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Oil States International
(NYSE:OIS)
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Rating:56Neutral
Price Target:
$9.00
▲(3.81% Upside)
Action:Reiterated
Date:07/31/26
The score is anchored by mixed fundamentals: weak recent profitability and revenue pressure are partially offset by a conservative balance sheet and still-positive TTM cash generation. The latest earnings call adds support via reiterated guidance, record backlog and solid segment performance, but near-term execution risks (input-cost pressure, award timing delays, and working-capital drag) remain. Technically, the stock is in a clear downtrend (below key moving averages), which tempers the overall rating despite improving operational narrative.
Positive Factors
Record backlog and positive bookings
The highest backlog in more than a decade and book-to-bill above 1x provide stronger future revenue visibility. Sustained bookings can support multi-period growth, although conversion timing varies by contract type.
Negative Factors
Sharp revenue and profitability deterioration
The decline from modest profitability to heavy losses indicates that the current revenue base is not absorbing the cost structure effectively. Persistent weakness could erode equity, constrain investment, and reduce resilience if activity remains soft.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog and positive bookings
The highest backlog in more than a decade and book-to-bill above 1x provide stronger future revenue visibility. Sustained bookings can support multi-period growth, although conversion timing varies by contract type.
Read all positive factors
Oil States International (OIS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$541.09M
Dividend YieldN/A
Average Volume (3M)703.15K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth-2.80%
EPS Growth-1752.76%
CountryUS
Employees2,172
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)-1.87
Shares Outstanding60,322,620
10 Day Avg. Volume560,445
30 Day Avg. Volume703,146
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$11.33Price Target Upside30.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.42
Revenue Forecast (FY)$643.88M
Oil States International Business Overview & Revenue Model
Company Description
Oil States International, Inc. (OSI), a global entity operating via its various subsidiaries, delivers a comprehensive suite of products and services tailored for the worldwide oil and gas industry. Its offerings span critical areas such as drilli...
How the Company Makes Money
Oil States International makes money primarily by selling engineered products and providing specialized services to customers active in oil and gas development. Revenue is generated through (a) product sales of manufactured/engineered equipment—su...
Oil States International Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presents a cautiously positive tone: the company reported sequential revenue and adjusted EBITDA growth, a decade-high backlog, strong segment-level performance (notably OMP, Completion & Production Services, and a recovering Downhole Technologies), and reiterated guidance and free cash flow targets. However, meaningful near-term headwinds remain — geopolitical award timing delays pushing some revenue into 2027, elevated raw material costs and availability affecting margins, and working capital investments suppressing cash flow. Overall, the business appears strategically well positioned for longer-cycle offshore and international demand, but near-term execution and commodity/geopolitical factors introduce uncertainty.Positive Updates
Sequential Revenue and Adjusted EBITDA Improvement
Consolidated revenue of $157 million and adjusted EBITDA of $19 million in Q2 2026, representing sequential increases of 8% and 14% respectively.
Negative Updates
Geopolitical Volatility and Award Delays
Conflict in the Middle East and related geopolitical uncertainty have caused contract award timing delays (notably connector and production facility orders expected for Middle East customers), tempering near-term revenue conversion and shifting some expected 2026 revenues into 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Sequential Revenue and Adjusted EBITDA Improvement
Consolidated revenue of $157 million and adjusted EBITDA of $19 million in Q2 2026, representing sequential increases of 8% and 14% respectively.
Read all positive updates
Company Guidance
Oil States guided Q3 revenue of $157–167 million and adjusted EBITDA of $18–20 million, reiterated full‑year revenue of $640–660 million with adjusted EBITDA of $77–83 million, and expects full‑year free cash flow of $35–40 million (with a potential incremental $5–10 million from additional asset sales). As of June 30 backlog was $451 million (highest in >10 years), up 5% sequentially and 24% year‑over‑year, with a quarterly book‑to‑bill of 1.2x and a full‑year book‑to‑bill expected to be ≥1x; Q2 results included consolidated revenue of $157 million and adjusted EBITDA of $19 million (up 8% and 14% sequentially), segment results of OMP revenue $93M/segment EBITDA $18M (margin >19%), Completion & Production Services revenue $24M/segment EBITDA $7M (~27% margin), Downhole Technologies revenue $40M/segment EBITDA $4M, net income $6M ($0.10/share) and adjusted net income $8M ($0.14/share), cash $20M and $18M of debt, a $5M share repurchase in Q2 and retirement of $53M of convertible notes; management notes H1 inventory investment of $27M drove cash used in operations of $6M in Q2 but expects working‑capital to unwind in H2 to support the guided FCF, while near‑term margin headwinds persist from elevated raw material costs (tungsten, explosive powder, copper) and charge powder availability.Oil States International Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
67
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 621.87M | 668.99M | 692.59M | 782.28M | 737.71M | 573.16M |
| Gross Profit | 76.67M | 85.81M | 106.88M | 119.12M | 95.32M | 26.42M |
| EBITDA | -71.74M | -49.24M | 55.66M | 86.17M | 73.84M | 17.73M |
| Net Income | -107.42M | -109.38M | -11.26M | 12.89M | -9.54M | -63.99M |
Balance Sheet | ||||||
| Total Assets | 839.49M | 883.43M | 1.01B | 1.05B | 1.06B | 1.09B |
| Cash, Cash Equivalents and Short-Term Investments | 19.80M | 69.91M | 65.36M | 47.11M | 42.02M | 52.85M |
| Total Debt | 36.22M | 87.63M | 150.56M | 161.35M | 179.70M | 208.68M |
| Total Liabilities | 258.12M | 310.24M | 324.45M | 336.94M | 374.83M | 389.92M |
| Stockholders Equity | 581.38M | 573.19M | 680.65M | 709.54M | 689.56M | 695.83M |
Cash Flow | ||||||
| Free Cash Flow | 53.84M | 73.93M | 8.39M | 25.92M | 12.60M | -10.32M |
| Operating Cash Flow | 72.69M | 105.12M | 45.89M | 56.58M | 32.86M | 7.19M |
| Investing Cash Flow | -3.27M | -11.05M | 2.70M | -25.59M | -22.73M | -6.63M |
| Financing Cash Flow | -104.34M | -90.16M | -29.48M | -26.71M | -20.29M | -19.57M |
Oil States International Technical Analysis
Positive
8.67
Price Trends
8.30
Positive
9.20
Negative
8.91
Positive
Market Momentum
0.18
Negative
58.98
Neutral
85.82
Negative
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 8.67 is above the 20-day moving average (MA) of 8.49, above the 50-day MA of 8.30, and below the 200-day MA of 8.91, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 58.98 is Neutral, neither overbought nor oversold. The STOCH value of 85.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $927.93M | -580.69 | -0.55% | ― | 3.93% | 99.16% | |
69 Neutral | $484.85M | 21.61 | 7.31% | 1.29% | 15.42% | 13.10% | |
66 Neutral | $410.71M | 28.47 | 4.87% | 1.53% | 6.08% | -38.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
60 Neutral | $574.47M | 22.59 | 9.03% | 0.34% | 0.35% | -9.40% | |
56 Neutral | $541.09M | -4.74 | -17.80% | ― | -2.80% | -1752.76% | |
56 Neutral | $1.52B | -105.31 | -1.49% | ― | -15.14% | 92.26% |
* Energy Sector Average
OIS
Oil States International
8.88
3.84
76.19%
CLB
Core Laboratories
12.65
2.34
22.70%
FET
Forum Energy Tech
81.42
58.24
251.25%
NGS
Natural Gas Services Group
35.22
10.14
40.45%
PUMP
Propetro Holding
11.90
7.24
155.36%
RNGR
Ranger Energy Services
17.51
4.91
38.98%
Oil States International Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
Oil States International amends CEO severance compensation terms
Neutral
Jul 13, 2026
On July 9, 2026, Oil States International, Inc. amended the executive agreement of President and Chief Executive Officer Lloyd A. Hajdik, changing how his severance benefits are calculated upon certain termination events. The amendment leaves all ...
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.