Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 28, 2026
OIL STATES INTERNATIONAL, INC (OIS)
A forensic read on OIL STATES INTERNATIONAL, INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.5
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-17.7%
ROE
$486M
Market cap
OIL STATES INTERNATIONAL, INC earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.5, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-13%Return on invested capital.Return on invested capital is -13% and slipping from 0% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
110d DSOReceivables vs revenue.Days sales outstanding moved from 102 to 110 days FY2024→FY2025 (receivables +4% vs revenue -3%). Receivables are creeping up relative to sales — watch the trend.
$581MGoodwill impairments.Took $581M of goodwill writedowns across 3 year(s) (FY2019 ($165M), FY2020 ($406M), FY2024 ($10M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-16.3%
Debt / Equity0.10x
Free Cash Flow$73.9M
Latest Revenue$669.0M
Return on Equity-19.1%
Revenue Growth YoY-3.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on OIL STATES INTERNATIONAL, INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about OIS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown