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1. Company Snapshot

1.a. Company Description

Oceaneering International, Inc.provides engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide.The company's Subsea Robotics segment provides remotely operated vehicles (ROVs) for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair.


This segment also offers ROV tooling, and survey services, such as hydrographic survey and positioning services, as well as autonomous underwater vehicles for geoscience.As of December 31, 2021, this segment owned 250 work-class ROVs. Its Manufactured Products segment provides distribution and connection systems, including production control umbilicals and field development hardware, pipeline connection, and repair systems to the energy industry; and autonomous mobile robots and automated guided vehicle technology and entertainment systems to various industries.The company's Offshore Projects Group segment offers subsea installation and intervention, including riserless light well intervention services and inspection, and maintenance and repair services; installation and workover control systems, and ROV workover control systems; project management and engineering; and drill pipe riser services and systems, and wellhead load relief solutions.


Its Integrity Management & Digital Solutions segment provides asset integrity management; software and analytical solutions for the bulk cargo maritime industry; and software, digital, and connectivity solutions for the energy industry.The company's Aerospace and Defense Technologies segment offers government services and products, including engineering and related manufacturing in defense and space exploration activities to U.S. government agencies and their prime contractors.Oceaneering International, Inc.


was founded in 1964 and is headquartered in Houston, Texas.

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1.b. Last Insights on OII

Breaking News: Oceaneering International Inc has been identified as a top momentum stock to buy. The company along with KMT and AGX made it to the Zacks Rank #1 list on December 3 2025. Additionally Oceaneering International Inc also exhibits strong value characteristics. No recent earnings release data is available. Based on the information a buy recommendation is given by Zacks Rank.

1.c. Company Highlights

2. Oceaneering's Q3 2025 Earnings: A Strong Beat on Revenue and EPS

Oceaneering reported a robust third quarter, with revenue reaching $743 million, a 9% increase from the same period in 2024, and operating income rising 21% to $86.5 million. The company's EPS came in at $0.55, significantly beating estimates of $0.42. Free cash flow generated was $77 million after investing $24.2 million in the business. The strong financial performance was driven by the company's diversified portfolio, with notable contributions from the Manufactured Products and Aerospace and Defense Technologies (ADTech) segments.

Publication Date: Oct -27

📋 Highlights
  • Revenue Growth: Q3 revenue reached $743 million, a 9% increase YoY, with operating income rising 21% to $86.5 million.
  • Subsea Robotics Efficiency: ROV revenue per day utilized rose to $11,254 from $10,576, offsetting lower utilization rates.
  • Manufactured Products Strength: Operating income doubled to $24.7 million, driven by $568 million backlog and 0.82 book-to-bill ratio.
  • ADTech Expansion: Operating income surged 36% to $16.6 million, with 2026 EBITDA guidance of $390–$440 million.
  • Free Cash Flow Guidance: Full-year 2025 free cash flow expected at $110–$130 million, with 2025 adjusted EBITDA of $391–$401 million.

Segment Performance

The Subsea Robotics (SSR) segment reported flat revenue and operating income compared to the third quarter of 2024, with an EBITDA margin of 36%. However, ROV revenue per day utilized increased to $11,254 from $10,576, offsetting lower ROV fleet utilization. Manufactured Products operating income doubled to $24.7 million, driven by higher-margin backlog execution and pricing improvements. ADTech operating income significantly increased by 36% to $16.6 million, driven by increasing activity levels associated with contract wins in the defense business.

Outlook and Guidance

For the fourth quarter of 2025, the company expects revenue to be lower due to a reduction in international OPG projects. However, the company forecasts improved results in the Subsea Robotics segment due to continued ROV revenue per day utilized and improved survey group utilization. For the full year of 2025, the company expects to generate adjusted EBITDA in the range of $391 million to $401 million, with free cash flow guidance maintained at $110 million to $130 million. As Rod Larson stated, "ADTech is growing on all fronts, with international opportunities increasing due to NATO spending and other global defense initiatives."

Valuation

With a P/E Ratio of 10.16 and an EV/EBITDA of 5.38, Oceaneering's valuation appears reasonable, considering its strong financial performance and growth prospects. The company's ROE of 28.59% and ROIC of 13.98% indicate a high level of profitability. Analysts estimate next year's revenue growth at 1.3%, which is relatively modest. However, with the company's diversified portfolio and growing ADTech business, there is potential for upside.

Growth Prospects

The company's ADTech business is expected to be a significant growth driver, with Rod Larson stating that it will be a "significant portion of the company's business over the next 3 to 5 years." The company's sales funnel looks good, and Manufactured Products is expected to be a strong story for next year, with Roderick Larson noting that "we're booking into '27, and larger projects will eventually hit." With a Free Cash Flow Yield of 4.72%, Oceaneering's valuation appears attractive, considering its growth prospects.

3. NewsRoom

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Fisher Asset Management LLC Increases Stock Holdings in Oceaneering International, Inc. $OII

Dec -04

Source: defenseworld.net

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Best Momentum Stocks to Buy for Dec.3

Dec -03

Source: zacks.com

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Best Value Stocks to Buy for Dec. 3

Dec -03

Source: zacks.com

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Is Oceaneering International (OII) a Solid Growth Stock? 3 Reasons to Think "Yes"

Dec -02

Source: zacks.com

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Why Fast-paced Mover Oceaneering International (OII) Is a Great Choice for Value Investors

Dec -01

Source: zacks.com

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Oceaneering International, Inc. $OII Stock Position Lowered by Bank of New York Mellon Corp

Nov -19

Source: defenseworld.net

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Campbell & CO Investment Adviser LLC Makes New Investment in Oceaneering International, Inc. $OII

Nov -17

Source: defenseworld.net

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4 Must-Buy Efficient Stocks to Enrich Your Portfolio in 2025

Nov -07

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.44%)

6. Segments

Subsea Robotics

Expected Growth: 5.5%

Oceaneering International's Subsea Robotics segment growth of 5.5% is driven by increasing demand for offshore oil and gas exploration, rising adoption of autonomous underwater vehicles (AUVs) for inspection and maintenance, and growing need for efficient subsea operations. Additionally, advancements in robotics and artificial intelligence (AI) are enhancing the capabilities of subsea robots, further fueling growth.

Offshore Projects Group

Expected Growth: 5.8%

Oceaneering International's Offshore Projects Group growth of 5.8% is driven by increasing deepwater exploration and production activities, rising demand for subsea infrastructure, and growing adoption of advanced technologies such as ROVs and AUVs. Additionally, the group's strategic partnerships and expanding presence in regions like the Gulf of Mexico and Asia Pacific contribute to its growth momentum.

Manufactured Products

Expected Growth: 5.2%

Oceaneering International's 5.2% growth in manufactured products is driven by increasing demand for subsea equipment and services, expansion in the renewable energy sector, and growing adoption of remotely operated vehicles (ROVs) in offshore oil and gas exploration and production.

Aerospace and Defense Technologies

Expected Growth: 5.0%

Oceaneering International's Aerospace and Defense Technologies segment growth is driven by increasing demand for unmanned underwater vehicles, advanced sensors, and communication systems. Government investments in defense modernization, rising adoption of autonomous systems, and growing need for surveillance and reconnaissance capabilities are key growth catalysts, contributing to a 5.0% growth rate.

Integrity Management & Digital Solutions

Expected Growth: 5.6%

Oceaneering International's Integrity Management & Digital Solutions segment growth of 5.6% is driven by increasing demand for asset integrity services, adoption of digital technologies, and expansion into new markets. Growing need for predictive maintenance, inspection, and repair services, as well as investments in data analytics and cloud-based solutions, also contribute to this growth.

7. Detailed Products

Remotely Operated Vehicles (ROVs)

Oceaneering's ROVs are unmanned underwater vehicles that are operated remotely to perform a variety of tasks, including inspection, maintenance, and repair of offshore oil and gas platforms, wind farms, and other underwater infrastructure.

Diving Services

Oceaneering provides diving services for offshore oil and gas platforms, wind farms, and other underwater infrastructure, including saturation diving, surface diving, and remotely operated vehicle (ROV) support.

Asset Integrity

Oceaneering's asset integrity services provide inspection, maintenance, and repair of offshore oil and gas platforms, wind farms, and other underwater infrastructure to ensure the integrity and reliability of these assets.

Non-Destructive Testing (NDT) and Inspection

Oceaneering provides NDT and inspection services to detect and diagnose defects or damage in offshore oil and gas platforms, wind farms, and other underwater infrastructure.

Decommissioning and Abandonment

Oceaneering provides decommissioning and abandonment services for offshore oil and gas platforms, wind farms, and other underwater infrastructure, including plugging and abandonment of wells, and removal of infrastructure.

Renewable Energy Services

Oceaneering provides services for the renewable energy industry, including installation, maintenance, and repair of offshore wind farms and other renewable energy infrastructure.

Autonomous Underwater Vehicles (AUVs)

Oceaneering's AUVs are unmanned underwater vehicles that are used for a variety of tasks, including survey, inspection, and monitoring of offshore oil and gas platforms, wind farms, and other underwater infrastructure.

8. Oceaneering International, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Oceaneering International, Inc. is medium due to the availability of alternative products and services in the oil and gas industry.

Bargaining Power Of Customers

The bargaining power of customers for Oceaneering International, Inc. is low due to the company's strong relationships with its customers and the lack of buyer concentration in the industry.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Oceaneering International, Inc. is medium due to the presence of several suppliers in the industry, but the company's large scale of operations gives it some bargaining power.

Threat Of New Entrants

The threat of new entrants for Oceaneering International, Inc. is low due to the high barriers to entry in the oil and gas industry, including the need for significant capital investment and specialized expertise.

Intensity Of Rivalry

The intensity of rivalry for Oceaneering International, Inc. is high due to the competitive nature of the oil and gas industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 46.92%
Debt Cost 7.12%
Equity Weight 53.08%
Equity Cost 16.14%
WACC 11.91%
Leverage 88.40%

11. Quality Control: Oceaneering International, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Archrock

A-Score: 5.9/10

Value: 4.2

Growth: 4.6

Quality: 5.2

Yield: 8.0

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
NOV

A-Score: 5.0/10

Value: 7.6

Growth: 5.6

Quality: 5.1

Yield: 4.0

Momentum: 3.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Oceaneering

A-Score: 4.4/10

Value: 6.0

Growth: 4.6

Quality: 6.0

Yield: 0.0

Momentum: 5.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Weatherford

A-Score: 4.4/10

Value: 6.1

Growth: 7.4

Quality: 5.9

Yield: 1.0

Momentum: 2.5

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Cactus

A-Score: 4.4/10

Value: 5.4

Growth: 4.4

Quality: 8.1

Yield: 2.0

Momentum: 1.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Tidewater

A-Score: 4.3/10

Value: 6.4

Growth: 7.2

Quality: 7.2

Yield: 0.0

Momentum: 2.5

Volatility: 2.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

26.94$

Current Price

26.94$

Potential

-0.00%

Expected Cash-Flows