OIIOceaneering International, Inc.
Is the business good?
A genuinely good business: 7 of 9 health tests passed, earnings fully cash-backed (1.6×), and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
A balanced mix of margins, efficiency, and leverage. ROE 30% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is OII?
Oceaneering International, Inc. earns 25% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 16 points above what the capital costs: growth creates value
- Operating margin
- 10%
Operating margin · Oil & Gas Equipment & Services median 10% · 12 months to Q3 2026
- Cash conversion
- 1.59×
Cash conversion · 0.91× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.25%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −24% |
| FY2021 | 2.1% |
| FY2022 | 5.4% |
| FY2023 | 7.5% |
| FY2024 | 9.3% |
| FY2025 | 11% |
Details›
- Gross margin12 months to Q3 2026
- 20%
- Operating margin12 months to Q3 2026
- 10%
- Net margin12 months to Q3 2026
- 11%
- Free cash flow margin
- 9.9%
- Revenue, trailing twelve months
- $2.91B
- Free cash flow, trailing twelve months
- $288M
- Net income, trailing twelve months
- $330M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 25%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from OII and who it buys from, as the companies report it.
- U.S. government12%
Share of revenue · FY2025 10-K
- Top five customers31%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; OII’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Oil & Gas Equipment & Services
Ranks #11 of 28 by RyuScore