OIIOCEANEERING INTERNATIONAL INC

Oil & Gas Field Services, NEC

Revenue: $2.6B; 4.1% YoY
Operating margin: 11.5%; 19% YoY
EBITDA: $407M; 16% YoY
Market cap: $4.5B
Employees: 11,100; $238K revenue each
Net debt / EBITDA: -0.6×; −$248M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
13% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
81% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$238K · 7th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.8B	$2.0B	$2.3B	$2.5B	$2.6B	4.1%
Operating income	$40M	$111M	$181M	$246M	$305M	24%
Operating cash flow	$225M	$121M	$210M	$203M	$319M	57%
Capex	$50M	$81M	$101M	$107M	$111M	3.6%
Stock-based comp	$11M	$10M	$12M	$13M	$15M	15%
Buybacks	—	—	—	$20M	$40M	101%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 26
Net: −$11M

Pay vs performance

No pay-versus-performance disclosure yet.