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Oceaneering International vs Select Water Solutions: revenue, profit, margins and growth compared

Oceaneering International brought in $2.8B of revenue in fiscal 2025, Select Water Solutions $1.4B in fiscal 2025. Revenue changed by +4.6% at Oceaneering International and -3.1% at Select Water Solutions on the year before, so Oceaneering International grew faster. Oceaneering International kept 12.7% of its revenue as net profit, Select Water Solutions 1.5%. Free cash flow was $207.8M at Oceaneering International and -$79.9M at Select Water Solutions.

Side by side, latest fiscal year

OIIWTTR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.8B$1.4B
Revenue growth+4.6%-3.1%
Net income$353.8M$21.2M
Net margin12.7%1.5%
Free cash flow$207.8M-$79.9M
Free cash flow margin7.5%-5.7%
Earnings per share (diluted)$3.49n/a
Cash$688.9M$18.1M
Debt$487.4M$320M
Price to earnings13.3n/a
Market value$4.6B$2.7B
Dividend yieldn/an/a
Rank by revenue in sector#48 of 129 · Energy#69 of 129 · Energy

Over the years

Revenue
OII FY2018: $1.9BOII FY2019: $2BOII FY2020: $1.8BOII FY2021: $1.9BOII FY2022: $2.1BOII FY2023: $2.4BOII FY2024: $2.7BOII FY2025: $2.8BWTTR FY2018: $1.5BWTTR FY2019: $1.3BWTTR FY2020: $605.1MWTTR FY2021: $764.6MWTTR FY2022: $1.4BWTTR FY2023: $1.6BWTTR FY2024: $1.5BWTTR FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
OII $2.8BWTTR $1.4B
Net income
OII FY2018: -$212.3MOII FY2019: -$348.4MOII FY2020: -$496.8MOII FY2021: -$49.3MOII FY2022: $25.9MOII FY2023: $97.4MOII FY2024: $147.5MOII FY2025: $353.8MWTTR FY2018: $36.5MWTTR FY2019: $2.8MWTTR FY2020: -$338.7MWTTR FY2021: -$42.2MWTTR FY2022: $48.3MWTTR FY2023: $74.4MWTTR FY2024: $30.6MWTTR FY2025: $21.2MFY18FY19FY20FY21FY22FY23FY24FY25
OII $353.8MWTTR $21.2M
Net margin
OII FY2018: -11.1%OII FY2019: -17.0%OII FY2020: -27.2%OII FY2021: -2.6%OII FY2022: 1.3%OII FY2023: 4.0%OII FY2024: 5.5%OII FY2025: 12.7%WTTR FY2018: 2.4%WTTR FY2019: 0.2%WTTR FY2020: -56.0%WTTR FY2021: -5.5%WTTR FY2022: 3.5%WTTR FY2023: 4.7%WTTR FY2024: 2.1%WTTR FY2025: 1.5%FY18FY19FY20FY21FY22FY23FY24FY25
OII 12.7%WTTR 1.5%
Revenue growth
OII FY2019: +7.3%OII FY2020: -10.8%OII FY2021: +2.3%OII FY2022: +10.5%OII FY2023: +17.4%OII FY2024: +9.8%OII FY2025: +4.6%WTTR FY2019: -15.5%WTTR FY2020: -53.2%WTTR FY2021: +26.4%WTTR FY2022: +81.5%WTTR FY2023: +14.3%WTTR FY2024: -8.4%WTTR FY2025: -3.1%FY19FY20FY21FY22FY23FY24FY25
OII +4.6%WTTR -3.1%
Free cash flow
OII FY2018: -$72.9MOII FY2019: $9.9MOII FY2020: $76MOII FY2021: $175.1MOII FY2022: $39.8MOII FY2023: $109.2MOII FY2024: $96.1MOII FY2025: $207.8MWTTR FY2018: $67MWTTR FY2019: $93.8MWTTR FY2020: $84.6MWTTR FY2021: -$56.2MWTTR FY2022: -$38.7MWTTR FY2023: $149.5MWTTR FY2024: $61.7MWTTR FY2025: -$79.9MFY18FY19FY20FY21FY22FY23FY24FY25
OII $207.8MWTTR -$79.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Oceaneering International and Select Water Solutions

Which is bigger by revenue, Oceaneering International or Select Water Solutions?

Oceaneering International is bigger by revenue: $2.8B in fiscal 2025, against $1.4B for Select Water Solutions in fiscal 2025.

Which keeps more of its revenue as profit, Oceaneering International or Select Water Solutions?

Oceaneering International had a net margin of 12.7% in fiscal 2025; Select Water Solutions had 1.5% in fiscal 2025.

Which grew revenue faster, Oceaneering International or Select Water Solutions?

In their latest fiscal years revenue changed by +4.6% at Oceaneering International and -3.1% at Select Water Solutions.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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