At a glance
Oceaneering International Inc is worth $4.14B, about 12 times its fiscal 2025 earnings. Revenue grew 4.6% to $2.78B in fiscal 2025, with 12.7% kept as profit; over 5 years it has grown 8.8% a year. It pays no dividend; it spent $60.3M buying back its shares over FY2021–FY2025. The stock returned +79.4% over the past year with dividends reinvested and +24.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 84.7% in the 2020 crash (S&P 500: 33.7%) and 58.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 3 months after the lows.
The business in plain English
Oceaneering International provides engineered services, products and underwater robots, mostly to offshore oil and gas companies. It was formed in 1969 when three diving companies combined. Services, such as running robots, vessels and inspection crews, made up about 79% of its $2.78 billion revenue for the year ended December 31, 2025. Products such as subsea equipment made up the other 21%.
Subsea Robotics is the largest segment, at 31% of revenue. Its remotely operated vehicles (ROVs), underwater robots tethered to the surface, support drilling, construction and inspection. The company owned 250 work-class ROVs at the end of 2025 and estimates it served about 60% of the 136 floating drilling rigs under contract. The Offshore Projects Group (22%) installs and repairs subsea equipment from owned and chartered vessels, mainly in the US Gulf and off Africa. Manufactured Products (20%) makes umbilicals, bundled lines that control undersea wells, plus valves, connectors and mobile robots for factories and warehouses. Integrity Management & Digital Solutions (10%) inspects and tests equipment and provides software.
Aerospace and Defense Technologies (17%) provides engineering and manufacturing in defense and space exploration, mainly to US government agencies and their main contractors. The United States provided about 45% of revenue, followed by Africa (15%), the United Kingdom (10%), Asia Pacific (9%), Brazil (9%) and Norway (8%).
Price history
The interactive chart needs JavaScript.
OII +79.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Service | $2.21B | 79.3% |
| Product | $576.0M | 20.7% |
By business segment
| Subsea Robotics | $855.2M | 30.7% |
| Offshore Projects Group | $616.0M | 22.1% |
| Manufactured Products | $569.0M | 20.4% |
| Aerospace and Defense Technologies | $459.9M | 16.5% |
| Integrity Management & Digital Solutions | $284.0M | 10.2% |
By geography
| United States | $1.24B | 44.7% |
| Africa | $417.6M | 15% |
| United Kingdom | $289.6M | 10.4% |
| Asia Pacific | $259.2M | 9.3% |
| Brazil | $248.1M | 8.9% |
| Norway | $228.4M | 8.2% |
| Other geographical member | $97.8M | 3.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $784.6M, up 5.6% from a year earlier, and net income was $52.6M (-26.2%).
- For fiscal 2025, revenue was $2.78B (+4.6% year over year; +8.8% a year from FY2020 to FY2025) with a 12.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.8% good |
|---|---|
| Operating margin | 10.9% watch |
| Free cash flow margin | 7.5% watch |
| Return on equity (FY2025) | 33% good |
| Return on assets (FY2025) | 13.3% good |
| Net cash (cash minus debt) | $250.5M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.83B | $-496.8M | $76.0M |
| FY2021 | $1.87B | $-49.3M | $175.1M |
| FY2022 | $2.07B | $25.9M | $39.8M |
| FY2023 | $2.42B | $97.4M | $109.2M |
| FY2024 | $2.66B | $147.5M | $96.1M |
| FY2025 | $2.78B | $353.8M | $207.8M |
Valuation snapshot
| Market value | $4.14B |
|---|---|
| P/E ratio | 11.9 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Oceaneering International’s market value went from $2.77B at the end of 2016 to $4.14B on Oct 28, 2026, up 50%; since the end of 2025 it is up 73%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.14B | +72.6% |
| 2025 | $2.40B | -9.0% |
| 2024 | $2.64B | +23.0% |
| 2023 | $2.14B | +22.2% |
| 2022 | $1.75B | +55.4% |
| 2021 | $1.13B | +43.0% |
| 2020 | $789.5M | -46.5% |
| 2019 | $1.48B | +23.7% |
| 2018 | $1.19B | -42.6% |
| 2017 | $2.08B | -24.9% |
| 2016 | $2.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OII price data to Oct 28, 2026 | +73.2% | +79.4% | +21.6% | +24.2% | +5.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +73.2% |
| 2025 | -7.9% |
| 2024 | +22.6% |
| 2023 | +21.7% |
| 2022 | +54.6% |
| 2021 | +42.3% |
| 2020 | -46.7% |
| 2019 | +23.2% |
| 2018 | -42.8% |
| 2017 | -23.7% |
| 2016 | -22.2% |
| 2015 | -34.7% |
| 2014 | -24.4% |
| 2013 | +48.3% |
| 2012 | +18.2% |
| 2011 | +26.7% |
| 2010 | +25.8% |
| 2009 | +100.8% |
| 2008 | -56.7% |
| 2007 | +69.7% |
| 2006 | +59.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.7% over that stretch · deepest drop along the way 76.8%, back to its old high 28 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 78% over that stretch · deepest drop along the way 84.7%, back to its old high 11.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.6% over that stretch · deepest drop along the way 58%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 20 sales ($9.6M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 13, 2026 | Martin J Mcdonald SVP, Subsea Robotics | sell | $1.7M |
| Feb 25, 2026 | Benjamin Laura SVP & Chief Operating Officer | sell | $1.2M |
| May 12, 2026 | Martin J Mcdonald SVP, Subsea Robotics | sell | $999K |
| Mar 11, 2026 | M Kevin Mcevoy Director | sell | $906K |
| Feb 25, 2026 | Earl Childress SVP, Chief Commercial Ofc. | sell | $842K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.2% | Jun 30, 2025 |
| Vanguard Portfolio Management | 7.7% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Mar 31, 2026 |
| BROWN ADVISORY INC | 5.09% | Jun 30, 2026 |
| EARNEST PARTNERS LLC | 4.2% | Mar 31, 2025 |
ETFs with the most weight in OII
| PSCE Invesco S&P SmallCap Energy ETF | 3.88% |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 3.08% |
| ROKT SPDR S&P Kensho Final Frontiers ETF | 2.92% |
| OIH VanEck Oil Services ETF | 2.52% |
| KEAT Keating Active ETF | 2.36% |
| GGTL Gabelli Global Technology Leaders ETF | 2.08% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 1.84% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.42% |
What could go wrong
- Tied to the offshore oil and gas cycle. Most revenue comes from offshore oil and gas companies, whose spending swings with oil and gas prices. Court fights over US offshore leasing add uncertainty. A long slowdown would hurt the Energy business.
- A long-term shift away from oil and gas. Cheaper renewables, electrification and climate rules could reduce long-term demand for oil and gas, and so for Oceaneering's robots, vessels and hardware. Its push into lower-emission products may not succeed in time.
- More than half of revenue comes from abroad. About 55% of 2025 revenue came from operations outside the US, mainly in Africa, the UK, Norway, Brazil, Asia and Australia. That brings extra political and legal risks, and currency swings can cut project profits.
- Dangerous work at sea. The company runs vessels, divers and underwater robots in harsh offshore conditions. An accident or equipment failure could hurt workers, damage property or the environment, and cause significant losses.
- Exposure to US government spending decisions. Aerospace and Defense Technologies, about 17% of 2025 revenue, works mainly for US government agencies and their main contractors. Spending cuts, shifting priorities or delayed budget approvals could reduce this work.
- Backlog may not turn into revenue. Backlog, the value of signed work not yet done, can be unexpectedly adjusted or canceled. That makes it an uncertain guide to future revenue and earnings.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Oceaneering pays no dividend; its yield was 0% as of October 28, 2026. For an income investor, the stock provides no regular cash. Any income would have to come from cashing in shares, at whatever price the market offers. The company has used some cash to repurchase its own shares, about $20 million in 2024 and $40 million in 2025, but the number of shares fell just 0.4% between October 2021 and October 2026.
The shares have fallen hard in past downturns. They dropped 76.8% in the 2008 financial crisis and needed about 28 months after the low to regain their earlier peak. They fell 84.7% in the 2020 COVID crash, recovering in about 12 months, and 58% in the 2022 bear market. The deepest fall from a peak in about 21 years of price history through October 28, 2026, was 97.4%. A single stock carries more risk than a diversified fund, which spreads money across many companies.
Questions investors ask
How does Oceaneering make money?
Mostly by providing services, largely to offshore oil and gas companies. Services made up about 79% of its $2.78 billion revenue for the year ended December 31, 2025, and products the other 21%. The largest segment, Subsea Robotics (31%), operates remotely controlled underwater robots for drilling support, construction and inspection. Other segments install and repair subsea equipment, make umbilicals (bundled control lines) and valves for undersea wells, inspect industrial equipment, and provide engineering and manufacturing for US defense and space programs.
Does Oceaneering pay a dividend?
No. Oceaneering paid no dividends in fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026, so the stock provides no regular income. The company has instead used some cash to repurchase its own shares, about $20 million in 2024 and $40 million in 2025. That has barely changed the share count, which fell just 0.4% between October 2021 and October 2026.
What is an ROV, and how many does Oceaneering own?
An ROV, or remotely operated vehicle, is an underwater robot tethered to the surface and controlled from a ship or platform. Oceaneering owned 250 work-class ROVs as of December 31, 2025, and believes that is the world's largest fleet. It estimates it provided ROV support to about 60% of the 136 floating drilling rigs under contract at the end of 2025. Its Subsea Robotics segment, which runs the fleet, brought in 31% of 2025 revenue and is the largest source of operating profit in its Energy business.
Is Oceaneering only an oil and gas company?
No, though most revenue comes from offshore oil and gas customers. Its Aerospace and Defense Technologies segment provided about 17% of 2025 revenue, mainly through engineering and manufacturing for US government agencies and their main contractors in defense and space. The Manufactured Products segment also supplies mobile robots for factories, warehouses and healthcare. The company is pursuing growth in offshore wind, nuclear and other clean energy work, but oil and gas spending still drives most results.
Is Oceaneering profitable?
Yes, after losing money in 2020 and 2021. For the year ended December 31, 2025, net income was $353.8 million, or $3.49 per diluted share, on revenue of $2.78 billion. That was more than the $304.6 million it earned from operations, so items outside day-to-day business lifted the bottom line. In the quarter ended September 30, 2026, revenue rose 5.6% from a year earlier to $784.6 million, but net income fell 26.2% to $52.6 million.