Does OCEANEERING INTERNATIONAL INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores OCEANEERING INTERNATIONAL INC (OII) 31.7 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 14, balance-sheet safety 71, capital discipline 67.

Is OII stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $18.41 per share versus a recent price of $42.28 — 130% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has OII's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 31.7 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

OCEANEERING INTERNATIONAL INC

OII · Materials · $4.2B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 13.4% over 10y, variable.

Returns on capital14

Median ROIC 3.6%, above the 9% hurdle in 40% of years.

Balance-sheet safety71

Net cash position — no leverage risk.

Capital discipline67

Owner earnings +9.0%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

130% above value

Owner earnings (normalized): $101.6M
Est. intrinsic value / share: $18.41
Recent price: $42.28
Discount to value: 130% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

OCEANEERING INTERNATIONAL INC booked $2.6B of revenue in FY2025 in the Materials sector and kept 21.5% of it as gross profit — a moderate-margin business by that measure. After every other cost, 13.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.0B (FY2008) to $2.6B (FY2025) — about 1.7% a year compounded over 17 years.

It earned 35.0% on invested capital in FY2025, with a median of 15.5% across 18 filed years. The Returns on Capital filter above scores it 14/100.

The balance sheet carried $487.4M of total debt in FY2025 against $353.8M of owner earnings — roughly 1.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 71/100.

The share count rose 83.7% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 67/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (71/100) and Pricing Power the weakest (0/100), which is how OII lands at 32/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.6B FY2025

Gross marginRevenue kept after cost of goods21.5% FY2025

Return on invested capitalOperating profit on the capital employed35.0% FY2025

Owner earningsCash an owner could take out$353.8M FY2025

Gaps in a line mean that item isn’t in OII’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale31.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — OII has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#143 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#141OC Owens Corning32.3 out of 100, No moatNo moat
#142ACCO ACCO Brands Corporation32.1 out of 100, No moatNo moat
#144JELD JELD-WEN Holding, Inc.31.4 out of 100, No moatNo moat
#145CMT Core Molding Technologies, Inc.30.9 out of 100, No moatNo moat

Compare OII with its nearest peers →All Materials companies on the Index →

Common questions about OII

Does OCEANEERING INTERNATIONAL INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores OCEANEERING INTERNATIONAL INC (OII) 31.7 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 14, balance-sheet safety 71, capital discipline 67.
Is OII stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $18.41 per share versus a recent price of $42.28 — 130% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has OII's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 31.7 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell OII. See the disclaimer.