Oil States International (OIS)
NYSE:OIS
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Oil States International
(NYSE:OIS)
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Rating:54Neutral
Price Target:
$9.00
▼(-11.94% Downside)
Action:Reiterated
Date:05/13/26
The score reflects strong balance-sheet flexibility and positive free cash flow as key supports, partially offset by weak TTM profitability and an unfavorable valuation (very high P/E). Bearish technical momentum further weighs on the rating, while the earnings call provided a moderate offset with improving Q2 guidance and a near decade-high backlog despite geopolitical and execution-timing risks.
Positive Factors
Balance-sheet strength
Low and falling leverage (TTM debt-to-equity ~0.13) provides durable financial flexibility. It supports funding backlog execution, absorbing cyclicality in oil & gas capex, and enables deleveraging or opportunistic capital allocation without depending on volatile equity markets.
Negative Factors
Negative net profitability
A deeply negative net margin (~-16%) and negative ROE signal persistent below-the-line pressures (impairments, exit costs, non-operating items). Until these are resolved, GAAP profitability will lag operational improvements and limit retained-earnings rebuilding and return-focused capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Low and falling leverage (TTM debt-to-equity ~0.13) provides durable financial flexibility. It supports funding backlog execution, absorbing cyclicality in oil & gas capex, and enables deleveraging or opportunistic capital allocation without depending on volatile equity markets.
Read all positive factors
Oil States International (OIS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$511.64M
Dividend YieldN/A
Average Volume (3M)888.41K
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth-4.50%
EPS Growth-2286.91%
CountryUS
Employees2,439
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)-1.92
Shares Outstanding60,193,417
10 Day Avg. Volume728,709
30 Day Avg. Volume888,412
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 Cap1.03
Enterprise Value/Revenue0.80
Enterprise Value/Gross Profit5.85
Enterprise Value/Ebitda12.11
Forecast
1Y Price Target
$11.00Price Target Upside7.63% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.58
Revenue Forecast (FY)$676.49M
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:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presents a generally constructive operational and strategic picture: backlog growth (+20% YoY) and strong segment margins (Offshore ~20%, Completion ~29%) and technology awards underpin confidence in the company’s offshore/international pivot. Liquidity is solid with an amended credit facility and retirement of convertible notes. Near-term performance was pressured by seasonality, timing, and Middle East-related delays, plus one-time impairments and working capital investment that weighed on GAAP earnings and free cash flow in Q1. Management provided higher Q2 guidance and reiterated full-year book-to-bill expectations but noted meaningful uncertainty around the duration of the Middle East conflict which could put guidance at risk. Overall, positives (backlog, margins, liquidity, product recognition, and guidance improvement) modestly outweigh the near-term headwinds and execution timing risks.Positive Updates
Revenue and Adjusted EBITDA
Reported Q1 2026 revenues of $145 million and adjusted EBITDA of $17 million. GAAP net income was $1 million ($0.02/share) while adjusted net income was $5 million ($0.09/share) excluding certain charges.
Negative Updates
Sequential Revenue Decline in Q1
Management cited a sequential decline in revenues driven by seasonal factors, timing of percentage-of-completion revenue recognition, certain Middle East-related delays, and continued softness in U.S. land markets.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Adjusted EBITDA
Reported Q1 2026 revenues of $145 million and adjusted EBITDA of $17 million. GAAP net income was $1 million ($0.02/share) while adjusted net income was $5 million ($0.09/share) excluding certain charges.
Read all positive updates
Company Guidance
Oil States guided second-quarter revenues of $157–162 million and EBITDA of $18–20 million, while declining to change full‑year guidance given Middle East uncertainty but reiterating a 2026 full‑year book‑to‑bill target of ≥1.0x; management noted backlog near a decade high at $430 million (up $73M, +20% YoY) supported by $84M of bookings and a Q1 book‑to‑bill of 0.9x. For context, Q1 results were $145M revenue, $17M adjusted EBITDA, $1M net income ($0.02/share) and $5M adjusted net income ($0.09/share); segment Q1 metrics included Offshore Manufactured Products: $91M revenue and $19M adj. EBITDA (~20% margin), Completion & Production Services: $21M revenue and $6M adj. EBITDA (29% margin), and Downhole Technologies: $32M revenue and $1M adj. EBITDA. Liquidity and capital items cited that underpin the guidance include $59M cash on hand, $0 borrowings under the new cash‑flow credit agreement (up to $75M revolver/$50M term loan), $13M of letters of credit, $112M available to draw, retirement of $53M convertible notes on April 1 (paid with $25M cash, $25M revolver borrowings and issuance of 529,000 shares), $13M working‑capital investment, $3M net CapEx, and an expectation that free cash flow will improve as working capital normalizes and assets held for sale are monetized.Oil States International Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
73
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 654.41M | 668.99M | 692.59M | 782.28M | 737.71M | 573.16M |
| Gross Profit | 89.93M | 85.81M | 106.88M | 119.12M | 95.32M | 26.42M |
| EBITDA | 43.47M | 42.83M | 55.66M | 86.17M | 73.84M | 17.73M |
| Net Income | -110.52M | -109.38M | -11.26M | 12.89M | -9.54M | -63.99M |
Balance Sheet | ||||||
| Total Assets | 862.16M | 883.43M | 1.01B | 1.05B | 1.06B | 1.09B |
| Cash, Cash Equivalents and Short-Term Investments | 58.99M | 69.91M | 65.36M | 47.11M | 42.02M | 52.85M |
| Total Debt | 73.58M | 87.63M | 150.56M | 161.35M | 179.70M | 208.68M |
| Total Liabilities | 291.20M | 310.24M | 324.45M | 336.94M | 374.83M | 389.92M |
| Stockholders Equity | 570.96M | 573.19M | 680.65M | 709.54M | 689.56M | 695.83M |
Cash Flow | ||||||
| Free Cash Flow | 67.68M | 73.93M | 8.39M | 25.92M | 12.60M | -10.32M |
| Operating Cash Flow | 93.94M | 105.12M | 45.89M | 56.58M | 32.86M | 7.19M |
| Investing Cash Flow | -14.41M | -11.05M | 2.70M | -25.59M | -22.73M | -6.63M |
| Financing Cash Flow | -88.25M | -90.16M | -29.48M | -26.71M | -20.29M | -19.57M |
Oil States International Technical Analysis
Negative
10.22
Price Trends
10.47
Negative
10.31
Negative
8.23
Positive
Market Momentum
-0.57
Positive
31.53
Neutral
12.16
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OIS, the sentiment is Negative. The current price of 10.22 is above the 20-day moving average (MA) of 9.13, below the 50-day MA of 10.47, and above the 200-day MA of 8.23, indicating a neutral trend. The MACD of -0.57 indicates Positive momentum. The RSI at 31.53 is Neutral, neither overbought nor oversold. The STOCH value of 12.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $495.12M | 22.65 | 7.99% | 0.63% | 11.28% | 27.38% | |
67 Neutral | $567.70M | -89.53 | -2.09% | ― | -0.05% | 94.53% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $367.35M | 24.82 | 5.12% | 1.71% | 0.25% | -27.15% | |
60 Neutral | $1.87B | -143.63 | -1.43% | ― | -15.55% | 91.88% | |
57 Neutral | $630.14M | 21.69 | 10.68% | 0.24% | 1.34% | 12.50% | |
54 Neutral | $511.64M | -4.44 | -17.52% | ― | -4.50% | -2286.91% |
* Energy Sector Average
OIS
Oil States International
8.50
4.14
94.95%
CLB
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13.67
3.05
28.73%
FET
Forum Energy Tech
50.22
35.37
238.18%
NGS
Natural Gas Services Group
39.30
15.65
66.15%
PUMP
Propetro Holding
15.26
9.84
181.55%
RNGR
Ranger Energy Services
15.46
4.77
44.65%
Oil States International Corporate Events
Executive/Board ChangesShareholder Meetings
Oil States Shareholders Endorse Board, Pay and Auditor
Positive
May 12, 2026
At the 2026 Annual Meeting of Stockholders held on May 12, 2026, Oil States International shareholders elected Lawrence R. Dickerson and Lloyd A. Hajdik as Class I directors to serve until the 2029 annual meeting, signaling continued support for t...
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...
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.