Oceaneering International (OII)
Market Price (6/14/2026): $38.89 | Market Cap: $3.9 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Oceaneering International (OII)
Market Price (6/14/2026): $38.89Market Cap: $3.9 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 6.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include Offshore Wind Development, Automation & Robotics, and US Energy Independence. Themes include Offshore Wind Project Development, Show more. | Trading close to highsDist 52W High is -1.0%, Dist 3Y High is -1.0% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 63% Key risksOII key risks include [1] a high dependence on the cyclical and volatile offshore oil and gas industry and [2] exposure to changing environmental regulations and geopolitical instability in its key markets. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 6.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Offshore Wind Development, Automation & Robotics, and US Energy Independence. Themes include Offshore Wind Project Development, Show more. |
| Trading close to highsDist 52W High is -1.0%, Dist 3Y High is -1.0% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 63% |
| Key risksOII key risks include [1] a high dependence on the cyclical and volatile offshore oil and gas industry and [2] exposure to changing environmental regulations and geopolitical instability in its key markets. |
Qualitative Assessment
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Updated on 6/8/2026
Oceaneering International (OII) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Results and Confident Outlook. Oceaneering International reported fiscal Q1 2026 earnings per share (EPS) of $0.36, exceeding the consensus estimate of $0.32 by 11.56%. Additionally, quarterly revenue rose 2.7% year-over-year to $692.4 million, surpassing analysts' expectations. Despite some year-over-year declines in net income and adjusted EBITDA for the quarter, the company reaffirmed its full-year 2026 consolidated EBITDA guidance of $390 million to $440 million and free cash flow guidance of $100 million to $120 million, signaling confidence in stronger performance for the remainder of the fiscal year.
2. Robust Performance in Aerospace and Defense Technologies (ADTech) and Significant Subsea Robotics (SSR) Awards. The company experienced strong activity in its Aerospace and Defense Technologies (ADTech) segment, with revenues surging 35% year-over-year in fiscal Q1 2026. This growth significantly offset weakness in other energy segments. Oceaneering also secured approximately $1 billion in total orders during the quarter, including over $300 million in Subsea Robotics (SSR) awards with contract terms extending into fiscal 2031, enhancing long-term revenue visibility. Daily Remotely Operated Vehicle (ROV) revenue per day utilized increased by approximately 15% year-over-year to $12,401 in fiscal Q1 2026.
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Oceaneering International (OII) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Results and Confident Outlook. Oceaneering International reported fiscal Q1 2026 earnings per share (EPS) of $0.36, exceeding the consensus estimate of $0.32 by 11.56%. Additionally, quarterly revenue rose 2.7% year-over-year to $692.4 million, surpassing analysts' expectations. Despite some year-over-year declines in net income and adjusted EBITDA for the quarter, the company reaffirmed its full-year 2026 consolidated EBITDA guidance of $390 million to $440 million and free cash flow guidance of $100 million to $120 million, signaling confidence in stronger performance for the remainder of the fiscal year.
2. Robust Performance in Aerospace and Defense Technologies (ADTech) and Significant Subsea Robotics (SSR) Awards. The company experienced strong activity in its Aerospace and Defense Technologies (ADTech) segment, with revenues surging 35% year-over-year in fiscal Q1 2026. This growth significantly offset weakness in other energy segments. Oceaneering also secured approximately $1 billion in total orders during the quarter, including over $300 million in Subsea Robotics (SSR) awards with contract terms extending into fiscal 2031, enhancing long-term revenue visibility. Daily Remotely Operated Vehicle (ROV) revenue per day utilized increased by approximately 15% year-over-year to $12,401 in fiscal Q1 2026.
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Stock Movement Drivers
Fundamental Drivers
The 11.0% change in OII stock from 2/28/2026 to 6/13/2026 was primarily driven by a 15.6% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.50 | 39.39 | 11.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,784 | 2,802 | 0.6% |
| Net Income Margin (%) | 12.7% | 12.1% | -4.6% |
| P/E Multiple | 10.0 | 11.5 | 15.6% |
| Shares Outstanding (Mil) | 100 | 100 | 0.0% |
| Cumulative Contribution | 11.0% |
Market Drivers
2/28/2026 to 6/13/2026| Return | Correlation | |
|---|---|---|
| OII | 11.0% | |
| Market (SPY) | 8.4% | 27.1% |
| Sector (XLE) | 3.6% | 27.1% |
Fundamental Drivers
The 61.4% change in OII stock from 11/30/2025 to 6/13/2026 was primarily driven by a 47.6% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.40 | 39.39 | 61.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,829 | 2,802 | -1.0% |
| Net Income Margin (%) | 8.2% | 12.1% | 47.6% |
| P/E Multiple | 10.5 | 11.5 | 9.9% |
| Shares Outstanding (Mil) | 100 | 100 | 0.5% |
| Cumulative Contribution | 61.4% |
Market Drivers
11/30/2025 to 6/13/2026| Return | Correlation | |
|---|---|---|
| OII | 61.4% | |
| Market (SPY) | 9.2% | 28.3% |
| Sector (XLE) | 29.2% | 41.0% |
Fundamental Drivers
The 106.6% change in OII stock from 5/31/2025 to 6/13/2026 was primarily driven by a 81.5% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.07 | 39.39 | 106.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,737 | 2,802 | 2.4% |
| Net Income Margin (%) | 6.7% | 12.1% | 81.5% |
| P/E Multiple | 10.5 | 11.5 | 9.8% |
| Shares Outstanding (Mil) | 101 | 100 | 1.2% |
| Cumulative Contribution | 106.6% |
Market Drivers
5/31/2025 to 6/13/2026| Return | Correlation | |
|---|---|---|
| OII | 106.6% | |
| Market (SPY) | 27.3% | 30.6% |
| Sector (XLE) | 45.7% | 48.5% |
Fundamental Drivers
The 157.3% change in OII stock from 5/31/2023 to 6/13/2026 was primarily driven by a 431.0% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.31 | 39.39 | 157.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,157 | 2,802 | 29.9% |
| Net Income Margin (%) | 2.3% | 12.1% | 431.0% |
| P/E Multiple | 31.2 | 11.5 | -63.0% |
| Shares Outstanding (Mil) | 100 | 100 | 0.9% |
| Cumulative Contribution | 157.3% |
Market Drivers
5/31/2023 to 6/13/2026| Return | Correlation | |
|---|---|---|
| OII | 157.3% | |
| Market (SPY) | 84.5% | 44.0% |
| Sector (XLE) | 65.7% | 65.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OII Return | 42% | 55% | 22% | 23% | -8% | 66% | 401% |
| Peers Return | -17% | 81% | 16% | 39% | 27% | 40% | 324% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| OII Win Rate | 58% | 58% | 58% | 33% | 50% | 83% | |
| Peers Win Rate | 46% | 65% | 54% | 44% | 60% | 73% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| OII Max Drawdown | -42% | -58% | -31% | -25% | -43% | -14% | |
| Peers Max Drawdown | -54% | -44% | -35% | -28% | -34% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FTI, HLX, FTK, EROK, SLB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
| Event | OII | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.7% | -18.8% |
| % Gain to Breakeven | 57.9% | 23.1% |
| Time to Breakeven | 168 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.8% | -9.5% |
| % Gain to Breakeven | 24.7% | 10.5% |
| Time to Breakeven | 112 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.9% | -6.7% |
| % Gain to Breakeven | 40.7% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.0% | -24.5% |
| % Gain to Breakeven | 66.7% | 32.4% |
| Time to Breakeven | 31 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -84.5% | -33.7% |
| % Gain to Breakeven | 543.8% | 50.9% |
| Time to Breakeven | 352 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -60.0% | -19.2% |
| % Gain to Breakeven | 150.0% | 23.8% |
| Time to Breakeven | 2040 days | 105 days |
In The Past
Oceaneering International's stock fell -36.7% during the 2025 US Tariff Shock. Such a loss loss requires a 57.9% gain to breakeven.
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| Event | OII | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.7% | -18.8% |
| % Gain to Breakeven | 57.9% | 23.1% |
| Time to Breakeven | 168 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.9% | -6.7% |
| % Gain to Breakeven | 40.7% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.0% | -24.5% |
| % Gain to Breakeven | 66.7% | 32.4% |
| Time to Breakeven | 31 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -84.5% | -33.7% |
| % Gain to Breakeven | 543.8% | 50.9% |
| Time to Breakeven | 352 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -60.0% | -19.2% |
| % Gain to Breakeven | 150.0% | 23.8% |
| Time to Breakeven | 2040 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.5% | -12.2% |
| % Gain to Breakeven | 55.0% | 13.9% |
| Time to Breakeven | 3743 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.9% | -17.9% |
| % Gain to Breakeven | 33.1% | 21.8% |
| Time to Breakeven | 77 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -40.9% | -15.4% |
| % Gain to Breakeven | 69.1% | 18.2% |
| Time to Breakeven | 160 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.1% | -53.4% |
| % Gain to Breakeven | 258.0% | 114.4% |
| Time to Breakeven | 719 days | 1085 days |
In The Past
Oceaneering International's stock fell -36.7% during the 2025 US Tariff Shock. Such a loss loss requires a 57.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Oceaneering International (OII)
Oceaneering International, Inc. provides engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. The company's Subsea Robotics segment provides remotely operated vehicles (ROVs) for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair. This segment also offers ROV tooling, and survey services, such as hydrographic survey and positioning services, as well as autonomous underwater vehicles for geoscience. As of December 31, 2021, this segment owned 250 work-class ROVs. Its Manufactured Products segment provides distribution and connection systems, including production control umbilicals and field development hardware, pipeline connection, and repair systems to the energy industry; and autonomous mobile robots and automated guided vehicle technology and entertainment systems to various industries. The company's Offshore Projects Group segment offers subsea installation and intervention, including riserless light well intervention services and inspection, and maintenance and repair services; installation and workover control systems, and ROV workover control systems; project management and engineering; and drill pipe riser services and systems, and wellhead load relief solutions. Its Integrity Management & Digital Solutions segment provides asset integrity management; software and analytical solutions for the bulk cargo maritime industry; and software, digital, and connectivity solutions for the energy industry. The company's Aerospace and Defense Technologies segment offers government services and products, including engineering and related manufacturing in defense and space exploration activities to U.S. government agencies and their prime contractors. Oceaneering International, Inc. was founded in 1964 and is headquartered in Houston, Texas.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Oceaneering International:
- They're like a 'Lockheed Martin' for extreme industrial environments, building specialized robotic systems and providing engineering solutions for the deep sea, defense, and space.
- Think of them as the 'Amazon Web Services (AWS)' for industrial robotics and complex engineering solutions in challenging environments like subsea and defense.
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```html- Remotely Operated Vehicles (ROVs) and Services: Provides ROVs for drill support, subsea installation, inspection, maintenance, and repair, along with specialized tooling.
- Autonomous Underwater Vehicles (AUVs): Offers AUVs for geoscience applications.
- Subsea Distribution & Connection Systems: Manufactures production control umbilicals, field development hardware, and pipeline connection and repair systems.
- Autonomous Mobile Robots (AMRs) & Automated Guided Vehicles (AGVs): Delivers robotic solutions for industrial automation and material handling across various industries.
- Entertainment Systems: Develops automated and robotic systems and technology for the entertainment industry.
- Subsea Installation & Intervention Services: Offers specialized services including riserless light well intervention, inspection, and maintenance and repair for subsea infrastructure.
- Installation & Workover Control Systems: Supplies systems for controlling subsea well installation and workover operations.
- Asset Integrity Management Services: Provides services to ensure the reliability, safety, and performance of client assets.
- Software & Digital Solutions: Develops analytical, digital, and connectivity software for the bulk cargo maritime and energy industries.
- Aerospace & Defense Technologies: Offers engineering and related manufacturing services for U.S. government defense and space exploration activities.
AI Analysis | Feedback
Oceaneering International (OII) sells primarily to other companies and government agencies. The provided company description does not list specific names of its major customers. However, based on the description, its major customers belong to the following categories:
- Offshore Energy Industry: Companies involved in offshore drilling, subsea hardware installation, pipeline inspection, construction, maintenance, and field development.
- U.S. Government Agencies and their Prime Contractors: For engineering and related manufacturing services in defense and space exploration activities.
- Manufacturing Industry: Entities utilizing autonomous mobile robots and automated guided vehicle technology.
- Entertainment Industry: Companies deploying entertainment systems.
- Bulk Cargo Maritime Industry: For software and analytical solutions.
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Roderick A. Larson, President and Chief Executive Officer
Mr. Larson has served as President and Chief Executive Officer of Oceaneering since 2017 and as President since 2015. He previously served as Senior Vice President and Chief Operating Officer from 2012 to 2015. Prior to joining Oceaneering, Mr. Larson was employed by Baker Hughes Incorporated for more than 20 years, holding various leadership and technical positions, including President, Latin America Region, from 2011 to 2012. He currently serves on the boards of Oceaneering and Newpark Resources, Inc. (formerly NPK International Inc.), as well as the American Petroleum Institute and the National Ocean Industries Association.
Michael W. Sumruld, Senior Vice President and Chief Financial Officer
Mr. Sumruld was appointed Senior Vice President and Chief Financial Officer of Oceaneering, effective January 1, 2026. He joined Oceaneering in September 2025 as Senior Vice President, Finance. Prior to Oceaneering, Mr. Sumruld served as Senior Vice President and CFO of Parker Drilling Company from 2017 until its sale to Nabors Industries Ltd. in 2025. In that role, he managed investor relations, corporate development, treasury, finance and accounting, tax, financial planning and analysis, compliance, operations integrity, and information technology organizations. He also held positions at LyondellBasell Industries N.V. and Baker Hughes Incorporated. Mr. Sumruld is a certified public accountant with degrees in accounting from the University of Houston and an MBA from Texas A&M University.
Benjamin M. Laura, Senior Vice President and Chief Operating Officer
Mr. Laura was promoted to Senior Vice President and Chief Operating Officer, effective January 1, 2025. He previously served as Oceaneering's Senior Vice President and Chief Innovation Officer from 2022. Since joining Oceaneering in 2014 as Director, Subsea Services, he has held roles of increasing responsibility. Before joining Oceaneering, he worked for Baker Hughes Incorporated as Vice President and Managing Director for Baker Hughes do Brasil. Mr. Laura holds a Bachelor of Science degree in Mechanical Engineering and a Master of Science degree in Engineering Technology Management.
Earl F. Childress, Senior Vice President and Chief Commercial Officer
Mr. Childress joined Oceaneering in 2020 as Senior Vice President, Business Development, and assumed his current role as Chief Commercial Officer in the same year. From 2015 to 2020, he was Executive Vice President of Strategy and Business Development for Teledyne Marine and served as General Manager of Teledyne Seismic and Teledyne RD Instruments. Prior to 2015, Mr. Childress held various sales, marketing, and strategy positions with Teledyne, including involvement in mergers and acquisitions within marine instrumentation markets.
Holly D. Kriendler, Senior Vice President and Chief Human Resources Officer
Ms. Kriendler was appointed to her current position in 2020, where she is responsible for Oceaneering's human resources, global mobility, and operations training functions. She joined Oceaneering in 2016 as Vice President, Human Resources, and was appointed Chief Human Resources Officer in 2018. Before her tenure at Oceaneering, Ms. Kriendler held human resources leadership roles from 2006 to 2016 at affiliates of Tyco International Ltd.
AI Analysis | Feedback
Oceaneering International (OII) faces several key risks, primarily stemming from its significant exposure to the volatile offshore energy sector and the competitive, technologically driven nature of its business.
- Dependence on the Volatile Offshore Energy Industry: A substantial portion of Oceaneering International's business, including its Subsea Robotics, Manufactured Products (energy-related), Offshore Projects Group, and Integrity Management & Digital Solutions segments, is directly tied to the capital expenditures, exploration, and production activities of the offshore oil and gas industry. Fluctuations in crude oil and natural gas prices, reduced investment in offshore projects, or a global shift towards renewable energy sources and away from fossil fuels could significantly curtail demand for Oceaneering's specialized services, products, and robotic solutions, thereby negatively impacting its revenues and profitability.
- Rapid Technological Change and Intense Competition: Oceaneering operates in technology-intensive fields, providing engineered services, products, and advanced robotic solutions such as remotely operated vehicles (ROVs), autonomous underwater vehicles (AUVs), and autonomous mobile robots (AMRs). The industry is characterized by rapid technological advancements, and there is a continuous risk that new, superior technologies developed by competitors could render Oceaneering's existing offerings less competitive or potentially obsolete. Additionally, intense competition across its various segments could lead to pricing pressure, reduced market share, and necessitate significant ongoing investment in research and development to maintain its technological edge.
- Reliance on Government Contracts in Aerospace and Defense: The company's Aerospace and Defense Technologies segment primarily provides government services and products, including engineering and manufacturing, to U.S. government agencies and their prime contractors. This segment's performance is susceptible to changes in government spending priorities, defense budgets, and evolving space exploration policies. Any significant reductions in government allocations or shifts in procurement strategies could adversely affect Oceaneering's ability to secure or maintain contracts within this segment, thereby impacting its revenue and growth prospects.
AI Analysis | Feedback
The accelerating global energy transition away from fossil fuels, particularly the pivot towards offshore renewable energy sources such as wind and tidal power, poses a clear emerging threat to Oceaneering International. The company's detailed segment descriptions heavily emphasize services and products for the offshore oil and gas industry, including drill support, subsea hardware installation, pipeline inspection, production control umbilicals, field development hardware, and wellhead solutions. A significant and rapid shift in global energy demand and investment towards non-fossil fuel offshore energy would diminish the market for Oceaneering's traditional oil and gas-centric offerings, potentially rendering a substantial portion of its core business obsolete or significantly reduced in demand.
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Oceaneering International (OII) operates in several global addressable markets for its diverse range of engineered services, products, and robotic solutions:
- Subsea Robotics (Remotely Operated Vehicles - ROVs and Autonomous Underwater Vehicles - AUVs): The global offshore ROV market was valued at USD 780.64 million in 2024 and is projected to reach USD 949.31 million by 2030. The global autonomous underwater vehicle (AUV) market size was estimated at USD 3.48 billion in 2025 and is predicted to increase to approximately USD 7.88 billion by 2035. Another estimate places the global AUV market size at USD 2.7 billion in 2025, projected to grow to USD 5.9 billion in 2030. The combined offshore AUV and ROV market was valued at USD 5.56 billion in 2024 and is projected to reach USD 36.99 billion by 2033.
- Manufactured Products (Distribution and Connection Systems, Autonomous Mobile Robots, Automated Guided Vehicles, Entertainment Systems):
- Subsea Umbilicals, Risers, and Flowlines (SURF) Market: The global SURF market was valued at over USD 5.67 billion in 2025 and is expected to reach USD 11.69 billion by 2035.
- Autonomous Mobile Robots (AMR): The global autonomous mobile robots market was valued at USD 3.1 billion in 2025 and is expected to grow to USD 17 billion in 2035. Another source reported the global market size at USD 4.74 billion in 2025, projected to reach USD 14.04 billion by 2033.
- Automated Guided Vehicles (AGV): The global automated guided vehicle market size was estimated at USD 5.93 billion in 2025 and is projected to reach USD 11.58 billion by 2033. Another source indicated a global market size of USD 5.77 billion in 2025, increasing to approximately USD 14.04 billion by 2035.
- Entertainment Systems (Entertainment Robots): The global entertainment robots market size was valued at USD 4.72 billion in 2025 and is predicted to increase to approximately USD 26.94 billion by 2034. Another report states the market size was USD 3.85 billion in 2025 and is expected to reach USD 27.63 billion by 2035.
- Offshore Projects Group (Subsea Installation and Intervention, including Well Intervention): The global well intervention market is projected to reach USD 9.3 billion by 2026, up from USD 7.6 billion in 2021. The global well intervention market size is projected to grow from USD 10.39 billion in 2026 to USD 16.78 billion by 2034. Specifically, the global subsea well intervention market is projected to reach a valuation of USD 6,495.3 million by 2033, from USD 4,370.7 million in 2024.
- Integrity Management & Digital Solutions (Asset Integrity Management): The global oil and gas asset integrity management services market size was valued at USD 25.75 billion in 2025 and is projected to grow to USD 47.32 billion by 2033. Another report states the global asset integrity management market reached a value of nearly USD 29.16 billion in 2024 and is expected to grow to USD 37.89 billion in 2029.
- Aerospace and Defense Technologies (Government Services and Products, including Engineering): The global aerospace engineering services market is expected to reach a valuation of US$ 48.7 billion in 2023 and is projected to increase to US$ 81.7 billion by the end of 2033. The global aerospace & defense product engineering services market size was valued at US$ 168.1 million in 2024 and is estimated to grow to US$ 234.0 million by 2030. The global aerospace engineering services outsourcing market size was valued at USD 173.68 billion in 2025 and is expected to reach USD 1628.78 billion by 2035.
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Oceaneering International, Inc. (OII) is expected to drive future revenue growth over the next 2-3 years through several key areas: * Aerospace and Defense Technologies (ADTech) Segment Growth: The ADTech segment is anticipated to be a primary growth engine for Oceaneering. This growth is fueled by significant contract awards, including a landmark multi-year contract secured in Q1 2025, and increased spending across defense and government markets. The segment experienced a substantial increase in operating income and revenue in 2025. * Improved Remotely Operated Vehicle (ROV) Day Rates and Utilization within Subsea Robotics (SSR): The Subsea Robotics segment is consistently demonstrating strong performance, with increasing average revenue per day utilized for ROVs and resilient fleet utilization. This trend of improved ROV pricing and utilization, along with increased tooling volumes, is a significant contributor to revenue growth. The company anticipates maintaining stable utilization and pricing in this segment. * Conversion of Manufactured Products Backlog: The Manufactured Products segment has a substantial backlog of orders, which is expected to translate into improved operating results and margins as these higher-margin orders, particularly in energy manufacturing, are converted into revenue. The segment's backlog stood at $671 million as of September 30, 2024, with a book-to-bill ratio of 1.21 for the trailing 12 months. * Increased Offshore Activity and International Projects in the Offshore Projects Group (OPG): The Offshore Projects Group has experienced periods of revenue and operating income improvement driven by higher offshore activity and the execution of international projects. Continued strong vessel activity in regions such as the Gulf of Mexico and West Africa also contributes to this segment's performance. * Diversification into Renewable Energy Markets: Oceaneering is strategically expanding its presence in new markets, including renewable energy sectors such as offshore wind and hydrogen projects. The company is leveraging its existing ROV and subsea technologies to capitalize on these emerging opportunities, which are expected to create new revenue streams.AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In 2025, Oceaneering International repurchased approximately 1.8 million shares for about $40.3 million. Approximately 5.4 million shares remain under the current repurchase authorization.
- During the first six months of 2025, the company repurchased approximately 1.0 million shares of common stock for about $20 million.
- In 2024, Oceaneering repurchased 825,427 shares for approximately $20.0 million. This included 403,198 shares repurchased in the fourth quarter for approximately $10.1 million.
Outbound Investments
- In the fourth quarter of 2024, Oceaneering acquired Global Design Innovation Ltd., a U.K.-based provider of digital and software services. The company plans to integrate this acquisition and identify market expansion opportunities in 2025.
Capital Expenditures
- Oceaneering's projected capital expenditures for 2026 are expected to be in the range of $105 million to $115 million.
- Capital expenditures for 2025 were expected to be between $130 million and $140 million, which included $15 million to $20 million allocated for the implementation of a new ERP system. Organic capital expenditures for 2025 were anticipated to be between $115 million to $120 million, excluding business acquisitions.
- Actual capital expenditures for 2024 were $107.1 million, for 2023 were $100.7 million, and for 2022 were $81.04 million.
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| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 32.02 |
| Mkt Cap | 3.9 |
| Rev LTM | 2,802 |
| Op Inc LTM | 289 |
| FCF LTM | 238 |
| FCF 3Y Avg | 162 |
| CFO LTM | 340 |
| CFO 3Y Avg | 239 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.4% |
| Rev Chg 3Y Avg | 11.6% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | 2.1% |
| Op Inc Chg 3Y Avg | 86.5% |
| Op Mgn LTM | 12.0% |
| Op Mgn 3Y Avg | 9.4% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 13.6% |
| FCF/Rev LTM | 12.3% |
| FCF/Rev 3Y Avg | 11.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.9 |
| P/S | 2.3 |
| P/Op Inc | 19.1 |
| P/EBIT | 19.2 |
| P/E | 26.2 |
| P/CFO | 11.5 |
| Total Yield | 4.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.6% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.7% |
| 3M Rtn | 15.4% |
| 6M Rtn | 45.9% |
| 12M Rtn | 56.6% |
| 3Y Rtn | 84.8% |
| 1M Excs Rtn | -0.4% |
| 3M Excs Rtn | 3.4% |
| 6M Excs Rtn | 35.4% |
| 12M Excs Rtn | 31.9% |
| 3Y Excs Rtn | 2.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Subsea Robotics | 855 | 830 | 753 | 167 | 539 |
| Offshore Projects Group (OPG) | 616 | 591 | 546 | 122 | 378 |
| Manufactured Products | 569 | 556 | 494 | 100 | 344 |
| Aerospace and Defense Technologies (ADTech) | 460 | 393 | 377 | 91 | |
| Integrity Management & Digital Solutions (IMDS) | 284 | 292 | 255 | 55 | 241 |
| Unallocated Expenses | 0 | 0 | 0 | ||
| Advanced Technologies | 367 | ||||
| Total | 2,784 | 2,661 | 2,425 | 536 | 1,869 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Subsea Robotics | 257 | 235 | 174 | 44 | 77 |
| Offshore Projects Group (OPG) | 96 | 74 | 65 | 11 | 31 |
| Manufactured Products | 72 | 43 | 36 | 6 | -16 |
| Aerospace and Defense Technologies (ADTech) | 58 | 42 | 45 | 10 | |
| Integrity Management & Digital Solutions (IMDS) | 11 | 10 | 13 | 5 | 19 |
| Unallocated Expenses | -190 | -158 | -151 | -34 | -132 |
| Advanced Technologies | 61 | ||||
| Total | 305 | 246 | 181 | 42 | 40 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate and Other | 989 | 769 | 725 | 673 | 648 |
| Subsea Robotics | 539 | 476 | 489 | 468 | 447 |
| Offshore Projects Group (OPG) | 532 | 506 | 479 | 345 | 333 |
| Manufactured Products | 331 | 337 | 344 | 339 | 343 |
| Aerospace and Defense Technologies (ADTech) | 142 | 122 | 111 | ||
| Integrity Management & Digital Solutions (IMDS) | 135 | 126 | 91 | 91 | 84 |
| Advanced Technologies | 115 | 108 | |||
| Total | 2,667 | 2,336 | 2,239 | 2,032 | 1,963 |
Price Behavior
Price Behavior
| Market Price | $39.39 | |
| Market Cap ($ Bil) | 3.9 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -1.0% | |
| 50 Days | 200 Days | |
| DMA Price | $37.75 | $30.15 |
| DMA Trend | up | up |
| Distance from DMA | 4.3% | 30.6% |
| 3M | 1YR | |
| Volatility | 39.6% | 42.4% |
| Downside Capture | 107.74 | 81.16 |
| Upside Capture | 123.03 | 131.83 |
| Correlation (SPY) | 26.7% | 30.9% |
OII Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.56 | -0.04 | 0.48 | 0.90 | 1.00 | 1.28 |
| Up Beta | -1.30 | -1.88 | -0.61 | 0.08 | 0.61 | 1.22 |
| Down Beta | 2.44 | 0.38 | 0.04 | 0.97 | 1.26 | 1.84 |
| Up Capture | 56% | 82% | 100% | 185% | 155% | 133% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 21 | 32 | 63 | 127 | 392 |
| Down Capture | 98% | 191% | 114% | 77% | 78% | 100% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 20 | 31 | 61 | 120 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OII | |
|---|---|---|---|---|
| OII | 92.2% | 42.2% | 1.67 | - |
| Sector ETF (XLE) | 37.8% | 20.6% | 1.45 | 47.6% |
| Equity (SPY) | 24.9% | 12.3% | 1.52 | 30.2% |
| Gold (GLD) | 25.5% | 27.4% | 0.81 | 15.3% |
| Commodities (DBC) | 30.1% | 19.0% | 1.25 | 22.6% |
| Real Estate (VNQ) | 13.5% | 13.5% | 0.69 | 18.7% |
| Bitcoin (BTCUSD) | -41.7% | 42.2% | -1.16 | 22.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OII | |
|---|---|---|---|---|
| OII | 18.6% | 51.3% | 0.52 | - |
| Sector ETF (XLE) | 20.1% | 26.0% | 0.70 | 70.7% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 39.8% |
| Gold (GLD) | 16.8% | 18.2% | 0.75 | 14.6% |
| Commodities (DBC) | 8.4% | 19.4% | 0.33 | 49.4% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 27.0% |
| Bitcoin (BTCUSD) | 13.6% | 54.4% | 0.44 | 17.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OII | |
|---|---|---|---|---|
| OII | 2.7% | 62.8% | 0.31 | - |
| Sector ETF (XLE) | 10.0% | 29.6% | 0.38 | 73.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 45.4% |
| Gold (GLD) | 12.5% | 16.1% | 0.64 | 7.6% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 47.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 35.8% |
| Bitcoin (BTCUSD) | 60.3% | 66.8% | 1.00 | 14.0% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | -1.2% | -6.4% | 0.0% |
| 2/18/2026 | 9.3% | 14.6% | 6.0% |
| 10/22/2025 | -3.6% | -4.7% | -5.3% |
| 7/23/2025 | 6.8% | -0.2% | 2.4% |
| 4/23/2025 | 3.8% | 2.8% | 10.0% |
| 2/19/2025 | -4.1% | -12.0% | -13.7% |
| 10/23/2024 | 6.0% | 6.5% | 24.0% |
| 7/24/2024 | 13.8% | 18.0% | 1.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 12 |
| # Negative | 11 | 13 | 11 |
| Median Positive | 6.3% | 14.2% | 7.9% |
| Median Negative | -4.3% | -6.4% | -11.1% |
| Max Positive | 16.5% | 22.5% | 88.8% |
| Max Negative | -11.0% | -18.6% | -15.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Consolidated EBITDA | 100.00 Mil | 105.00 Mil | 110.00 Mil | 23.5% | Higher New | Guidance: 85.00 Mil for Q1 2026 | |
| 2026 Consolidated EBITDA | 390.00 Mil | 415.00 Mil | 440.00 Mil | 0 | Affirmed | Guidance: 415.00 Mil for 2026 | |
| 2026 Free Cash Flow | 100.00 Mil | 110.00 Mil | 120.00 Mil | 0 | Affirmed | Guidance: 110.00 Mil for 2026 | |
| 2026 Manufactured Products book-to-bill ratio | 0.9 | 0.95 | 1 | ||||
Prior: Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Consolidated EBITDA | 80.00 Mil | 85.00 Mil | 90.00 Mil | 0 | Affirmed | Guidance: 85.00 Mil for Q4 2025 | |
| 2026 Consolidated EBITDA | 390.00 Mil | 415.00 Mil | 440.00 Mil | 0 | Affirmed | Guidance: 415.00 Mil for 2026 | |
| 2026 Net Income | 178.00 Mil | 190.50 Mil | 203.00 Mil | ||||
| 2026 Free Cash Flow | 100.00 Mil | 110.00 Mil | 120.00 Mil | ||||
| 2026 Capital Expenditures | 105.00 Mil | 110.00 Mil | 115.00 Mil | ||||
Insider Activity
Updated 5/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McDonald, Martin J | SVP, Subsea Robotics | Direct | Sell | 5142026 | 38.49 | 43,947 | 1,691,520 | 1,894,824 | Form |
| 2 | McDonald, Martin J | SVP, Subsea Robotics | Direct | Sell | 5142026 | 38.33 | 26,053 | 998,611 | 3,571,436 | Form |
| 3 | McEvoy, M Kevin | Direct | Sell | 3132026 | 35.27 | 25,678 | 905,663 | 4,599,349 | Form | |
| 4 | Laura, Benjamin | SVP & Chief Operating Officer | Direct | Sell | 2262026 | 36.88 | 5,106 | 188,309 | 1,504,888 | Form |
| 5 | Kriendler, Holly | SVP, Chief H.R. Officer | Direct | Sell | 2262026 | 37.31 | 5,798 | 216,323 | 921,632 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/13/2026