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Oceaneering International
(NYSE:OII)
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Rating:76Outperform
Price Target:
$44.00
▲(17.49% Upside)
Action:Reiterated
Date:07/08/26
The score is driven primarily by strong underlying financial performance (multi-year revenue and profitability recovery, healthier leverage, improving free cash flow) and supportive technical trend (price above major moving averages). Offsetting factors include Q1 earnings call headwinds (profitability/FCF decline and SSR margin pressure despite reaffirmed guidance) and a financing-driven liquidity boost that also introduces higher-cost long-term debt; valuation appears reasonable with a ~11.5 P/E but no dividend support provided.
Positive Factors
Improved Capital Structure
A materially stronger capital structure and higher equity provide durable financial flexibility: lower leverage reduces refinancing risk, supports investment in fleet and technology, and enables resilience through industry cyclicality while preserving capacity for opportunistic M&A or capital allocation.
Negative Factors
SSR Utilization & Margin Pressure
Lower utilization and a geographic mix toward lower‑margin regions compress sustainable SSR profitability. Because SSR is a core cash engine, repeated utilization variability risks recurring margin volatility, weaker cash conversion and greater sensitivity to offshore demand cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Capital Structure
A materially stronger capital structure and higher equity provide durable financial flexibility: lower leverage reduces refinancing risk, supports investment in fleet and technology, and enables resilience through industry cyclicality while preserving capacity for opportunistic M&A or capital allocation.
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
$4.20B
Dividend YieldN/A
Average Volume (3M)1.12M
Price to Earnings (P/E)12.5
Beta (1Y)1.05
Revenue Growth2.39%
EPS Growth88.22%
CountryUS
Employees10,400
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)3.37
Shares Outstanding99,744,640
10 Day Avg. Volume1,305,057
30 Day Avg. Volume1,115,681
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 Cap0.90
Enterprise Value/Revenue1.35
Enterprise Value/Gross Profit6.75
Enterprise Value/Ebitda9.15
Forecast
1Y Price Target
$38.33Price Target Upside2.36% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)1.82
Revenue Forecast (FY)$2.91B
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:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: revenue growth, strong order intake (~$1B) and technology/product milestones provide meaningful forward visibility and support the reaffirmed full-year guidance. However, material declines in operating income, net income and adjusted EBITDA, negative free cash flow in the quarter, SSR margin pressure from lower utilization and regional mix shifts, and an accrual in Ad Tech temper near-term results. Management expects sequential improvement in Q2 and a stronger second half driven by seasonality, backlog conversion and recent contract awards, which supports a cautiously constructive outlook despite current profitability challenges.Positive Updates
Consolidated Revenue Growth
Consolidated revenue of $692 million in Q1 2026, up 3% year-over-year, driven by increases in SSR, Manufactured Products and Ad Tech.
Negative Updates
Declines in Profitability
Operating income fell to $57.8 million (-21% YoY) and net income was $36.0 million (-28% YoY, $0.36/share). Adjusted EBITDA declined to $83.7 million (-13% YoY), materially impacted by a record Q1 in the prior year.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Consolidated revenue of $692 million in Q1 2026, up 3% year-over-year, driven by increases in SSR, Manufactured Products and Ad Tech.
Read all positive updates
Company Guidance
Oceaneering reaffirmed guidance for Q2 and full-year 2026, expecting sequential improvement with Q2 revenue to increase and consolidated EBITDA of $100–110 million, and reiterating full‑year consolidated revenue growth of low‑ to mid‑single digits and EBITDA of $390–440 million; segment outlooks include SSR full‑year revenue growth of low‑ to mid‑single digits, average ROV revenue per day utilized modestly higher than 2025, fleet utilization in the mid‑60% range (Q1 utilization was 61%), drill‑support market share of 55–60% and SSR EBITDA margins in the mid‑30% range (Q2: higher revenue, flat operating income); Manufactured Products expects mid‑single‑digit Q2 revenue and operating income growth, full‑year operating income higher on slightly lower revenue with margins in the mid‑teens, backlog $492 million and a full‑year book‑to‑bill of 0.9–1.0; OPG (Offshore Project Group) sees Q2 flat revenue and lower operating income and a full year of lower revenue and significantly lower operating income with mid‑teens margins; IMDS (MDS) expects Q2 declines but still full‑year revenue and operating income growth with mid‑single‑digit margins; AdTech forecasts significantly higher Q2 and full‑year revenue and operating income with margins in the low‑teens; unallocated expenses are expected to be ~$50 million (reflecting wage inflation, FX and IT), and the company cited strong visibility from a ~ $1.0 billion Q1 order intake (including ~$300 million in SSR awards), maintained liquidity of $822 million, and a 250‑unit ROV fleet with 83 ROV contracts on 143 floating rigs (58% market share).Oceaneering International Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.80B | 2.78B | 2.66B | 2.42B | 2.07B | 1.87B |
| Gross Profit | 560.70M | 568.44M | 485.49M | 398.97M | 307.38M | 264.06M |
| EBITDA | 413.34M | 425.13M | 366.28M | 302.54M | 238.24M | 172.82M |
| Net Income | 339.49M | 353.76M | 147.47M | 97.40M | 25.94M | -49.31M |
Balance Sheet | ||||||
| Total Assets | 2.64B | 2.67B | 2.34B | 2.24B | 2.03B | 1.96B |
| Cash, Cash Equivalents and Short-Term Investments | 607.47M | 688.87M | 504.52M | 461.57M | 575.11M | 544.34M |
| Total Debt | 848.83M | 487.42M | 851.75M | 848.66M | 872.39M | 879.35M |
| Total Liabilities | 1.53B | 1.59B | 1.62B | 1.60B | 1.51B | 1.45B |
| Stockholders Equity | 1.11B | 1.07B | 714.26M | 628.02M | 519.74M | 504.96M |
Cash Flow | ||||||
| Free Cash Flow | 240.13M | 207.85M | 96.08M | 109.23M | 39.84M | 175.12M |
| Operating Cash Flow | 342.46M | 318.86M | 203.21M | 209.96M | 120.88M | 225.31M |
| Investing Cash Flow | -89.26M | -96.23M | -124.17M | -86.35M | -76.86M | -34.16M |
| Financing Cash Flow | -38.73M | -45.55M | -27.04M | -227.30M | -1.86M | -101.68M |
Oceaneering International Technical Analysis
Positive
37.45
Price Trends
38.34
Positive
37.16
Positive
31.44
Positive
Market Momentum
0.78
Negative
63.41
Neutral
88.84
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 37.45 is below the 20-day moving average (MA) of 38.74, below the 50-day MA of 38.34, and above the 200-day MA of 31.44, indicating a bullish trend. The MACD of 0.78 indicates Negative momentum. The RSI at 63.41 is Neutral, neither overbought nor oversold. The STOCH value of 88.84 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 | $4.20B | 12.49 | 34.58% | ― | 2.39% | 88.22% | |
67 Neutral | $3.65B | 12.12 | 23.78% | ― | -0.92% | 78.25% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $1.36B | 88.93 | 0.91% | ― | -2.91% | -82.51% | |
60 Neutral | $1.58B | -110.06 | -1.43% | ― | -15.55% | 91.88% | |
60 Neutral | $1.80B | -17.95 | -8.11% | 10.12% | -8.41% | -356.38% | |
58 Neutral | $6.78B | 78.54 | 1.45% | 3.24% | -1.33% | -84.10% |
* Energy Sector Average
OII
Oceaneering International
42.10
21.00
99.53%
HLX
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9.22
2.89
45.66%
NOV
NOV
18.89
5.95
46.02%
TDW
Tidewater
73.37
22.99
45.63%
PUMP
Propetro Holding
12.87
6.60
105.26%
AESI
Atlas Energy Solutions
14.39
0.70
5.11%
Oceaneering International Corporate Events
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.