OIIOceaneering International, Inc.
Is the business good?
A genuinely good business: 7 of 9 health tests passed, earnings fully cash-backed (1.4×), 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 23% 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% · 14 points above what the capital costs: growth creates value
- Operating margin
- 10%
Operating margin · Oil & Gas Equipment & Services median 10% · 12 months to Q2 2026
- Cash conversion
- 1.35×
Cash conversion · 1.01× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.64%
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 Q2 2026
- 20%
- Operating margin12 months to Q2 2026
- 10%
- Net margin12 months to Q2 2026
- 12%
- Free cash flow margin
- 7.8%
- Revenue, trailing twelve months
- $2.87B
- Free cash flow, trailing twelve months
- $223M
- Net income, trailing twelve months
- $349M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 23%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Oil & Gas Equipment & Services
Ranks #14 of 29 by RyuScore