OII
Oceaneering International, Inc.

Oceaneering International, Inc.OII

Energy · Oil & Gas Equipment & Services
46.11USD
+0.39%
Sep 23, 2026
OII overview ready
ROV-Based Subsea Inspection and Intervention Enabler for Offshore Production
Oceaneering is a direct operating enabler of offshore production activity: it supplies ROV-based subsea inspection, intervention, tooling, survey, installation support and integrity/digital services, while also selling related manufactured products.
Narrative is still early
Exposed to the Offshore Energy Development and Subsea Production narrative through Subsea Robotics, Intervention and Life-of-Field Services — enabling supplier.
Constructive pullback in an uptrend
Longer-term context reads mature trend, with a near-term setup of constructive pullback.
Attractive valuation
Current market expectations look undemanding relative to how much growth and cash flow it delivers per turn of revenue multiple.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Exposure to offshore energy sector cyclicality.
Market Sep 22Filing Jun 30Price action Sep 22Research Sep 3

Conviction Level

NarrativeHeat7.2ThemeHeat5.8PriceAction3.4Valuation10.0CompanyPosition7.3
Price
Loading price history…

Price Action

Constructive pullback in an uptrend
Longer-term context reads mature trend, with a near-term setup of constructive pullback.
EntryHealthy but extended

The long-term trend remains healthy, but price is substantially extended from major structural anchors and has not produced a meaningful reset. The current trend is strong, while the fresh-entry location is less attractive.

Key Financials

Market Cap
$4.6B
Avg Volume (60D)
1.0M
60 sessions
Revenue Growth YoY
+4.1%
FY2025 vs FY2024
Gross Margin
+20.8%
Trailing twelve months
Operating Margin
+10.9%
Trailing twelve months
Free Cash Flow Yield
+4.9%
Distance from 200DMA
+21.9%
Next Earnings
2026-10-21
P/E
13.1x
EV / EBITDA
11.3x
EV / Sales
1.7x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

The available comparisons disagreed; the intrinsic comparison is the more reliable method for this business and the others are published as dissent.
Oceaneering International, Inc. has a Cheap valuation stance because current market expectations look undemanding relative to how much growth and cash flow it delivers per turn of revenue multiple.

Company Research

Thesis
Oceaneering is a direct operating enabler of offshore production activity: it supplies ROV-based subsea inspection, intervention, tooling, survey, installation support and integrity/digital services, while also selling related manufactured products.
Opportunity
Moderate opportunity
Offshore operators' spending to install, inspect, maintain, repair and optimize subsea production systems over long-lived deepwater field cycles, using remotely operated systems, intervention capability, survey and specialized engineering services.
Key risk
Exposure to offshore energy sector cyclicality.

Narrative & Theme

Offshore Energy Development and Subsea Production
Part of Subsea Robotics, Intervention and Life-of-Field Services, with strong fit.
OII has a specific, revenue-linked fit to offshore subsea activity rather than a generic energy-sector association.
Narrative HeatHeating up7.2 / 10
Theme HeatNeutral5.8 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Energy · Oil & Gas Equipment & Services
What they do

Oceaneering International, Inc. provides engineered services, products, and robotic solutions primarily for offshore energy, defense, aerospace, and manufacturing industries across multiple global regions. It operates through five segments including subsea robotics and aerospace technologies to support subsea operations and other specialized applications.

How it earns

The company generates revenue primarily through project-based contracts and transactional sales of engineered products and services.

Products & services
Remotely operated vehicles (ROVs)
Subsea hardware installation
Manufactured products
Integrity management and digital solutions
Aerospace and defense technologies
Customers & end markets
Offshore energy companies
Defense sector
Aerospace industry
Manufacturing industry
Market position

Oceaneering is a recognized leader in subsea robotics and engineered offshore services with a diversified segment portfolio.

Demand drivers
High cyclicality

The company’s business is closely tied to offshore energy activity, which is sensitive to commodity price cycles and capital expenditure trends.