Oil States International (OIS)
Market Price (8/22/2026): $8.63 | Market Cap: $504.7 MilSector: Energy | Industry: Oil & Gas Equipment & Services
Oil States International (OIS)
Market Price (8/22/2026): $8.63Market Cap: $504.7 MilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Attractive yieldFCF Yield is 11% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. | Weak multi-year price returns3Y Excs Rtn is -62% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6%, Rev Chg QQuarterly Revenue Change % is -5.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26% Key risksOIS key risks include [1] weak U.S. Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Attractive yieldFCF Yield is 11% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. |
| Weak multi-year price returns3Y Excs Rtn is -62% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6%, Rev Chg QQuarterly Revenue Change % is -5.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26% |
| Key risksOIS key risks include [1] weak U.S. Show more. |
Qualitative Assessment
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Updated on 8/10/2026
Oil States International (OIS) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Negative market reaction to Q1 2026 earnings. The stock experienced a significant decline, falling 14.02% the day after reporting its fiscal Q1 2026 earnings on May 5, 2026, indicating investor dissatisfaction with the results or outlook at that time.
2. Persistent commodity price volatility and geopolitical impacts. Management highlighted that "commodity prices remained volatile" and "Conflict in the Middle East region continues to impact our operations and again contributed to certain contract award delays" during fiscal Q2 2026. These external factors created headwinds for the company's performance.
Show more
Oil States International (OIS) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Negative market reaction to Q1 2026 earnings. The stock experienced a significant decline, falling 14.02% the day after reporting its fiscal Q1 2026 earnings on May 5, 2026, indicating investor dissatisfaction with the results or outlook at that time.
2. Persistent commodity price volatility and geopolitical impacts. Management highlighted that "commodity prices remained volatile" and "Conflict in the Middle East region continues to impact our operations and again contributed to certain contract award delays" during fiscal Q2 2026. These external factors created headwinds for the company's performance.
Show more
Updated on 8/10/2026
Oil States International (OIS) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Negative market reaction to Q1 2026 earnings. The stock experienced a significant decline, falling 14.02% the day after reporting its fiscal Q1 2026 earnings on May 5, 2026, indicating investor dissatisfaction with the results or outlook at that time.
2. Persistent commodity price volatility and geopolitical impacts. Management highlighted that "commodity prices remained volatile" and "Conflict in the Middle East region continues to impact our operations and again contributed to certain contract award delays" during fiscal Q2 2026. These external factors created headwinds for the company's performance.
3. Year-over-year revenue decline in Q2 2026. Despite beating earnings per share estimates, Oil States International reported a 5.3% year-over-year decrease in revenue, totaling $156.7 million for fiscal Q2 2026. This contraction in revenue likely tempered investor enthusiasm, overshadowing sequential revenue growth and an EPS beat.
4. Bearish market sentiment and overvaluation concerns. The stock faced generally bearish market sentiment, recording only 9 "green days" in the 30 days leading up to early August 2026. Furthermore, valuation analyses suggested the stock was potentially overvalued, with a GF Value of $5.58 compared to its trading price of $7.75 as of July 30, 2026.
Show less
Oil States International (OIS) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Negative market reaction to Q1 2026 earnings. The stock experienced a significant decline, falling 14.02% the day after reporting its fiscal Q1 2026 earnings on May 5, 2026, indicating investor dissatisfaction with the results or outlook at that time.
2. Persistent commodity price volatility and geopolitical impacts. Management highlighted that "commodity prices remained volatile" and "Conflict in the Middle East region continues to impact our operations and again contributed to certain contract award delays" during fiscal Q2 2026. These external factors created headwinds for the company's performance.
3. Year-over-year revenue decline in Q2 2026. Despite beating earnings per share estimates, Oil States International reported a 5.3% year-over-year decrease in revenue, totaling $156.7 million for fiscal Q2 2026. This contraction in revenue likely tempered investor enthusiasm, overshadowing sequential revenue growth and an EPS beat.
4. Bearish market sentiment and overvaluation concerns. The stock faced generally bearish market sentiment, recording only 9 "green days" in the 30 days leading up to early August 2026. Furthermore, valuation analyses suggested the stock was potentially overvalued, with a GF Value of $5.58 compared to its trading price of $7.75 as of July 30, 2026.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -24.7% change in OIS stock from 4/30/2026 to 8/21/2026 was primarily driven by a -20.6% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.48 | 8.65 | -24.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 669 | 646 | -3.5% |
| P/S Multiple | 1.0 | 0.8 | -20.6% |
| Shares Outstanding (Mil) | 58 | 58 | -1.6% |
| Cumulative Contribution | -24.7% |
Market Drivers
4/30/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| OIS | -24.7% | |
| Market (SPY) | 6.5% | 1.1% |
| Sector (XLE) | 6.7% | 47.0% |
Fundamental Drivers
The 2.1% change in OIS stock from 1/31/2026 to 8/21/2026 was primarily driven by a 4.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.47 | 8.65 | 2.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 655 | 646 | -1.4% |
| P/S Multiple | 0.7 | 0.8 | 4.6% |
| Shares Outstanding (Mil) | 58 | 58 | -0.9% |
| Cumulative Contribution | 2.1% |
Market Drivers
1/31/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| OIS | 2.1% | |
| Market (SPY) | 11.0% | 10.3% |
| Sector (XLE) | 25.5% | 36.0% |
Fundamental Drivers
The 73.3% change in OIS stock from 7/31/2025 to 8/21/2026 was primarily driven by a 76.3% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.99 | 8.65 | 73.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 664 | 646 | -2.8% |
| P/S Multiple | 0.4 | 0.8 | 76.3% |
| Shares Outstanding (Mil) | 59 | 58 | 1.2% |
| Cumulative Contribution | 73.3% |
Market Drivers
7/31/2025 to 8/21/2026| Return | Correlation | |
|---|---|---|
| OIS | 73.3% | |
| Market (SPY) | 22.2% | 21.4% |
| Sector (XLE) | 49.4% | 43.2% |
Fundamental Drivers
The 7.6% change in OIS stock from 7/31/2023 to 8/21/2026 was primarily driven by a 19.7% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.04 | 8.65 | 7.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 772 | 646 | -16.3% |
| P/S Multiple | 0.7 | 0.8 | 19.7% |
| Shares Outstanding (Mil) | 63 | 58 | 7.4% |
| Cumulative Contribution | 7.6% |
Market Drivers
7/31/2023 to 8/21/2026| Return | Correlation | |
|---|---|---|
| OIS | 7.6% | |
| Market (SPY) | 73.2% | 35.3% |
| Sector (XLE) | 59.0% | 56.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OIS Return | -1% | 50% | -9% | -25% | 34% | 29% | 73% |
| Peers Return | 29% | 60% | -4% | -6% | 26% | 68% | 297% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| OIS Win Rate | 50% | 50% | 42% | 42% | 67% | 50% | |
| Peers Win Rate | 50% | 62% | 45% | 38% | 65% | 72% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| OIS Max Drawdown | -50% | -58% | -39% | -42% | -43% | -47% | |
| Peers Max Drawdown | -35% | -43% | -39% | -30% | -39% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FET, NOV, OII, WHD, HAL.
[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 8/21/2026 (YTD)
How Low Can It Go
| Event | OIS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -39.3% | -18.8% |
| % Gain to Breakeven | 64.6% | 23.1% |
| Time to Breakeven | 69 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.0% | -9.5% |
| % Gain to Breakeven | 37.1% | 10.5% |
| Time to Breakeven | 784 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.3% | -6.7% |
| % Gain to Breakeven | 45.6% | 7.1% |
| Time to Breakeven | 987 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.6% | -24.5% |
| % Gain to Breakeven | 50.5% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -85.0% | -33.7% |
| % Gain to Breakeven | 567.7% | 50.9% |
| Time to Breakeven | 2165 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.4% | -3.7% |
| % Gain to Breakeven | 11.5% | 3.9% |
| Time to Breakeven | 27 days | 6 days |
In The Past
Oil States International's stock fell -39.3% during the 2025 US Tariff Shock. Such a loss loss requires a 64.6% gain to breakeven.
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| Event | OIS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -39.3% | -18.8% |
| % Gain to Breakeven | 64.6% | 23.1% |
| Time to Breakeven | 69 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.0% | -9.5% |
| % Gain to Breakeven | 37.1% | 10.5% |
| Time to Breakeven | 784 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.3% | -6.7% |
| % Gain to Breakeven | 45.6% | 7.1% |
| Time to Breakeven | 987 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.6% | -24.5% |
| % Gain to Breakeven | 50.5% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -85.0% | -33.7% |
| % Gain to Breakeven | 567.7% | 50.9% |
| Time to Breakeven | 2165 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.8% | -12.2% |
| % Gain to Breakeven | 29.5% | 13.9% |
| Time to Breakeven | 22 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -45.1% | -17.9% |
| % Gain to Breakeven | 82.1% | 21.8% |
| Time to Breakeven | 141 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -28.3% | -15.4% |
| % Gain to Breakeven | 39.4% | 18.2% |
| Time to Breakeven | 146 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -66.5% | -53.4% |
| % Gain to Breakeven | 198.9% | 114.4% |
| Time to Breakeven | 189 days | 1085 days |
In The Past
Oil States International's stock fell -39.3% during the 2025 US Tariff Shock. Such a loss loss requires a 64.6% 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 Oil States International (OIS)
Oil States International, Inc. (OIS) is a global provider of specialized products and services to the oil and gas industry. The company supports various stages of oil and natural gas operations, from drilling and completion to ongoing production and infrastructure development, serving both land-based and offshore markets worldwide. OIS operates through three main segments: Well Site Services, Downhole Technologies, and Offshore/Manufactured Products.
The company's offerings are diverse, covering critical aspects of energy extraction. Its Well Site Services segment provides essential equipment and support for well operations, including wellhead isolation, frac valve services, flowback testing, and blow-out preventers, which help establish and maintain oil and gas flow. The Downhole Technologies segment focuses on engineered products used within the wellbore, such as perforation systems and specialized tools vital for well completion, intervention, and abandonment.
Oil States International's Offshore/Manufactured Products segment delivers capital equipment for deepwater drilling and floating production systems, including flexible bearings, high-pressure riser systems, and deepwater mooring solutions. This segment also produces short-cycle land-based components like valves and elastomers, alongside specialty products for industrial and military applications. Overall, OIS primarily serves oilfield service companies and exploration and production (E&P) companies globally, ensuring the efficient and safe operation of energy assets.
AI Analysis | Feedback
Here are 1-3 brief analogies for Oil States International (OIS):
They're like a **Caterpillar for the oil and gas industry**, supplying specialized equipment and support services for drilling, completing, and producing oil and gas, both on land and offshore.
Think of them as the **'Swiss Army Knife' supplier for oil and gas companies**, offering a diverse range of specialized tools, equipment, and services needed to operate wells from start to finish, both on land and under the sea.
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- Well Site Services: Provides equipment and services to support drilling, completion, and maintenance of oil and natural gas wells throughout their lifecycle.
- Downhole Perforation Systems: Engineered consumable products used for completing oil and gas wells.
- Downhole Tools: Specialized tools supporting well completion, intervention, wireline operations, and abandonment.
- Offshore Capital Equipment: Designs and manufactures specialized capital equipment for offshore floating production systems, subsea infrastructure, and drilling rigs.
- Short-Cycle Products: Manufactures valves, elastomers, and other specialty components primarily for land-based drilling and completion markets.
- Specialty Manufacturing & Repair Services: Offers specialty welding, fabrication, machining, offshore installation, inspection, and repair services for energy and industrial applications.
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Cindy B. Taylor, Chief Executive Officer and President
Ms. Taylor has served as the Chief Executive Officer and President of Oil States International since May 2007, and is also a member of the Company's Board of Directors. Prior to this, she held positions as President and Chief Operating Officer from May 2006 to May 2007, and as Senior Vice President—Chief Financial Officer and Treasurer before that. From August 1999 to May 2000, Ms. Taylor was the Chief Financial Officer of L.E. Simmons & Associates, Incorporated (SCF Partners), a private equity firm, where she was involved in taking four private companies public via an Initial Public Offering in 2000 to form Oil States International. She served as Vice President—Controller of Cliffs Drilling Company from July 1992 to August 1999, and held various management positions with Ernst & Young LLP from January 1984 to July 1992. Ms. Taylor has also served as a director of the Federal Reserve Bank of Dallas since January 2020.
Lloyd A. Hajdik, Executive Vice President, Chief Financial Officer and Treasurer
Mr. Hajdik joined Oil States International in December 2013, and has served as Executive Vice President, Chief Financial Officer, and Treasurer since May 2016. Before joining Oil States, he was the Chief Financial Officer of GR Energy Services, LLC, a privately-held oilfield services entity, from September to November 2013. From December 2003 to April 2013, Mr. Hajdik held various financial management roles with Helix Energy Solutions Group, Inc., including Senior Vice President – Finance and Chief Accounting Officer. His earlier career included accounting and finance roles of increasing responsibility with companies such as NL Industries, Inc., Compaq Computer Corporation, Halliburton Company, Cliffs Drilling Company, Shell Oil Company, and Ernst & Young LLP.
Philip S. “Scott” Moses, Executive Vice President and Chief Operating Officer
Mr. Moses joined Oil States International in August 1996 and has served as Executive Vice President and Chief Operating Officer since July 2022. His prior roles within the company include Executive Vice President, Offshore/Manufactured Products and Downhole Technologies from May 2021 to July 2022, and Executive Vice President, Offshore/Manufactured Products from May 2016 to May 2021. He has held various engineering, project management, and senior leadership positions since joining the company, focusing on product design, operational efficiency, global facility expansion, and growth through R&D and acquisitions.
Brian E. Taylor, Senior Vice President, Controller and Chief Accounting Officer
Mr. Taylor joined Oil States International in September 2016. He has served as Senior Vice President, Controller, and Chief Accounting Officer since February 2022, and as Vice President, Controller, and Chief Accounting Officer from September 2016 to February 2022. Before joining the company, Mr. Taylor managed personal family investments from January 2015 to September 2016. From April 2012 to December 2014, he served as Vice President and Chief Financial Officer of Conn's, Inc., a specialty retailer.
AI Analysis | Feedback
Here are the key risks to Oil States International's business:
1. Market Volatility and Oil & Gas Industry Cyclicality
Oil States International's financial performance is highly susceptible to the inherent cyclicality and volatility of the oil and natural gas industry. This risk is primarily driven by fluctuations in commodity prices, which directly impact the capital spending decisions of exploration and production (E&P) companies, as well as overall drilling and completion activity. Declining commodity prices have specifically contributed to difficulties in U.S. activity levels for the company. Ongoing uncertainties regarding crude oil demand, capital discipline among operators, and inflationary pressures on labor and materials further present downside risks to the company's financial results.2. Sector-Specific Challenges and Intense Competition
The company faces significant sector-specific challenges, particularly within its U.S. land-based operations. These challenges include lower activity levels, aggressive competitive pricing, and rising costs for products due to inflation, which have prompted Oil States International to undertake substantial restructuring actions. The company has strategically pivoted to prioritize offshore and international markets due to the difficulties and poor returns experienced in certain U.S. segments. Furthermore, Oil States International operates in a highly competitive landscape, facing pressure from large, integrated service providers such as Halliburton and Schlumberger, as well as specialized competitors like Dril-Quip and NOV, which can impact margins and market share.3. Climate Change and Evolving Regulatory Pressures
Oil States International is exposed to risks stemming from evolving climate-related regulations and increased environmental disclosure requirements. This includes the potential for higher operating costs, reputational damage, litigation, and capital constraints as investors and lenders increasingly shift away from carbon-intensive industries. While the company is exploring opportunities in areas like Carbon Capture, Utilization, and Storage (CCS) and offshore wind, the broader energy transition represents a long-term risk to its core business model centered on traditional oil and gas.AI Analysis | Feedback
The accelerating global energy transition, driven by increasing focus on decarbonization and renewable energy sources, poses a clear emerging threat. A sustained reduction in long-term demand for fossil fuels would directly decrease the need for exploration, drilling, completion, subsea infrastructure, and production maintenance services and products, which constitute Oil States International's core business.
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Oil States International (OIS) participates in addressable markets that span various sectors of the oil and gas industry, including well site services, downhole technologies, and offshore/manufactured products. The global oilfield services market, which encompasses many of OIS's offerings, was estimated at approximately USD 133.1 billion in 2023 and is projected to grow to USD 166.4 billion by 2030, at a compound annual growth rate (CAGR) of 3.4% during this period.
Here are the estimated market sizes for Oil States International's main products and services:
Well Site Services
- Wellhead Equipment: The global wellhead equipment market was valued at approximately USD 7.04 billion in 2024 and is projected to reach USD 10.74 billion by 2033, growing at a CAGR of 4.8% from 2025 to 2033. North America is the most significant shareholder in this market. Other estimates place the market at USD 7.34 billion in 2025, growing to USD 10.93 billion by 2033 at a CAGR of 5.1% from 2026.
- Coiled Tubing Services: The global coiled tubing services market was valued at around USD 7.88 billion in 2025 and is projected to reach USD 12.39 billion by 2034, exhibiting a CAGR of 5.06% during the forecast period. North America held the largest share of this market in 2025. Another estimate for the global coiled tubing market size is USD 7.66 billion in 2025, expected to reach USD 9.86 billion by 2030 with a CAGR of 5.17%.
- Sand Control Systems (including Gravel Pack): The global sand control systems market was valued at approximately USD 2.21 billion in 2024 and is expected to reach USD 2.89 billion by 2033, growing at a CAGR of 3% from 2025 to 2033. Another report estimates the market at USD 3.8 billion in 2024, projected to reach USD 5.6 billion by 2030, with a CAGR of 5.4%.
- Blowout Preventers (BOP): The global blowout preventer market size was valued at USD 7.16 billion in 2024 and is expected to grow at a CAGR of 3.51% from 2025 to 2030. North America dominated this market in 2024. Other reports indicate the market size at USD 7.49 billion in 2025, reaching USD 10.09 billion by 2032 with a CAGR of 4.34%.
Downhole Technologies
- Downhole Tools / Perforation Systems: Specific global market sizes for "perforation systems" or "downhole tools" as standalone markets were not explicitly found in the provided snippets outside of their inclusion in broader categories like well intervention or completion services. These products contribute to the larger oilfield services market.
Offshore/Manufactured Products
- Floating Production Systems (FPSO): The global floating production storage and offloading (FPSO) market size was valued at USD 25.13 billion in 2024 and is poised to grow to USD 44.29 billion by 2033, at a CAGR of 6.5% during the forecast period. North America leads this market, with Asia Pacific showing the fastest growth.
- Subsea Pipeline Infrastructure (Subsea Umbilicals, Risers, and Flowlines - SURF): The global SURF market size was valued at USD 5.1 billion in 2024 and is projected to grow at over 7.3% CAGR from 2025 to 2034, reaching USD 10.2 billion. Another source estimates the market size at USD 5.5 billion in 2025, projected to reach USD 11.1 billion by 2035 with a CAGR of 7.3%.
- Offshore Drilling (including Rigs and Vessels): The global offshore drilling market size was valued at USD 43.78 billion in 2025 and is projected to reach USD 87.50 billion by 2034, exhibiting a CAGR of 7.87%. Asia Pacific dominated this market in 2025. Other estimates place the market at USD 42.40 billion in 2025, reaching USD 60.76 billion by 2033 at a CAGR of 4.60%.
- Offshore Cranes: The global offshore crane market size was valued at USD 2.34 billion in 2025 and is projected to grow to USD 3.76 billion by 2034, exhibiting a CAGR of 5.40%. The oil & gas segment is estimated to reach USD 1.5 billion by 2032 within this market.
- Valves (Oil & Gas): The global oil and gas valves market was valued at USD 13.98 billion in 2024 and is expected to increase to USD 21.58 billion by 2031, growing at a CAGR of 6.4%. North America and the Middle East dominate regional expansion for oil and gas valves.
AI Analysis | Feedback
Oil States International (OIS) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Strategic Focus and Expansion in Offshore and International Markets: The company is actively shifting its strategy to concentrate on offshore and international markets for growth and expansion, which are characterized by higher complexity, advanced technology requirements, and fewer competitors, leading to highly differentiated offerings and strong market positions. This strategic pivot has already resulted in offshore and international markets comprising a significant and growing portion of the company's revenues. Oil States International is specifically targeting expansion opportunities in regions such as Latin America, the Middle East, and West Africa.
- Leveraging Record Backlog for Revenue Visibility: Oil States International has achieved its highest backlog in a decade, particularly within its Offshore/Manufactured Products segment. This robust backlog, including a broad mix of products across various markets such as drilling, completions, production, intervention, plug and abandonment, transitional energies, and military products, provides strong revenue and margin visibility into 2026 and beyond.
- Introduction and Market Penetration of Differentiated Technologies and New Products: The company is driving market penetration through the recent introduction of new and advanced technologies. In its Downhole Technologies segment, new customer acquisition and positive market feedback are fueling growth for products like the EPIC Precision and EPIC Flex Perforating Systems. Within its Offshore/Manufactured Products segment, revenue opportunities are emerging from solutions such as the Low Impact Workover Package (LIWP) for intervention and plug and abandonment, Riser Systems for Subsea Mineral Gathering, FTL Floating Wind Platforms, and technologies for Geothermal and Carbon Capture and Storage (CCS). The company also highlights its Managed Pressure Drilling (MPD) systems and advanced casing/conductor connectors as growth areas.
- Improved Product/Service Mix and Operational Efficiency: A deliberate effort to enhance the business mix by focusing on higher-margin, more stable, and cash-generative activities is expected to contribute to revenue growth and margin durability. The company is high-grading its domestic business mix while de-emphasizing more commoditized markets. Operational improvements, including restructuring actions in the Completion and Production Services segment and the completion of a new manufacturing facility in Batam, Indonesia, are anticipated to enhance margins over time, supporting sustainable revenue growth.
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Share Repurchases
- In October 2024, Oil States International authorized a new $50 million share repurchase program.
- In 2025, the company repurchased $16.6 million (or approximately $17 million) of its common stock, representing about 5% of shares outstanding as of January 1, 2025.
- Total repurchases under the October 2024 authorization amounted to $25.19 million by December 31, 2025.
Capital Expenditures
- Oil States International reported capital expenditures of $37.5 million in 2024 and $31.2 million in 2025.
- For 2026, the company has planned capital expenditures in the range of $20 million to $25 million.
- The primary focus of capital expenditures includes the completion of the Batam, Indonesia facility, specific built riser equipment for customer contracts, and investments in organic growth opportunities and differentiated technologies.
Peer Outperformance in Oil & Gas Equipment & Services
OIS has trailed 76% of its 33 Oil & Gas Equipment & Services peers over 5Y. Among the peers that beat it are WTTR and LBRT. Oil & Gas Equipment & Services ranks 6th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Equipment & Services constituents that OIS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
51%
of 39 industry peers · 67.6% return
3Y
43%
of 37 industry peers · 13.8% return
5Y
24%
of 33 industry peers · 74.0% return
Oil & Gas Equipment & Services peers with revenue growth within 4pp of OIS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| OIS | Oil States International | -5.6% | -4.7x | 67.6% | 13.8% | 74.0% | — |
| WTTR | Select Water Solutions | -3.2% | 75.9x | 149.8% | 161.3% | 307.5% | +233pp |
| LBRT | Liberty Energy | -4.7% | 25.8x | 85.7% | 27.6% | 115.8% | +42pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Equipment & Services is OIS's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 118.2% | 124.0% | 427.8% | PBF 888% · MPC 636% · VLO 577% |
| Integrated Oil & Gas | 7 | 46.4% | 68.6% | 273.0% | IMO 533% · CVE 403% · SU 386% |
| Oil & Gas Storage & Transportation | 18 | 32.9% | 111.1% | 249.4% | INSW 905% · LPG 842% · TRGP 694% |
| Coal & Consumable Fuels | 14 | 40.5% | 65.0% | 213.1% | EU 1104% · LEU 701% · CCJ 545% |
| Oil & Gas Exploration & Production | 51 | 31.6% | 9.8% | 148.2% | KGEI 10275% · OBE 7231% · EP 3173% |
| Oil & Gas Equipment & Services ← | 34 | 66.0% | 35.5% | 128.1% | FTI 1177% · TDW 826% · SEI 812% |
| Oil & Gas Drilling | 7 | 90.0% | 2.0% | 119.3% | VAL 264% · PDS 209% · NE 152% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Oil States International Earnings Notes | 12/16/2025 | |
| Can Oil States International Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 44.17 |
| Mkt Cap | 5.1 |
| Rev LTM | 2,118 |
| Op Inc LTM | 276 |
| FCF LTM | 274 |
| FCF 3Y Avg | 214 |
| CFO LTM | 343 |
| CFO 3Y Avg | 288 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.2% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | -11.3% |
| Op Inc Chg 3Y Avg | 10.7% |
| Op Mgn LTM | 8.1% |
| Op Mgn 3Y Avg | 8.7% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 11.2% |
| CFO/Rev 3Y Avg | 10.2% |
| FCF/Rev LTM | 7.7% |
| FCF/Rev 3Y Avg | 7.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Offshore Manufactured Products | 431 | 398 | 382 | 322 | 299 |
| Downhole Technologies | 123 | 131 | 158 | 184 | 103 |
| Completion and Production Services | 115 | 164 | 243 | 231 | 171 |
| Corporate | 0 | 0 | 0 | 0 | 0 |
| Total | 669 | 693 | 782 | 738 | 573 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Offshore Manufactured Products | 69 | 65 | 56 | 36 | 15 |
| Completion and Production Services | 4 | -23 | 14 | 5 | -35 |
| Corporate | -47 | -23 | -41 | -41 | -32 |
| Downhole Technologies | -124 | -21 | -6 | 3 | -13 |
| Total | -98 | -2 | 23 | 3 | -65 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Offshore Manufactured Products | 547 | 510 | 522 | 512 | 541 |
| Downhole Technologies | 149 | 265 | 278 | 300 | 267 |
| Completion and Production Services | 101 | 152 | 192 | 207 | 201 |
| Corporate | 87 | 77 | 55 | 45 | 76 |
| Total | 883 | 1,005 | 1,046 | 1,064 | 1,086 |
Price Behavior
Price Behavior
| Market Price | $8.65 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 02/09/2001 | |
| Distance from 52W High | -39.9% | |
| 50 Days | 200 Days | |
| DMA Price | $8.25 | $8.93 |
| DMA Trend | up | down |
| Distance from DMA | 4.8% | -3.2% |
| 3M | 1YR | |
| Volatility | 43.1% | 55.4% |
| Downside Capture | 40.17 | 44.17 |
| Upside Capture | 24.53 | 93.36 |
| Correlation (SPY) | 16.3% | 21.5% |
OIS Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.39 | 0.50 | -0.06 | 0.45 | 0.95 | 1.27 |
| Up Beta | 0.91 | -0.97 | -1.87 | -0.40 | 0.35 | 1.14 |
| Down Beta | 1.54 | 1.56 | 1.22 | 1.24 | 1.74 | 2.02 |
| Up Capture | -5% | 37% | -71% | 31% | 97% | 62% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 17 | 23 | 59 | 126 | 359 |
| Down Capture | -25% | 67% | 81% | 62% | 76% | 101% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 23 | 37 | 64 | 116 | 364 |
[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 OIS | |
|---|---|---|---|---|
| OIS | 72.0% | 55.3% | 1.17 | - |
| Sector ETF (XLE) | 52.1% | 21.7% | 1.84 | 43.1% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 21.2% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 11.5% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 26.0% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 7.8% |
| Bitcoin (BTCUSD) | -35.4% | 43.5% | -0.88 | 9.7% |
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 OIS | |
|---|---|---|---|---|
| OIS | 9.6% | 59.5% | 0.39 | - |
| Sector ETF (XLE) | 25.1% | 25.8% | 0.86 | 66.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 33.3% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 12.3% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 45.6% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 24.6% |
| Bitcoin (BTCUSD) | 9.1% | 52.7% | 0.36 | 14.1% |
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 OIS | |
|---|---|---|---|---|
| OIS | -11.9% | 64.1% | 0.08 | - |
| Sector ETF (XLE) | 10.8% | 29.6% | 0.40 | 71.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 38.2% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 5.5% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 48.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 28.2% |
| Bitcoin (BTCUSD) | 62.2% | 66.1% | 1.02 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -2.2% | 7.5% | |
| 5/5/2026 | -14.0% | -20.3% | -24.7% |
| 2/20/2026 | 25.3% | 31.5% | 21.6% |
| 10/31/2025 | -11.9% | -10.3% | -6.5% |
| 7/31/2025 | -11.4% | -11.2% | -1.2% |
| 5/1/2025 | 23.1% | 21.1% | 23.9% |
| 2/21/2025 | -11.7% | -0.6% | -1.5% |
| 10/30/2024 | 11.0% | 18.2% | 33.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 9 |
| # Negative | 14 | 12 | 14 |
| Median Positive | 8.0% | 12.5% | 17.0% |
| Median Negative | -6.5% | -10.8% | -7.3% |
| Max Positive | 25.3% | 31.5% | 78.3% |
| Max Negative | -19.0% | -20.8% | -24.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -2.2% | 7.5% | |
| 5/5/2026 | -14.0% | -20.3% | -24.7% |
| 2/20/2026 | 25.3% | 31.5% | 21.6% |
| 10/31/2025 | -11.9% | -10.3% | -6.5% |
| 7/31/2025 | -11.4% | -11.2% | -1.2% |
| 5/1/2025 | 23.1% | 21.1% | 23.9% |
| 2/21/2025 | -11.7% | -0.6% | -1.5% |
| 10/30/2024 | 11.0% | 18.2% | 33.0% |
| 7/29/2024 | 13.7% | 12.4% | 12.0% |
| 4/26/2024 | -19.0% | -19.4% | -14.3% |
| 2/20/2024 | -0.7% | -10.2% | -2.3% |
| 10/27/2023 | 9.0% | 5.5% | -4.6% |
| 7/27/2023 | -16.7% | -11.7% | -14.6% |
| 4/27/2023 | -5.9% | -9.6% | -8.0% |
| 2/16/2023 | 7.0% | -0.5% | -15.0% |
| 10/27/2022 | 0.0% | 13.9% | 8.6% |
| 7/27/2022 | -7.1% | -10.0% | 3.8% |
| 4/28/2022 | 1.8% | 5.9% | 17.0% |
| 2/17/2022 | -2.6% | -20.8% | -0.3% |
| 11/1/2021 | 4.5% | 12.5% | -16.5% |
| 7/28/2021 | -2.4% | -14.0% | -10.9% |
| 4/28/2021 | -0.3% | 6.2% | 7.8% |
| 2/17/2021 | -4.5% | 8.3% | -5.1% |
| 10/29/2020 | 0.0% | 13.3% | 78.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 9 |
| # Negative | 14 | 12 | 14 |
| Median Positive | 8.0% | 12.5% | 17.0% |
| Median Negative | -6.5% | -10.8% | -7.3% |
| Max Positive | 25.3% | 31.5% | 78.3% |
| Max Negative | -19.0% | -20.8% | -24.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
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