OII
Oceaneering International, Inc.
OII's fundamentals are mixed: free cash flow more than doubled, while its operating margin held steady at 10%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
OII Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
OII's revenue, profitability, cash flow and balance sheet are all currently healthy.
OII PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $36.52 | +5% |
| Current | 11x | $34.78 | — |
| Forward | 18x | $34.78 | — |
| Fair | 19x | $62.92 | +81% |
| Expensive | 33x | $109 | +213% |
Historical ranges are pointers, not guarantees.
OII's PE is 11x, but its earnings don't support one, so it isn't a reliable read right now.
OII Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for OII, with profitability improving. However, they disagree widely on these estimates.
OII Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.99 | -39% |
| Q3 2026 | $3.28 | +43% |
| Q2 2026 | $3.47 | +75% |
| Q1 2026 | $3.36 | +89% |
| Q4 2025 | $3.49 | +142% |
| Q3 2025 | $2.29 | +73% |
| Q2 2025 | $1.98 | +64% |
| Q1 2025 | $1.78 | +68% |
| Q4 2024 | $1.44 | +52% |
OII's earnings per share have climbed steadily: $3.28 over the past year, up 43% from the year before, and higher year over year for 16 quarters in a row.
OII Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $784.6M | +5.6% |
| Q2 2026 | $768.2M | +10% |
| Q1 2026 | $692.4M | +2.7% |
| Q4 2025 | $668.6M | -6.3% |
| Q3 2025 | $742.9M | +9.3% |
| Q2 2025 | $698.2M | +4.4% |
| Q1 2025 | $674.5M | +13% |
| Q4 2024 | $713.5M | +9% |
OII's revenue has held roughly level: $785M last quarter, up 5.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | +0.1 points |
| Q2 2026 | 11% | +0.2 points |
| Q1 2026 | 8.3% | -2.5 points |
| Q4 2025 | 9.8% | -1.1 points |
| Q3 2025 | 12% | +1.2 points |
| Q2 2025 | 11% | +2.3 points |
| Q1 2025 | 11% | +4.8 points |
| Q4 2024 | 11% | +3.7 points |
OII's operating margin was 12% last quarter, about level with the same quarter a year ago, near the top of its range since 2019.
OII Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $141.9M | +84% |
| Q2 2026 | $32M | -32% |
| Q1 2026 | -$76.5M | +$30.3M |
| Q4 2025 | $190.7M | +102% |
| Q3 2025 | $77M | +15% |
| Q2 2025 | $46.9M | +58% |
| Q1 2025 | -$106.8M | -$11.6M |
| Q4 2024 | $94.5M | -20% |
OII generated $288M in free cash flow over the past year, up 158% from the year before.
OII Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +78K shares |
| 1 year | -0.2% | -252K shares |
| 3 years | -1.4% | -1.4M shares |
| 5 years | +1% | +1M shares |
| Available history | +2% | +1.9M shares |
OII has 101M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5M |
| Q2 2026 | $10.1M |
| Q1 2026 | — |
| Q4 2025 | $10.1M |
| Q3 2025 | $10.1M |
| Q2 2025 | $10.1M |
| Q1 2025 | $10M |
| Q4 2024 | $10.1M |
OII spent $25M buying back its own shares over the past year, down 38% from the year before.
OII Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.6x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | -0.0x | Net Cash |
OII has more cash than debt.
OII Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.9 | Neutral |
| Stochastic | 12.7 | Oversold |
OII's weekly RSI is 38 (neutral) and its Stochastic is 13 (oversold).
OII PE vs Energy Sector
| Metric | OII | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 19% below |
| PE % | 9 | 61 | 52 pts below |
OII is trading at 11x earnings, a 19% discount to the Energy sector's median of 13x, though its earnings don't support one.
OII Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $41.0 | 15% below |
| 20 week MA | $45.3 | 23% below |
| 50 week MA | $38.1 | 8.8% below |
| 100 week MA | $30.3 | 15% above |
| 200 week MA | $26.3 | 32% above |
OII has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 32% above its 200-week average.
OII Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.9 | $8.15 | -45% |
| 2021 | $8.15 | $11.6 | +42% |
| 2022 | $11.6 | $16.8 | +45% |
| 2023 | $16.8 | $21.3 | +27% |
| 2024 | $21.3 | $25.2 | +18% |
| 2025 | $25.2 | $24.2 | -4.1% |
| 2026 YTD | $24.2 | $34.8 | +44% |
OII has finished higher in four of the last six years. It's up 44% so far in 2026.