Oil States International, Inc. OIS

EnergyOil & Gas Related Equipment and ServicesUnited States of America

Last close 8.88 USD on Nov 2, 2026, +31.2% year to date

Quant rating

Quant rating C Rank 114 of 167 in Energy

Growth B 56 of 167
Valuation C 80 of 167
Quality D 147 of 167
Revisions D 121 of 167
Momentum B 64 of 167

Wall Street consensus Buy (2.00)Average target 11.75 USD +32.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 531M
Enterprise value: 530M
52-week range: 5.83 – 14.50
3-year range: 3.25 – 14.50
Dividend yield: –
Beta (5 years): 1.21
Shares outstanding: 59.8M
Next earnings: Feb 20, 2027

About the company

Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment and consumable products. Its segments include Offshore Manufactured Products, Completion and Production Services, and Downhole Technologies. The Offshore Manufactured Products segment designs, manufactures and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels, along with short-cycle and other products. The Completion and Production Services segment includes a range of equipment and services used to establish and maintain the flow of oil and natural gas from a well throughout its life cycle. The Downhole Technologies segment provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	669	693	782	738	573	–
Revenue growth	−3.4%	−11.5%	6.0%	28.7%	−10.2%	1.0%
EPS (basic, normalized)	0.37	0.17	0.20	−0.15	−0.76	–
EPS growth	117.6%	−15.0%	–	–	–	–
Gross margin	19.9%	22.6%	22.4%	21.6%	17.9%	20.9%
Net margin	−16.3%	−1.6%	1.6%	−1.3%	−11.2%	−5.8%
ROE	−17.4%	−1.6%	1.8%	−1.4%	−8.8%	−5.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	22.9
Current ratio	2.35x
Long-term debt (mil)	18.4
Net debt (mil)	−1.4
Total equity (mil)	584
Net debt / equity	−0.00x
Net debt / EBITDA	−0.02x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	669	−3.4%	0.8x	83.4	+5.4%	6.4x	0.37	+117.6%	24.0x
2026	647	−3.3%	0.8x	76.5	−8.3%	6.9x	0.55	+47.3%	16.3x
2027	706	+9.2%	0.7x	88.7	+15.9%	6.0x	0.64	+17.4%	13.9x
2028	762	+7.9%	0.7x	110	+24.2%	4.8x	1.03	+60.9%	8.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	647	+0.5%	0.0%	−3.3%	0.55	−2.7%	−9.2%	−6.6%
2027	706	0.0%	−0.2%	−2.8%	0.64	−12.6%	−21.0%	−17.4%
2028	762	+2.3%	+2.3%	–	1.03	+2.0%	+2.0%	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	167	186	174	165	160	165	165	178	145	157
Sales mean (mil)	190	183	193	173	164	171	168	180	154	160
Surprise	−12.0%	+1.6%	−9.5%	−5.0%	−2.5%	−3.3%	−1.5%	−0.9%	−5.5%	−1.9%
EPS reported	−0.03	0.07	0.04	0.09	0.06	0.09	0.08	0.13	0.09	0.14
EPS mean	−0.01	0.04	0.06	0.06	0.04	0.09	0.10	0.10	0.09	0.12
Surprise	−200.0%	+100.0%	−27.3%	+63.6%	+50.0%	+5.9%	−15.8%	+25.8%	+5.9%	+16.7%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
OIS Oil States International, Inc.	531M	−0.02x	−16.3%	0.92x	16.3x	13.9x	6.9x	6.0x
SLB SLB N.V.	77.2B	1.29x	9.4%	2.96x	21.3x	16.9x	10.9x	9.6x
BKR Baker Hughes Company	52.7B	2.75x	9.3%	2.62x	20.5x	18.2x	12.6x	10.9x
TS Tenaris SA	29.7B	−0.72x	16.1%	1.72x	15.5x	13.9x	10.0x	8.6x
HAL Halliburton Company	28.6B	1.27x	5.8%	2.57x	14.8x	11.9x	8.5x	7.3x
FTI TechnipFMC PLC	26.0B	−0.31x	9.7%	7.83x	21.1x	17.8x	11.5x	10.5x
Mean		0.71x	5.7%	3.10x	18.3x	15.4x	10.1x	8.8x
Median		0.63x	9.4%	2.60x	18.4x	15.4x	10.4x	9.1x

Technical analysis

1M+7.9%
3M+9.5%
1Y+48.7%
3Y+14.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Oil States International, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	669	693	782	738	573	638
Cost of revenue	536	536	607	579	470	562
Gross profit	133	156	175	159	103	76.3
Selling, general & administrative expenses	90.4	95.0	94.2	96.0	83.7	94.1
Research & development	–	–	–	–	–	–
Depreciation/amortization	47.4	54.7	60.8	67.3	80.7	98.5
Interest expense (income), operating	–	–	0.8	–	–	–
Unusual expense (income)	100	8.7	0	0.4	4.2	408
Other operating expenses	−7.0	−0.9	−3.5	−7.1	−1.0	−0.5
Operating income	−97.9	−1.2	23.2	2.5	−64.8	−524
Net interest income (expense)	−5.9	−7.7	−8.2	−10.3	−10.2	−13.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.2	1.1	0.8	3.7	1.6	3.2
Net income before taxes	−103	−7.9	15.8	−4.1	−73.3	−534
Provision for taxes	6.8	3.4	2.9	5.5	−9.3	−49.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−109	−11.3	12.9	−9.5	−64.0	−485
Extraordinary items	–	–	–	–	–	16.4
Net income	−109	−11.3	12.9	−9.5	−64.0	−468
EBIT, normalized	2.4	7.6	24.0	2.9	−49.5	−75.6
EBITDA, normalized	49.8	62.3	84.8	70.2	31.2	23.3
Basic EPS, normalized	0.37	0.17	0.20	−0.15	−0.76	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Oil States International, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	69.9	65.4	47.1	42.0	52.9	72.0
Receivables	202	194	203	219	186	163
Total inventory	183	215	202	183	169	170
Prepaid expenses	22.2	23.7	35.6	19.3	19.2	18.1
Other current assets	17.4	0	0	0	0	0
Total current assets	495	498	488	463	427	424
Property, plant & equipment	257	286	302	327	364	417
Goodwill	70.5	69.7	79.9	79.3	76.4	76.5
Intangibles	31.5	126	153	170	186	206
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	29.0	24.9	23.3	25.7	32.9	29.7
Total assets	883	1,005	1,046	1,064	1,086	1,152
Liabilities
Accounts payable	68.1	57.7	67.5	73.3	63.3	46.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	35.0	35.7	40.8	45.8	38.3	37.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	53.4	0.6	0.6	17.8	18.3	17.8
Other current liabilities	110	63.7	48.3	56.8	57.3	60.9
Total current liabilities	266	158	157	194	177	162
Long-term debt	1.7	125	136	135	160	166
Minority interest	–	–	–	–	–	–
Other liabilities	42.4	42.1	44.2	46.1	52.1	66.7
Total liabilities	310	324	337	375	390	395
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.8	0.8	0.8	0.8	0.7	0.7
Additional paid-in capital	1,146	1,138	1,129	1,122	1,105	1,123
Retained earnings (accumulated deficit)	164	274	285	272	282	329
Treasury stock	−671	−652	−635	−627	−626	−624
Other equity	−66.3	−79.5	−70.0	−78.9	−66.0	−71.4
Total equity	573	681	710	690	696	758
Total liabilities & shareholders' equity	883	1,005	1,046	1,064	1,086	1,152

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Oil States International, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−109	−11.3	12.9	−9.5	−64.0	−468
Depreciation, depletion & amortization	47.4	54.7	60.8	67.3	80.7	98.5
Deferred taxes	0.6	−2.4	0.2	2.0	−8.6	−24.4
Non-cash items	120	15.5	3.7	7.8	16.3	457
Changes in working capital	46.3	−10.7	−21.0	−34.7	−17.2	69.7
Cash from operations	105	45.9	56.6	32.9	7.2	133
Investing activities
Capital expenditures	−31.2	−37.5	−30.7	−20.3	−17.5	−12.7
Other investing cash flows	20.1	40.2	5.1	−2.5	10.9	9.0
Cash from investing	−11.1	2.7	−25.6	−22.7	−6.6	−3.7
Financing activities
Financing cash flow items	−0.2	−1.2	−0.1	−0.1	−7.8	−1.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−90.0	−28.3	−26.6	−20.2	−11.8	−64.0
Cash from financing	−90.2	−29.5	−26.7	−20.3	−19.6	−65.0
Foreign exchange effects	0.6	−0.9	0.8	−0.7	−0.2	−0.5
Net change in cash	4.6	18.3	5.1	−10.8	−19.2	63.5
Free cash flow	73.9	8.4	25.9	12.6	−10.3	120

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.