📊 OII Key Takeaways
Is Oceaneering International Inc. (OII) a Good Investment?
OII shows strong earnings recovery (+139.9% YoY net income) and solid balance sheet fundamentals, but exhibits critical cash generation problems with -$59.1M operating cash flow and -$76.5M free cash flow despite reported profitability. The divergence between positive net income and negative operating cash flow suggests earnings quality concerns that require immediate clarification before investment.
Oceaneering shows strong profitability improvement with double-digit operating margins, 140% YoY net income growth, and high ROE supported by a solid balance sheet and liquidity. While top-line growth is modest, healthy free cash generation and manageable leverage support continued performance if margin gains and cash conversion are sustained.
Oceaneering International Inc. Key Strengths (OII)
- Strong earnings recovery: Net income +139.9% YoY and EPS +142.4% demonstrates significant operational improvement
- Robust liquidity position: $607.5M cash with 2.08x current ratio and 1.79x quick ratio provides financial flexibility
- Manageable leverage: 0.44x debt-to-equity ratio with 6.3x interest coverage indicates sustainable debt levels
- Double-digit operating and solid net margins driving high ROE/ROA
- Strong liquidity and moderate leverage; cash exceeds long-term debt
- Healthy free cash flow and robust interest coverage (8.2x)
OII Stock Risks: Oceaneering International Inc. Investment Risks
- Critical negative operating cash flow of -$59.1M despite positive net income signals earnings quality concerns and potential working capital dysfunction
- Severely negative free cash flow of -$76.5M indicates unsustainable capital burn; cash reserves will deplete within 7-8 years at current burn rate
- Weak capital returns: ROE of 3.3% and ROA of 1.4% indicate poor capital deployment and efficiency
- Thin operating margins at 8.3% with modest organic revenue growth of 5.3% leaves minimal buffer for sector downturns
- Cyclical offshore oil & gas demand may pressure utilization and pricing
- Earnings surge may include nonrecurring or mix-driven benefits; margins could normalize
- FCF margin trails net margin; working capital and capex needs can dampen cash conversion
Key Metrics to Watch
- Operating cash flow trending: Next quarter must show improvement toward positive territory
- Working capital components: Monitor accounts receivable, inventory, and payables for collection/payment issues
- Capex efficiency: Validate whether capital investments are generating returns sufficient to justify continued deployment
- Free cash flow sustainability: Assess whether negative FCF is temporary or structural to the business model
- Operating margin sustainability
- Free cash flow conversion (FCF/Net Income)
Oceaneering International Inc. (OII) Financial Metrics & Key Ratios
💡 AI Analyst Insight
Strong liquidity with a 2.08x current ratio provides a solid financial cushion.
OII Profit Margin, ROE & Profitability Analysis
OII vs Energy Sector: How Oceaneering International Inc. Compares
How Oceaneering International Inc. compares to Energy sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is Oceaneering International Inc. Stock Overvalued? OII Valuation Analysis 2026
Based on fundamental analysis, Oceaneering International Inc. shows some fundamental concerns relative to the Energy sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
Oceaneering International Inc. Balance Sheet: OII Debt, Cash & Liquidity
OII Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: Oceaneering International Inc.'s revenue has grown significantly by 45% over the 5-year period, indicating strong business expansion. The most recent EPS of $0.95 reflects profitable operations.
OII Revenue Growth, EPS Growth & YoY Performance
OII Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $674.5M | $36.1M | $0.36 |
| Q3 2025 | $679.8M | $15.1M | $0.40 |
| Q2 2025 | $668.8M | $15.1M | $0.34 |
| Q1 2025 | $599.1M | $15.1M | $0.15 |
| Q3 2024 | $635.2M | $4.1M | $0.29 |
| Q2 2024 | $597.9M | $4.1M | $0.19 |
| Q1 2024 | $537.0M | $4.1M | $0.04 |
| Q3 2023 | $559.7M | $2.8M | $0.03 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
Oceaneering International Inc. Dividends, Buybacks & Capital Allocation
OII SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for Oceaneering International Inc. (CIK: 0000073756)
📋 Recent SEC Filings
| Date | Form | Document | Action |
|---|---|---|---|
| May 19, 2026 | 4 | xslF345X06/wk-form4_1779225303.xml | View → |
| May 19, 2026 | 4 | xslF345X06/wk-form4_1779225279.xml | View → |
| May 19, 2026 | 4 | xslF345X06/wk-form4_1779225259.xml | View → |
| May 19, 2026 | 4 | xslF345X06/wk-form4_1779225242.xml | View → |
| May 19, 2026 | 4 | xslF345X06/wk-form4_1779225219.xml | View → |
❓ Frequently Asked Questions about OII
What is the AI rating for OII?
Oceaneering International Inc. (OII) has a Combined AI Grade of A from Claude (B) and ChatGPT (A) with 59% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are OII's key strengths?
Claude: Strong earnings recovery: Net income +139.9% YoY and EPS +142.4% demonstrates significant operational improvement. Robust liquidity position: $607.5M cash with 2.08x current ratio and 1.79x quick ratio provides financial flexibility. ChatGPT: Double-digit operating and solid net margins driving high ROE/ROA. Strong liquidity and moderate leverage; cash exceeds long-term debt.
What are the risks of investing in OII?
Claude: Critical negative operating cash flow of -$59.1M despite positive net income signals earnings quality concerns and potential working capital dysfunction. Severely negative free cash flow of -$76.5M indicates unsustainable capital burn; cash reserves will deplete within 7-8 years at current burn rate. ChatGPT: Cyclical offshore oil & gas demand may pressure utilization and pricing. Earnings surge may include nonrecurring or mix-driven benefits; margins could normalize.
What is OII's revenue and growth?
Oceaneering International Inc. reported revenue of $692.4M.
Does OII pay dividends?
Oceaneering International Inc. does not currently pay dividends.
Where can I find OII SEC filings?
Official SEC filings for Oceaneering International Inc. (CIK: 0000073756) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is OII's EPS?
Oceaneering International Inc. has a diluted EPS of $0.36.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined grade reflects both perspectives for balanced insights.
What is OII's fundamental grade?
Based on our AI fundamental analysis in May 2026, Oceaneering International Inc. has a A grade with 59% confidence. The AI analysis suggests favorable fundamentals based on SEC filings. This is not investment advice.
Is OII stock overvalued or undervalued?
Valuation metrics for OII: ROE of 3.3% (sector avg: 14%), net margin of 5.2% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
What is OII's AI grade for 2026?
Our dual AI analysis gives Oceaneering International Inc. a combined A grade for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is OII's free cash flow?
Oceaneering International Inc.'s operating cash flow is $-59.1M, with capital expenditures of $17.4M. FCF margin is -11.1%.
How does OII compare to other Energy stocks?
Vs Energy sector averages: Net margin 5.2% (avg: 12%), ROE 3.3% (avg: 14%), current ratio 2.08 (avg: 1.3).