olivLaw · US equity research
Oil States International, Inc. OIS
Oil & Gas Field Machinery & Equipment · SIC 3533 · Vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)
Oil States International provides manufactured products and services to the energy, military and industrial sectors, with offshore equipment as its largest business. In 2026 the company reported rising orders and a strong backlog, while U.S. land activity remains sensitive to oil prices. Second-quarter 2026 revenue was 156.7 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Oil States International, Inc. (OIS) stock was 8.53 USD (−3.72% on the day), with market capitalisation 510.2 m USD, beta 1.42, 52-week range 5.86–14.39 USD. Latest reported quarter (Q3 2026): revenue of 169.8 m USD (+2.8% YoY), net income of 3.1 m USD (+64.0% YoY), diluted EPS 0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.0
- neutral
- Bollinger (20, 2)
- 7.65 – 9.40
- in the upper half of the band · %B 0.50 · band width 20.5%
- SMA 50 / 200
- 8.48 / 9.36
- mixed trend
- MACD (12, 26, 9)
- 0.16 / 0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −1.1% | +1.7 pp | — |
| 3 months | +2.4% | −0.5% | +2.9 pp | — |
| 6 months | −4.3% | +4.4% | −8.7 pp | — |
| Year to date | +26.0% | +12.3% | +13.7 pp | — |
| 1 year | +38.7% | +13.5% | +25.2 pp | +15.0% |
| 3 years | +10.5% | +76.4% | −65.9 pp | +36.7% |
| 5 years | +25.1% | +63.7% | −38.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 164.6 m | 159.9 m | 165.4 m | 165.2 m | 178.5 m | 145.4 m | 156.7 m | 169.8 m |
| Cost of revenue | 125.6 m | 122.7 m | 125.3 m | 128.6 m | 159.1 m | 111.6 m | 118.0 m | 130.1 m |
| SG&A | 23.4 m | 22.5 m | 23.0 m | 20.8 m | 24.2 m | 20.0 m | 23.1 m | 24.0 m |
| Operating income | 18.5 m | 5.6 m | 5.3 m | 4.7 m | -113.6 m | 4.3 m | 11.7 m | 6.3 m |
| Depreciation & amortisation | 12.2 m | 12.0 m | 11.9 m | 12.1 m | 11.4 m | 8.2 m | 8.1 m | 8.0 m |
| Pre-tax income | 17.0 m | 4.2 m | 4.2 m | 3.3 m | -114.3 m | 3.3 m | 7.9 m | 5.3 m |
| Income tax | 1.8 m | 1.0 m | 1.4 m | 1.4 m | 3.0 m | 2.1 m | 2.0 m | 2.1 m |
| Net income | 15.2 m | 3.2 m | 2.8 m | 1.9 m | -117.2 m | 1.1 m | 5.9 m | 3.1 m |
| Diluted EPS | 0.25 ≈ | 0.05 | 0.05 | 0.03 | -2.04 ≈ | 0.02 | 0.10 | 0.05 |
| Operating cash flow | 18.2 m | 9.3 m | 15.0 m ≈ | 30.7 m ≈ | 50.1 m | -1.9 m | -6.3 m ≈ | 5.3 m ≈ |
| Capex | 14.2 m | 9.2 m | 10.3 m ≈ | 8.7 m ≈ | 3.0 m | 4.2 m | 2.9 m ≈ | 3.2 m ≈ |
| Share repurchases | 9.1 m | 5.3 m | 6.7 m ≈ | 4.1 m ≈ | 422.0 k | 0 | 5.1 m ≈ | 4.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.0 bn | 638.1 m | 573.2 m | 737.7 m | 782.3 m | 692.6 m | 669.0 m |
| Revenue YoY | +62.3% | −6.5% | −37.3% | −10.2% | +28.7% | +6.0% | −11.5% | −3.4% |
| Net income | -19.1 m | -231.8 m | -468.4 m | -64.0 m | -9.5 m | 12.9 m | -11.3 m | -109.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −187.3% | unavailable |
| Diluted EPS | -0.33 | -3.90 | -7.83 | -1.06 | -0.15 | 0.20 | -0.18 | -1.86 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −190.0% | unavailable |
| net % | -1.8% | -22.8% | -73.4% | -11.2% | -1.3% | 1.6% | -1.6% | -16.3% |
| Free cash flow | 15.1 m | 81.3 m | 120.0 m | -10.3 m | 12.6 m | 25.9 m | 8.4 m | 73.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 69.9 m USD
- Financial debt
- 55.0 m USD
- Net debt
- -14.9 m USD
- Equity
- 573.2 m USD
- Total assets
- 883.4 m USD
- Debt / equity
- 0.10x
- Current ratio
- 1.86x
- ROE
- -17.4%
- ROA
- -11.6%
- FCF margin
- 11.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 638.1 m | 573.2 m | 737.7 m | 782.3 m | 692.6 m | 669.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | 561.8 m | 470.4 m | 578.6 m | 606.9 m | 536.2 m | 535.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | 76.3 m ≈ | 102.8 m ≈ | 159.2 m ≈ | 175.4 m ≈ | 156.4 m ≈ | 133.3 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Research & development | 6.1 m | 4.4 m | 3.5 m | 4.5 m | 5.2 m | 5.1 m | SEC (XBRL)· 04 Mar 2026verified |
| SG&A | 94.1 m | 83.7 m | 96.0 m | 94.2 m | 95.0 m | 90.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | -534.3 m | -64.8 m | 2.9 m | 23.2 m | -1.7 m | -98.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 98.5 m | 80.7 m | 67.3 m | 60.8 m | 54.7 m | 47.4 m | SEC (XBRL)· 04 Mar 2026verified |
| EBITDA | -435.8 m ≈ | 15.9 m ≈ | 70.2 m ≈ | 83.9 m ≈ | 53.0 m ≈ | -50.5 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Interest expense | 14.3 m | 10.3 m | 10.6 m | 9.6 m | 8.8 m | 7.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Pre-tax income | -534.3 m | -73.3 m | -4.1 m | 15.8 m | -7.9 m | -102.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | -65.9 m | -9.3 m | 5.5 m | 2.9 m | 3.4 m | 6.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Net income | -468.4 m | -64.0 m | -9.5 m | 12.9 m | -11.3 m | -109.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | -7.83 | -1.06 | -0.15 | 0.20 | -0.18 | -1.86 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 59.8 m | 60.3 m | 61.6 m | 63.2 m | 62.0 m | 58.7 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 72.0 m | 52.9 m | 42.0 m | 47.1 m | 65.4 m | 69.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Receivables | 163.1 m | 186.1 m | 218.8 m | 203.2 m | 194.3 m | 202.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | 170.4 m | 168.6 m | 182.7 m | 202.0 m | 214.8 m | 183.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Current assets | 423.6 m | 426.7 m | 462.8 m | 488.0 m | 498.2 m | 495.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Property, plant & equipment, net | 383.6 m | 338.6 m | 303.8 m | 280.4 m | 266.9 m | 244.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Goodwill | 76.5 m | 76.4 m | 79.3 m | 79.9 m | 69.7 m | 70.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 205.7 m | 185.7 m | 169.8 m | 153.0 m | 125.9 m | 31.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | 1.2 bn | 1.1 bn | 1.1 bn | 1.0 bn | 1.0 bn | 883.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 46.4 m | 63.3 m | 73.3 m | 67.5 m | 57.7 m | 68.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Short-term debt | 17.8 m | 18.3 m | 17.8 m | 627.0 k | 633.0 k | 53.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Long-term debt | 165.8 m | 160.5 m | 135.1 m | 135.5 m | 124.7 m | 1.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 162.1 m | 177.3 m | 193.7 m | 157.3 m | 157.7 m | 266.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 394.6 m | 389.9 m | 374.8 m | 336.9 m | 324.5 m | 310.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 757.6 m | 695.8 m † | 689.6 m † | 709.5 m † | 680.7 m † | 573.2 m † | SEC (XBRL)· 04 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 132.8 m | 7.2 m | 32.9 m | 56.6 m | 45.9 m | 105.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 12.7 m | 17.5 m | 20.3 m | 30.7 m | 37.5 m | 31.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | 120.0 m ≈ | -10.3 m ≈ | 12.6 m ≈ | 25.9 m ≈ | 8.4 m ≈ | 73.9 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | -3.7 m | -6.6 m | -22.7 m | -25.6 m | 2.7 m | -11.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | -65.0 m | -19.6 m | -20.3 m | -26.7 m | -29.5 m | -90.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | 0 | 0 | 0 | 6.9 m | 14.2 m | 16.6 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 510.2 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.63 – 11.62 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)7.63 – 11.62 (Mid 9.18)WACC 9.1% · starting FCFF 40.4 m USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -6.3%
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -11.7% | 8 (vs peers) | 21% |
| Net margin · Quality | -16.5% | 7 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -3.2% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -11.8x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.7% | 83 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partial27/100 · 1/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OIL STATES INTERNATIONAL, INC (OIS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 669.0 m USD in 2025; YoY growth -3.4%; net margin -16.5%; ROE -16.8%.
The estimated value range is 7.63–11.62 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.18 USD, the price of 8.53 USD leaves a potential of 7.6% (value / price − 1) and a margin of safety of 7.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
- FCF yield: 6.7%
What contradicts it
- ROIC: -11.7%
- Net margin: -16.5%
- Revenue CAGR 3Y: -3.2%
- Interest coverage: -11.8x
- Shareholder yield (distributions): 1.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Machinery & Equipment (SIC 3533) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BKRBaker Hughes Company | 49.5 bn | 17.1 | 15.1% | 10.1% | −0.3% | −1% / +48% |
| FTITechnipFMC plc | 25.1 bn | 20.3 | 38.6% | 12.0% | +9.4% | +43% / +211% |
| NOVNov Inc. | 6.4 bn | 45.2 | 2.3% | 1.6% | −1.4% | +17% / −4% |
| WFRDWeatherford International plc | 6.2 bn | 15.3 | 23.0% | 8.6% | −10.8% | +15% / −5% |
| WHDCactus, Inc. | 4.3 bn | 23.6 | 14.7% | 12.0% | −4.5% | +35% / +37% |
| DNOWDnow Inc. | 2.8 bn | — | -12.4% | -4.9% | +18.8% | +10% / +54% |
| INVXInnovex International, Inc. | 1.8 bn | 37.1 | 4.5% | 4.8% | +48.0% | +16% / +15% |
| FETForum Energy Technologies, Inc. | 845.3 m | 28.8 | 9.8% | 3.5% | −3.1% | +135% / +238% |
| OISOil States International, Inc | 510.2 m | — | -16.8% | -16.5% | −3.4% | +39% / +10% |
| OMSEOMS Energy Technologies Inc. | 167.2 m | 3.3 | 43.5% | 22.0% | unavailable | −16% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 75.4 m | 55.4 | 2.9% | 2.6% | −30.0% | −14% / unavailable |
| DTIDrilling Tools International Corporation | 52.9 m | — | -2.5% | -2.0% | +3.4% | −38% / −56% |
| STAKSTAK Inc. | 27.5 m | 71.5 | 2.9% | 1.5% | +13.2% | +202% / unavailable |
| GPUSHyperscale Data, Inc. | 247.1 k | — | -159.8% | -71.0% | −4.3% | −89% / −100% |
| SEISolaris Energy Infrastructure, Inc. | — | — | 8.4% | 7.2% | +98.7% | +20% / +573% |
| FLOCFlowco Holdings Inc. | — | 17.7 | 12.5% | 6.4% | +41.9% | +15% / unavailable |
1- and 3-year price returns: for OIS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
In brief
Oil States International provides manufactured products and services to the energy, military and industrial sectors, with offshore equipment as its largest business. In 2026 the company reported rising orders and a strong backlog, while U.S. land activity remains sensitive to oil prices. Second-quarter 2026 revenue was 156.7 million USD 3.
SWOT
Strengths
- Recognised technology portfolio in offshore products, with leading positions in some products.
- Backlog at its highest level in years, giving visibility on future revenue.
- Reduced debt after retiring convertible notes and refinancing credit facilities.
Weaknesses
- High dependence on U.S. land activity, which has declined in recent years.
- Asset impairments and facility exit costs recorded in 2025.
- Lower margins in Downhole Technologies than in offshore products.
Opportunities
- Rising offshore and international investment could expand the order book.
- Products for offshore wind and other non-energy applications could open new markets.
- Military and naval contracts could diversify revenue.
Threats
- Oil price volatility could reduce U.S. customer investment.
- Geopolitical conflicts and tariffs could delay projects and raise costs.
- Consolidation of customers and competitors could reduce prices and market share.
Risks
- Dependence on oil priceshigh
Demand for products depends on oil prices, which can be volatile, and a prolonged decline could affect revenue.
- Geopolitical riskshigh
Conflicts in the Middle East and Europe can delay projects and disrupt supply chains.
- Trade tariffsmedium
Tariffs on imported materials could raise costs if they cannot be passed on to customers.
- Cybersecurity risksmedium
Cyberattacks could lead to data loss, operational disruption and penalties.
- Customer concentrationlow
Reliance on a few large customers could affect revenue if they reduce investment.
Investment thesis
What would need to be true (bull case)
- A backlog at its highest level in years and a book-to-bill ratio above 1 could support revenue growth in the second half of 2026 3.
- Improving results in Downhole Technologies and Completion and Production Services could signal a recovery in U.S. customer investment 3.
- Retiring convertible debt and new credit facilities could improve financial flexibility 23.
What would break the thesis
What to watch
- Evolution of offshore backlog and book-to-bill ratioQ3 2026
- Revenue of the Downhole Technologies segmentQ3 2026
- Impact of tariffs on production costsnext 10-K
- Oil price evolution and OPEC decisions2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
The business
Oil States International, Inc., through its subsidiaries, is a global provider of manufactured products and services to customers in the energy, military and industrial sectors, headquartered in Houston, Texas 1. The company operates through three segments: Offshore Manufactured Products, Completion and Production Services and Downhole Technologies 1. Its strategy includes organic growth through capital spending, strategic acquisitions and expansion in offshore and international markets 1.
Customers include national and international oil and gas companies, offshore drilling companies, other oilfield service companies, and defense and industrial companies 1. In 2025 the company recorded substantial impairment charges and facility exit costs in U.S. land operations while reducing its convertible debt 1. In 2026 it replaced its credit facilities with a cash-flow based credit agreement 2.
Demand for its products depends on customers' willingness to invest in exploration and development, which is sensitive to expectations for oil and natural gas prices 1. The business is cyclical, with periods of rising and falling activity in each segment 1.
Segments
Offshore Manufactured Products
This segment provides technology-driven products for offshore production and drilling, including connector systems, high-pressure riser systems and deepwater mooring systems 1. It generated 64% of consolidated revenue in 2025 and reported its highest backlog in years in 2026 13.
Market context
The market depends on capital spending by oil and gas producers, particularly for offshore projects with long lead times 1. Brent prices rose in the second quarter of 2026 due to Middle East military actions, but these also caused customer delays in awards in the region 2.
U.S. land activity remains concentrated in oil-directed shale drilling, and the rig count declined in 2025 compared with 2024 1. U.S. trade tariffs raised costs of some imported materials, and their future effects remain uncertain 12.
Trends
- Growing offshore and international demandtailwind
Offshore and international customer investment increased in 2025 and backlog continued to expand in 2026 13. If this trend holds, it could support revenue in the Offshore Manufactured Products segment.
- Oil price volatilitymixed
Oil prices have moved sharply due to Middle East conflicts and OPEC+ decisions, which could affect U.S. customer investment 12.
- Tariff and cost pressureheadwind
Tariffs on steel and other imported components have raised production costs, which could reduce margins if they cannot be passed on to customers 12.
- OBBBA tax effectstailwind
The July 2025 tax legislation reinstated full bonus depreciation and immediate deduction of domestic research costs, which could support company investment 1.
Competitive position
The market is highly competitive, with few barriers to entry in U.S. land activities, and price is a key factor in bids 1. The company competes with large oilfield service providers that have greater financial and technical resources 1.
In offshore products competitors include large equipment makers and joint ventures, while in completion and downhole services it also faces many smaller regional companies 1.
- Baker Hughes CompanyBKR
Major competitor in offshore products, named in the annual report.
- NOV Inc.NOV
Competitor in offshore equipment, named in the annual report.
- OneSubsea
Joint venture of major subsea service companies, competing in offshore products.
- TenarisHydril
Division of a foreign industrial group, competing in well equipment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report13 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 May 2026Shareholder vote
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Mar 2026
- Current report23 Mar 2026Departure or appointment of officers · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Oil States International, Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Oil States International, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Oil States International, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.