Latest Ratios: P/E Ratio 11.4x · EV/EBITDA 9.3x · ROE 39.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $2.4B | $2.7B | $2.2B | $1.8B | $1.1B | $789M | $1.5B | $1.2B | $2.1B | $2.8B |
| Enterprise Value | $3.8B | $2.2B | $3.0B | $2.6B | $2.1B | $1.5B | $1.3B | $2.1B | $1.6B | $2.4B | $3.1B |
| P/E Ratio → | 11.43 | 6.89 | 18.11 | 22.40 | 67.27 | — | — | — | — | 12.58 | 112.84 |
| P/S Ratio | 1.43 | 0.87 | 1.00 | 0.90 | 0.86 | 0.60 | 0.43 | 0.72 | 0.62 | 1.09 | 1.22 |
| P/B Ratio | 3.75 | 2.26 | 3.71 | 3.43 | 3.37 | 2.21 | 1.41 | 1.37 | 0.84 | 1.25 | 1.83 |
| P/FCF | 19.14 | 11.71 | 27.79 | 19.90 | 44.54 | 6.44 | 10.39 | 149.14 | — | 48.78 | 12.17 |
| P/OCF | 12.48 | 7.63 | 13.14 | 10.35 | 14.68 | 5.00 | 5.77 | 9.36 | 32.61 | 15.30 | 8.15 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.80 | 1.14 | 1.06 | 1.01 | 0.79 | 0.72 | 1.01 | 0.85 | 1.27 | 1.37 |
| EV / EBITDA | 9.28 | 5.49 | 8.65 | 8.95 | 8.96 | 8.18 | 15.90 | 15.73 | 10.97 | 10.93 | 9.72 |
| EV / EBIT | 12.40 | 6.91 | 11.51 | 12.96 | 17.72 | 44.38 | — | — | — | 229.90 | 39.16 |
| EV / FCF | — | 10.74 | 31.47 | 23.45 | 52.16 | 8.39 | 17.34 | 210.21 | — | 57.24 | 13.67 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.4% | 20.4% | 18.2% | 16.5% | 14.9% | 14.1% | 9.0% | 4.8% | 6.8% | 10.1% | 12.3% |
| Operating Margin | 10.9% | 10.9% | 9.3% | 7.5% | 5.4% | 2.1% | -24.4% | -5.7% | -7.6% | 0.6% | 3.1% |
| Net Profit Margin | 12.7% | 12.7% | 5.5% | 4.0% | 1.3% | -2.6% | -27.2% | -17.0% | -11.1% | 8.7% | 1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 39.4% | 39.4% | 21.8% | 16.8% | 5.0% | -9.2% | -60.8% | -27.9% | -13.7% | 10.4% | 1.6% |
| ROA | 14.1% | 14.1% | 6.4% | 4.6% | 1.3% | -2.5% | -20.8% | -12.5% | -7.3% | 5.4% | 0.7% |
| ROIC | 23.4% | 23.4% | 17.6% | 14.7% | 9.9% | 3.1% | -24.2% | -5.0% | -5.6% | 0.4% | 2.8% |
| ROCE | 17.7% | 17.7% | 16.2% | 12.2% | 7.6% | 2.6% | -23.8% | -5.2% | -5.9% | 0.4% | 2.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | 1.18 | 1.34 | 1.66 | 1.72 | 1.76 | 0.91 | 0.55 | 0.47 | 0.52 |
| Debt / EBITDA | 1.20 | 1.20 | 2.44 | 2.96 | 3.76 | 4.90 | 11.83 | 7.40 | 5.31 | 3.53 | 2.47 |
| Net Debt / Equity | — | -0.19 | 0.49 | 0.61 | 0.58 | 0.67 | 0.95 | 0.56 | 0.30 | 0.22 | 0.23 |
| Net Debt / EBITDA | -0.50 | -0.50 | 1.01 | 1.35 | 1.31 | 1.90 | 6.38 | 4.57 | 2.92 | 1.61 | 1.07 |
| Debt / FCF | — | -0.97 | 3.69 | 3.54 | 7.62 | 1.95 | 6.95 | 61.07 | — | 8.46 | 1.50 |
| Interest Coverage | 8.73 | 8.73 | 6.93 | 5.41 | 3.07 | 0.85 | -10.36 | -6.75 | -3.92 | 0.38 | 3.15 |
Net cash position: cash ($689M) exceeds total debt ($487M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.99 | 1.99 | 1.74 | 1.78 | 2.28 | 2.37 | 2.68 | 2.07 | 2.52 | 2.72 | 2.48 |
| Quick Ratio | 1.99 | 1.99 | 1.46 | 1.50 | 1.96 | 2.06 | 2.35 | 1.78 | 2.12 | 2.23 | 1.93 |
| Cash Ratio | 0.90 | 0.90 | 0.63 | 0.63 | 1.01 | 1.09 | 1.06 | 0.64 | 0.74 | 0.99 | 0.89 |
| Asset Turnover | — | 1.04 | 1.14 | 1.08 | 1.02 | 0.95 | 0.89 | 0.75 | 0.68 | 0.64 | 0.73 |
| Inventory Turnover | — | — | 9.76 | 9.66 | 9.54 | 10.45 | 11.78 | 11.16 | 9.15 | 8.02 | 7.11 |
| Days Sales Outstanding | — | — | 79.40 | 85.18 | 85.05 | 83.53 | 103.48 | 114.53 | 119.49 | 90.59 | 78.69 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 2.1% | 3.4% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 26.6% | 382.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.8% | 14.5% | 5.5% | 4.5% | 1.5% | — | — | — | — | 7.9% | 0.9% |
| FCF Yield | 5.2% | 8.5% | 3.6% | 5.0% | 2.2% | 15.5% | 9.6% | 0.7% | — | 2.0% | 8.2% |
| Buyback Yield | 1.1% | 1.9% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.1% | 1.9% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.1% | 3.4% |
| Shares Outstanding | — | $101M | $102M | $102M | $101M | $100M | $99M | $99M | $99M | $99M | $98M |
Offshore project cycle volatility
According to recent market data, Oceaneering trades at a trailing P/E of 11.47, yet the forward P/E of 21.96 suggests that investors are pricing in significant earnings contraction or a normalization of non-operating gains that previously inflated the company's bottom-line performance in recent quarterly filings.
The disparity between trailing and forward multiples indicates that the market remains skeptical of the sustainability of recent net income levels. Investors should monitor whether the forward multiple reflects a realistic assessment of project-based revenue lumpiness or an overly pessimistic view of the company's long-term robotics growth potential.
Based on reported financial figures, Oceaneering's ROIC has struggled to break above the 5% threshold over the last ten quarters, peaking at 5.3% in 2024Q4, which suggests that the company's capital-intensive ROV fleet is not yet generating returns that meaningfully exceed its cost of capital.
The persistent low ROIC highlights the difficulty of achieving efficient capital deployment in a sector characterized by high fixed-asset maintenance and competitive pricing. This trend warrants further investigation into whether management can improve asset utilization rates sufficiently to drive a structural improvement in returns on invested capital.
As reported in quarterly statements, the cash conversion cycle has remained elevated, fluctuating between 53 and 97 days over the past ten quarters, which indicates that Oceaneering's operational efficiency is frequently hampered by the timing of project milestones and the resulting delays in customer cash collections.
The volatility in the CCC suggests that the company's cash flow is highly sensitive to the administrative and contractual realities of large-scale offshore projects. Investors should monitor the DSO trends, as the recent spikes in collection times may indicate a weakening in bargaining power relative to major energy operators.
Based on the provided balance sheet data, Oceaneering has successfully reduced its debt-to-equity ratio from 1.45 in 2024Q1 to 0.64 in 2026Q1, signaling a deliberate and effective shift toward a more conservative capital structure that improves the company's ability to navigate volatile offshore energy market cycles.
This reduction in leverage appears to be a strategic priority that provides the company with greater flexibility to fund its robotics R&D without relying on external debt. The improved interest coverage ratio, which reached 14.29 in 2026Q1, further suggests that the company's debt service burden is becoming increasingly manageable.
The P/E ratio is frequently misapplied to Oceaneering because it fails to account for the significant non-operating items and lumpy project-based revenue recognition that often distort the company's reported net income, making it a poor proxy for the underlying cash-generating capability of the subsea robotics business.
Analysts should instead prioritize EV/EBITDA or free cash flow metrics to better capture the operational health of the business, as these measures are less susceptible to the accounting nuances of long-term service contracts. Relying solely on P/E may lead to an inaccurate assessment of the company's true valuation.
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Quick answers to the most common questions about buying OII stock.
Oceaneering International, Inc.'s current P/E ratio is 11.4x. The historical average is 24.8x. This places it at the 8th percentile of its historical range.
Oceaneering International, Inc.'s current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
Oceaneering International, Inc.'s return on equity (ROE) is 39.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 9.6%.
Based on historical data, Oceaneering International, Inc. is trading at a P/E of 11.4x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Oceaneering International, Inc. has 20.4% gross margin and 10.9% operating margin. Operating margin between 10-20% is typical for established companies.
Oceaneering International, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.