Oil States International, Inc. (OIS)

In the past six months, Oil States International, Inc. announced strong fourth-quarter 2025 results with increased revenues and Adjusted EBITDA, and the Offshore Manufactured Products segment achieved its highest backlog since March 2015. Cash flows from operations reached a historical high, which was used to retire convertible senior notes. The company provided a 2026 full-year revenue and EBITDA target, both up year-over-year. However, the fourth quarter of 2025 also included a net loss due to asset impairments and the restructuring of certain U.S. land-based operations and facilities. Additionally, Oil States announced the retirement of CEO Cindy Taylor and the appointment of Lloyd Hajdik as CEO, and entered into a new credit agreement. Over the last 12 months, the stock price rose significantly.

Oil States International's business segments exhibit different demand characteristics. The Offshore Manufactured Products segment is characterized by project-driven offshore and international work, which tends to be longer-cycle. The Completion and Production Services segment has historically been more exposed to shorter-cycle, largely U.S. land-oriented activity. The company's diversified end-market exposure links it to both long-cycle offshore and international projects and shorter-cycle U.S. land activity. The company's guidance for the first quarter of 2026 reflects normal seasonality.

Oil States International, Inc. (OIS) is a global provider of manufactured products and services primarily to the energy, industrial, and military sectors, operating within the Oil and Gas Field Machinery and Equipment Manufacturing industry. The company operates through three business segments: Offshore Manufactured Products, Completion and Production Services, and Downhole Technologies. The Offshore Manufactured Products segment focuses on technology-driven products and systems for offshore oil and natural gas production. The Completion and Production Services segment provides equipment and services to establish and maintain the flow of oil and natural gas. The Downhole Technologies segment offers oil and gas perforation systems and downhole tools and services.

Headquartered in Houston, Texas, Oil States International has manufacturing and service facilities strategically located across the globe, with over 25 locations in twelve countries. Its global footprint supports major offshore basins and prominent deepwater/offshore investments, while its U.S. locations are positioned in active shale basins. The company has expanded its operations and customer relationships internationally.

In the past year, Oil States International has focused on optimizing its business mix towards offshore and international markets. The company has reported recognition from industry organizations for certain technologies. Recent technology highlights include the first successful deployment of its Low Impact Workover Package and a record deployment of the Merlin Deepsea Mineral Riser System. However, the company also undertook restructuring and optimization actions in its U.S. land-based businesses, resulting in significant asset impairment and restructuring charges.

Oil States International, Inc. is primarily owned by institutional investors, who collectively held a significant percentage of the company's shares as of the first half of 2025. Major institutional owners include BlackRock, Inc. and Vanguard Group Inc. Individual investors and public companies hold a notable percentage of the stock. Insiders, comprising company executives and board members, held a portion of the shares as of the first half of 2025. Jana Partners LLC is a significant individual shareholder, and Cindy B. Taylor, the President and CEO, is also a notable insider owner.