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Oil States International, Inc.

OIS

Oil States International, Inc. • NYSE
$6.30 ▲ 1.94% (+0.12)
Market Cap $376.50 M
52w High $6.88
52w Low $3.08
Dividend Yield 0%
P/E 17.03
Volume 219.39K
Outstanding Shares 59.76M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $165.406M $22.981M $2.811M 1.699% $0.048 ▲ $17.811M
Q2-2025 $165.406M ▲ $22.981M ▲ $2.811M ▼ 1.699% ▼ $0.046 ▼ $17.811M ▲
Q1-2025 $159.938M ▼ $22.53M ▼ $3.158M ▼ 1.975% ▼ $0.051 ▼ $17.802M ▼
Q4-2024 $164.595M ▼ $23.386M ▲ $15.164M ▲ 9.213% ▲ $0.25 ▲ $30.921M ▲
Q3-2024 $174.348M $22.754M $-14.349M -8.23% $-0.23 $3.325M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $67.052M ▲ $1.012B ▲ $323.353M ▲ $688.966M ▼
Q2-2025 $53.858M ▼ $993.745M ▲ $303.107M ▼ $690.638M ▲
Q1-2025 $66.828M ▲ $990.735M ▼ $307.324M ▼ $683.411M ▲
Q4-2024 $65.363M ▲ $1.005B ▲ $324.454M ▲ $680.654M ▼
Q3-2024 $45.984M $994.141M $309.335M $684.806M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.9M ▼ $30.685M ▲ $-7.544M ▼ $-10.274M ▲ $13.194M ▲ $21.979M ▲
Q2-2025 $2.811M ▼ $14.995M ▲ $-6.909M ▼ $-21.155M ▼ $-12.97M ▼ $4.673M ▲
Q1-2025 $3.158M ▼ $9.295M ▼ $-7K ▼ $-7.955M ▲ $1.465M ▼ $137K ▼
Q4-2024 $15.164M ▲ $18.21M ▼ $11.031M ▲ $-9.293M ▼ $19.379M ▼ $4.011M ▼
Q3-2024 $-14.349M $28.802M $-5.131M $-2.955M $20.796M $21.374M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $100.00M ▲$100.00M ▲$110.00M ▲$110.00M ▲
Service
Service
 $70.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Oil States International has moved a long way from the deep losses of 2020 to roughly break-even results more recently. Revenue has bounced around within a fairly narrow range rather than showing strong, consistent growth. Margins have improved from clearly negative to only slightly positive, which is an important step but still leaves profitability fragile and sensitive to downturns in activity or pricing. Overall, the income statement tells a story of recovery and stabilization, but not yet a clearly established, durable earnings engine.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a cyclical services company. Debt has been trimmed over time and sits at a manageable level relative to the company’s equity base. Cash on hand is modest but not alarming, and total assets have drifted down slightly as the business has been right-sized. The capital structure leans more toward equity than heavy borrowing, which provides some resilience, though it also means there is not an excess cash cushion if conditions weaken sharply.

Cash Flow

Cash Flow Cash generation is a relative bright spot compared with reported earnings. The business has produced steady positive operating cash flow in recent years, even when accounting profits were thin. After funding a modest level of capital spending, free cash flow has generally been positive, with only a brief dip during the recovery phase. This indicates that, while profitability on paper is still marginal, the core operations are generating enough cash to support ongoing investment and service debt, though not at a level that suggests abundant surplus cash.

Competitive Edge

Competitive Edge Oil States International operates in specialized niches of the oilfield services market, particularly offshore equipment, subsea systems, and advanced downhole tools. Its portfolio of patented technologies, long-standing engineering expertise, and strong track record in demanding offshore environments give it differentiation versus more generic service providers. Close collaboration with large customers and a global footprint help deepen relationships and support recurring work. However, the company still faces the usual pressures of the oilfield services industry: intense competition, pricing cycles, and dependence on customer capital spending plans.

Innovation and R&D

Innovation and R&D Innovation is a central pillar of the company’s strategy. Oil States has developed proprietary digital platforms for remote monitoring and automation, advanced connectors and riser systems for deepwater operations, and an integrated suite of completion tools through its GEODynamics acquisition. It is also extending its engineering know-how into newer areas such as floating wind platforms and deepsea minerals applications. This ongoing R&D effort helps sustain its technological edge, but it also requires continual investment and successful commercialization to translate into stronger profitability over time.

Summary

Overall, Oil States International appears to be in a transition phase from recovery toward potential profitable growth. Financial results have improved significantly from the downturn years, yet earnings remain thin and vulnerable to shifts in the energy cycle. The balance sheet and cash flows provide a reasonable foundation, without being overly conservative or stretched. Strategically, the company is leaning on its technology strengths, offshore orientation, and early moves into renewables and digital solutions to carve out defensible niches. The main uncertainties center on the pace and durability of offshore and international project activity, the intensity of competition, and how effectively its innovations can be scaled to deliver consistently stronger margins.

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