Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 10, 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.

C · Mixed — selective

Forensic grade

Safe

Financial health

3.5

Distress distance

Clean

Earnings quality

Forensic signals

-17.4%

ROE

-3.4%

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 (auditor quality, say on pay, board independence, going concern). 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.

Oil States International, Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.5, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-11.2%

FY2025

Return on invested capital. Return on invested capital is -11.2% in the latest fiscal year and slipping across FY2023–FY2025 from 2.2%. After-tax operating profit was $19M in FY2023 and ($77M) in FY2025, with operating income at 3.0% of revenue in FY2023, -0.2% in FY2024 and -14.6% in FY2025. The capital base behind it came down -18% across FY2023–FY2025, from $843M to $692M, so this return is struck on a smaller base than it started on. FY2025's operating profit carried a $100M asset write-down that alone took about 11.5 points off that year's return, so about 11.5 of the 13.4-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $25M asset write-down and a $10M goodwill write-off that alone took about 3.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

$10M

FY2024

Goodwill impairments. Took $10M of goodwill writedowns across 1 year (FY2024 ($10M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$669.0M

Revenue Growth YoY-3.4%

Revenue CAGR (2yr)-7.5%

Net Margin-16.3%

Free Cash Flow$73.9M

Return on Equity-17.4%

Debt / Equity0.10x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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