Oil States International

OIS

Oil & Gas Equipment & Services · Energy

Price

$8.43

-0.03 (-0.35%)

Market Cap

$507.4M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−2.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 60.3M (2021) → 58.7M (2025)

Oil States International makes equipment and provides services for oil and gas drilling and production. Its two main business segments are Wellsite Services — which includes tools and services used at the drilling site — and Downhole Technologies, which makes specialized parts that go inside oil wells. Its customers are oil and gas companies drilling on land and offshore around the world.

The company earns revenue by selling equipment and charging for services on a project basis, meaning income rises and falls with drilling activity levels. Oil States operates globally, with a significant presence in North America as well as international markets, and generates roughly $500 million in annual revenue. Its main competitive advantage is its specialized, engineered products that are difficult for customers to easily replace. The biggest risk the company faces is its heavy dependence on oil and gas capital spending, which drops sharply when energy prices fall — as reflected in its near-zero operating margins today.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-9.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-63.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

8.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 years

$59M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$59M cash & investments at current burn rate

Revenue declining

Oil States International's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

17.6%

Thin — 17.6% gross margin

Operating Margin

3.9%

Thin — 3.9% operating margin

ROCE

0.9%

Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-4.5%

Shrinking sales (-4.5% YoY)

EPS YoY

-2221.2%

Earnings shrinking (-2221.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

10.3%

Modest free cash flow (10.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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