Oceaneering International (OII)


Market Price (7/23/2026): $45.51 | Market Cap: $4.5 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Oceaneering International (OII)


Market Price (7/23/2026): $45.51
Market Cap: $4.5 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 5.3%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%

Low stock price volatility
Vol 12M is 43%

Megatrend and thematic drivers
Megatrends include Offshore Wind Development, Automation & Robotics, and US Energy Independence. Themes include Offshore Wind Project Development, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 13x

Stock price has recently run up significantly
12M Rtn12 month market price return is 113%

Key risks
OII 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.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 5.3%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
2 Low stock price volatility
Vol 12M is 43%
3 Megatrend and thematic drivers
Megatrends include Offshore Wind Development, Automation & Robotics, and US Energy Independence. Themes include Offshore Wind Project Development, Show more.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 13x
6 Stock price has recently run up significantly
12M Rtn12 month market price return is 113%
7 Key risks
OII 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.

OII in ETFs

Weight = OII's share of each fund

VTI0.01%
ITOT0.01%
IWM0.14%
IJR0.23%
VB0.05%
AVUV0.47%
SLYG0.28%
IJT0.28%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/22/2026

Oceaneering International (OII) stock has gained about 25% since 3/31/2026 because of the following key factors:

1. Robust Financial Performance in Fiscal Q2 2026 Exceeded Expectations.

Oceaneering International reported strong fiscal Q2 2026 results on July 22, 2026, with revenue climbing to $768.2 million, a 10.0% increase year-over-year and surpassing analyst estimates of $742.1 million. Diluted earnings per share (EPS) surged 20.4% to $0.65, significantly topping the consensus estimate of $0.46. Additionally, adjusted EBITDA rose 11% to $115 million, exceeding the high end of management's guidance.

2. Increased Full-Year Financial Guidance Reflects Optimistic Outlook.

Following the strong Q2 2026 results, management updated its full-year consolidated adjusted EBITDA guidance range to between $400 million and $440 million, indicating a positive trajectory for the remainder of fiscal year 2026. This upward revision signals increased confidence in sustained operational performance and market demand.

Show more
Updated on 7/22/2026

Oceaneering International (OII) stock has gained about 25% since 3/31/2026 because of the following key factors:

1. Robust Financial Performance in Fiscal Q2 2026 Exceeded Expectations.

Oceaneering International reported strong fiscal Q2 2026 results on July 22, 2026, with revenue climbing to $768.2 million, a 10.0% increase year-over-year and surpassing analyst estimates of $742.1 million. Diluted earnings per share (EPS) surged 20.4% to $0.65, significantly topping the consensus estimate of $0.46. Additionally, adjusted EBITDA rose 11% to $115 million, exceeding the high end of management's guidance.

2. Increased Full-Year Financial Guidance Reflects Optimistic Outlook.

Following the strong Q2 2026 results, management updated its full-year consolidated adjusted EBITDA guidance range to between $400 million and $440 million, indicating a positive trajectory for the remainder of fiscal year 2026. This upward revision signals increased confidence in sustained operational performance and market demand.

3. Strategic Contract Wins and Business Expansion Driven by Diversified Services.

The company secured several significant contracts during the period, highlighting demand across its diverse offerings. Key awards include a five-year asset integrity contract in Qatar in July 2026, expected to generate meaningful revenue, and multi-discipline offshore survey contracts for its Ocean Intervention II vessel that commenced in April 2026. Furthermore, Oceaneering announced a four-year contract for Remotely Operated Vehicle (ROV) services offshore Brazil with Petrobras and a collaboration with Kongsberg to support the U.S. Department of War's Extra-Large Uncrewed Undersea Vehicle (XLUUV) program.

4. Enhanced Financial Flexibility and Strengthened Debt Profile.

Oceaneering significantly improved its financial structure by increasing its revolving credit facility from $215 million to $345 million and extending its maturity to July 2031, providing greater liquidity and operational flexibility. Concurrently, in June 2026, the company announced a private offering of $500 million of Senior Notes due 2034, primarily to refinance its 6.000% Senior Notes due 2028, which optimized its debt maturity profile.

5. Analyst Price Target Upgrades Signal Growing Market Confidence.

During the period, multiple analyst firms revised their price targets for Oceaneering International upwards. For instance, Citigroup increased its price target from $35.00 to $40.00 in June 2026, Barclays raised its target from $32.00 to $39.00 in May 2026, and TD Cowen adjusted its target from $34.00 to $36.00 in April 2026. These upgrades reflect increasing analyst confidence in the company's future earnings potential and market position.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 26.9% change in OII stock from 3/31/2026 to 7/22/2026 was primarily driven by a 32.2% change in the company's P/E Multiple.
(LTM values as of)33120267222026Change
Stock Price ($)35.4745.0026.9%
Change Contribution By: 
Total Revenues ($ Mil)2,7842,8020.6%
Net Income Margin (%)12.7%12.1%-4.6%
P/E Multiple10.013.232.2%
Shares Outstanding (Mil)1001000.0%
Cumulative Contribution26.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/22/2026
ReturnCorrelation
OII26.9% 
Market (SPY)14.9%13.4%
Sector (XLE)-3.4%38.8%

Fundamental Drivers

The 87.3% change in OII stock from 12/31/2025 to 7/22/2026 was primarily driven by a 47.6% change in the company's Net Income Margin (%).
(LTM values as of)123120257222026Change
Stock Price ($)24.0345.0087.3%
Change Contribution By: 
Total Revenues ($ Mil)2,8292,802-1.0%
Net Income Margin (%)8.2%12.1%47.6%
P/E Multiple10.413.227.5%
Shares Outstanding (Mil)1001000.5%
Cumulative Contribution87.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/22/2026
ReturnCorrelation
OII87.3% 
Market (SPY)9.9%24.5%
Sector (XLE)33.3%39.5%

Fundamental Drivers

The 117.2% change in OII stock from 6/30/2025 to 7/22/2026 was primarily driven by a 81.5% change in the company's Net Income Margin (%).
(LTM values as of)63020257222026Change
Stock Price ($)20.7245.00117.2%
Change Contribution By: 
Total Revenues ($ Mil)2,7372,8022.4%
Net Income Margin (%)6.7%12.1%81.5%
P/E Multiple11.413.215.5%
Shares Outstanding (Mil)1011001.2%
Cumulative Contribution117.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/22/2026
ReturnCorrelation
OII117.2% 
Market (SPY)22.0%29.2%
Sector (XLE)42.9%47.9%

Fundamental Drivers

The 140.6% change in OII stock from 6/30/2023 to 7/22/2026 was primarily driven by a 431.0% change in the company's Net Income Margin (%).
(LTM values as of)63020237222026Change
Stock Price ($)18.7045.00140.6%
Change Contribution By: 
Total Revenues ($ Mil)2,1572,80229.9%
Net Income Margin (%)2.3%12.1%431.0%
P/E Multiple38.213.2-65.4%
Shares Outstanding (Mil)1001000.9%
Cumulative Contribution140.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/22/2026
ReturnCorrelation
OII140.6% 
Market (SPY)74.6%42.9%
Sector (XLE)59.4%64.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
OII Return42%55%22%23%-8%86%462%
Peers Return-17%81%16%39%27%40%325%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
OII Win Rate58%58%58%33%50%86% 
Peers Win Rate46%65%54%44%60%64% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
OII Max Drawdown-42%-58%-31%-25%-43%-14% 
Peers Max Drawdown-54%-44%-35%-28%-34%-20% 
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 7/22/2026 (YTD)

How Low Can It Go

EventOIIS&P 500
2025 US Tariff Shock
  % Loss-36.7%-18.8%
  % Gain to Breakeven57.9%23.1%
  Time to Breakeven168 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.8%-9.5%
  % Gain to Breakeven24.7%10.5%
  Time to Breakeven112 days24 days
2023 SVB Regional Banking Crisis
  % Loss-28.9%-6.7%
  % Gain to Breakeven40.7%7.1%
  Time to Breakeven40 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-40.0%-24.5%
  % Gain to Breakeven66.7%32.4%
  Time to Breakeven31 days427 days
2020 COVID-19 Crash
  % Loss-84.5%-33.7%
  % Gain to Breakeven543.8%50.9%
  Time to Breakeven352 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-60.0%-19.2%
  % Gain to Breakeven150.0%23.8%
  Time to Breakeven2040 days105 days

Compare to FTI, HLX, FTK, EROK, SLB

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.

EventOIIS&P 500
2025 US Tariff Shock
  % Loss-36.7%-18.8%
  % Gain to Breakeven57.9%23.1%
  Time to Breakeven168 days79 days
2023 SVB Regional Banking Crisis
  % Loss-28.9%-6.7%
  % Gain to Breakeven40.7%7.1%
  Time to Breakeven40 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-40.0%-24.5%
  % Gain to Breakeven66.7%32.4%
  Time to Breakeven31 days427 days
2020 COVID-19 Crash
  % Loss-84.5%-33.7%
  % Gain to Breakeven543.8%50.9%
  Time to Breakeven352 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-60.0%-19.2%
  % Gain to Breakeven150.0%23.8%
  Time to Breakeven2040 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-35.5%-12.2%
  % Gain to Breakeven55.0%13.9%
  Time to Breakeven3743 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-24.9%-17.9%
  % Gain to Breakeven33.1%21.8%
  Time to Breakeven77 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-40.9%-15.4%
  % Gain to Breakeven69.1%18.2%
  Time to Breakeven160 days125 days
2008-2009 Global Financial Crisis
  % Loss-72.1%-53.4%
  % Gain to Breakeven258.0%114.4%
  Time to Breakeven719 days1085 days

Compare to FTI, HLX, FTK, EROK, SLB

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 (OII) is a global technology company that provides specialized engineered services, products, and robotic solutions across various industries. The company is particularly recognized for its advanced capabilities in challenging environments, ranging from deep-sea operations to defense and space exploration.

Oceaneering's main products and services include a significant fleet of Remotely Operated Vehicles (ROVs) used for subsea drill support, installation, inspection, maintenance, and repair in the offshore energy sector. Beyond subsea robotics, the company designs and manufactures crucial hardware like production control umbilicals and pipeline connection systems. It also develops autonomous mobile robots (AMRs) and automated guided vehicles (AGVs) for industrial and entertainment applications, offers asset integrity management, and provides specialized engineering and manufacturing services.

The company primarily serves the offshore energy industry, supporting oil and gas operations with critical subsea infrastructure and maintenance. Additionally, Oceaneering caters to U.S. government agencies and prime contractors within the defense and aerospace sectors, leveraging its engineering and manufacturing expertise. Its robotic and automation solutions also extend to a diverse client base in the manufacturing and entertainment industries globally.

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.

AI Analysis | Feedback

```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.

AI Analysis | Feedback

null

AI Analysis | Feedback

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.

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Better Bets vs. Oceaneering International (OII)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

OIIFTIHLXFTKEROKSLBMedian
NameOceaneer.TechnipF.Helix En.Flotek I.EagleRoc.SLB  
Mkt Price45.0075.109.6527.2422.1847.6736.12
Mkt Cap4.530.01.41.0-71.54.5
Rev LTM2,80210,1921,301252-35,9402,802
Op Inc LTM2891,4836230-5,189289
FCF LTM2381,344167-2-4,412238
FCF 3Y Avg1331,105162-3-4,591162
CFO LTM3401,655182-0-6,316340
CFO 3Y Avg2391,379181-1-6,628239

Growth & Margins

OIIFTIHLXFTKEROKSLBMedian
NameOceaneer.TechnipF.Helix En.Flotek I.EagleRoc.SLB  
Rev Chg LTM2.4%9.9%-2.9%24.7%--0.4%2.4%
Rev Chg 3Y Avg9.2%14.2%11.6%14.0%-6.5%11.6%
Rev Chg Q2.7%11.6%3.6%26.5%-2.7%3.6%
QoQ Delta Rev Chg LTM0.6%2.6%0.8%6.2%-0.6%0.8%
Op Inc Chg LTM2.1%37.3%-55.0%94.3%--17.2%2.1%
Op Inc Chg 3Y Avg29.3%86.5%1,478.7%819.7%-5.3%86.5%
Op Mgn LTM10.3%14.6%4.7%12.0%-14.4%12.0%
Op Mgn 3Y Avg9.4%11.4%7.7%6.7%-16.2%9.4%
QoQ Delta Op Mgn LTM-0.6%0.5%-1.7%0.1%--0.8%-0.6%
CFO/Rev LTM12.2%16.2%14.0%-0.0%-17.6%14.0%
CFO/Rev 3Y Avg8.8%14.8%13.6%-0.5%-18.8%13.6%
FCF/Rev LTM8.5%13.2%12.9%-1.0%-12.3%12.3%
FCF/Rev 3Y Avg4.9%11.8%12.3%-1.4%-13.0%11.8%

Valuation

OIIFTIHLXFTKEROKSLBMedian
NameOceaneer.TechnipF.Helix En.Flotek I.EagleRoc.SLB  
Mkt Cap4.530.01.41.0-71.54.5
P/S1.62.91.13.9-2.02.0
P/Op Inc15.520.323.032.6-13.820.3
P/EBIT14.520.425.738.5-15.220.4
P/E13.227.899.033.0-21.527.8
P/CFO13.218.27.8-11,174.6-11.311.3
Total Yield7.6%3.9%1.0%3.0%-7.0%3.9%
Dividend Yield0.0%0.3%0.0%0.0%-2.3%0.0%
FCF Yield 3Y Avg4.4%6.7%12.1%-2.0%-7.8%6.7%
D/E0.20.00.40.1-0.20.2
Net D/E0.10.00.10.0-0.10.1

Returns

OIIFTIHLXFTKEROKSLBMedian
NameOceaneer.TechnipF.Helix En.Flotek I.EagleRoc.SLB  
1M Rtn24.3%11.4%9.0%12.0%5.2%-0.6%10.2%
3M Rtn17.0%4.0%0.2%62.6%1.6%-11.8%2.8%
6M Rtn57.3%38.7%28.3%60.2%1.6%-0.7%33.5%
12M Rtn113.0%132.6%47.8%121.6%1.6%42.6%80.4%
3Y Rtn94.6%340.4%15.3%445.0%1.6%-8.2%55.0%
1M Excs Rtn24.0%11.1%8.7%11.6%4.8%-0.9%9.9%
3M Excs Rtn12.8%-2.3%-3.3%71.5%-4.6%-15.3%-2.8%
6M Excs Rtn58.0%33.8%26.5%59.0%-8.8%-6.6%30.2%
12M Excs Rtn97.7%115.3%31.6%105.5%-17.4%27.1%64.7%
3Y Excs Rtn36.2%271.6%-49.3%420.6%-64.2%-74.8%-6.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Subsea Robotics855830753167539
Offshore Projects Group (OPG)616591546122378
Manufactured Products569556494100344
Aerospace and Defense Technologies (ADTech)46039337791 
Integrity Management & Digital Solutions (IMDS)28429225555241
Unallocated Expenses000  
Advanced Technologies    367
Total2,7842,6612,4255361,869


Operating Income by Segment
$ Mil20252024202320222021
Subsea Robotics2572351744477
Offshore Projects Group (OPG)9674651131
Manufactured Products7243366-16
Aerospace and Defense Technologies (ADTech)58424510 
Integrity Management & Digital Solutions (IMDS)111013519
Unallocated Expenses-190-158-151-34-132
Advanced Technologies    61
Total3052461814240


Assets by Segment
$ Mil20252024202320222021
Corporate and Other989769725673648
Subsea Robotics539476489468447
Offshore Projects Group (OPG)532506479345333
Manufactured Products331337344339343
Aerospace and Defense Technologies (ADTech)142122111  
Integrity Management & Digital Solutions (IMDS)135126919184
Advanced Technologies   115108
Total2,6672,3362,2392,0321,963


Price Behavior

Price Behavior
Market Price$45.00 
Market Cap ($ Bil)4.5 
First Trading Date03/26/1990 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$38.86$32.06
DMA Trendupup
Distance from DMA15.8%40.4%
 3M1YR
Volatility40.6%43.4%
Downside Capture103.2180.51
Upside Capture151.69152.47
Correlation (SPY)25.8%29.7%
OII Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.930.800.540.891.031.27
Up Beta-3.47-2.61-1.45-0.620.141.09
Down Beta2.072.031.531.401.531.84
Up Capture233%146%127%210%179%140%
Bmk +ve Days11244067140429
Stock +ve Days12223467128390
Down Capture129%122%146%80%90%101%
Bmk -ve Days10172358112321
Stock -ve Days9192958122353

[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
OII117.3%43.3%1.90-
Sector ETF (XLE)42.7%20.9%1.6046.7%
Equity (SPY)20.0%12.6%1.1629.5%
Gold (GLD)21.2%28.1%0.6714.4%
Commodities (DBC)33.0%19.1%1.3624.6%
Real Estate (VNQ)13.9%14.0%0.7018.4%
Bitcoin (BTCUSD)-43.6%42.9%-1.2119.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OII
OII27.0%51.0%0.65-
Sector ETF (XLE)22.7%25.9%0.7870.2%
Equity (SPY)12.8%17.1%0.5839.6%
Gold (GLD)17.3%18.4%0.7614.2%
Commodities (DBC)9.3%19.5%0.3749.5%
Real Estate (VNQ)2.7%18.9%0.0427.1%
Bitcoin (BTCUSD)15.2%53.5%0.4618.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OII
OII4.4%62.8%0.34-
Sector ETF (XLE)9.8%29.5%0.3773.6%
Equity (SPY)15.1%17.9%0.7245.0%
Gold (GLD)11.5%16.1%0.587.9%
Commodities (DBC)7.1%17.9%0.3147.5%
Real Estate (VNQ)5.0%20.7%0.2035.8%
Bitcoin (BTCUSD)58.5%66.2%0.9914.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity6.0 Mil
Short Interest: % Change Since 61520268.2%
Average Daily Volume1.7 Mil
Days-to-Cover Short Interest3.6 days
Basic Shares Quantity99.5 Mil
Short % of Basic Shares6.1%

Earnings Returns History

Updated 7/22/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/22/2026-1.2%-6.4%0.0%
2/18/20269.3%14.6%6.0%
10/22/2025-3.6%-4.7%-5.3%
7/23/20256.8%-0.2%2.4%
4/23/20253.8%2.8%10.0%
2/19/2025-4.1%-12.0%-13.7%
10/23/20246.0%6.5%24.0%
7/24/202413.8%18.0%1.1%
...
SUMMARY STATS   
# Positive121012
# Negative111311
Median Positive6.3%14.2%7.9%
Median Negative-4.3%-6.4%-11.1%
Max Positive16.5%22.5%88.8%
Max Negative-11.0%-18.6%-15.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/22/2026-1.2%-6.4%0.0%
2/18/20269.3%14.6%6.0%
10/22/2025-3.6%-4.7%-5.3%
7/23/20256.8%-0.2%2.4%
4/23/20253.8%2.8%10.0%
2/19/2025-4.1%-12.0%-13.7%
10/23/20246.0%6.5%24.0%
7/24/202413.8%18.0%1.1%
4/24/20246.5%-3.6%-1.3%
2/22/2024-2.5%-12.3%0.5%
10/25/2023-8.3%-8.2%-13.2%
7/26/2023-10.8%-9.1%-7.8%
4/26/20232.4%-2.5%-4.2%
2/23/20233.4%13.8%-15.4%
10/26/202216.5%15.8%32.2%
7/27/2022-11.0%-18.6%-12.5%
4/27/2022-8.4%-1.5%-1.3%
2/24/2022-4.3%1.6%9.8%
7/28/20212.6%-11.4%-11.1%
4/28/2021-3.2%20.9%24.9%
2/24/20216.0%13.7%4.5%
10/28/20208.1%22.5%88.8%
7/29/2020-8.7%-1.8%-14.7%
SUMMARY STATS   
# Positive121012
# Negative111311
Median Positive6.3%14.2%7.9%
Median Negative-4.3%-6.4%-11.1%
Max Positive16.5%22.5%88.8%
Max Negative-11.0%-18.6%-15.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/23/202610-Q
12/31/202502/20/202610-K
09/30/202510/23/202510-Q
06/30/202507/24/202510-Q
03/31/202504/24/202510-Q
12/31/202402/24/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/23/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/28/202310-Q
12/31/202202/24/202310-K
09/30/202210/28/202210-Q
06/30/202207/29/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202604/23/202610-Q
12/31/202502/20/202610-K
09/30/202510/23/202510-Q
06/30/202507/24/202510-Q
03/31/202504/24/202510-Q
12/31/202402/24/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/23/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/28/202310-Q
12/31/202202/24/202310-K
09/30/202210/28/202210-Q
06/30/202207/29/202210-Q
03/31/202204/29/202210-Q
12/31/202102/25/202210-K
09/30/202110/29/202110-Q
06/30/202107/30/202110-Q
03/31/202104/30/202110-Q
12/31/202002/26/202110-K
09/30/202011/02/202010-Q
06/30/202008/03/202010-Q
03/31/202005/15/202010-Q
12/31/201902/27/202010-K
09/30/201911/04/201910-Q
06/30/201907/30/201910-Q

Recent Forward Guidance

Updated 7/22/2026

Latest: Q2 2026 Earnings Reported 7/22/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Consolidated EBITDA115.00 Mil120.00 Mil125.00 Mil14.3% Higher NewActual: 105.00 Mil for Q2 2026
2026 Consolidated EBITDA400.00 Mil420.00 Mil440.00 Mil1.2% RaisedGuidance: 415.00 Mil for 2026
2026 Free Cash Flow100.00 Mil110.00 Mil120.00 Mil0 AffirmedGuidance: 110.00 Mil for 2026
Q3 2026 Unallocated Expenses 50.00 Mil    

Prior: Q1 2026 Earnings Reported 4/22/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Consolidated EBITDA100.00 Mil105.00 Mil110.00 Mil23.5% Higher NewGuidance: 85.00 Mil for Q1 2026
2026 Consolidated EBITDA390.00 Mil415.00 Mil440.00 Mil0 AffirmedGuidance: 415.00 Mil for 2026
2026 Free Cash Flow100.00 Mil110.00 Mil120.00 Mil0 AffirmedGuidance: 110.00 Mil for 2026
2026 Manufactured Products book-to-bill ratio0.90.951   

Q4 2025 Earnings Reported 2/18/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Consolidated EBITDA80.00 Mil85.00 Mil90.00 Mil0 Same NewActual: 85.00 Mil for Q4 2025
2026 Net Income178.00 Mil190.50 Mil203.00 Mil   
2026 Consolidated EBITDA390.00 Mil415.00 Mil440.00 Mil0 AffirmedGuidance: 415.00 Mil for 2026
2026 Free Cash Flow100.00 Mil110.00 Mil120.00 Mil-8.3% Lower NewActual: 120.00 Mil for 2025
2026 Capital Expenditures105.00 Mil110.00 Mil115.00 Mil   

Q3 2025 Earnings Reported 10/22/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Consolidated EBITDA80.00 Mil85.00 Mil90.00 Mil-19.0% Lower NewActual: 105.00 Mil for Q3 2025
2026 Consolidated EBITDA390.00 Mil415.00 Mil440.00 Mil2.5% Higher NewGuidance: 405.00 Mil for 2025
2025 Free Cash Flow110.00 Mil120.00 Mil130.00 Mil0 AffirmedGuidance: 120.00 Mil for 2025

Insider Activity

Updated 7/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Goodwin, Deanna LDirectSell701202640.697,000284,8301,460,974Form
2Larson, Roderick APresident and CEOLFV, LPSell519202638.275,000191,35015,203,867Form
3McDonald, Martin JSVP, Subsea RoboticsDirectSell514202638.4943,9471,691,5201,894,824Form
4McDonald, Martin JSVP, Subsea RoboticsDirectSell514202638.3326,053998,6113,571,436Form
5McEvoy, M KevinDirectSell313202635.2725,678905,6634,599,349Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Goodwin, Deanna LDirectSell701202640.697,000284,8301,460,974Form
2Larson, Roderick APresident and CEOLFV, LPSell519202638.275,000191,35015,203,867Form
3McDonald, Martin JSVP, Subsea RoboticsDirectSell514202638.4943,9471,691,5201,894,824Form
4McDonald, Martin JSVP, Subsea RoboticsDirectSell514202638.3326,053998,6113,571,436Form
5McEvoy, M KevinDirectSell313202635.2725,678905,6634,599,349Form
6Laura, BenjaminSVP & Chief Operating OfficerDirectSell226202636.885,106188,3091,504,888Form
7Kriendler, HollySVP, Chief H.R. OfficerDirectSell226202637.315,798216,323921,632Form
8Granato, Leonardo PSVP, IMDSDirectSell226202637.001,23645,732527,176Form
9Granato, Leonardo PSVP, IMDS401(k) planSell226202637.34202  Form
10Simons, Jennifer FremontSVP, CLO and SecretaryDirectSell226202638.9610,284400,6651,378,678Form
11Laura, BenjaminSVP & Chief Operating OfficerDirectSell226202637.5133,1761,244,4651,722,168Form
12Childress, EarlSVP, Chief Commercial Ofc.DirectSell226202637.4122,518842,3981,330,936Form
13Kriendler, HollySVP, Chief H.R. OfficerDirectSell226202637.7319,007717,1341,150,765Form
14Granato, Leonardo PSVP, IMDSDirectSell226202637.478,415315,310580,185Form
15Dyer, Christopher JSVP, OPGroupDirectSell226202638.086,000228,480605,548Form
16Dunn, Catherine EVP, Chief Accounting OfficerDirectSell226202637.972,866108,808407,668Form
17Dunn, Catherine EVP, Chief Accounting Officer401(k) PlanSell226202637.526,204  Form
18Beachy, Karen HDirectSell226202637.419,800366,618853,547Form
19Simons, Jennifer FremontSVP, CLO and SecretaryDirectSell106202626.3529,155768,0901,379,005Form
20Murphy, Paul B JRDirectSell903202524.2510,000242,5001,802,745Form
21Curtis, Alan RSVP and CFODirectSell828202524.3614,840361,4743,781,814Form

Investor Activity (13F)

Updated Jul 23, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Greenhouse Funds LLLP$72.1 Mil3.4%28TRIM -17.7%13F
Goehring & Rozencwajg Associates, LLC$25.3 Mil1.4%43ADD +25.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Goehring & Rozencwajg Associates, LLC$25.3 Mil1.4%43ADD +25.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Greenhouse Funds LLLP$72.1 Mil3.4%28TRIM -17.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Greenhouse Funds LLLP$72.1 Mil3.4%28TRIM -17.7%13F
Goehring & Rozencwajg Associates, LLC$25.3 Mil1.4%43ADD +25.5%13F
Core Cache Last Updated: 7/22/2026