# Oceaneering International, Inc. (OII)

> Source: Nexqual · https://nexqual.com/OII · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Oceaneering International, Inc. (OII), nexqual.com/OII" · informational, not investment advice.

**Price:** USD 36.62 (-16.94% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 44.09 · day 34.93–40.39 · 52w 22.13–54.25 · market cap $3.64B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $2.91B, net income $331M (11.4% margin), free cash flow $288M (SEC filings).
- Valuation: P/E 11.0x (avg 15.8x at the last 3 fiscal year-ends), EV/EBITDA 8.3x, net cash $251M.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $4.7M; 7 not under a Rule 10b5-1 plan ($4.4M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Sell (mean 3.50 on a 1–5 scale) (4 analysts), mean target USD 46 (range 38–52).
- Total return with dividends: 1Y +53.9% vs S&P 500 +14.9%; 5Y +137.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.5, revenue estimate $718M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.87B | $2.07B | $2.42B | $2.66B | $2.78B | $2.91B |
| Gross profit | $264M | $307M | $399M | $485M | $568M | — |
| Operating income | $39.8M | $111M | $181M | $246M | $305M | $304M |
| Net income | -$49.3M | $25.9M | $97.4M | $147M | $354M | $331M |
| EPS (diluted) | -$0.49 | $0.26 | $0.95 | $1.44 | $3.49 | — |
| Free cash flow | $175M | $39.8M | $109M | $96.1M | $208M | $288M |
| Gross margin | 14.1% | 14.9% | 16.5% | 18.2% | 20.4% | — |
| Operating margin | 2.1% | 5.4% | 7.5% | 9.3% | 10.9% | 10.4% |
| Net margin | -2.6% | 1.3% | 4.0% | 5.5% | 12.7% | 11.4% |
| Revenue growth | +2.3% | +10.5% | +17.4% | +9.8% | +4.6% | — |
| Cash + short-term investments | $545M | $575M | $462M | $505M | $696M | — |
| Total debt | $702M | $701M | $477M | $482M | $487M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 11.0x · P/S 1.3x · EV/EBITDA 8.3x · EV/Sales 1.2x · P/FCF 12.7x · P/B 3.0x · FCF yield 7.90% · Earnings yield 9.09% · Buyback yield (TTM) 0.69% · Net cash $251M · EV $3.39B
P/E at fiscal year-ends: Dec 2025 6.9x, Dec 2024 18.1x, Dec 2023 22.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Larson Roderick A. | President and CEO | 6,000 | $265K | 0.9% | Yes (adopted June 30, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Murphy Paul B Jr | Director | 10,000 | $484K | 12.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-30 | Dyer Christopher J | SVP, OPGroup | 1,200 | $57K | 5% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-07-30 | McEvoy M Kevin | Director | 3,000 | $144K | 2.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-30 | Childress Earl | SVP, Chief Commercial Ofc. | 12,701 | $593K | 35.7% | No | Too little history (no open-market trades in 2025) |
| 2026-06-30 | Goodwin Deanna L | Director | 7,000 | $285K | 16.3% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-18 | Larson Roderick A. | President and CEO | 5,000 | $191K | 0.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12…2026-05-13 | McDonald Martin J | SVP, Subsea Robotics | 70,000 | $2.7M | 58.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Sell (mean 3.50 on a 1–5 scale), 4 analysts; mean target USD 46 (low 38, high 52).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | Citigroup | Target raised | Neutral | $40 → $52 |
| 2026-07-27 | Barclays | Target raised | Equal-Weight | $39 → $47 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +53.9% | +137.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +54.1% | +18.9% |
| Volatility (annualized) | 49.2% | 51.3% |
| Max drawdown | -32.3% (Aug 2026→Oct 2026) | -53.7% (Mar 2022→Sep 2022) |

## Peers (Oil & Gas Equipment & Services)
WBI (WaterBridge Infrastructure LLC) USD 28.33 -5.50% · TDW (Tidewater Inc.) USD 79.61 -2.10% · WHD (Cactus, Inc. Class A Common Sto) USD 60.38 -5.91% · KGS (Kodiak Gas Services, Inc.) USD 44.07 -10.10% · EFXT (Enerflex Ltd) USD 22.89 -7.29% · AROC (Archrock, Inc.) USD 28.39 -4.64%

## More
Full page: https://nexqual.com/OII · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Subsea Robotics Member | $233.0M | 29.7% | +6.5% | $75.4M | 32.3% |
| Offshore Projects Group | $172.5M | 22.0% | +0.9% | $24.2M | 14.0% |
| Manufactured Products Member | $168.2M | 21.4% | +7.5% | $25.1M | 14.9% |
| Aerospace and Defense Technologies Member | $135.1M | 17.2% | +7.3% | $14.7M | 10.9% |
| Integrity Managements & Digital Solutions Member | $75.8M | 9.7% | +7.1% | $2.8M | 3.6% |
| Total revenue | $784.6M | 100% | — | $92.2M | 11.7% |

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $2.21B | 79.3% | +5.2% |
| Product | $576.0M | 20.7% | +2.4% |
| Total revenue | $2.78B | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non-US | $455.3M | 58.0% | +12.4% |
| — United Kingdom (part of Non-US) | $112.0M | 14.3% | +26.2% |
| — Africa (part of Non-US) | $101.4M | 12.9% | -3.2% |
| — Norway (part of Non-US) | $73.6M | 9.4% | +8.0% |
| — Brazil (part of Non-US) | $64.0M | 8.2% | +8.0% |
| — Asia Pacific (part of Non-US) | $63.1M | 8.0% | +4.5% |
| — Other Geographical (part of Non-US) | $41.2M | 5.3% | +73.2% |
| UNITED STATES | $329.2M | 42.0% | -2.5% |
| Total revenue | $784.6M | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "As compared to the fourth quarter of 2025: Consolidated fourth quarter 2026 revenue is expected to increase and EBITDA is expected to be in the range of $85 million to $95 million."
- "At the segment level, for the fourth quarter of 2026: • SSR revenue is expected to increase and operating income is expected to decrease, reflecting lower ROV utilization as certain rigs transit from the U.S."
- "Initial Full-Year 2027 Guidance • Consolidated EBITDA is expected to be in the range of $430 million to $480 million. • Free cash flow generation is expected to exceed the level forecasted for 2026. • Share repurchase activity is expected to continue."
- "Oceaneering will provide more specific guidance on its expectations for 2027 in its fourth quarter 2026 earnings release and conference call."

Analysts expect $717.7M for the current quarter, +697.5% vs the guidance midpoint $90.0M. Source: https://www.sec.gov/Archives/edgar/data/73756/000007375626000152/exhibit_991x8kx3qx2026.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.50 | $0.47 | +5.5% | $717.7M | 3 |
| Next quarter (ends 2027-03-31) | $0.47 | $0.00 | — | $721.0M | 2 |
| Current fiscal year (ends 2026-12-31) | $2.06 | $1.89 | +9.0% | $2.95B | 2 |
| Next fiscal year (ends 2027-12-31) | $2.32 | $2.08 | +11.4% | $3.06B | 3 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 47.6% | ±11.0% |
| 2026-12-18 | 56 | 46.4% | ±14.7% |
| 2027-01-15 | 84 | 43.6% | ±17.1% |
| 2027-03-19 | 147 | 46.0% | ±23.2% |
| 2027-04-16 | 175 | 47.1% | ±25.7% |
| 2027-05-21 | 210 | 49.4% | ±29.2% |
| 2027-08-20 | 301 | 49.3% | ±34.8% |
| 2027-11-19 | 392 | 49.7% | ±40.1% |