Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026

Oceaneering International Inc (OII)

A forensic read on Oceaneering International Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

8.3

Distress distance

Clean

Earnings quality

Forensic signals

13.9

P / E (ttm)

33.0%

ROE

$5.0B

Market cap

4.6%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Oceaneering International Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+21.7%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +21.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.

-0.1%/yr

FY2022–FY2025

Share count. Diluted share count changed -0% over the last 3 years to FY2025 (-0.1%/yr). Roughly flat — buybacks ($40M) are about offsetting stock comp ($15M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

$359M

FY2019–FY2020

Goodwill impairments. Took $359M of goodwill writedowns across 2 years (FY2019 ($15M), FY2020 ($344M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$2.78B

Revenue Growth YoY+4.6%

Revenue CAGR (3yr)+10.5%

Net Margin12.7%

Free Cash Flow$207.8M

Return on Equity33.0%

Debt / Equity0.46x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.