Oceaneering International vs Bristow Group
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KIRA’s take AI analyst
I put Oceaneering International and Bristow Group side by side, using each one’s latest annual report. Here is what stands out:
- 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 12.3x against 11.7x for Bristow Group.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Oceaneering International
OII
8/10
Operating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Bristow Group
VTOL
2/10
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | OII FY25 | VTOL FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $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 | 12.3x | 11.7x |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.