Oil States International, Inc

Oil States International maintains a conservative capital structure with a debt-to-equity ratio of 0.1 and a current ratio of 1.94. The balance sheet holds $58.99 million in cash and equivalents against $53.42 million in short-term debt and $1.53 million in long-term debt. Total equity stands at $570.96 million, supporting a market capitalization of $517.19 million at a price-to-book ratio of 1.1. The company generated negative operating cash flow of -$1.89 million in Q1 2026, driven by working capital changes including a $12.85 million increase in inventories and a $12.18 million decrease in accounts payable.

Profitability remains compressed, with an operating income of $4.28 million on $145.36 million in revenue, yielding a net income of $1.11 million. Return on equity is negative at -0.19%, and return on assets is -0.13%. The company recorded $1.38 million in impairment of assets held for sale, reflecting ongoing cost reduction actions including workforce reductions and exit of certain service offerings. Depreciation and amortization expense decreased to $8.19 million from $12.03 million in the prior year period, indicating asset base optimization.

Revenue is diversified across three segments: Offshore Manufactured Products, Completion and Production Services, and Downhole Technologies. In Q1 2026, product revenues totaled $92.58 million while service revenues were $52.78 million. Geographic exposure includes the United States, United Kingdom, Singapore, and other international jurisdictions, with specific receivable concentrations disclosed for these regions. The company maintains a leadership position in certain product and service offerings within each segment.

Revenue declined to $145.36 million in Q1 2026 from $159.94 million in Q1 2025, a decrease of approximately 9%. Net income fell to $1.11 million from $3.16 million in the same prior-year period. Capital expenditures were $4.23 million in Q1 2026, down from $9.16 million in Q1 2025, reflecting disciplined capital allocation. The company has historically grown through organic expansion and strategic acquisitions.

Liquidity risk is assessed as low, while dilution risk is medium. Key flags indicate source documents mention dilution or offering risk. The company faces cyclical exposure to oil and natural gas prices, exploration and drilling activity levels, and offshore developmental activities. Additional risks include geopolitical tensions in Europe and the Middle East, environmental regulations, and supply chain disruptions.

Recent filings disclose unaudited consolidated financial statements for Q1 2026, highlighting cost reduction initiatives and asset impairments. The company entered into a new cash flow credit agreement in February 2026, replacing prior revolving credit facilities. Analyst consensus shows a mean price target of $11.75 with a mean recommendation of 2.00 (buy), indicating moderate upside potential from the current $8.85 market price. Earnings are expected on July 30, 2026.

Oil States International maintains a low debt-to-equity ratio of 0.10, significantly below the 0.46 median for its peer cohort.

The company exhibits low credit and liquidity risk flags, suggesting stable short-term financial health despite operational losses.

Long-term debt decreased from $135.5 million in FY2023 to $124.7 million in FY2024, showing active balance sheet management.

The current ratio of 1.86 indicates sufficient current assets to cover current liabilities, supporting operational continuity.

Net income plummeted to a $109.4 million loss in FY2025, reflecting severe profitability deterioration compared to prior years.

The company faces medium dilution risk, which could negatively impact existing shareholder value and earnings per share.

Cash conversion ratio of -0.96 ranks in the bottom quartile, indicating poor ability to generate cash from operations.

Revenue $145.4M; Operating income $4.3M.

• ▍Revenue $145.4M
• ▍Operating income $4.3M
• ▍Net margin 0.8%

Revenue $490.5M; Operating income $15.7M.

• ▍Revenue $490.5M
• ▍Operating income $15.7M
• ▍Net margin 1.6%

Revenue $325.3M; Operating income $10.9M.

• ▍Revenue $325.3M
• ▍Operating income $10.9M
• ▍Net margin 1.8%

Revenue $669.0M; Operating income -$98.0M.

• ▍Revenue $669.0M
• ▍Operating income -$98.0M
• ▍Net margin -16.3%

Revenue $692.6M; Operating income -$1.7M.

• ▍Revenue $692.6M
• ▍Operating income -$1.7M
• ▍Net margin -1.6%

Revenue $692.6M; Operating income -$1.7M.

• ▍Revenue $692.6M
• ▍Operating income -$1.7M
• ▍Net margin -1.6%

Revenue $782.3M; Operating income $23.2M.

• ▍Revenue $782.3M
• ▍Operating income $23.2M
• ▍Net margin 1.6%

Revenue $782.3M; Operating income $23.2M.

• ▍Revenue $782.3M
• ▍Operating income $23.2M
• ▍Net margin 1.6%