Detailed financial statements for Oceaneering International, Inc. (OII): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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 the offshore energy, defense, aerospace, manufacturing, and entertainment sectors.
Analysis Summary
Oceaneering International, Inc. reported revenue of $2.78B in the most recent fiscal year, growing at a 5-year CAGR of 8.8%.
Trailing-twelve-month margins: gross margin 19.9%, operating margin 10.4%, net margin 11.4%. Free cash flow grew at 22.3% CAGR over 5 years.
At $41.61 (closing price, October 28, 2026), OII trades at a P/E of 15.02 and an ROE of 29.05%. Market capitalisation stands at $4.1B.
Balance sheet quality for OII: current ratio of 2.0, net cash position of $201.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $207.8M represents 59% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.27B | $1.92B | $1.91B | $2.05B | $1.83B | $1.87B | $2.07B | $2.42B | $2.66B | $2.78B |
| Cost of Revenue | $1.99B | $1.73B | $1.78B | $1.95B | $1.66B | $1.61B | $1.76B | $2.03B | $2.18B | $2.22B |
| Gross Profit | $279.2M | $194.6M | $129.2M | $98.2M | $163.9M | $264.1M | $307.4M | $399.0M | $485.5M | $568.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $208.5M | $184.0M | $198.3M | $214.9M | $195.7M | $224.3M | $196.5M | $217.6M | $239.2M | 0 |
| Operating Expenses | $208.5M | $184.0M | $198.3M | $214.9M | $610.0M | $224.3M | $196.5M | $217.6M | $239.2M | $263.9M |
| Operating Income | $70.8M | $10.7M | -$145.5M | -$116.6M | -$446.1M | $39.8M | $110.9M | $181.3M | $246.3M | $304.6M |
| EBITDA | $329.9M | $224.2M | $145.5M | -$24.7M | $73.9M | $172.8M | $238.2M | $302.5M | $366.3M | $425.1M |
| Interest Expense | $25.3M | $27.8M | $37.7M | $42.7M | $43.9M | $38.8M | $38.2M | $36.5M | $37.9M | $37.0M |
| Pre-tax Income | $43.3M | -$17.8M | -$185.8M | -$330.8M | -$498.9M | -$5.7M | $79.1M | $161.1M | $224.9M | $285.9M |
| Income Tax | $18.8M | -$184.2M | $26.5M | $17.6M | -$2.1M | $43.6M | $53.1M | $63.7M | $77.4M | -$67.9M |
| Net Income | $24.6M | $166.4M | -$212.3M | -$348.4M | -$496.8M | -$49.3M | $25.9M | $97.4M | $147.5M | $353.8M |
| EPS | $0.25 | $1.69 | $-2.16 | $-3.52 | $-5.01 | $-0.49 | $0.26 | $0.97 | $1.46 | $3.49 |
| EPS (Diluted) | $0.25 | $1.68 | $-2.15 | $-3.52 | $-5.01 | $-0.49 | $0.26 | $0.95 | $1.44 | $3.49 |
| Shares Outstanding (Diluted) | 98.4 M | 98.8 M | 98.5 M | 98.9 M | 99.2 M | 99.7 M | 101.4 M | 102.2 M | 102.4 M | 101.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $668.6M | $692.4M | $768.2M | $784.6M |
| Gross Profit | $132.3M | $127.3M | $157.0M | $164.6M |
| Operating Income | $65.4M | $57.8M | $88.2M | $92.2M |
| EBITDA | $101.9M | $91.1M | $114.3M | $104.4M |
| Net Income | $177.7M | $36.1M | $65.0M | $52.6M |
| EPS | $1.76 | $0.36 | $0.65 | $0.52 |
| EPS (Diluted) | $1.76 | $0.36 | $0.65 | $0.52 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $450.2M | $430.3M | $354.3M | $373.7M | $452.0M | $538.1M | $568.7M | $461.6M | $497.5M | $688.9M |
| Short-term Investments | 0 | 0 | $10.2M | $10.2M | $10.2M | $6.2M | $6.4M | 0 | $7.0M | 0 |
| Receivables | $489.7M | $476.9M | $625.1M | $642.6M | $518.2M | $427.8M | $481.4M | $565.8M | $578.9M | 0 |
| Inventory | $280.1M | $215.3M | $194.5M | $174.7M | $141.2M | $153.7M | $184.4M | $209.8M | $222.8M | 0 |
| Total Current Assets | $1.26B | $1.19B | $1.24B | $1.24B | $1.17B | $1.19B | $1.30B | $1.31B | $1.39B | $1.51B |
| Property, Plant & Equipment | $1.15B | $1.06B | $964.7M | $939.8M | $732.3M | $635.7M | $578.1M | $761.8M | $754.8M | $451.7M |
| Goodwill | $443.6M | $455.6M | $413.1M | $405.1M | $35.0M | $34.9M | $34.3M | $34.2M | $49.4M | 0 |
| Intangible Assets | $87.8M | $85.3M | $80.0M | $25.8M | $14.3M | $12.6M | $11.5M | $21.2M | $33.3M | 0 |
| Total Assets | $3.13B | $3.02B | $2.82B | $2.74B | $2.05B | $1.96B | $2.03B | $2.24B | $2.34B | $2.67B |
| Accounts Payable | $77.6M | $85.5M | $102.6M | $145.9M | $94.2M | $122.3M | $148.0M | $156.1M | $181.5M | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | $18.8M | $18.8M | $19.6M | 0 | 0 | 0 |
| Total Current Liabilities | $508.4M | $435.8M | $494.7M | $601.0M | $437.1M | $501.2M | $568.4M | $732.5M | $796.9M | $761.7M |
| Long-term Debt | $793.1M | $792.3M | $786.6M | $796.5M | $805.3M | $702.1M | $701.0M | $477.1M | $482.0M | $487.4M |
| Total Liabilities | $1.61B | $1.36B | $1.41B | $1.67B | $1.49B | $1.45B | $1.51B | $1.60B | $1.62B | $1.59B |
| Retained Earnings | $2.30B | $2.42B | $2.20B | $1.85B | $1.35B | $1.30B | $1.33B | $1.43B | $1.57B | $1.93B |
| Total Equity | $1.52B | $1.66B | $1.42B | $1.07B | $552.1M | $505.0M | $519.7M | $628.0M | $714.3M | $1.07B |
| Total Debt | $793.1M | $792.3M | $786.6M | $977.4M | $980.1M | $879.4M | $872.4M | $848.7M | $851.7M | $487.4M |
| Net Debt | $342.9M | $362.0M | $422.1M | $593.5M | $517.9M | $335.0M | $297.3M | $387.1M | $347.2M | -$201.5M |
| Working Capital | $754.2M | $751.6M | $750.1M | $643.5M | $733.1M | $686.8M | $728.6M | $573.2M | $591.0M | $750.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $506.0M | $688.9M | $607.5M | $629.5M |
| Total Assets | $2.54B | $2.67B | $2.64B | $2.69B |
| Total Liabilities | $1.63B | $1.59B | $1.53B | $1.52B |
| Total Equity | $907.7M | $1.07B | $1.11B | $1.17B |
| Total Debt | $899.9M | $487.4M | $848.8M | $822.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $24.6M | $166.4M | -$212.3M | -$348.4M | -$496.8M | -$49.3M | $25.9M | $97.4M | $147.5M | $353.8M |
| Depreciation & Amortization | $250.2M | $213.5M | $293.6M | $263.4M | $528.9M | $139.7M | $121.0M | $105.0M | $103.4M | $102.3M |
| Stock-based Compensation | $14.7M | $11.5M | $11.6M | $11.4M | $15.1M | $11.0M | $10.4M | $12.1M | $12.8M | $14.8M |
| Change in Working Capital | $20.0M | -$20.2M | -$60.0M | $66.8M | $12.2M | $99.7M | -$34.6M | $21.0M | -$51.0M | -$23.8M |
| Operating Cash Flow | $340.5M | $136.5M | $36.6M | $157.6M | $136.6M | $225.3M | $120.9M | $210.0M | $203.2M | $318.9M |
| Capital Expenditure | -$112.4M | -$93.7M | -$109.5M | -$147.7M | -$60.7M | -$50.2M | -$81.0M | -$100.7M | -$107.1M | -$111.0M |
| Acquisitions | -$30.1M | -$11.3M | -$68.6M | $9.5M | $1.9M | 0 | $6.5M | 0 | -$27.1M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$20.0M | -$40.3M |
| Dividends Paid | -$94.1M | -$44.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $228.1M | $42.8M | -$72.9M | $9.9M | $76.0M | $175.1M | $39.8M | $109.2M | $96.1M | $207.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $101.3M | $221.1M | -$59.1M | $55.2M |
| Capital Expenditure | -$24.2M | -$30.4M | -$17.4M | -$23.2M |
| Free Cash Flow | $77.0M | $190.7M | -$76.5M | $32.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $13.7M | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -15.4% | -0.6% | +7.3% | -10.8% | +2.3% | +10.5% | +17.4% | +9.8% | +4.6% | |
| Net Income Growth (YoY) | +576.8% | -227.6% | -64.1% | -42.6% | +90.1% | +152.6% | +275.5% | +51.4% | +139.9% | |
| EPS Growth (YoY) | +576.0% | -227.8% | -63.0% | -42.3% | +90.2% | +153.1% | +273.1% | +50.5% | +139.0% | |
| Shares Change (YoY) | +0.3% | -0.2% | +0.3% | +0.4% | +0.5% | +1.7% | +0.7% | +0.2% | -1.1% | |
| FCF Growth (YoY) | -81.2% | -270.3% | +113.6% | +668.4% | +130.5% | -77.2% | +174.2% | -12.0% | +116.3% | |
| 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% | -5.7% | -24.4% | 2.1% | 5.4% | 7.5% | 9.3% | 10.9% |
| EBITDA Margin | 14.5% | 11.7% | 7.6% | -1.2% | 4.0% | 9.2% | 11.5% | 12.5% | 13.8% | 15.3% |
| 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% |
| Effective Tax Rate | 43.3% | 1,032.5% | -14.3% | -5.3% | 0.4% | -763.7% | 67.2% | 39.5% | 34.4% | -23.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.32 | $0.43 | $-0.74 | $0.10 | $0.77 | $1.76 | $0.39 | $1.07 | $0.94 | $2.05 |
| Dividends Per Share | $0.96 | $0.45 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 98.1 M | 98.3 M | 98.5 M | 98.9 M | 99.2 M | 99.7 M | 100.2 M | 100.7 M | 101.2 M | 101.3 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 29.05% |
| Return on Invested Capital | 14.42% |
| Return on Assets | 11.94% |
| Gross Margin | 19.94% |
| Operating Margin | 10.42% |
| Net Margin | 11.37% |
Financial Health
| Debt / Equity | 0.65 |
| Current Ratio | 2.20 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.69 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 112.84 | 12.51 | -5.60 | -4.24 | -1.59 | -23.08 | 67.27 | 21.94 | 17.86 | 6.89 |
| P/B | 1.82 | 1.25 | 0.84 | 1.38 | 1.43 | 2.23 | 3.37 | 3.41 | 3.69 | 2.27 |
| P/S | 1.22 | 1.08 | 0.62 | 0.72 | 0.43 | 0.60 | 0.85 | 0.88 | 0.99 | 0.87 |
| 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% | -5.7% | -24.4% | 2.1% | 5.4% | 7.5% | 9.3% | 10.9% |
| Net Margin | 1.1% | 8.7% | -11.1% | -17.0% | -27.2% | -2.6% | 1.3% | 4.0% | 5.5% | 12.7% |
Related companies: PTEN · LBRT · TDW · INSW · USAC · BSM · DHT · DKL
Explore sector: Energy · Oil & Gas Equipment & Services
More sections of OII: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks