Oil States International, Inc.

OIS

EnergyOil & Gas Equipment & ServicesNYSE

$8.66

Market Cap: $521.27M

Oil States International, Inc. (OIS) Valuation Summary

Updated May 11, 2026 08:56

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$3.14 – $66.62	$18.87	+117.9%
Revenue DCF 10Y	$6.01 – $72.64	$22.58	+160.8%
▸ Trading Multiples
EV/Revenue	$8.22 – $22.12	$16.85	+94.6%

Valuation History

DCF Analysis

Oil States International, Inc. (OIS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$22.58

Market Price

$8.66

Upside / Downside

+160.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -0.7% to a target of 15.7% over 5 years, discounted at a WACC of 7.1%, Oil States International, Inc. (OIS) has an intrinsic value of $22.58 per share (range: $6.01 – $72.64).

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

15.7%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.0%

Target CapEx/Rev

13.8%

D&A/Revenue

9.2%

Tax Rate

18.5%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	669	-0.0%	2.6%	17	14	61	(33)	-1	44	42
2027	726	8.6%	5.9%	43	35	67	(43)	27	31	28
2028	755	3.9%	9.1%	69	56	69	(52)	14	60	50
2029	785	3.9%	12.4%	97	79	72	(62)	14	75	59
2030	816	3.9%	15.7%	128	104	75	(72)	15	92	68
2031	846	3.8%	15.7%	133	108	78	(83)	15	88	60
2032	877	3.6%	15.7%	137	112	81	(95)	15	83	53
2033	908	3.5%	15.7%	142	116	83	(107)	14	78	47
2034	938	3.3%	15.7%	147	120	86	(120)	14	72	40
2035	967	3.2%	15.7%	152	124	89	(133)	14	65	34

Enterprise Value Bridge

Sum of PV(FCFF)482

Terminal Value (Gordon Growth at 3.0%)1,647

PV of Terminal Value861

Enterprise Value1,343

(–) Net Debt18

Equity Value1,326

(÷) Shares Outstanding59

Fair Value per Share$22.58

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
5.1%	$14	$29	$43	$58	$73
6.1%	$10	$20	$30	$39	$49
7.1%	$8	$15	$23	$30	$37
8.1%	$7	$13	$18	$24	$30
9.1%	$6	$11	$15	$20	$25

Current price: $8.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Oil States International, Inc. (OIS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$18.87

Market Price

$8.66

Upside / Downside

+117.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

15.7%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.0%

Target CapEx/Rev

13.8%

D&A/Revenue

9.2%

Tax Rate

18.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	669	-0.0%	2.6%	17	14	61	(40)	-1	37	36
2027	726	8.6%	5.9%	43	35	67	(57)	27	17	15
2028	755	3.9%	9.1%	69	56	69	(74)	14	38	32
2029	785	3.9%	12.4%	97	79	72	(93)	14	45	35
2030	816	3.9%	15.7%	128	104	75	(112)	15	52	38

Enterprise Value Bridge

Sum of PV(FCFF)156

Terminal Value (Gordon Growth at 3.0%)1,318

PV of Terminal Value969

Enterprise Value1,125

(–) Net Debt18

Equity Value1,107

(÷) Shares Outstanding59

Fair Value per Share$18.87

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
5.1%	$9	$23	$38	$52	$67
6.1%	$6	$16	$25	$35	$44
7.1%	$5	$12	$19	$26	$33
8.1%	$4	$9	$15	$21	$26
9.1%	$3	$8	$12	$17	$22

Current price: $8.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$16.85

Market Price

$8.66

Upside / Downside

+94.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Oil States International, Inc. (OIS) has a fair value of $16.85 based on 8 comparable companies in the Oil & Gas Equipment & Services industry.

EV/Revenue Valuation — Oil & Gas Equipment & Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Oil States International, Inc.OIS	508	0.8x	0.7x
Forum Energy Technologies, Inc.FET	607	1.0x	0.7x
VAALCO Energy, Inc.EGY	584	1.8x	1.6x
GeoPark LimitedGPRK	490	2.0x	1.5x
Natural Gas Services Group, Inc.NGS	488	4.2x	4.6x
Star Group, L.P.SGU	442	0.4x	0.4x
GasLog Partners LPGLOP-PA	413	1.8x	1.5x
Ranger Energy Services, Inc.RNGR	377	0.7x	0.7x
Geospace Technologies CorporationGEOS	108	0.7x	1.4x
Industry Median		1.4x	1.4x
(*) Revenue		669	756
= Enterprise Value		940	1,074
(-) Net Debt		18	18
Equity Value		922	1,056
(/) Outstanding shares		59	59
Fair Price		$16	$18

Selected Fair Value (avg of trailing + forward)

$16.85

+94.6%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$3.14 – $66.62

$18.87

+117.9%

Revenue DCF 10Y

$6.01 – $72.64

$22.58

+160.8%

▸ Trading Multiples

EV/Revenue

$8.22 – $22.12

$16.85

+94.6%

DCF Analysis

Oil States International, Inc. (OIS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$22.58

Market Price

$8.66

Upside / Downside

+160.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

15.7%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.0%

Target CapEx/Rev

13.8%

D&A/Revenue

9.2%

Tax Rate

18.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	669	-0.0%	2.6%	17	14	61	(33)	-1	44	42
2027	726	8.6%	5.9%	43	35	67	(43)	27	31	28
2028	755	3.9%	9.1%	69	56	69	(52)	14	60	50
2029	785	3.9%	12.4%	97	79	72	(62)	14	75	59
2030	816	3.9%	15.7%	128	104	75	(72)	15	92	68
2031	846	3.8%	15.7%	133	108	78	(83)	15	88	60
2032	877	3.6%	15.7%	137	112	81	(95)	15	83	53
2033	908	3.5%	15.7%	142	116	83	(107)	14	78	47
2034	938	3.3%	15.7%	147	120	86	(120)	14	72	40
2035	967	3.2%	15.7%	152	124	89	(133)	14	65	34

Enterprise Value Bridge

Sum of PV(FCFF)482

Terminal Value (Gordon Growth at 3.0%)1,647

PV of Terminal Value861

Enterprise Value1,343

(–) Net Debt18

Equity Value1,326

(÷) Shares Outstanding59

Fair Value per Share$22.58

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
5.1%	$14	$29	$43	$58	$73
6.1%	$10	$20	$30	$39	$49
7.1%	$8	$15	$23	$30	$37
8.1%	$7	$13	$18	$24	$30
9.1%	$6	$11	$15	$20	$25

Current price: $8.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$16.85

Market Price

$8.66

Upside / Downside

+94.6%

Verdict

Undervalued

EV/Revenue Valuation — Oil & Gas Equipment & Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Oil States International, Inc.OIS	508	0.8x	0.7x
Forum Energy Technologies, Inc.FET	607	1.0x	0.7x
VAALCO Energy, Inc.EGY	584	1.8x	1.6x
GeoPark LimitedGPRK	490	2.0x	1.5x
Natural Gas Services Group, Inc.NGS	488	4.2x	4.6x
Star Group, L.P.SGU	442	0.4x	0.4x
GasLog Partners LPGLOP-PA	413	1.8x	1.5x
Ranger Energy Services, Inc.RNGR	377	0.7x	0.7x
Geospace Technologies CorporationGEOS	108	0.7x	1.4x
Industry Median		1.4x	1.4x
(*) Revenue		669	756
= Enterprise Value		940	1,074
(-) Net Debt		18	18
Equity Value		922	1,056
(/) Outstanding shares		59	59
Fair Price		$16	$18

Selected Fair Value (avg of trailing + forward)

$16.85

+94.6%