Oil States International, Inc.
OIS Energy Oil & Gas Equipment & Services
Oil States International, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $669.0 million, down 3.41% from fiscal 2024. In the quarter to June 2026, revenue fell 5.29%, EPS grew 100.0%, free cash flow fell 125.0% and total debt fell 83.4%, each against the same quarter a year earlier.
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Oil States International, Inc. (OIS) Altman Z-score
Oil States International, Inc.'s Altman Z-score for fiscal 2025 is 1.73, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.73 | (0.32) |
| FY2024 | 2.05 | (0.29) |
| FY2023 | 2.34 | 0.24 |
| FY2022 | 2.10 | 0.67 |
| FY2021 | 1.43 | 1.28 |
| FY2020 | 0.15 | (2.01) |
| FY2019 | 2.16 | (0.19) |
| FY2018 | 2.36 | (4.46) |
| FY2017 | 6.81 | (1.54) |
| FY2016 | 8.35 | 3.76 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.31 | |
| Retained earnings / total assets | 0.19 | — | 0.26 | |
| EBIT / total assets | (0.11) | — | −0.37 | |
| Market value of equity / total liabilities | 1.28 | — | 0.77 | |
| Sales / total assets | 0.76 | — | 0.76 | |
| Altman Z-score | Distress zone | 1.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.50 | ||
Z and Z″ put Oil States International, Inc. in different zones: distress zone by Z, safe zone by Z″.
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 |
|---|---|
| RNGR Ranger Energy Services, Inc. compare | 3.3× |
| CLB Core Laboratories Inc. compare | 3.3× |
| FTK Flotek Industries, Inc. compare | 3.2× |
| PUMP ProPetro Holding Corp. compare | 2.3× |
| SND Smart Sand compare | 2.3× |
| NGS Natural Gas Services Group, Inc. compare | 1.8× |
| OIS Oil States International, Inc. | 1.7× |
| FET Forum Energy Technologies, Inc. compare | 0.6× |
| ACDC ProFrac Holding Corp. compare | 0.3× |
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