OII
OCEANEERING INTERNATIONAL INC
Next earnings Jul 21, 2026 (after close) · consensus $0.46 EPS, $738M rev
Last earnings +1.7% on 2026-04-22
$38.50
▼ -2.61%$38.50▲ +84.65%
over 1Y
L $20.47H $40.03
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.6%
1W-2.2%
1M-0.4%
3M+8.3%
YTD+54.9%
1Y+84.7%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 11 analysts
Sell
Cheap, cash-rich subsea services play with surging earnings, fortress balance sheet, and durable offshore IMR demand at 10x earnings.
Diluted EPS $3.49 · FY2025
The read
Quality fundamentals and an attractive price line up (~244% below fair value) — the rarer case where both the business and the entry look good.
Oceaneering screens as a high-quality cyclical at a value-stock price. FY2025 delivered $2.64B revenue (+4.1% YoY) but $354M net income (+139.9%) and $3.49 diluted EPS (+142.4%), with operating margin expanding to 11.5% and ROE reaching 33.0%. The five-year trajectory is decisive: revenue grew from $1.83B (FY2021) to $2.64B while the business swung from a $49.3M loss to a $354M profit — operating leverage on the offshore upcycle is real. At $36.29 (P/E 10.4, P/S 1.4), the market is paying value multiples for triple-digit earnings growth and a 33% ROE.
The balance sheet is a standout for an oilfield-services name. Cash of $689M (+38.5%) now exceeds long-term debt of $487M, equity rose 49.9% to $1.07B, and operating cash flow jumped 56.9% to $319M against only $111M of capex — yielding roughly $208M of free cash flow that funded a doubled $40.3M buyback and a 10.3% reduction in share count. Current ratio near 2x ($1.51B / $762M) and growing retained earnings ($1.93B, +22.5%) confirm self-funded growth.
Is OII a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~60d expiry
- Long call 39 @ ~2.79 est
- Short call 44 @ ~1.16 est
debit $163max +$337max −$163BE 40.63
High-conviction BUY: a wider spread keeps more of the upside while the short call still cuts cost and decay.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.83B | $1.98B | $2.33B | $2.54B | $2.64B |
| Gross profit | $264M | $307M | $399M | $485M | $568M |
| Operating income | $39.8M | $111M | $181M | $246M | $305M |
| Net income | -$49.3M | $25.9M | $97.4M | $147M | $354M |
| Diluted EPS | -$0.49 | $0.26 | $0.95 | $1.44 | $3.49 |
| Net margin | -2.7% | 1.3% | 4.2% | 5.8% | 13.4% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$3.64B
EV / EBITDA8.9
EV / Sales1.4
EV / FCF17.5
P / FCF18.5
PEG (trailing)0.08
Earnings yield9.2%
FCF yield5.4%
Quality & risk
ROIC (est.)15.4%
Free cash flow$208M
Total debt$487M
Net cash$201M
Piotroski F-Score7/9
Capital returns
Buyback yield1.0%
Dividend yield (est.)0.0%
Shareholder yield1.0%
Shares Δ YoY-10.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Material agreement2026-06-26
- 8-K Reg FD disclosure2026-06-24
Reg FD disclosure (investor materials/press release); no financial impact
- 8-K Shareholder vote2026-05-18
Annual meeting voting results disclosed; routine governance outcome
- 8-K Reg FD disclosure2026-05-05
Reg FD disclosure (likely conference/investor update); informational only
- 10-Q Quarterly report2026-04-23
Q1 2026 quarterly results filed; continues FY25 earnings momentum
- 8-K Earnings results2026-04-22
Q1 2026 earnings release furnished; results announcement
- DEF 14A Proxy statement2026-04-02
Proxy statement for 2026 annual meeting; routine governance filing
- 8-K Officer / director change2026-03-20
Executive officer/director change disclosed; leadership transition
- 10-K Annual report2026-02-20
FY25: rev $2.64B (+4%), net income $354M (+140%), EPS $3.49; ROE 33%
Recent filings
all on EDGAR ↗4Period ending 2026-06-302026-07-01open ↗144Filing2026-06-30open ↗11-KPeriod ending 2025-12-312026-06-26open ↗8-KPeriod ending 2026-06-242026-06-26open ↗8-KPeriod ending 2026-06-242026-06-24open ↗SDFiling2026-05-28open ↗4Period ending 2026-05-182026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗
Frequently asked
- Is OCEANEERING INTERNATIONAL INC (OII) a buy?
- OII currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Cheap, cash-rich subsea services play with surging earnings, fortress balance sheet, and durable offshore IMR demand at 10x earnings.
- What is OII's fair value?
- A Modified-Graham model based on OII's SEC fundamentals estimates a fair value of about $132.62. It is an estimate from reported earnings, not a price target.
- Is OII overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, OII currently appears undervalued relative to its SEC-grounded earnings power.
- What is OCEANEERING INTERNATIONAL INC's quality score?
- OII scores 80.53463557355872/100 (grade A-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000073756, latest 10-Q filed 2026-04-23) · EODHD · Proprietary analysis · as of 6/25/2026, 1:23:17 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 9:23 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.