Oceaneering International, Inc.
OII Energy Oil & Gas Equipment & Services
Oceaneering International, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 4.62% from fiscal 2024. In the quarter to June 2026, revenue grew 10.0%, EPS grew 20.4%, free cash flow fell 31.1% and total debt rose 1.15%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Oceaneering International, Inc. (OII) Altman Z-score
Oceaneering International, Inc.'s Altman Z-score for fiscal 2025 is 3.68, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.68 | (0.03) |
| FY2024 | 3.71 | 0.36 |
| FY2023 | 3.35 | 0.11 |
| FY2022 | 3.24 | 0.41 |
| FY2021 | 2.83 | 0.99 |
| FY2020 | 1.85 | (0.31) |
| FY2019 | 2.16 | (0.27) |
| FY2018 | 2.42 | (0.56) |
| FY2017 | 2.98 | (0.16) |
| FY2016 | 3.14 | (0.59) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.28 | — | 0.34 | |
| Retained earnings / total assets | 0.72 | — | 1.01 | |
| EBIT / total assets | 0.11 | — | 0.38 | |
| Market value of equity / total liabilities | 1.51 | — | 0.91 | |
| Sales / total assets | 1.04 | — | 1.04 | |
| Altman Z-score | Safe zone | 3.68 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.68 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WHD Cactus, Inc. compare | 6.3× |
| OII Oceaneering International, Inc. | 3.7× |
| TDW Tidewater Inc. compare | 2.6× |
| WFRD Weatherford International PLC compare | 2.5× |
| SEI Solaris Energy Infrastructure, Inc. compare | 1.6× |
| KGS Kodiak Gas Services, Inc. compare | 1.2× |
| AROC Archrock, Inc. compare | 1.0× |
| WBI WaterBridge Infrastructure LLC compare | 0.5× |
| USAC USA Compression Partners, LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets