Oceaneering International (OII)
NYSE:OII
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Oceaneering International
(NYSE:OII)
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Rating:74Outperform
Price Target:
$43.00
▲(14.82% Upside)
Action:ReiteratedDate:04/24/26
The score is driven primarily by improved underlying financial performance (strong multi-year revenue/profit recovery and reduced leverage) and supportive technical trends (price above major moving averages with positive momentum). This is tempered by only fair valuation (P/E ~24.4 with no dividend yield provided) and a mixed near-term earnings backdrop despite reaffirmed guidance and strong order intake, given Q1 margin pressure and negative quarterly free cash flow.
Positive Factors
Multi-year revenue & margin recovery
Sustained top‑line growth and a multi‑year swing to positive net margins indicate structural improvement in pricing, mix and cost control. This provides a stronger earnings base, enhances scalability across segments, and supports multi‑period investment and deleveraging plans.
Negative Factors
Utilization-driven margin sensitivity
ROV and SSR margins are highly sensitive to fleet utilization and geographic mix; persistent low utilization or continued mix toward lower‑margin regions can structurally compress margins and operating leverage, making earnings and cash flow more cyclical over quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue & margin recovery
Sustained top‑line growth and a multi‑year swing to positive net margins indicate structural improvement in pricing, mix and cost control. This provides a stronger earnings base, enhances scalability across segments, and supports multi‑period investment and deleveraging plans.
Read all positive factors
Oceaneering International (OII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.73B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)24.4
Beta (1Y)1.10
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. Volume1,160,897
30 Day Avg. Volume1,202,673
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)2.26
Price to Sales (P/S)0.87
P/FCF Ratio11.71
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue1.43
Enterprise Value/Gross Profit7.13
Enterprise Value/Ebitda9.82
Forecast
1Y Price Target
$34.33Price Target Upside-8.32% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)1.79
Revenue Forecast (FY)$2.86B
Oceaneering International Business Overview & Revenue Model
Company Description
Oceaneering International, Inc. provides engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. The company's Subsea Robotics segment provides remotel...
How the Company Makes Money
OII makes money by selling a mix of services, rentals, and engineered products across multiple operating segments. A major revenue stream is its ROV business, where it earns fees for operating ROVs and related tooling for customers performing subs...
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 Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 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 | 407.19M | 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 | 1.08B | 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
35.24
Positive
30.87
Positive
27.01
Positive
Market Momentum
0.55
Negative
57.26
Neutral
60.13
Neutral
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 above the 20-day moving average (MA) of 36.18, above the 50-day MA of 35.24, and above the 200-day MA of 27.01, indicating a bullish trend. The MACD of 0.55 indicates Negative momentum. The RSI at 57.26 is Neutral, neither overbought nor oversold. The STOCH value of 60.13 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $3.73B | 24.44 | 34.53% | ― | 2.39% | 88.22% | |
71 Outperform | $1.51B | -27.14 | 0.91% | ― | -2.91% | -82.51% | |
71 Outperform | $4.32B | 168.70 | 23.78% | ― | -0.92% | 78.25% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $2.22B | -8.65 | -8.11% | 10.12% | -8.41% | -356.38% | |
62 Neutral | $2.07B | -115.61 | 0.10% | ― | -15.55% | 91.88% | |
59 Neutral | $7.16B | 84.88 | 1.43% | 3.24% | -1.33% | -84.10% |
* Energy Sector Average
OII
Oceaneering International
37.35
18.78
101.13%
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10.25
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AESI
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46.82%
Oceaneering International Corporate Events
Business Operations and StrategyExecutive/Board Changes
Oceaneering Updates CEO Change-of-Control and Severance Plans
Neutral
Mar 20, 2026
On March 17, 2026, Oceaneering International’s board compensation committee amended and restated the change‑of‑control agreement for president and CEO Roderick A. Larson and updated its companywide Change of Control Plan. The rev...
Regulatory Filings and Compliance
Oceaneering Releases Investor Handout Following Regulation FD Update
Neutral
Feb 25, 2026
Oceaneering International announced that an investor handout for use in institutional investor meetings would be made available for viewing and download on the Investor Relations section of its website starting February 25, 2026, after the market ...
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.