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Provides subsea engineering services including remotely operated vehicles (ROVs) for offshore oil and gas operators.
Provides subsea engineering services including remotely operated vehicles (ROVs) for offshore oil and gas operators.
Is paid a day rate for each remotely operated vehicle (underwater robot) it keeps on offshore rigs and vessels, so income follows how many days its fleet is working and what operators will pay, which tracks offshore drilling activity. Product sales such as the cables that carry power and fluids to subsea wells are lumpier. A defense and entertainment-ride business sits outside oil and gas.
Moat: narrow (installed base, scale, process know-how). Largest global ROV fleet and decades of subsea operating experience versus smaller service rivals.
Headquarters: Houston, Texas, United States · Founded: 1964 · Employees: 11,100
Size Oceaneering International (OII) is a United States Energy company (Industrial Machinery) with a market value of $3.40B, the 1457th largest of 3,117 United States companies the cockpit tracks. Shares closed at $34.24 on 6 Nov 2026.
Performance Over six months the shares fell 6.3%, against -4.6% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +18.3%); the operating margin is 10.4% (peer median 16.2%).
Valuation It trades at 17.2× forward earnings against a peer median of 9.3× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.5 points above its cost of capital (10.3% WACC).
Backlog Backlog (remaining performance obligations) was $415M at 30 Sep 2026, up 2% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 7.0% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.91B | $2.78B | $2.66B | $2.42B | $2.07B |
| Revenue growth | — | +5% | +10% | +17% | — |
| Gross profit | $581M | $568M | $485M | $399M | $307M |
| EBITDA | $411M | $407M | $350M | $286M | $232M |
| Net income | $331M | $354M | $147M | $97.4M | $25.9M |
| Free cash flow | $302M | $222M | $107M | $93.0M | $46.3M |
| Capital expenditure | $92.1M | $111M | $107M | $101M | $81.0M |
| Total debt | $796M | $873M | $852M | $849M | $872M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Oceaneering International OII | $3.40B | -6% | +3% | 10% | 17.2× | 3.3% |
| TechnipFMC FTI | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% |
| Subsea 7 SUBC.OL | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% |
| Helix Energy Solutions HLX | n/a | +15% | n/a | n/a | n/a | n/a |
| Aker Solutions AKSO.OL | $1.89B | -17% | -9% | 5% | 5.8× | -14.7% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OII | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.2% | -14.6% | 4th lowest of 21 |
| 6-month return | -6.3% | -4.6% | 10th lowest of 21 |
| Distance from 52-week high | -36.9% | -26.4% | 4th lowest of 21 |
| Revenue growth (TTM) | +3.0% | +18.3% | 4th lowest of 21 |
| Operating margin | 10.4% | 16.2% | 8th lowest of 21 |
| Forward P/E | 17.2× | 9.3× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.3% | -5.0% | 5th most demanding of 15 |
| Growth delivered (Del g) | +8.8% | +12.8% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | -5.5 pp | -18.1 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | +8.5 pp | +4.2 pp | 8th highest of 21 |
| EV / EBITDA | 8.4× | 6.5× | 5th most expensive of 20 |
| Net debt / EBITDA | 0.1× | 1.0× | 6th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Oceaneering International OII | United States | $3.40B | -6% | +3% | 10% | 17.2× | 3.3% | +8.8% |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| SunocoCorp LLC SUNC | United States | $3.14B | -8% | +11% | 5% | 5.5× | -10.2% | n/a |
| Alliance Resource Partners, L.P ARLP | United States | $3.14B | -2% | -2% | 18% | 8.2× | -10.0% | +10.6% |
| Patterson-UTI Energy PTEN | United States | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% | +33.8% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Delek Logistics Partners LP DKL | United States | $2.99B | +1% | +30% | 15% | 11.8× | 13.0% | +12.2% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| Core Natural Resources CNR | United States | $3.94B | -7% | +30% | -1% | 16.4× | -1.6% | +32.9% |
| Comstock Resources CRK | United States | $3.94B | -5% | +17% | 19% | 43.4× | n/a | n/a |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
Oceaneering International reported $415M of remaining performance obligations at 30 Sep 2026, up 2% from a year earlier and up 5% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.02.