# Oil States International (OIS.US)

Canonical: https://gigainvestors.com/s/OIS

Analysis as of: 2026-10-16T07:30:52.054Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $7.94 per share; close as of 2026-10-15.

Estimated value: low $1.09 per share, central $1.22 per share, high $1.40 per share. Buy at or below the central value $1.22 per share. Valuation as of 2026-10-16T07:30:52.054Z; scenarios are not confidence intervals.

Expected annual return: 4.0% at the stated quote. About 4.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 9

- Operating margin variation: 1.34×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.10×

- FY2017: -0.10×

- FY2018: 0.01×

- FY2019: -0.02×

- FY2020: -0.17×

- FY2021: -0.09×

- FY2022: -0.01×

- FY2023: 0.03×

- FY2024: 0.01×

- FY2025: -0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -1.3%

- ROIC, second-lowest year: -6.7%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 10.8%

- Recent gross margin (lower of latest and 3-year median): 12.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 0.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -5.8%

- FY2017: -6.7%

- FY2018: 0.5%

- FY2019: -1.9%

- FY2020: -10.2%

- FY2021: -5.5%

- FY2022: -0.4%

- FY2023: 2.2%

- FY2024: 0.8%

- FY2025: -0.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$7.4M

- Net income, five-year total: -$181M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: 47.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$769K

- FY2022: $38M

- FY2023: $43M

- FY2024: $5.9M

- FY2025: -$93M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -5.8% vs 0.8%

- Per-share earnings: -0.92 to -0.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: -$1.6B

- Cumulative retained earnings: -$969M

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.74

- Per-share value, starting three-year median: -$0.92

- Per-share value, ending three-year median: -$0.18

- Buybacks concentrated in cheaper years (correlation): -0.21

- Average buyback yield: 1.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $401M

- Cumulative net income, 10 years: -$1.0B

- ROIC, first three-year median: -5.8%

- ROIC, last three-year median: 0.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.92

- FY2017: -$1.69

- FY2018: -$0.33

- FY2019: -$3.90

- FY2020: -$7.83

- FY2021: -$1.06

- FY2022: -$0.15

- FY2023: $0.20

- FY2024: -$0.18

- FY2025: -$1.86

### accounting: pass

- Sloan accruals: -24.3%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 7.3%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.1%

- FY2017: -13.8%

- FY2018: -6.1%

- FY2019: -21.4%

- FY2020: -52.2%

- FY2021: -6.6%

- FY2022: -4.0%

- FY2023: -4.2%

- FY2024: -5.7%

- FY2025: -24.3%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 39% since Feb 2026 · sales -3.4%

Story as of 2026-10-16T09:59:19.117Z; price observation 2026-10-15.

Price needs cash profits to grow 26.2% a year for ten years

- 2025-07-31: Earnings call transcript: Oil States Q2 2025 sees stable EPS, revenue miss ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-oil-states-q2-2025-sees-stable-eps-revenue-miss-93CH-4164111))

- 2025-08-01: Oil States outlines $88M–$93M EBITDA guidance and margin growth as offshore mix rises ([seekingalpha.com](https://seekingalpha.com/news/4476363-oil-states-outlines-88m-93m-ebitda-guidance-and-margin-growth-as-offshore-mix-rises?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -3.4%; source https://www.sec.gov/Archives/edgar/data/1121484/000112148426000007/ois-20251231.htm; observed 2026-03-04.

- FY2016: $694M 

- FY2017: $671M 

- FY2018: $1.1B 

- FY2019: $1.0B 

- FY2020: $638M 

- FY2021: $573M 

- FY2022: $738M 

- FY2023: $782M 

- FY2024: $693M 

- FY2025: $669M 

### Gross margin · FY2025

gross margin 12.8%; source https://www.sec.gov/Archives/edgar/data/1121484/000112148426000007/ois-20251231.htm; observed 2026-03-04.

- FY2016: 7.0% 

- FY2017: 6.3% 

- FY2018: 12.2% 

- FY2019: 9.3% 

- FY2021: 4.6% 

- FY2022: 12.9% 

- FY2023: 15.2% 

- FY2024: 15.4% 

- FY2025: 12.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 669 million.

- Source: https://www.sec.gov/Archives/edgar/data/1121484/000112148426000007/ois-20251231.htm (filed 2026-03-04); FY2025: revenue 668988000; grossProfit 85815000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); OIS.US: Oil States International, Inc., through its subsidiaries, provides engineered capital equipment and consumable products for energy, industrial, and military sectors worldwide. The company operates through three segments, Completion and Production Services, Downhole Technologies, and Offshore Manufactured Products. The Completion and Production Services segment offers a range of equipment and services that are used to establish and maintain the flow of oil and natural gas from a well throughout its life cycle. The Downhole Technologies segment provides oil and gas perforation systems, and downhole tools in support of completion, intervention, wireline, and well abandonment operations. This segment also designs, manufactures, and markets its consumable engineered products to oilfield service, and exploration and production companies. The Offshore Manufactured Products segment designs, manufactures, and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels. Its products include flexible bearings, advanced connector systems, high-pressure riser systems, managed pressure drilling systems, deepwater mooring systems, cranes, subsea pipeline products, and blow-out preventer stack integration products. This segment also provides short-cycle products; and other products for use in industrial, military, alternative energy, and other applications. In addition, it offers specialty welding, fabrication, cladding and machining, offshore installation, and inspection and repair services. The company serves various national oil and natural gas, major and independent oil and natural gas, offshore drilling and other oilfield service, and defense and industrial companies. The company was incorporated in 1995 and is headquartered in Houston, Texas.

### Why customers stay

Margins ranged from 12.8% to 15.4% during 2023–25; it lost 1.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 15.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 15.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1121484/000112148426000007/ois-20251231.htm (filed 2026-03-04); FY2025: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,-0.05817367852350163],[2017,-0.06696258294285791],[2018,0.004517667838128364],[2019,-0.019249520930345956],[2020,-0.10217233264291932],[2021,-0.05519896290849989],[2022,-0.00445933244647071],[2023,0.022374524358750127],[2024,0.0075692890243657185],[2025,-0.0069984453877594945]]; median -0.013123983159052725. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 16.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 29689000; cash acquisitions 0; owner earnings 42641000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 88024000; cash acquisitions 379676000; owner earnings 16401000. Growth capex plus acquisitions / owner earnings = 23.1495640509725.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 20266000; cash acquisitions 8125000; owner earnings 37528000. Growth capex plus acquisitions / owner earnings = 0.21650500959283736.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 30653000; cash acquisitions 0; owner earnings 43016000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 0; upkeep 37508000; cash acquisitions 0; owner earnings 5942000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1121484/000112148426000007/ois-20251231.htm (filed 2026-03-04); FY2025: cash repurchases 16608000 USD.

### Are managers owners

Insiders own 7.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); OIS.US SharesStats.PercentInsiders = 7.945 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 26.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.37083183284114696. Price 7.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8963146915665045 → FY2025 -1.5866057890522514. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $29.25 per share

- 2016-11: $35.85 per share

- 2016-12: $39.00 per share

- 2017-01: $39.50 per share

- 2017-02: $36.80 per share

- 2017-03: $33.15 per share

- 2017-04: $29.75 per share

- 2017-05: $29.25 per share

- 2017-06: $27.15 per share

- 2017-07: $24.85 per share

- 2017-08: $21.75 per share

- 2017-09: $25.35 per share

- 2017-10: $23.05 per share

- 2017-11: $23.80 per share

- 2017-12: $28.30 per share

- 2018-01: $32.00 per share

- 2018-02: $24.60 per share

- 2018-03: $26.20 per share

- 2018-04: $35.95 per share

- 2018-05: $35.40 per share

- 2018-06: $32.10 per share

- 2018-07: $34.90 per share

- 2018-08: $33.85 per share

- 2018-09: $33.20 per share

- 2018-10: $22.27 per share

- 2018-11: $22.42 per share

- 2018-12: $14.28 per share

- 2019-01: $17.22 per share

- 2019-02: $17.14 per share

- 2019-03: $16.96 per share

- 2019-04: $19.32 per share

- 2019-05: $16.64 per share

- 2019-06: $18.30 per share

- 2019-07: $14.92 per share

- 2019-08: $13.79 per share

- 2019-09: $13.30 per share

- 2019-10: $14.27 per share

- 2019-11: $15.94 per share

- 2019-12: $16.31 per share

- 2020-01: $10.78 per share

- 2020-02: $7.91 per share

- 2020-03: $2.03 per share

- 2020-04: $3.44 per share

- 2020-05: $4.24 per share

- 2020-06: $4.75 per share

- 2020-07: $4.48 per share

- 2020-08: $4.39 per share

- 2020-09: $2.73 per share

- 2020-10: $2.49 per share

- 2020-11: $4.44 per share

- 2020-12: $5.02 per share

- 2021-01: $5.60 per share

- 2021-02: $7.33 per share

- 2021-03: $6.03 per share

- 2021-04: $5.61 per share

- 2021-05: $6.43 per share

- 2021-06: $7.85 per share

- 2021-07: $5.66 per share

- 2021-08: $5.86 per share

- 2021-09: $6.39 per share

- 2021-10: $6.06 per share

- 2021-11: $5.06 per share

- 2021-12: $4.97 per share

- 2022-01: $6.27 per share

- 2022-02: $5.23 per share

- 2022-03: $6.95 per share

- 2022-04: $6.76 per share

- 2022-05: $7.74 per share

- 2022-06: $5.42 per share

- 2022-07: $5.10 per share

- 2022-08: $4.90 per share

- 2022-09: $3.89 per share

- 2022-10: $6.47 per share

- 2022-11: $6.75 per share

- 2022-12: $7.46 per share

- 2023-01: $8.56 per share

- 2023-02: $9.13 per share

- 2023-03: $8.33 per share

- 2023-04: $7.04 per share

- 2023-05: $6.36 per share

- 2023-06: $7.47 per share

- 2023-07: $8.04 per share

- 2023-08: $7.84 per share

- 2023-09: $8.37 per share

- 2023-10: $7.26 per share

- 2023-11: $6.89 per share

- 2023-12: $6.79 per share

- 2024-01: $6.17 per share

- 2024-02: $5.39 per share

- 2024-03: $6.16 per share

- 2024-04: $3.99 per share

- 2024-05: $4.47 per share

- 2024-06: $4.44 per share

- 2024-07: $5.72 per share

- 2024-08: $5.29 per share

- 2024-09: $4.60 per share

- 2024-10: $4.73 per share

- 2024-11: $5.50 per share

- 2024-12: $5.06 per share

- 2025-01: $5.08 per share

- 2025-02: $5.44 per share

- 2025-03: $5.15 per share

- 2025-04: $3.51 per share

- 2025-05: $4.35 per share

- 2025-06: $5.36 per share

- 2025-07: $4.99 per share

- 2025-08: $5.60 per share

- 2025-09: $6.06 per share

- 2025-10: $5.97 per share

- 2025-11: $6.30 per share

- 2025-12: $6.77 per share

- 2026-01: $8.47 per share

- 2026-02: $13.09 per share

- 2026-03: $11.64 per share

- 2026-04: $11.48 per share

- 2026-05: $8.50 per share

- 2026-06: $8.01 per share

- 2026-07: $8.11 per share

- 2026-08: $8.82 per share

- 2026-09: $7.95 per share

- 2026-10: $7.94 per share

## Annual estimated value (USD per share)

- FY2016: low $10.38 per share, central $11.66 per share, high $13.37 per share

- FY2017: low $9.20 per share, central $10.35 per share, high $11.90 per share

- FY2018: low $8.31 per share, central $9.45 per share, high $10.98 per share

- FY2019: low $2.82 per share, central $3.21 per share, high $3.73 per share

- FY2024: low $1.88 per share, central $2.02 per share, high $2.21 per share

- FY2025: low $2.03 per share, central $2.18 per share, high $2.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1121484/000112148426000007/ois-20251231.htm); period 2025-12-31, filed 2026-03-04.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.