Oceaneering International vs Bristow Group
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The short version
- Oceaneering International is the larger business, with $2.8B of revenue in fiscal 2025 against $1.5B for Bristow Group, about 1.9 times as much.
- Bristow Group grew revenue faster (5.3%, against 4.6%).
- Oceaneering International turned more of its sales into free cash flow (7.5% FCF margin, against 3.8%).
- Oceaneering International earned a higher return on the capital invested in it (38.9%, against 9.8%).
- Investors pay more for each dollar of Oceaneering International’s earnings: a P/E of 12.0x against 11.7x for Bristow Group.
| Latest fiscal year | OII · FY25 | VTOL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.0B | $1.2B |
| Revenue | $2.8B | $1.5B |
| Free cash flow | $208M | $56.4M |
| Net income | $354M | $129M |
| Growth | ||
| Revenue growth | 4.6% | 5.3% |
| 5-year growth | 8.8% | 45.8% |
| Share count change | −1.1% | 1.1% |
| Profitability | ||
| Gross margin | 20.4% | — |
| Operating margin | 10.9% | 10.7% |
| Net margin | 12.7% | 8.7% |
| FCF margin | 7.5% | 3.8% |
| Return on capital | 38.9% | 9.8% |
| Return on equity | 39.6% | 13.2% |
| Balance sheet | ||
| Net debt | −$209M | $385M |
| Net debt / EBITDA | −0.5x | 1.7x |
| Dividends and buybacks | $40.3M | $15.2M |
| Valuation & quality | ||
| P/E | 12.0x | 11.7x |
| Piotroski F-score | 8 | 6 |
FY16
OII $2.3B
VTOL $247M
FY17
OII $1.9B
VTOL $231M
FY18
OII $1.9B
VTOL $222M
FY19
OII $2.0B
VTOL $226M
FY20
OII $1.8B
VTOL —
FY21
OII $1.9B
VTOL $1.2B
FY22
OII $2.1B
VTOL $1.2B
FY23
OII $2.4B
VTOL $1.3B
FY24
OII $2.7B
VTOL $1.4B
FY25
OII $2.8B
VTOL $1.5B
OII
VTOL
FY16
OII 3.1%
VTOL −1.4%
FY17
OII 0.6%
VTOL −59.0%
FY18
OII −7.6%
VTOL 12.7%
FY19
OII −14.2%
VTOL −1.5%
FY20
OII −24.4%
VTOL —
FY21
OII 2.1%
VTOL —
FY22
OII 5.4%
VTOL —
FY23
OII 7.5%
VTOL 4.7%
FY24
OII 9.3%
VTOL 9.4%
FY25
OII 10.9%
VTOL 10.7%
OII
VTOL
FY16
OII $227M
VTOL $19.3M
FY17
OII $42.8M
VTOL $3.3M
FY18
OII −$72.9M
VTOL $45.1M
FY19
OII $9.9M
VTOL $21.0M
FY20
OII $76.0M
VTOL —
FY21
OII $175M
VTOL $82.0M
FY22
OII $39.8M
VTOL $92.8M
FY23
OII $109M
VTOL −$49.5M
FY24
OII $96.1M
VTOL −$78.0M
FY25
OII $208M
VTOL $56.4M
OII
VTOL
FY16
OII 2.1%
VTOL −0.4%
FY17
OII 0.4%
VTOL −16.4%
FY18
OII −5.9%
VTOL 3.7%
FY19
OII −13.7%
VTOL −0.5%
FY20
OII −29.4%
VTOL —
FY21
OII 4.0%
VTOL —
FY22
OII 8.4%
VTOL 2.5%
FY23
OII 16.9%
VTOL 2.7%
FY24
OII 24.0%
VTOL 9.8%
FY25
OII 38.9%
VTOL 9.8%
OII
VTOL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.