Latest Ratios: P/E Ratio -4.5x · EV/EBITDA 22.3x · ROE -17.4%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $502M | $397M | $314M | $429M | $460M | $300M | $300M | $968M | $838M | $1.4B | $2.0B |
| Enterprise Value | $520M | $415M | $399M | $543M | $597M | $455M | $449M | $1.3B | $1.2B | $1.4B | $1.9B |
| P/E Ratio → | -4.54 | — | — | 33.95 | — | — | — | — | — | — | — |
| P/S Ratio | 0.80 | 0.59 | 0.45 | 0.55 | 0.62 | 0.52 | 0.47 | 0.95 | 0.77 | 2.12 | 2.82 |
| P/B Ratio | 0.85 | 0.69 | 0.46 | 0.60 | 0.67 | 0.43 | 0.40 | 0.79 | 0.58 | 1.25 | 1.62 |
| P/FCF | 14.79 | 5.37 | 37.41 | 16.54 | 36.51 | — | 2.50 | 11.91 | 55.36 | 23.57 | 16.37 |
| P/OCF | 4.78 | 3.78 | 6.84 | 7.58 | 13.99 | 41.65 | 2.26 | 7.05 | 8.13 | 14.88 | 13.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.62 | 0.58 | 0.69 | 0.81 | 0.79 | 0.70 | 1.23 | 1.06 | 2.04 | 2.78 |
| EV / EBITDA | 22.30 | 9.69 | 6.50 | 6.69 | 9.47 | 17.14 | — | 12.73 | 8.86 | 35.64 | 37.83 |
| EV / EBIT | — | — | 420.38 | 21.38 | 91.77 | — | — | — | — | — | — |
| EV / FCF | — | 5.61 | 47.57 | 20.95 | 47.44 | — | 3.74 | 15.40 | 75.98 | 22.77 | 16.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.8% | 12.8% | 15.4% | 15.2% | 12.9% | 4.6% | -3.5% | 9.3% | 12.2% | 6.3% | 7.0% |
| Operating Margin | -0.7% | -0.7% | 1.0% | 2.6% | -0.6% | -9.5% | -16.8% | -2.5% | 0.6% | -10.3% | -9.7% |
| Net Profit Margin | -16.3% | -16.3% | -1.6% | 1.6% | -1.3% | -11.2% | -73.4% | -22.8% | -1.8% | -12.7% | -6.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -17.4% | -17.4% | -1.6% | 1.8% | -1.4% | -8.8% | -47.3% | -17.4% | -1.5% | -7.3% | -3.8% |
| ROA | -11.6% | -11.6% | -1.1% | 1.2% | -0.9% | -5.7% | -32.5% | -12.4% | -1.2% | -6.3% | -3.1% |
| ROIC | -0.5% | -0.5% | 0.6% | 1.9% | -0.4% | -4.6% | -6.7% | -1.1% | 0.3% | -4.6% | -4.0% |
| ROCE | -0.6% | -0.6% | 0.8% | 2.3% | -0.5% | -5.7% | -8.5% | -1.5% | 0.4% | -5.6% | -5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.22 | 0.23 | 0.26 | 0.30 | 0.29 | 0.24 | 0.23 | 0.00 | 0.04 |
| Debt / EBITDA | 2.05 | 2.05 | 2.45 | 1.99 | 2.85 | 7.85 | — | 2.97 | 2.55 | 0.14 | 0.90 |
| Net Debt / Equity | — | 0.03 | 0.13 | 0.16 | 0.20 | 0.22 | 0.20 | 0.23 | 0.22 | -0.04 | -0.02 |
| Net Debt / EBITDA | 0.41 | 0.41 | 1.39 | 1.41 | 2.18 | 5.86 | — | 2.89 | 2.41 | -1.25 | -0.45 |
| Debt / FCF | — | 0.24 | 10.16 | 4.41 | 10.93 | — | 1.24 | 3.49 | 20.63 | -0.80 | -0.19 |
| Interest Coverage | -16.52 | -16.52 | 0.11 | 2.65 | 0.62 | -6.10 | -36.47 | -12.45 | -0.13 | -15.56 | -12.72 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.86 | 1.86 | 3.16 | 3.10 | 2.39 | 2.41 | 2.61 | 2.64 | 2.95 | 3.96 | 4.57 |
| Quick Ratio | 1.17 | 1.17 | 1.80 | 1.82 | 1.45 | 1.46 | 1.56 | 1.43 | 1.79 | 2.50 | 2.93 |
| Cash Ratio | 0.26 | 0.26 | 0.41 | 0.30 | 0.22 | 0.30 | 0.44 | 0.05 | 0.11 | 0.46 | 0.64 |
| Asset Turnover | — | 0.76 | 0.69 | 0.75 | 0.69 | 0.53 | 0.55 | 0.59 | 0.54 | 0.52 | 0.50 |
| Inventory Turnover | 3.18 | 3.18 | 2.73 | 3.28 | 3.52 | 3.24 | 3.88 | 4.17 | 4.56 | 3.73 | 3.68 |
| Days Sales Outstanding | — | 110.45 | 102.42 | 94.81 | 108.24 | 118.50 | 93.32 | 83.77 | 98.33 | 120.86 | 123.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 2.9% | — | — | — | — | — | — | — |
| FCF Yield | 6.8% | 18.6% | 2.7% | 6.0% | 2.7% | — | 40.0% | 8.4% | 1.8% | 4.2% | 6.1% |
| Buyback Yield | 3.3% | 4.2% | 5.4% | 2.1% | 0.2% | 0.5% | 0.9% | 0.5% | 0.5% | 1.5% | 0.2% |
| Total Shareholder Yield | 3.3% | 4.2% | 5.4% | 2.1% | 0.2% | 0.5% | 0.9% | 0.5% | 0.5% | 1.5% | 0.2% |
| Shares Outstanding | — | $59M | $62M | $63M | $62M | $60M | $60M | $59M | $59M | $50M | $50M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying OIS stock.
Oil States International, Inc.'s current P/E ratio is -4.5x. The historical average is 12.1x.
Oil States International, Inc.'s current EV/EBITDA is 22.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
Oil States International, Inc.'s return on equity (ROE) is -17.4%. The historical average is 3.1%.
Based on historical data, Oil States International, Inc. is trading at a P/E of -4.5x. Compare with industry peers and growth rates for a complete picture.
Oil States International, Inc. has 12.8% gross margin and -0.7% operating margin.
Oil States International, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin Margins Amid Volatility
Metrics are mathematically derived from official filings.
Trailing Losses Mask Forward Recovery Pricing
Based on the reported figures, OIS trades at a trailing P/E of -4.48 but a forward P/E of 15.30, and an EV/EBITDA of 12.14 that compresses to 6.09 on forward estimates, implying the market expects earnings normalization.
The negative trailing P/E reflects the 2025Q4 net loss of roughly $117M, which distorts any backward-looking earnings multiple and makes it unsuitable as a standalone anchor. The sharp drop from 12.14x trailing EV/EBITDA to 6.09x forward suggests analyst expectations embed a substantial EBITDA rebound, which investors should test against the volatile quarterly operating margins that ranged from -9.1% to 4.5%. Trading at 0.85x book and 6.79x price-to-free-cash-flow appears inexpensive on asset and cash bases, but that discount may be warranted given the inconsistent cash conversion evident across recent periods.
Thin Margins Struggle to Sustain Earning Power
According to reported quarterly figures, OIS gross margin moved between 4.5% and 18.6% over the last ten quarters, while operating margin oscillated between -9.1% and 4.5%, leaving little cushion against cost swings.
The gap between gross and operating margin, with SG&A consuming most gross profit, indicates that operating leverage works against the company in weaker quarters. Net margin is distorted by discrete items, including the -65.8% figure in 2025Q4, so operating margin is the more reliable gauge of underlying earning power. Mid-single-digit operating margins at best suggest limited pricing power relative to the cost base, a point investors should weigh against peers whose margin profiles remain similarly constrained.
Sub-2% Returns Signal Limited Capital Compounding
As reported in financial statements, OIS return on invested capital has remained between -1.8% and 1.0% across the ten quarters, with ROE peaking at only 2.2%, pointing to weak capital productivity.
Returns this low indicate the asset base, which includes roughly $242.5M of net PP&E and $70.3M of goodwill, is not generating returns above a reasonable cost of capital in most periods. The occasional positive quarters appear driven by margin recovery rather than efficiency gains, since asset turnover remained near 0.16 to 0.20. Without a sustained lift in operating margins, the company seems unlikely to compound returns, and the trend warrants monitoring rather than assumption of improvement.
Deleveraging Lowers Risk but Coverage Remains Erratic
Based on reported figures, OIS debt-to-equity fell from 0.22 to 0.06 over the period, yet interest coverage swung from -127x to 10x, reflecting unstable earnings rather than a consistent debt service profile.
The reduction in leverage, with total debt moving from roughly $152M to $37.5M, lowers refinancing exposure and appears to reduce financial risk materially. However, interest coverage readings are so volatile that they reflect earnings instability more than debt burden, and several quarters lack a meaningful coverage figure. Investors should view the balance sheet as lower risk but dependent on cash generation continuing to fund repayment.
Misapplied P/E Obscures Operating Reality
The trailing P/E is most commonly misapplied to OIS, as the -4.48 reading is driven by discrete losses that make the multiple uninformative for a business with volatile quarterly earnings.
Applying P/E to a company whose net income swung from a $117M loss to positive results within a few quarters produces a figure that describes accounting noise rather than earning power. A more useful approach would be to normalize EBITDA over a full cycle and pair it with EV/EBITDA, or to use free cash flow yield, which better reflects cash available to shareholders. Bulls could argue the recent operating cash flow improvement signals structural strength, but that conclusion depends on working capital releases that may not repeat, so the analysis should not rest on a single favorable quarter.