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Oceaneering International
(NYSE:OII)
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Rating:68Neutral
Price Target:
$43.00
▼(-13.34% Downside)
Action:Downgraded
Date:10/24/26
The score is driven primarily by strong financial performance and a materially improved balance sheet, supported by constructive guidance and contract momentum from the latest earnings call. Offsetting these positives, the stock’s technical setup is notably weak (below key moving averages with negative MACD and low RSI), and while valuation appears reasonable on P/E, it is not enough to fully counter the bearish momentum.
Positive Factors
Revenue and Profitability Turnaround
The multi-year expansion in revenue and profitability indicates a substantial operating turnaround rather than a temporary improvement. Higher earnings power gives Oceaneering greater capacity to reinvest in technology, support customers, strengthen its market position, and generate value through changing offshore cycles.
Negative Factors
Exposure to Offshore Cyclicality
Oceaneering remains exposed to uneven offshore activity and regional shifts, which can reduce fleet utilization and pressure earnings even when demand is stronger elsewhere. Lower U.S. Gulf activity and relocation costs may continue affecting margins and operating consistency over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Turnaround
The multi-year expansion in revenue and profitability indicates a substantial operating turnaround rather than a temporary improvement. Higher earnings power gives Oceaneering greater capacity to reinvest in technology, support customers, strengthen its market position, and generate value through changing offshore cycles.
Read all positive factors
Oceaneering International Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales figures by business unit, showing which areas contribute most to the top line and where there might be potential for expansion or risk.
Breaks down sales figures by business unit, showing which areas contribute most to the top line and where there might be potential for expansion or risk.
Data provided by:
The Fly
The FlyOceaneering International (OII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.90B
Dividend Yield2.69%
Average Volume (3M)938.69K
Price to Earnings (P/E)11.9
Beta (1Y)0.95
Revenue Growth2.99%
EPS Growth44.14%
CountryUS
Employees11,100
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)3.29
Shares Outstanding99,428,604
10 Day Avg. Volume939,995
30 Day Avg. Volume938,690
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)2.27
Price to Sales (P/S)0.87
P/FCF Ratio11.71
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue1.53
Enterprise Value/Gross Profit7.65
Enterprise Value/Ebitda10.80
Forecast
1Y Price Target
$48.67Price Target Upside-1.92% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)2.02
Revenue Forecast (FY)$2.96B
Oceaneering International Business Overview & Revenue Model
Company Description
Headquartered in Houston, Texas, Oceaneering International, Inc., established in 1964, is a global provider of specialized engineering services, innovative products, and advanced robotic solutions. The company serves a diverse clientele spanning t...
How the Company Makes Money
Oceaneering makes money primarily by providing services and products that support offshore field development, production operations, maintenance, and decommissioning activities, as well as select government and industrial technology work. Key reve...
Oceaneering International Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Oceaneering reported higher revenue, operating income, adjusted EBITDA, strong cash generation, substantial liquidity, improved Subsea Robotics performance, significant contract awards, and constructive expectations for 2027. The main negative items were the 26% decline in net income from a one-time refinancing loss, lower margins or operating income in certain segments, expected fourth-quarter free cash flow moderation, and uncertainty over the timing of 2027 activity and government appropriations. Management remained optimistic about the underlying energy and defense markets and described most 2027 risks as timing-related.Positive Updates
Strong Third-Quarter Consolidated Performance
Revenue was $785 million, up 6% year over year, with growth across every operating segment. Operating income was $92 million, up 7%, and adjusted EBITDA was $119 million, also up 7% and in line with guidance.
Negative Updates
Net Income Decline from Refinancing Loss
Net income attributable to Oceaneering was $52.6 million, or $0.52 per share, down 26% year over year. Management attributed the decrease primarily to a one-time loss related to the refinancing of long-term debt completed during the third quarter.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Consolidated Performance
Revenue was $785 million, up 6% year over year, with growth across every operating segment. Operating income was $92 million, up 7%, and adjusted EBITDA was $119 million, also up 7% and in line with guidance.
Read all positive updates
Company Guidance
For the fourth quarter of 2026, Oceaneering expects consolidated revenue to increase year-over-year and consolidated EBITDA to be in the range of $85 million to $95 million, with SSR revenue increasing but operating income decreasing, Manufactured Products revenue and operating income higher, OPG revenue relatively flat and operating income decreasing, IMDS revenue and operating income higher, ADTech revenue and operating income higher, and unallocated expenses in the $50 million range; cash taxes and capital expenditures are expected to increase, resulting in more moderate free cash flow generation to close the year. For 2027, consolidated EBITDA guidance is in the range of $430 million to $480 million, with free cash flow expected to exceed our anticipated 2026 level; SSR is expected to generate increases in revenue and operating income and stable EBITDA margins, Manufactured Products revenue, operating income and operating margin are projected to be relatively flat, OPG revenue is expected to decrease with operating income flat and operating margin improved, IMDS revenue is expected to significantly increase operating income and improve operating margin, ADTech revenue and operating income are expected to be significantly higher with improved operating margin, unallocated expenses are expected to show a slight increase, and approximately 5 million shares remain under the existing repurchase authorization.Oceaneering International Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.91B | 2.78B | 2.66B | 2.42B | 2.07B | 1.87B |
| Gross Profit | 581.08M | 568.44M | 485.49M | 398.97M | 307.38M | 264.06M |
| EBITDA | 411.71M | 425.13M | 366.28M | 302.54M | 238.24M | 172.82M |
| Net Income | 331.39M | 353.76M | 147.47M | 97.40M | 25.94M | -49.31M |
Balance Sheet | ||||||
| Total Assets | 2.78B | 2.67B | 2.34B | 2.24B | 2.03B | 1.96B |
| Cash, Cash Equivalents and Short-Term Investments | 734.94M | 688.87M | 504.52M | 461.57M | 575.11M | 544.34M |
| Total Debt | 795.59M | 487.42M | 851.75M | 848.66M | 872.39M | 879.35M |
| Total Liabilities | 1.55B | 1.59B | 1.62B | 1.60B | 1.51B | 1.45B |
| Stockholders Equity | 1.22B | 1.07B | 714.26M | 628.02M | 519.74M | 504.96M |
Cash Flow | ||||||
| Free Cash Flow | 288.11M | 207.85M | 96.08M | 109.23M | 39.84M | 175.12M |
| Operating Cash Flow | 380.25M | 318.86M | 203.21M | 209.96M | 120.88M | 225.31M |
| Investing Cash Flow | -86.71M | -96.23M | -124.17M | -86.35M | -76.86M | -34.16M |
| Financing Cash Flow | -55.03M | -45.55M | -27.04M | -227.30M | -1.86M | -101.68M |
Oceaneering International Technical Analysis
Negative
49.62
Price Trends
47.34
Negative
45.13
Negative
39.97
Negative
Market Momentum
-1.67
Positive
34.80
Neutral
40.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OII, the sentiment is Negative. The current price of 49.62 is above the 20-day moving average (MA) of 43.71, above the 50-day MA of 47.34, and above the 200-day MA of 39.97, indicating a bearish trend. The MACD of -1.67 indicates Positive momentum. The RSI at 34.80 is Neutral, neither overbought nor oversold. The STOCH value of 40.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OII.
Oceaneering International Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $27.41B | 23.85 | 35.29% | 0.29% | 8.77% | 35.66% | |
73 Outperform | $1.00B | -621.70 | -0.55% | ― | 3.93% | 99.16% | |
69 Neutral | $4.28B | 17.27 | 18.74% | 0.11% | -1.02% | 28.16% | |
68 Neutral | $3.90B | 11.94 | 29.05% | 2.69% | 2.99% | 44.14% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $1.90B | 93.18 | 1.37% | 4.67% | -7.11% | -70.32% | |
62 Neutral | $1.58B | -2.23 | -8.68% | ― | 1.97% | -51.44% |
* Energy Sector Average
OII
Oceaneering International
39.27
16.07
69.27%
FTI
TechnipFMC
69.89
29.50
73.05%
FET
Forum Energy Tech
87.17
56.18
181.28%
HOS
Hornbeck Offshore Services
7.10
0.41
6.13%
TDW
Tidewater
86.07
37.39
76.81%
XPRO
Expro Group Holdings
16.93
3.13
22.68%
Oceaneering International Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Oceaneering International Releases Investor Handout to Public
Positive
Sep 8, 2026
Oceaneering International announced that an investor handout used in upcoming institutional investor meetings will be made available for public viewing and download on the company’s Investor Relations webpage beginning September 8, 2026. The...
Business Operations and StrategyRegulatory Filings and Compliance
Oceaneering Releases Investor Handout for Institutional Meetings
Neutral
Jul 24, 2026
Oceaneering International announced that an investor handout for use in institutional investor meetings will be made available for viewing and download on its Investor Relations website beginning July 24, 2026, after the market close. The company ...
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.