Structural margin compression remains evident, with gross margins falling to a low of 4.5% in 2025Q4, highlighting vulnerability to pricing pressure and underutilized capacity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 509.05M | 668.99M | 692.59M | 782.28M | 737.71M | 573.16M | 638.08M | 1.02B | 1.09B | 670.63M | 694.44M | 1.1B | 1.82B | 2.67B | 4.41B | 3.48B | 2.41B | 2.11B | 2.95B | 2.09B | 1.92B | 1.53B | 971.01M | 723.68M | 616.85M | 671.21M | 304.55M | 154.33M | 359.03M |
| Revenue Growth % | -25.71% | -3.41% | -11.47% | 6.04% | 28.71% | -10.17% | -37.28% | -6.5% | 62.26% | -3.43% | -36.87% | -39.55% | -31.85% | -39.49% | 26.84% | 44.25% | 14.41% | -28.5% | 41.19% | 8.57% | 25.58% | 57.74% | 34.18% | 17.32% | -8.1% | 120.39% | 97.34% | -57.02% | - |
| Cost of Goods Sold | 556.52M | 583.17M | 585.71M | 663.17M | 642.39M | 546.74M | 660.35M | 922.91M | 955.04M | 628.42M | 645.49M | 916.96M | 1.33B | 1.94B | 3.52B | 2.79B | 2B | 1.76B | 2.34B | 1.67B | 1.52B | 1.25B | 810.63M | 573.11M | 487.05M | 537.45M | 217.6M | 119.28M | 287.79M |
| COGS % of Revenue | - | 87.17% | 84.57% | 84.77% | 87.08% | 95.39% | 103.49% | 90.72% | 87.77% | 93.71% | 92.95% | 83.36% | 73.13% | 72.62% | 79.83% | 80.12% | 82.86% | 83.4% | 79.28% | 80.11% | 79.15% | 81.8% | 83.48% | 79.19% | 78.96% | 80.07% | 71.45% | 77.29% | 80.16% |
| Gross Profit | -47.25M | 85.81M | 106.88M | 119.12M | 95.32M | 26.42M | -22.27M | 94.45M | 133.09M | 42.2M | 48.95M | 183.02M | 488.95M | 731.01M | 901.02M | 691.77M | 413.49M | 349.94M | 610.88M | 415.32M | 401.03M | 278.75M | 160.39M | 150.57M | 129.79M | 133.76M | 86.95M | 35.05M | 71.25M |
| Gross Margin % | -9.28% | 12.83% | 15.43% | 15.23% | 12.92% | 4.61% | -3.49% | 9.28% | 12.23% | 6.29% | 7.05% | 16.64% | 26.87% | 27.38% | 20.42% | 19.88% | 17.14% | 16.6% | 20.72% | 19.89% | 20.85% | 18.2% | 16.52% | 20.81% | 21.04% | 19.93% | 28.55% | 22.71% | 19.84% |
| Gross Profit Growth % | - | -19.71% | -10.27% | 24.97% | 260.72% | 218.64% | -123.58% | -29.04% | 215.34% | -13.79% | -73.25% | -62.57% | -33.11% | -18.87% | 30.25% | 67.3% | 18.16% | -42.71% | 47.09% | 3.56% | 43.87% | 73.8% | 6.52% | 16% | -2.96% | 53.84% | 148.03% | -50.8% | - |
| Operating Expenses | 90.14M | 90.42M | 100.21M | 98.69M | 99.54M | 80.59M | 85M | 119.43M | 126.77M | 111.42M | 116.56M | 132.47M | 178.29M | 217.91M | 204.14M | 180.64M | 150.87M | 139.29M | 143.08M | 118.42M | 107.22M | 84.67M | 64.81M | 85.4M | 75.23M | 78.06M | 59.13M | 35.3M | 45.41M |
| OpEx % of Revenue | - | 13.52% | 14.47% | 12.62% | 13.49% | 14.06% | 13.32% | 11.74% | 11.65% | 16.61% | 16.78% | 12.04% | 9.8% | 8.16% | 4.63% | 5.19% | 6.25% | 6.61% | 4.85% | 5.67% | 5.57% | 5.53% | 6.67% | 11.8% | 12.2% | 11.63% | 19.42% | 22.87% | 12.65% |
| Selling, General & Admin | 90.14M | 90.42M | 95.01M | 94.19M | 96.04M | 76.19M | 85M | 119.43M | 126.77M | 111.42M | 116.56M | 132.47M | 169.43M | 214.43M | 203.65M | 180.23M | 150.87M | 139.29M | 143.08M | 118.42M | 107.22M | 84.67M | 64.81M | 57.71M | 51.79M | 50.02M | 37.82M | 27.82M | 45.41M |
| SG&A % of Revenue | - | 13.52% | 13.72% | 12.04% | 13.02% | 13.29% | 13.32% | 11.74% | 11.65% | 16.61% | 16.78% | 12.04% | 9.31% | 8.03% | 4.61% | 5.18% | 6.25% | 6.61% | 4.85% | 5.67% | 5.57% | 5.53% | 6.67% | 7.97% | 8.4% | 7.45% | 12.42% | 18.03% | 12.65% |
| Research & Development | 0 | 0 | 5.2M | 4.5M | 3.5M | 4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.75% | 0.58% | 0.47% | 0.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.86M | 3.48M | 490K | 409K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.69M | 23.44M | 28.04M | 59.13M | 35.3M | 0 |
| Operating Income | -5.88M | -4.61M | 6.67M | 20.43M | -4.22M | -54.17M | -107.28M | -24.99M | 6.32M | -69.21M | -67.6M | 50.55M | 310.65M | 513.09M | 696.88M | 511.12M | 262.62M | 210.65M | 467.8M | 296.9M | 293.81M | 194.07M | 95.58M | 65.17M | 54.56M | 55.7M | 27.82M | -240K | 25.83M |
| Operating Margin % | -1.16% | -0.69% | 0.96% | 2.61% | -0.57% | -9.45% | -16.81% | -2.46% | 0.58% | -10.32% | -9.74% | 4.6% | 17.07% | 19.22% | 15.79% | 14.69% | 10.89% | 9.99% | 15.87% | 14.22% | 15.28% | 12.67% | 9.84% | 9% | 8.85% | 8.3% | 9.13% | -0.16% | 7.2% |
| Operating Income Growth % | - | -169.12% | -67.36% | 583.94% | 92.21% | 49.51% | -329.34% | -495.35% | 109.13% | -2.38% | -233.73% | -83.73% | -39.45% | -26.37% | 36.34% | 94.62% | 24.67% | -54.97% | 57.56% | 1.05% | 51.39% | 103.06% | 46.66% | 19.44% | -2.04% | 100.22% | 11690.83% | -100.93% | - |
| EBITDA | 37.49M | 42.83M | 61.38M | 81.21M | 63.11M | 26.57M | -8.73M | 98.33M | 129.85M | 38.46M | 51.12M | 181.81M | 435.43M | 791.15M | 926.98M | 699.27M | 386.82M | 328.76M | 570.4M | 367.6M | 349.4M | 240.78M | 131.56M | 93.07M | 77.87M | 83.73M | 49.13M | 7.24M | 25.83M |
| EBITDA Margin % | 7.37% | 6.4% | 8.86% | 10.38% | 8.56% | 4.64% | -1.37% | 9.67% | 11.93% | 5.73% | 7.36% | 16.53% | 23.93% | 29.63% | 21.01% | 20.1% | 16.04% | 15.59% | 19.35% | 17.6% | 18.17% | 15.72% | 13.55% | 12.86% | 12.62% | 12.48% | 16.13% | 4.69% | 7.2% |
| EBITDA Growth % | -40.76% | -30.22% | -24.42% | 28.68% | 137.5% | 404.32% | -108.88% | -24.27% | 237.66% | -24.77% | -71.88% | -58.25% | -44.96% | -14.65% | 32.56% | 80.77% | 17.66% | -42.36% | 55.17% | 5.21% | 45.12% | 83.01% | 41.36% | 19.52% | -7% | 70.43% | 578.99% | -71.99% | - |
| D&A (Non-Cash Add-back) | 43.37M | 47.44M | 54.71M | 60.78M | 67.33M | 80.74M | 98.54M | 123.32M | 123.53M | 107.67M | 118.72M | 131.26M | 124.78M | 278.05M | 230.1M | 188.15M | 124.2M | 118.11M | 102.6M | 70.7M | 55.59M | 46.7M | 35.99M | 27.91M | 23.31M | 28.04M | 21.31M | 7.48M | 0 |
| EBIT | -4.33M | -4.61M | 949K | 25.39M | 6.51M | -63.01M | -520.07M | -222.83M | -2.42M | -72.74M | -67.98M | 56.99M | 213.52M | 512.24M | 695.82M | 512.58M | 256.9M | 120.97M | 396.59M | 318.35M | 321.04M | 196.41M | 96.44M | 65.17M | 54.56M | 55.7M | 27.82M | 13.35M | 25.83M |
| Net Interest Income | -4.27M | -5.85M | -7.73M | -8.19M | -10.28M | -10.17M | -13.87M | -17.64M | -19M | -4.32M | -4.94M | -5.88M | -16.61M | -38.2M | -39.97M | -55.81M | -15.52M | -14.89M | -20.02M | -14.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 1.07M | 1.38M | 291K | 158K | 390K | 262K | 319K | 359K | 399K | 543K | 560K | 2.35M | 1.58M | 1.7M | 751K | 380K | 3.56M | 3.51M | 2.51M | 475K | 363K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.1M | 5.85M | 8.8M | 9.57M | 10.57M | 10.33M | 14.26M | 17.9M | 19.31M | 4.67M | 5.34M | 6.43M | 17.17M | 75.9M | 68.92M | 57.51M | 16.27M | 15.27M | 17.53M | 17.99M | 19.39M | 13.9M | 7.67M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -96.72M | -97.92M | -14.52M | -4.61M | 162K | -19.17M | -427.05M | -215.74M | -28.05M | -8.2M | -5.72M | 15K | -114.31M | -76.75M | -69.98M | -56.05M | -22M | -104.94M | -88.74M | 3.46M | 7.83M | -11.57M | -6.81M | -6.51M | -3.53M | -10.97M | -15.59M | -2.04M | -15.19M |
| Pretax Income | -102.6M | -102.53M | -7.85M | 15.82M | -4.06M | -73.33M | -534.33M | -240.73M | -21.73M | -77.41M | -73.33M | 50.57M | 196.34M | 436.34M | 626.89M | 455.07M | 240.63M | 105.71M | 379.06M | 300.36M | 301.65M | 182.51M | 88.77M | 58.65M | 51.03M | 45.51M | 12.22M | -10.84M | 10.65M |
| Pretax Margin % | -20.15% | -15.33% | -1.13% | 2.02% | -0.55% | -12.79% | -83.74% | -23.66% | -2% | -11.54% | -10.56% | 4.6% | 10.79% | 16.34% | 14.21% | 13.08% | 9.98% | 5.01% | 12.86% | 14.38% | 15.68% | 11.92% | 9.14% | 8.11% | 8.27% | 6.78% | 4.01% | -7.02% | 2.97% |
| Income Tax | 3.63M | 6.84M | 3.41M | 2.93M | 5.48M | -9.34M | -65.95M | -8.92M | -2.63M | 7.44M | -26.94M | 22.2M | 69.12M | 119.99M | 177.05M | 131.65M | 72.02M | 46.1M | 156.35M | 96.99M | 104.01M | 60.69M | 29.41M | 14.22M | 11.36M | 2.05M | 10.78M | 1.15M | 9.74M |
| Effective Tax Rate % | -3.54% | -6.68% | -43.38% | 18.54% | -134.98% | 12.74% | 12.34% | 3.71% | 12.09% | -9.61% | 36.74% | 43.9% | 35.2% | 27.5% | 28.24% | 28.93% | 29.93% | 43.61% | 41.25% | 32.29% | 34.48% | 33.26% | 33.13% | 24.25% | 22.26% | 4.51% | 88.15% | -10.56% | 91.53% |
| Net Income | -106.23M | -109.38M | -11.26M | 12.89M | -9.54M | -63.99M | -468.38M | -231.81M | -19.11M | -84.85M | -46.39M | 28.6M | 179M | 421.26M | 448.61M | 322.45M | 168.02M | 59.11M | 222.71M | 203.37M | 197.63M | 121.81M | 59.36M | 44.43M | 39.68M | 42.68M | 1.45M | -18.63M | 902K |
| Net Margin % | -20.87% | -16.35% | -1.63% | 1.65% | -1.29% | -11.16% | -73.41% | -22.79% | -1.76% | -12.65% | -6.68% | 2.6% | 9.84% | 15.78% | 10.17% | 9.27% | 6.97% | 2.8% | 7.55% | 9.74% | 10.28% | 7.95% | 6.11% | 6.14% | 6.43% | 6.36% | 0.48% | -12.07% | 0.25% |
| Net Income Growth % | -2114.22% | -871.55% | -187.33% | 235.13% | 85.09% | 86.34% | -102.06% | -1113.34% | 77.48% | -82.91% | -262.22% | -84.02% | -57.51% | -6.1% | 39.12% | 91.92% | 184.23% | -73.46% | 9.51% | 2.9% | 62.24% | 105.2% | 33.6% | 11.99% | -7.03% | 2847.24% | 107.77% | -2165.19% | - |
| Net Income (Continuing) | -106.23M | -109.38M | -11.26M | 12.89M | -9.54M | -63.99M | -468.38M | -231.81M | -19.11M | -84.85M | -46.39M | 28.37M | 127.23M | 316.35M | 449.85M | 323.42M | 168.6M | 59.61M | 222.71M | 203.37M | 197.63M | 121.81M | 59.36M | 44.43M | 39.68M | 42.68M | 1.45M | -6.94M | 902K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 226K | 51.78M | 292.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.88M | 1.4M | 1.12M | 1.03M | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151K | 62.85M | 225K | 0 |
| EPS (Diluted) | -1.82 | -1.86 | -0.18 | 0.20 | -0.15 | -1.06 | -7.83 | -3.90 | -0.33 | -1.69 | -0.92 | 0.56 | 3.31 | 7.53 | 8.10 | 5.86 | 3.19 | 1.18 | 4.33 | 3.99 | 3.89 | 2.41 | 1.19 | 0.90 | 0.81 | 0.93 | 0.04 | -0.81 | 0.04 |
| EPS Growth % | -2221.92% | -933.33% | -190% | 233.33% | 85.85% | 86.46% | -100.77% | -1081.82% | 80.47% | -83.7% | -264.29% | -83.08% | -56.04% | -7.04% | 38.23% | 83.7% | 170.34% | -72.75% | 8.52% | 2.57% | 61.41% | 102.52% | 32.22% | 11.11% | -12.9% | 2225% | 104.94% | -2114.93% | - |
| EPS (Basic) | - | -1.86 | -0.18 | 0.20 | -0.15 | -1.06 | -7.83 | -3.90 | -0.33 | -1.69 | -0.92 | 0.56 | 3.33 | 7.58 | 8.47 | 6.30 | 3.34 | 1.19 | 4.49 | 4.11 | 3.99 | 2.47 | 1.20 | 0.92 | 0.82 | 0.94 | 0.05 | -0.81 | 0.04 |
| Diluted Shares Outstanding | 58.44M | 58.7M | 62M | 63.15M | 61.64M | 60.29M | 59.81M | 59.38M | 58.71M | 50.14M | 50.17M | 50.34M | 53.15M | 55.93M | 55.38M | 55.01M | 52.7M | 50.22M | 51.41M | 50.91M | 50.77M | 50.48M | 50.03M | 49.22M | 48.89M | 46.05M | 26.47M | 23.07M | 22.43M |
| Basic Shares Outstanding | 57.78M | 58.7M | 62M | 62.69M | 61.64M | 60.29M | 59.81M | 59.38M | 57.89M | 50.14M | 50.17M | 50.27M | 52.86M | 55.57M | 52.96M | 51.16M | 50.24M | 49.63M | 49.62M | 49.5M | 49.52M | 49.34M | 49.33M | 48.53M | 48.29M | 45.26M | 24.48M | 23.05M | 22.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.98% | 116.09% | - | - |
Cyclical US land exposure
As indicated by the provided financial data, Oil States International has experienced a persistent decline in quarterly revenue, culminating in a 100% year-over-year contraction in the most recent period, reflecting the significant volatility inherent in the company's US-centric land-based service and manufacturing segments.
The consistent downward trend in top-line performance suggests that the company is struggling to maintain volume in its short-cycle segments. Investors should monitor whether the offshore backlog can eventually offset the ongoing weakness in US land completion activity.
Based on reported figures, gross margins have fluctuated significantly, reaching a low of 4.5% in 2025Q4, which highlights the company's vulnerability to pricing pressure and underutilized capacity within its high-fixed-cost manufacturing infrastructure compared to broader industry peers like NOV Inc.
The inability to consistently expand gross margins suggests that the company lacks sufficient pricing power in its core service offerings. This margin volatility may indicate that the current cost structure is not yet optimized for the prevailing competitive environment in the energy services sector.
According to the income statement history, operating income has frequently turned negative, demonstrating that the company's fixed SG&A expenses often outpace gross profit generation, which suggests a lack of meaningful operating leverage during periods of cyclical revenue decline.
The recurring difficulty in maintaining positive operating margins implies that the company's cost base is relatively rigid. Further rationalization of overhead may be required to ensure that the firm can achieve sustainable profitability when revenue growth eventually stabilizes.
As reported in financial statements, net income has been highly erratic, with significant swings between profitability and substantial losses, such as the $117.2M loss in 2025Q4, which warrants caution regarding the quality of earnings and the impact of non-operating items.
The disconnect between quarterly net income and operational performance suggests that non-cash charges or historical impairments may be distorting the bottom line. Analysts should prioritize EBITDA or cash flow metrics over GAAP net income to better assess the underlying health of the business.
While the company maintains a clean balance sheet, the persistent inability to generate consistent net margins, even during periods of relative industry stability, suggests that the current business model may face structural challenges that could limit future valuation expansion.
Short-sellers may focus on the company's inability to scale profitability despite its niche technological advantages in offshore components. The reliance on US land activity remains a significant risk factor that could continue to weigh on the company's consolidated financial performance.
Quick answers to the most common questions about buying OIS stock.
For fiscal year 2025, Oil States International, Inc. (OIS) reported total revenue of $669.0M. This represents a 86.3% increase compared to $359.0M in 1998.
Oil States International, Inc. (OIS) reported a net loss of $109.4M for the fiscal year ending 2025.
Oil States International, Inc. (OIS) reported an operating income of $-4.6M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Oil States International, Inc. (OIS) generated $85.8M in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.