Oceaneering International Inc. (OII) intrinsic value & 10-year financials
Oceaneering International Inc. (OII) has a Graham intrinsic value of $115.92 per share. At $43.79 on Oct 17, 2026, the stock trades 62% below that value. Over the last 10 fiscal years revenue grew 1.7% a year to $2.6B, with an average return on invested capital of 1.6%.
- Graham intrinsic value
- $115.92
- Share price (Oct 17, 2026)
- $43.79
- Price vs Graham value
- 62% below
- Market cap
- $4.4B
- Revenue (FY2025)
- $2.6B
- Revenue growth (10-yr CAGR)
- 1.7%
- ROIC (10-yr avg)
- 1.6%
- Free cash flow (FY2025)
- $207.8M
OII 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.6B | $353.8M | $3.49 | $207.8M | 11.5% | 29.5% |
| FY2024 | $2.5B | $147.5M | $1.44 | $96.1M | 9.7% | 17.2% |
| FY2023 | $2.3B | $97.4M | $0.95 | $109.2M | 7.8% | 12.6% |
| FY2022 | $2.0B | $25.9M | $0.26 | $39.8M | 5.6% | 6.8% |
| FY2021 | $1.8B | -$49.3M | -$0.49 | $175.1M | 2.2% | 4.2% |
| FY2020 | $1.7B | -$496.8M | -$5.01 | $76.0M | -26.0% | -32.7% |
| FY2019 | $2.0B | -$348.4M | -$3.52 | $9.9M | -14.5% | -16.6% |
| FY2018 | $1.9B | -$212.3M | -$2.16 | -$72.9M | -7.6% | -7.5% |
| FY2017 | $1.9B | $166.4M | $1.68 | $42.8M | 0.6% | 0.3% |
| FY2016 | $2.3B | $24.6M | $0.25 | $228.1M | 3.1% | 2.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
OCEANEERING INTERNATIONAL INC has demonstrated mature, steady growth, with revenue compounding at 1.7% annually over the past decade.
OCEANEERING INTERNATIONAL INC has historically struggled to out-earn its cost of capital, averaging just 1.6% ROIC.
OCEANEERING INTERNATIONAL INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, OCEANEERING INTERNATIONAL INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $115.92 per share.