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Oceaneering International

OII NYSE Oil & Gas Equipment & Services Financials FY2016–FY2025

Oceaneering International's revenue rose 4.6% to $2.8 billion in fiscal 2025. Its operating margin was 10.9%, up from 9.2% a year earlier. Free cash flow was $208 million, up 116.3%. It paid out $40 million in dividends and buybacks, 19% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$39.27

7.2%
Value it Compare
Revenue Total sales reported in the income statement.
$2.8B
4.6% vs prior year
Operating margin Operating income as a share of revenue.
10.9%
1.7 pts
Net income Profit after all expenses, interest and tax.
$354M
139.9%
Free cash flow Cash from operations minus capital spending.
$208M
116.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
38.9%
14.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
12.0x
On $3.28 EPS (TTM)

What Oceaneering International does

No business description yet.

Legal name
OCEANEERING INTERNATIONAL INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000073756-26-000016
0000073756

Revenue and margins

Oceaneering International had $2.8B of revenue in fiscal 2025, up 4.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 34.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $208M in fiscal 2025, 7.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Oceaneering International returned $40.3M to shareholders in fiscal 2025, 19% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Oceaneering International yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $209M and divides by 101.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 12.0x · peers 39.0x · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Oceaneering International can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $545M$575M$462M$505M$696M
Debt incl. finance leases $702M$701M$477M$482M$487M
Net debt / EBITDA 0.9x0.5x0.1x−0.1x−0.5x
Debt / equity 1.4x1.4x0.8x0.7x0.5x
Interest coverage 1.0x2.9x5.0x6.5x8.2x
Current ratio 2.4x2.3x1.8x1.7x2.0x
Quick ratio 2.1x2.0x1.5x1.5x1.7x
Total assets $2.0B$2.0B$2.2B$2.3B$2.7B
Total liabilities $1.5B$1.5B$1.6B$1.6B$1.6B
Shareholders' equity $505M$520M$628M$714M$1.1B
Net debt (− = net cash) $158M$126M$15.5M−$22.5M−$209M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$5.8M

10 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Paul B Murphy JrDirector Sold 10,000 $48.37 $0.5M Form 4
Jul 30, 2026 Christopher J DyerSVP, OPGroup Sold 1,200 $47.65 $0.1M Form 4
Jul 30, 2026 Earl ChildressSVP, Chief Commercial Ofc. Sold 12,701 $46.71 $0.6M Form 4
Jul 30, 2026 McEvoy M KevinDirector Sold 3,000 $47.93 $0.1M Form 4
Jun 30, 2026 Deanna L GoodwinDirector Sold 7,000 $40.69 $0.3M Form 4
May 18, 2026 Roderick A. LarsonPresident and CEO, Director Sold 5,000 $38.27 $0.2M Form 4
May 13, 2026 Martin J McDonaldSVP, Subsea Robotics Sold 43,947 $38.49 $1.7M Form 4
May 12, 2026 Martin J McDonaldSVP, Subsea Robotics Sold 26,053 $38.33 $1.0M Form 4
Mar 11, 2026 McEvoy M KevinDirector Sold 25,678 $35.27 $0.9M Form 4
Feb 26, 2026 Benjamin LauraSVP & Chief Operating Officer Sold 5,106 $36.88 $0.2M Form 4
Feb 26, 2026 Holly KriendlerSVP, Chief H.R. Officer Sold 5,798 $37.31 $0.2M Form 4
Feb 26, 2026 Leonardo P GranatoSVP, Imds Sold 1,438 $37.05 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 96 / 98 / 9
Accruals ratio −5.3%−2.4%1.4%
Altman Z'' 4.715.035.68

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Oceaneering International OII $4.0B 4.6% 10.9% 7.5% 38.9% 12.0x 8
Liberty Energy LBRT $2.5B −7.2% 1.8% 0.4% 2.2% 65.0x 4 Compare →
RPC RES $1.3B 15.0% 2.8% 3.3% — 62.5x — Compare →
Weatherford International WFRD $6.3B −10.8% 15.4% 9.2% 29.7% 15.5x 6 Compare →
Bristow Group VTOL $1.2B 5.3% 10.7% 3.8% 9.8% 11.7x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.3B $1.9B $1.9B $2.0B $1.8B $1.9B $2.1B $2.4B $2.7B $2.8B
Gross profit $279M $195M $129M $98.2M $164M $264M $307M $399M $486M $568M
Operating income $70.8M $10.7M −$146M −$291M −$446M $39.8M $111M $181M $246M $305M
Interest expense $25.3M $27.8M $37.7M $42.7M $43.9M $38.8M $38.2M $36.5M $37.9M $37.0M
Pretax income $43.3M −$17.8M −$186M −$331M −$499M −$5.7M $79.1M $161M $225M $286M
Income tax $18.8M −$184M $26.5M $17.6M −$2.1M $43.6M $53.1M $63.7M $77.4M −$67.9M
Net income $24.6M $166M −$212M −$348M −$497M −$49.3M $25.9M $97.4M $148M $354M
Diluted EPS $0.25 $1.68 −$2.16 −$3.52 −$5.01 −$0.49 $0.26 $0.95 $1.44 $3.49
Diluted shares 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B
Cash flow
Cash from operations $339M $137M $36.6M $158M $137M $225M $121M $210M $203M $319M
Capital expenditure $112M $93.7M $110M $148M $60.7M $50.2M $81.0M $101M $107M $111M
Free cash flow $227M $42.8M −$72.9M $9.9M $76.0M $175M $39.8M $109M $96.1M $208M
Depreciation and amortization $250M $214M $294M $263M $529M $140M $121M $105M $103M $102M
Stock-based compensation $14.7M $11.5M $11.6M $11.4M $8.7M $11.0M $10.4M $12.1M $12.8M $14.8M
Acquisitions $30.1M $11.3M $68.6M $0.0M $0.0M $0.0M $0.0M $0.0M $27.1M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $20.0M $40.3M
Dividends paid $0.0M $44.2M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $44.2M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $20.1M $40.3M
Balance sheet
Cash and short-term investments $450M $430M $354M $374M $462M $545M $575M $462M $505M $696M
Total debt $793M $792M $787M $797M $805M $702M $701M $477M $482M $487M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.3B $1.2B $1.2B $1.2B $1.2B $1.2B $1.3B $1.3B $1.4B $1.5B
Current liabilities $508M $436M $495M $601M $437M $501M $568M $733M $797M $762M
Inventory $280M $215M $195M $175M $141M $154M $184M $210M $223M $202M
Property and equipment, net $1.2B $1.1B $965M $777M $591M $490M $438M $424M $420M $452M
Total assets $3.1B $3.0B $2.8B $2.7B $2.0B $2.0B $2.0B $2.2B $2.3B $2.7B
Total liabilities $1.6B $1.4B $1.4B $1.7B $1.5B $1.5B $1.5B $1.6B $1.6B $1.6B
Shareholders' equity $1.5B $1.7B $1.4B $1.1B $552M $505M $520M $628M $714M $1.1B
Margins
Gross margin 12.3% 10.1% 6.8% 4.8% 9.0% 14.1% 14.9% 16.5% 18.2% 20.4%
Operating margin 3.1% 0.6% −7.6% −14.2% −24.4% 2.1% 5.4% 7.5% 9.3% 10.9%
EBITDA margin 14.1% 11.7% 7.8% −1.3% 4.5% 9.6% 11.2% 11.8% 13.1% 14.6%
Net margin 1.1% 8.7% −11.1% −17.0% −27.2% −2.6% 1.3% 4.0% 5.5% 12.7%
FCF margin 10.0% 2.2% −3.8% 0.5% 4.2% 9.4% 1.9% 4.5% 3.6% 7.5%
Returns
Return on capital 2.1% 0.4% −5.9% −13.7% −29.4% 4.0% 8.4% 16.9% 24.0% 38.9%
Return on capital employed 2.6% 0.4% −5.9% −13.0% −23.8% 2.6% 7.6% 12.2% 16.2% 17.7%
Return on equity 1.6% 10.5% −13.8% −28.1% −61.3% −9.3% 5.1% 17.0% 22.0% 39.6%
Return on assets 0.8% 5.4% −7.3% −12.5% −20.8% −2.5% 1.3% 4.6% 6.5% 14.1%
Growth
Revenue growth −25.8% −15.4% −0.6% 7.3% −10.8% 2.3% 10.5% 17.4% 9.8% 4.6%
Net income growth −89.4% 576.8% −227.6% — — — — 275.5% 51.4% 139.9%
EPS growth −89.3% 572.0% −228.6% — — — — 265.4% 51.6% 142.4%
FCF growth −37.6% −81.2% −270.3% — 668.4% 130.5% −77.3% 174.2% −12.0% 116.3%
Share count change −0.4% 0.4% −0.3% 0.4% 0.4% 0.5% 1.8% 0.7% 0.2% −1.1%
Financial health
Net debt / EBITDA 1.1x 1.6x 2.9x — 4.1x 0.9x 0.5x 0.1x −0.1x −0.5x
Debt / equity 0.5x 0.5x 0.6x 0.7x 1.5x 1.4x 1.4x 0.8x 0.7x 0.5x
Interest coverage 2.8x 0.4x −3.9x −6.8x −10.2x 1.0x 2.9x 5.0x 6.5x 8.2x
Current ratio 2.5x 2.7x 2.5x 2.1x 2.7x 2.4x 2.3x 1.8x 1.7x 2.0x
Quick ratio 1.9x 2.2x 2.1x 1.8x 2.4x 2.1x 2.0x 1.5x 1.5x 1.7x
Capital allocation
Capex / revenue 5.0% 4.9% 5.7% 7.2% 3.3% 2.7% 3.9% 4.2% 4.0% 4.0%
Stock comp / revenue 0.7% 0.6% 0.6% 0.6% 0.5% 0.6% 0.5% 0.5% 0.5% 0.5%
Payouts / FCF 0.0% 103.3% — 0.0% 0.0% 0.0% 0.0% 0.0% 20.9% 19.4%
Quality scores
Piotroski F-score 5.0 4.0 4.0 3.0 4.0 5.0 6.0 7.0 6.0 8.0
Altman Z'' 5.1 5.6 5.0 3.7 3.4 5.0 5.2 4.7 5.0 5.7
Accruals ratio −9.6% 1.0% −8.5% −18.2% −26.5% −13.7% −4.8% −5.3% −2.4% 1.4%

Source: SEC EDGAR XBRL filings (CIK 0000073756). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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