Oil States International (OIS)
NYSE:OIS
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Oil States International
(NYSE:OIS)
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Rating:60Neutral
Price Target:
$13.00
▲(8.42% Upside)
Action:ReiteratedDate:03/24/26
Overall score reflects near-term earnings pressure and negative TTM profitability as the biggest drag, balanced by solid cash generation and a low-leverage balance sheet. Technicals are moderately supportive, while valuation is constrained by losses (negative P/E). The latest earnings call improves the outlook with higher 2026 revenue/EBITDA guidance and strong backlog, though impairments/restructuring and near-term cash flow headwinds remain key risks.
Positive Factors
Conservative leverage and liquidity
Low leverage and a sizable equity base give durable financial flexibility across cycles. With cash on hand exceeding debt and a $125M credit facility, the company can fund capex, retire near‑term notes, support working capital and pursue higher‑margin opportunities without immediate refinancing risk.
Negative Factors
Large GAAP loss and impairments
Material impairments signal diminished recoverable value in Downhole assets and reflect either demand deterioration or prior overinvestment. Such write‑downs shrink the capital base, limit near‑term ROIC potential and create a legacy earnings drag that can depress reported returns until asset performance and utilization recover.
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Positive Factors
Negative Factors
Conservative leverage and liquidity
Low leverage and a sizable equity base give durable financial flexibility across cycles. With cash on hand exceeding debt and a $125M credit facility, the company can fund capex, retire near‑term notes, support working capital and pursue higher‑margin opportunities without immediate refinancing risk.
Read all positive factors
Oil States International (OIS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$722.48M
Dividend YieldN/A
Average Volume (3M)1.40M
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue Growth-11.02%
EPS GrowthN/A
CountryUS
Employees2,439
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.13
Shares Outstanding60,206,306
10 Day Avg. Volume1,066,890
30 Day Avg. Volume1,401,631
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.69
Price to Sales (P/S)0.59
P/FCF Ratio5.37
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue1.11
Enterprise Value/Gross Profit8.26
Enterprise Value/Ebitda15.21
Forecast
1Y Price Target
$14.00Price Target Upside16.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.54
Revenue Forecast (FY)$684.38M
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 thre...
How the Company Makes Money
OIS primarily makes money by selling and servicing specialized equipment and technologies used in oil and gas development and production, with revenue generated through a mix of product sales, service work, and rentals depending on the business li...
Oil States International Earnings Call Summary
Earnings Call Date:Feb 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call highlights substantial operational improvement: revenue and adjusted EBITDA growth, exceptional cash generation, a materially stronger backlog (decade-high), margin expansion in core segments, and strategic repositioning toward higher-margin offshore and international markets. These positives are tempered by a large GAAP net loss driven by a $112 million impairment in Downhole Technologies, ongoing restructuring and facility exits with associated costs, tariff-driven cost pressure on perforating, and near-term seasonality/working-capital headwinds. Management positioned the impairments and restructuring as largely nonrecurring and emphasized deleveraging, share repurchases, and a constructive 2026 guidance profile, indicating confidence in recovery and durable margins.Positive Updates
Revenue and EBITDA Growth in Q4
Consolidated revenues of $178 million in Q4 2025, up 8% sequentially and 8% year-over-year; adjusted consolidated EBITDA of $23 million, up 9% sequentially and at the top of the guided consolidated EBITDA range provided in Q3 2025.
Negative Updates
Large Net Loss and Significant Impairments
Reported a GAAP net loss of $117 million, or $2.04 per share, in Q4 2025 that included long-lived asset impairments, restructuring charges, and valuation allowances. The Downhole Technologies segment recorded noncash long-lived asset and inventory impairment charges totaling $112 million in the quarter (including write-down of acquisition intangibles).
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Q4-2025 Updates
Positive
Negative
Revenue and EBITDA Growth in Q4
Consolidated revenues of $178 million in Q4 2025, up 8% sequentially and 8% year-over-year; adjusted consolidated EBITDA of $23 million, up 9% sequentially and at the top of the guided consolidated EBITDA range provided in Q3 2025.
Read all positive updates
Company Guidance
Oil States guided 2026 full‑year revenues of $680–$700 million and full‑year EBITDA of $90–$95 million (both up meaningfully year‑over‑year), with first‑quarter 2026 revenue expected at $150–$155 million and EBITDA of $18–$19 million (Q1 is historically the weakest quarter). Management expects 2026 cash flows from operations of $60–$65 million and CapEx of $20–$25 million; by comparison, 2025 produced $105 million of operating cash flow, $94 million of free cash flow, adjusted consolidated EBITDA of $83 million, adjusted net income of $22 million (adjusted EPS $0.37), and Q4 operating cash flow of $50 million (up 63% sequentially) on Q4 revenue of $178 million and adjusted EBITDA of $23 million. The company ended 2025 with cash on hand exceeding outstanding debt by $15 million (cash on hand $70 million; $53 million of convertible notes outstanding planned to be retired by 04/01/2026) and has a new credit agreement providing up to $75 million of revolver capacity and $50 million of term‑loan availability.Oil States International Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
72
Positive
Cash Flow
67
Positive
| 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
Neutral
11.99
Price Trends
10.58
Positive
8.63
Positive
7.12
Positive
Market Momentum
0.37
Positive
52.49
Neutral
51.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OIS, the sentiment is Neutral. The current price of 11.99 is below the 20-day moving average (MA) of 12.40, above the 50-day MA of 10.58, and above the 200-day MA of 7.12, indicating a neutral trend. The MACD of 0.37 indicates Positive momentum. The RSI at 52.49 is Neutral, neither overbought nor oversold. The STOCH value of 51.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for OIS.
Oil States International Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $498.97M | 21.17 | 7.43% | 0.63% | 9.53% | 15.48% | |
68 Neutral | $678.52M | -45.45 | -3.11% | ― | -1.29% | -123.25% | |
68 Neutral | $406.71M | 24.42 | 5.54% | 1.71% | -5.47% | 2.24% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | $756.15M | 26.31 | 11.94% | 0.24% | -1.02% | 6.34% | |
61 Neutral | $1.79B | 1,198.42 | 0.10% | ― | -11.65% | 87.57% | |
60 Neutral | $722.48M | -0.83 | -16.46% | ― | -11.02% | ― |
* Energy Sector Average
OIS
Oil States International
12.00
6.56
120.59%
CLB
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16.42
0.95
6.11%
FET
Forum Energy Tech
60.28
39.26
186.77%
NGS
Natural Gas Services Group
39.64
17.73
80.89%
PUMP
Propetro Holding
14.67
7.09
93.54%
RNGR
Ranger Energy Services
17.27
2.65
18.14%
Oil States International Corporate Events
Executive/Board Changes
Oil States International Announces CEO Succession and Leadership Changes
Positive
Mar 23, 2026
Oil States International detailed a leadership transition announced on March 23, 2026, with long-serving President and CEO Cindy Taylor set to retire on May 1, 2026, after 19 years in the top role and more than 25 years at the company. Taylor will...
Business Operations and StrategyPrivate Placements and Financing
Oil States International Secures New Credit Facility, Targets Debt
Positive
Jan 28, 2026
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 milli...
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.