Oceaneering International Inc Dossier
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SectorEnergy IndustryOil & Gas Equipment & Services Beta (adjusted)1.12 Intrinsic Value $65.62median of 6 methods · middle span $25-$78based on filings through 30 Jun 2026 Market Price $44.36Price as of 1 Oct 2026 UndervaluedIntrinsic value is 48% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $4.4B Enterprise Value $4.2B Shares Outstanding 100.3M diluted Moat Rating Wide Next Earnings Date28 Oct 2026 Last ex-dividend23 Aug 2017 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Oceaneering International (OII) is well-positioned as a global leader in subsea robotics and is successfully diversifying into defense and aerospace via its ADTech segment. However, near-term headwinds including seasonal ROV underutilization, margin compression, geopolitical disruptions in the Middle East affecting IMDS, and contract disputes in ADTech warrant a cautious stance. The stock is currently trading near its fair value, making a Hold recommendation appropriate until clearer signs of margin stabilization and utilization recovery emerge in the second half of 2026. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$38.00 Mean target$46.00 High · most bullish analyst$52.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $38.0020% Escalating Middle East conflicts cause prolonged disruptions in IMDS and offshore projects, while competitive pressures in subsea robotics limit pricing power. ROV utilization remains depressed near 60%, and further contract disputes in ADTech compress margins, leading to full-year EBITDA falling below the guided range. Base CaseCentral scenario $46.0050% Matches the consensus meanOceaneering achieves its reaffirmed full-year 2026 EBITDA guidance of $390M to $440M and free cash flow of $100M to $120M. ROV utilization recovers to the mid-60% range in Q2 and Q3, while ADTech remains the primary growth driver despite minor contract dispute headwinds. The stock trades in line with historical multiples. Bull CaseUpside scenario $52.0030% Accelerated deepwater offshore oil and gas spending combined with rapid expansion of high-margin ADTech government contracts drives double-digit EBITDA margins. ROV utilization rebounds to over 68%, and the company successfully executes its $1 billion Q1 2026 order intake, leading to significant free cash flow generation. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |