Oil States International (OIS) AI Stock Analysis

• Market Cap: $741.44M
• Dividend Yield: N/A
• Average Volume (3M): 1.27M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.46
• Revenue Growth: -11.02%
• EPS Growth: N/A
• Country: US
• Employees: 2,439
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.13
• Shares Outstanding: 59,745,564
• 10 Day Avg. Volume: 2,083,578
• 30 Day Avg. Volume: 1,270,734
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.69
• Price to Sales (P/S): 0.59
• P/FCF Ratio: 5.37
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 1.14
• Enterprise Value/Gross Profit: 8.54
• Enterprise Value/Ebitda: 15.72
• 1Y Price Target: $14.00
• Price Target Upside: 12.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.54
• Revenue Forecast (FY): $684.38M

• Rating: 66 Neutral
• Price Target: $15.50 ▲(24.90% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is anchored by mixed financial performance: weak TTM profitability is a major negative, partially offset by modest leverage and strong free cash flow. Technicals are supportive with strong momentum, but overbought readings add risk. Valuation is only moderate at a 26.67 P/E with no dividend yield provided. Earnings call factors help, with upbeat 2026 guidance and backlog/margin improvements, tempered by impairment-driven GAAP losses and near-term cash flow/seasonality pressures.

Positive Factors

Conservative leverage / balance sheet flexibility

A low debt-to-equity ratio and cash exceeding outstanding debt provide durable financial flexibility. This conservatism reduces refinancing risk in a cyclical sector, supports near-term note retirement, enables targeted capex or buybacks, and cushions margins during downturns.

Strong operating and free cash flow generation

Sustained positive OCF and materially improved free cash flow signal durable cash conversion despite GAAP losses. Reliable cash allows deleveraging, funds capex and restructuring costs, and reduces reliance on external financing in a capital‑intensive, cyclical industry.

Robust backlog and offshore product strength

A decade‑high offshore backlog and strong OMP margins provide multi‑quarter revenue visibility and reflect durable competitive advantages in engineered subsea products. High‑quality bookings support margin sustainability and shift revenue mix toward higher‑margin work.

Negative Factors

Large GAAP loss and major impairments

A significant noncash impairment shrinks recoverable asset bases and signals past capital allocation or asset performance issues. This materially weakens reported equity returns, may constrain future investment choices, and raises questions about asset valuations until performance normalizes.

Material revenue and gross profit deterioration

A sharp top‑line decline and negative gross profit indicate structural pricing or cost pressures and weaken operating leverage. Until revenue mix or pricing recovers, margin sustainability and ability to generate consistent GAAP profits remain impaired despite cash flow.

Ongoing restructuring and asset dispositions

Active restructurings and asset sales reshape the business but create transitional costs, fixed‑cost drag and execution risk. Until dispositions complete and cost savings materialize, margins and working capital will be pressured and operational consistency remains limited.

Oil States International Business Overview & Revenue Model

Company Description

Oil States International, Inc., through its subsidiaries, provides oilfield products and services for the drilling, completion, subsea, production, and infrastructure sectors of the oil and gas industry worldwide. The company operates through three segments: Well Site Services, Downhole Technologies, and Offshore/Manufactured Products. The Well Site Services segment offers a range of equipment and services that are used to drill for, establish, and maintain the flow of oil and natural gas from a well throughout its lifecycle. It also provides wellhead isolation, frac valve, wireline and coiled tubing support, flowback and well testing, pipe recovery systems, gravel pack and sand control, blowout preventer, and drilling services. The Downhole Technologies segment provides oil and gas perforation systems, and downhole tools in support of completion, intervention, wireline, and well abandonment operations. This segment also designs, manufactures, and markets its consumable engineered products to oilfield service, and exploration and production companies. The Offshore/Manufactured Products segment designs, manufactures, and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels; and short-cycle and other products. Its products include flexible bearings, advanced connector systems, high-pressure riser systems, deepwater mooring systems, cranes, subsea pipeline products, and blow-out preventer stack integration products. This segment also provides short-cycle products, such as valves, elastomers, and other specialty products that are used in the land-based drilling and completion markets; and other products for use in industrial, military, and other applications. In addition, it offers specialty welding, fabrication, cladding and machining, offshore installation, and inspection and repair services. The company was incorporated in 1995 and is headquartered in Houston, Texas.

How the Company Makes Money

Oil States International generates revenue through several key streams within its operational segments. The Offshore Products segment earns significant income from the sale and rental of subsea systems and equipment, which are critical for offshore drilling operations. The Onshore Products segment contributes to revenue through the sale of tubular products and related services, catering to the needs of onshore oil and gas producers. The Tubular Services segment enhances earnings by providing inspection, threading, and repair services for tubular goods. Additionally, OIS benefits from strategic partnerships with major oil and gas companies, which can provide long-term contracts and project-based engagements, contributing to consistent revenue flow. Fluctuations in oil prices and global demand for energy services also play a significant role in influencing the company's financial performance.

Oil States International Financial Statement Overview

Summary

Mixed fundamentals: the income statement is weak in TTM with a sharp revenue decline, negative gross profit, and a large net loss (major drag). Offsetting this, the balance sheet is conservatively levered (low debt-to-equity) and cash flow is strong with solid operating and free cash flow, though the gap versus net income suggests uneven earnings quality.

Income Statement

Profitability has deteriorated in TTM (Trailing-Twelve-Months): revenue fell sharply (down ~25%), gross profit turned deeply negative, and the company posted a large net loss with a notably negative net margin. While the business showed a healthier earnings profile in 2023 (positive net income and solid EBITDA margin) and improved versus the heavy losses seen in 2020–2021, the latest period shows a clear reversal with weak pricing/contract economics and compressed margins.

Balance Sheet

The balance sheet is a relative strength: leverage is modest with low debt versus equity (debt-to-equity around 0.13 in TTM, improving from prior years), and equity remains sizable relative to assets. The key weakness is returns—return on equity is negative in TTM due to losses, indicating the capital base is not currently generating positive earnings despite the conservative leverage profile.

Cash Flow

Cash generation is solid in TTM (Trailing-Twelve-Months): operating cash flow and free cash flow are both strong and free cash flow improved materially versus the prior year. However, cash flow quality is mixed because net income is deeply negative while cash flow is positive, suggesting working-capital swings or non-cash items are driving the gap; still, cash flow resilience is a meaningful positive compared with earlier years when free cash flow was negative (e.g., 2021).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	668.99M	692.59M	782.28M	737.71M	573.16M
Gross Profit	85.81M	106.88M	119.12M	95.32M	26.42M
EBITDA	42.83M	55.66M	86.17M	73.84M	17.73M
Net Income	-109.38M	-11.26M	12.89M	-9.54M	-63.99M
Balance Sheet
Total Assets	883.43M	1.01B	1.05B	1.06B	1.09B
Cash, Cash Equivalents and Short-Term Investments	69.91M	65.36M	47.11M	42.02M	52.85M
Total Debt	87.63M	150.56M	161.35M	179.70M	208.68M
Total Liabilities	310.24M	324.45M	336.94M	374.83M	389.92M
Stockholders Equity	573.19M	680.65M	709.54M	689.56M	695.83M
Cash Flow
Free Cash Flow	73.93M	8.39M	25.92M	12.60M	-10.32M
Operating Cash Flow	105.12M	45.89M	56.58M	32.86M	7.19M
Investing Cash Flow	-11.05M	2.70M	-25.59M	-22.73M	-6.63M
Financing Cash Flow	-90.16M	-29.48M	-26.71M	-20.29M	-19.57M

Oil States International Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 12.41
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OIS, the sentiment is Positive. The current price of 12.41 is above the 20-day moving average (MA) of 10.78, above the 50-day MA of 8.95, and above the 200-day MA of 6.50, indicating a bullish trend. The MACD of 1.31 indicates Negative momentum. The RSI at 65.09 is Neutral, neither overbought nor oversold. The STOCH value of 68.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OIS.

Oil States International Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NGS	74 Outperform	$483.27M	25.99	7.15%	0.63%	9.53%	15.48%
FET	68 Neutral	$660.74M	-66.30	-3.16%	―	-1.29%	-123.25%
RNGR	68 Neutral	$403.65M	26.16	5.54%	1.71%	-5.47%	2.24%
OIS	66 Neutral	$741.44M	―	-17.49%	―	-11.02%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CLB	65 Neutral	$785.99M	24.82	12.31%	0.24%	-1.02%	6.34%
PUMP	61 Neutral	$1.50B	1,838.81	-2.05%	―	-11.65%	87.57%

Oil States International Corporate Events

Oil States International Secures New Credit Facility, Targets Debt

On January 28, 2026, Oil States International entered into an amended and restated $125 million cash flow-based credit agreement that replaces its prior asset-based revolving facility, comprising a $75 million revolving credit line and a $50 million multi-draw term loan available to be drawn through July 28, 2026, with both facilities maturing on January 28, 2030. The new agreement, led by Wells Fargo as administrative agent and joined by several other banks, is secured by substantially all U.S. assets and certain foreign subsidiary stock, carries interest tied to Term SOFR or a base rate plus leverage-based margins, and imposes financial maintenance covenants, including minimum interest coverage and maximum leverage ratios. During the fourth quarter of 2025, the company repurchased $50 million of its 4.75% convertible senior notes due April 1, 2026, leaving $53 million outstanding as of December 31, 2025, and with $70 million in cash on hand and no borrowings outstanding under the new facility as of January 28, 2026, it plans to extinguish the remaining notes using a mix of cash and potential draws on the new credit lines, signaling a continued focus on balance sheet management and liquidity flexibility.

The most recent analyst rating on (OIS) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on Oil States International stock, see the OIS Stock Forecast page.