.92
Positive
40.09
Positive
34.25
Positive
Market Momentum
2.30
Positive
63.39
Neutral
81.49
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OII, the sentiment is Positive. The current price of 52.73 is above the 20-day moving average (MA) of 48.37, above the 50-day MA of 42.92, and above the 200-day MA of 34.25, indicating a bullish trend. The MACD of 2.30 indicates Positive momentum. The RSI at 63.39 is Neutral, neither overbought nor oversold. The STOCH value of 81.49 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OII.
Oceaneering International Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $5.11B | 15.00 | 32.92% | ― | 3.84% | 75.32% | |
72 Outperform | $4.55B | 18.92 | 18.74% | ― | -1.02% | 28.16% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $1.49B | 38.63 | 0.91% | ― | 1.97% | -51.44% | |
56 Neutral | $1.42B | -107.08 | -1.49% | ― | -15.14% | 92.26% | |
52 Neutral | $7.36B | 81.31 | 1.53% | 2.02% | -1.63% | -78.44% | |
52 Neutral | $1.47B | -13.11 | -10.04% | 8.28% | -8.11% | -822.25% |
* Energy Sector Average
OII
Oceaneering International
52.20
29.82
133.24%
HLX
Helix Energy
10.43
4.71
82.34%
NOV
NOV
21.14
9.26
77.92%
TDW
Tidewater
94.28
38.24
68.24%
PUMP
Propetro Holding
12.10
7.31
152.61%
AESI
Atlas Energy Solutions
12.45
1.20
10.67%
Oceaneering International Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Oceaneering Releases Investor Handout for Institutional Meetings
Neutral
Jul 24, 2026
Oceaneering International announced that an investor handout for use in institutional investor meetings will be made available for viewing and download on its Investor Relations website beginning July 24, 2026, after the market close. The company ...
Business Operations and StrategyPrivate Placements and Financing
Oceaneering International Boosts Liquidity With New Financing
Positive
Jul 7, 2026
On July 6, 2026, Oceaneering International completed a $500 million private placement of 6.875% senior unsecured notes due July 15, 2034 to institutional and non-U.S. investors, establishing a new layer of long-term funding that ranks pari passu w...
Business Operations and StrategyPrivate Placements and Financing
Oceaneering Announces New Senior Notes for Debt Refinancing
Positive
Jun 26, 2026
On June 24, 2026, Oceaneering International, Inc. agreed to issue and sell $500 million of 6.875% Senior Notes due 2034 in a private offering to qualified institutional buyers in the U.S. and certain investors abroad, with the deal expected to clo...
Business Operations and StrategyPrivate Placements and Financing
Oceaneering International Announces $500 Million Senior Notes Offering
Positive
Jun 24, 2026
On June 24, 2026, Oceaneering International announced a private offering of $500 million in senior notes due 2034, to be sold to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S. The notes will not be reg...
Executive/Board ChangesShareholder Meetings
Oceaneering Shareholders Reelect Directors and Approve Executive Pay
Positive
May 18, 2026
At its May 15, 2026 annual meeting of shareholders, Oceaneering International investors elected three board-nominated Class I directors—William B. Berry, Reema Poddar and Jon Erik Reinhardsen—to new three-year terms set to run through ...
Business Operations and StrategyRegulatory Filings and Compliance
Oceaneering International Releases New Investor Presentation Handout
Neutral
May 5, 2026
Oceaneering International announced that an investor handout intended for use in institutional investor meetings will be made available for viewing and download on its Investor Relations website beginning May 5, 2026, after the market close. The r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.