Latest Ratios: P/E Ratio -4.1x · EV/EBITDA 11.2x · ROE -17.4%. (1998–2025 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 | $463M | $397M | $314M | $429M | $460M | $300M | $300M | $968M | $838M | $1.4B | $2.0B |
| Enterprise Value | $481M | $415M | $399M | $543M | $597M | $455M | $449M | $1.3B | $1.2B | $1.4B | $1.9B |
| P/E Ratio → | -4.13 | — | — | 33.95 | — | — | — | — | — | — | — |
| P/S Ratio | 0.69 | 0.59 | 0.45 | 0.55 | 0.62 | 0.52 | 0.47 | 0.95 | 0.77 | 2.12 | 2.82 |
| P/B Ratio | 0.79 | 0.69 | 0.46 | 0.60 | 0.67 | 0.43 | 0.40 | 0.79 | 0.58 | 1.25 | 1.62 |
| P/FCF | 6.26 | 5.37 | 37.41 | 16.54 | 36.51 | — | 2.50 | 11.91 | 55.36 | 23.57 | 16.37 |
| P/OCF | 4.40 | 3.78 | 6.84 | 7.58 | 13.99 | 41.65 | 2.26 | 7.05 | 8.13 | 14.88 | 13.11 |
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 | — | 0.62 | 0.58 | 0.69 | 0.81 | 0.79 | 0.70 | 1.23 | 1.06 | 2.04 | 2.78 |
| EV / EBITDA | 11.22 | 9.69 | 6.50 | 6.69 | 9.47 | 17.14 | — | 12.73 | 8.86 | 35.64 | 37.83 |
| EV / EBIT | — | — | 420.38 | 21.38 | 91.77 | — | — | — | — | — | — |
| EV / FCF | — | 5.61 | 47.57 | 20.95 | 47.44 | — | 3.74 | 15.40 | 75.98 | 22.77 | 16.17 |
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 | 12.8% | 12.8% | 15.4% | 15.2% | 12.9% | 4.6% | -3.5% | 9.3% | 12.2% | 6.3% | 7.0% |
| Operating Margin | -0.7% | -0.7% | 1.0% | 2.6% | -0.6% | -9.5% | -16.8% | -2.5% | 0.6% | -10.3% | -9.7% |
| Net Profit Margin | -16.3% | -16.3% | -1.6% | 1.6% | -1.3% | -11.2% | -73.4% | -22.8% | -1.8% | -12.7% | -6.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -17.4% | -17.4% | -1.6% | 1.8% | -1.4% | -8.8% | -47.3% | -17.4% | -1.5% | -7.3% | -3.8% |
| ROA | -11.6% | -11.6% | -1.1% | 1.2% | -0.9% | -5.7% | -32.5% | -12.4% | -1.2% | -6.3% | -3.1% |
| ROIC | -0.5% | -0.5% | 0.6% | 1.9% | -0.4% | -4.6% | -6.7% | -1.1% | 0.3% | -4.6% | -4.0% |
| ROCE | -0.6% | -0.6% | 0.8% | 2.3% | -0.5% | -5.7% | -8.5% | -1.5% | 0.4% | -5.6% | -5.0% |
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 | 0.15 | 0.15 | 0.22 | 0.23 | 0.26 | 0.30 | 0.29 | 0.24 | 0.23 | 0.00 | 0.04 |
| Debt / EBITDA | 2.05 | 2.05 | 2.45 | 1.99 | 2.85 | 7.85 | — | 2.97 | 2.55 | 0.14 | 0.90 |
| Net Debt / Equity | — | 0.03 | 0.13 | 0.16 | 0.20 | 0.22 | 0.20 | 0.23 | 0.22 | -0.04 | -0.02 |
| Net Debt / EBITDA | 0.41 | 0.41 | 1.39 | 1.41 | 2.18 | 5.86 | — | 2.89 | 2.41 | -1.25 | -0.45 |
| Debt / FCF | — | 0.24 | 10.16 | 4.41 | 10.93 | — | 1.24 | 3.49 | 20.63 | -0.80 | -0.19 |
| Interest Coverage | -0.79 | -0.79 | 0.11 | 2.65 | 0.62 | -6.10 | -36.47 | -12.45 | -0.13 | -15.56 | -12.72 |
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 | 1.86 | 1.86 | 3.16 | 3.10 | 2.39 | 2.41 | 2.61 | 2.64 | 2.95 | 3.96 | 4.57 |
| Quick Ratio | 1.17 | 1.17 | 1.80 | 1.82 | 1.45 | 1.46 | 1.56 | 1.43 | 1.79 | 2.50 | 2.93 |
| Cash Ratio | 0.26 | 0.26 | 0.41 | 0.30 | 0.22 | 0.30 | 0.44 | 0.05 | 0.11 | 0.46 | 0.64 |
| Asset Turnover | — | 0.76 | 0.69 | 0.75 | 0.69 | 0.53 | 0.55 | 0.59 | 0.54 | 0.52 | 0.50 |
| Inventory Turnover | 3.18 | 3.18 | 2.73 | 3.28 | 3.52 | 3.24 | 3.88 | 4.17 | 4.56 | 3.73 | 3.68 |
| Days Sales Outstanding | — | 110.45 | 102.42 | 94.81 | 108.24 | 118.50 | 93.32 | 83.77 | 98.33 | 120.86 | 123.26 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 2.9% | — | — | — | — | — | — | — |
| FCF Yield | 16.0% | 18.6% | 2.7% | 6.0% | 2.7% | — | 40.0% | 8.4% | 1.8% | 4.2% | 6.1% |
| Buyback Yield | 3.6% | 4.2% | 5.4% | 2.1% | 0.2% | 0.5% | 0.9% | 0.5% | 0.5% | 1.5% | 0.2% |
| Total Shareholder Yield | 3.6% | 4.2% | 5.4% | 2.1% | 0.2% | 0.5% | 0.9% | 0.5% | 0.5% | 1.5% | 0.2% |
| Shares Outstanding | — | $59M | $62M | $63M | $62M | $60M | $60M | $59M | $59M | $50M | $50M |
Cyclical US land exposure
According to current market data, OIS trades at a forward P/E of 18.57, which appears to price in a recovery that remains unsupported by recent bottom-line performance, as evidenced by the negative TTM P/E and the company's struggle to maintain consistent profitability across its core segments.
The valuation multiples suggest that investors are currently paying a premium for potential cyclical upside rather than realized earnings power. Given the volatility in net margins, the forward P/E may be overly optimistic, as it assumes a rapid return to profitability that the company's recent operational history has yet to demonstrate.
Based on reported financial figures, OIS has struggled to generate meaningful returns on invested capital, with ROIC hovering near zero or negative levels in recent quarters, indicating that the company is currently failing to create value above its cost of capital in the current market environment.
The persistent inability to achieve positive ROIC suggests that the company's capital-intensive manufacturing base is not being utilized efficiently enough to overcome the cyclical downturns in its service segments. Investors should monitor whether future offshore project wins can drive the asset turnover required to lift these returns into positive territory.
As indicated by the quarterly data, the cash conversion cycle has fluctuated significantly, reaching 219 days in 2025Q3, which highlights the difficulty in managing inventory and receivables effectively amidst the shifting demand profiles of the US land-based and offshore project-based business segments.
The high days inventory outstanding, which peaked at 153 days in 2026Q1, suggests that the company may be carrying excess stock that risks obsolescence if completion techniques continue to evolve. This inefficiency in working capital management acts as a drag on cash flow and limits the company's ability to self-fund operations during cyclical troughs.
According to recent SEC filings, OIS maintains a disciplined capital structure with a debt-to-equity ratio of 0.13 as of 2026Q1, which serves as a critical defensive mechanism against the inherent volatility of the oilfield services sector and the company's own inconsistent earnings generation.
While the low leverage is a positive indicator of financial health, it also reflects a lack of aggressive growth investment, which may be appropriate given the current market headwinds. The company's ability to maintain this balance sheet strength despite negative net margins suggests a management focus on survival over expansion.
The P/E ratio is frequently misapplied to OIS because it fails to account for the significant non-cash charges and cyclical impairments that distort GAAP net income, making EV/EBITDA or P/FCF more reliable metrics for assessing the company's true underlying cash-generating capacity and operational health.
Using P/E in a business model characterized by high fixed costs and periodic asset write-downs leads to misleading conclusions about valuation. Analysts should instead focus on EBITDA-based multiples to normalize for the accounting noise that currently masks the company's ability to generate cash from its specialized offshore manufacturing assets.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying OIS stock.
Oil States International, Inc.'s current P/E ratio is -4.1x. The historical average is 12.1x.
Oil States International, Inc.'s current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
Oil States International, Inc.'s return on equity (ROE) is -17.4%. The historical average is 3.1%.
Based on historical data, Oil States International, Inc. is trading at a P/E of -4.1x. Compare with industry peers and growth rates for a complete picture.
Oil States International, Inc. has 12.8% gross margin and -0.7% operating margin.
Oil States International, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.