MeritValue

OCEANEERING INTERNATIONAL INC

OIIdata completeness 100%18 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

OCEANEERING INTERNATIONAL INC earns about 13% on equity, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $9.97 and $34.89 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.83B1$1.98B2$2.33B3$2.54B4$2.64B4
Net income−$49.3M5$25.9M6$97.4M7$147.5M7$353.8M7
Operating cash flow$225.3M8$120.9M9$210M10$203.2M10$318.9M10
Capital expenditure$50.2M11$81M12$100.7M13$107.1M13$111M13
Free cash flow (derived)$175.1M8$39.8M9$109.2M10$96.1M10$207.8M10
Total debt$1.4B14$1.4B15$954.1M16$964M17$974.8M17
Cash & equivalents$538.1M18$568.7M19$461.6M20$497.5M21$688.9M21
Diluted shares99.7M101.4M102.2M102.4M101.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$105.73
your share of equity
Profit it earned you last year
$34.94
Free cash flow it threw off
$20.53
Debt you’d be carrying
$96.27

10 shares is a claim on $105.73 of net worth that earned you $34.94 and generated $20.53 of cash last year, against $96.27 of debt.

iii. Is this a good business?
Moat signal · return on equity
13% avg · 5y
FY21 -10%FY22 5%FY23 16%FY24 21%FY25 33%

It earned about 13% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 31% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $9.97 and $34.89 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$34.89
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth12.9%
  • fcfBase$109.2M
DCF · Growth Exit 5Y
$23.72
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth12.9%
  • fcfBase$109.2M
Earnings Power Value
$9.97
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$97.4M
  • growthAssumed0.0%
Graham Number
$28.81
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years12.9%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $23.72
The three cases
Bear0.0%$12.59
Base12.9%$23.72
Bull17.9%$29.56

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 12.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000073756-23-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000073756-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000073756-25-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0000073756-26-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000073756-24-000008 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000073756-25-000016 (ProfitLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000073756-26-000016 (ProfitLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000073756-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000073756-25-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000073756-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0000073756-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0000073756-25-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0000073756-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000073756-23-000009 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-12-31 · accession 0000073756-24-000008 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2023-12-31 · accession 0000073756-25-000016 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-12-31 · accession 0000073756-26-000016 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0000073756-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000073756-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000073756-25-000016 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0000073756-26-000016 (CashAndCashEquivalentsAtCarryingValue)