US ／ OII
Oceaneering International IncOII · NYSE
Provides engineered services, products and robotic solutions, such as remotely operated vehicles, subsea hardware and inspection and project services, to the offshore energy, defense, aerospace and manufacturing industries.
- Subsea RoboticsRemotely operated vehicles and related subsea robotic services, mainly for the energy industry.
- Manufactured ProductsSpecialty subsea hardware manufactured and sold to the energy industry.
- Offshore Projects GroupSubsea intervention services including manned diving, plus engineering and project management.
- Aerospace and Defense TechnologiesServices and products for non-energy industries such as defense and aerospace.
Summarised by AI from the 10-K, Item 1; the supporting quote was checked against the filing.
Most revenue comes from oil and gas, so the market treats it as a cyclical stock exposed to energy-price swings and decarbonization headwinds.
How rare is that fall? (US companies of the same size over ten years) →
Results over the years
| 2022/12 | 2023/12 | 2024/12 | 2025/12 | |
|---|---|---|---|---|
| Sales | $2.1bn | $2.4bn | $2.7bn | $2.8bn |
| Operating profit | $111m | $181m | $246m | $305m |
| Net profit | $26m | $97m | $147m | $354m |
| Operating cash flow | $121m | $210m | $203m | $319m |
Fiscal years from SEC filings (10-K).
Why the market may be pricing it low
The business spans five segments, with about 55% of revenue abroad. It is hard to value as one story and tends to be lumped in with oil services.
We operate in five business segments.Business
What could close the gap
Progress on share repurchases could change how the market sees the company, as one that returns cash to shareholders.
our expectations regarding shares that may be repurchased under our share repurchase planRisk factors
If ROV utilization and pricing improve and backlog grows, the market may see the company as in an upswing, not a trough.
our expectations about our ROV fleet utilization, pricing and margins in the future;Risk factors
How a buyer could still lose (value trap)
If current profit is near a cyclical peak, a drop in oil prices or customer spending would cut earnings, and what looked cheap would have been a high. The company itself warns its expectations may be wrong.
because of the inherent limitations in the forecasting process, as well as the relatively volatile nature of the industries in which we operate, we can give no assurance that those expectations will prove to have been correct.Risk factors
Of nine financial checks, only the one where operating cash flow exceeds net income is not met. Profit may be weakly backed by cash.
Based on the figures below
Drafted by AI on 6 Nov 2026 from the figures on this page and excerpts of the filing only (no web search). Each point's quote was checked by machine against the filing text; points whose quote could not be found are not shown. These are hypotheses, not findings. Latest 10-K (SEC)
Financial quality (Piotroski F-score)
- ✓Profitable (ROA > 0)
- ✓Positive operating cash flow
- ✓ROA up on last year
- ✗Cash flow exceeds net profit
- ✓Leverage down on last year
- ✓Current ratio up on last year
- ✓No new shares issued
- ✓Gross margin up on last year
- ✓Asset turnover up on last year
Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.
Figures
- Sales
- $2.9bn
- Operating profit
- $304m
- Net profit
- —
- Operating cash flow
- $380m
- Cash
- $742m
- Debt
- $491m
- Equity
- $1.2bn
Latest twelve months to 2026-09-30; F-score for the fiscal year to 2025-12-31
This site ranks companies whose share price is low relative to their profits, using public filings and market prices, and has AI draft hypotheses on why they are cheap from those filings. The hypotheses are unverified. Nothing here is a price forecast or a recommendation to buy or sell. Not investment advice.
Updated 10 Nov 2026 08:40 JST