Filing Flows › Comparisons › OII vs NESR
Oceaneering International vs National Energy Services Reunited: OII and NESR compared
Oceaneering International is the larger company: $785M of revenue in its latest quarter (Q3 2026) against $521M for National Energy Services Reunited (Q2 2026). National Energy Services Reunited is growing faster (+59% against +6% a year earlier). National Energy Services Reunited is more profitable, with an operating margin of 12.5% against 11.7%.
Where the money goes: OII and NESR
Oceaneering International (OII) · Q3 2026
Oceaneering International, Q3 2026: revenue $785M (+6% year over year), operating margin 11.7%, net earnings $52.6M, operating cash flow $163M. The chart follows the revenue to costs, profit and cash.
National Energy Services Reunited (NESR) · Q2 2026
National Energy Services Reunited, Q2 2026: revenue $521M (+59% year over year), operating margin 12.5%, net earnings $44.0M, operating cash flow $174M. The chart follows the revenue to costs, profit and cash.
| Oceaneering International (OII) | National Energy Services Reunited (NESR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $785M | $521M |
| Revenue growth, Y/Y | +6% | +59% |
| Gross margin | 21.0% | 15.6% |
| Operating margin | 11.7% | 12.5% |
| Net earnings | $52.6M | $44.0M |
| Net margin | 6.7% | 8.5% |
| Operating cash flow | $163M | $174M |
| Free cash flow | $142M | $99.9M |
| Market value | $3.5B | $2.1B |
| P/E | 10.4× | 22.1× |
| Analysts’ mean target | $41.00 | $40.67 |
Where the revenue comes from
Oceaneering International
- Subsea Robotics: $233M (30%)
- Offshore Projects Group: $173M (22%)
- Manufactured Products: $168M (21%)
- Aerospace and Defense Technologies: $135M (17%)
National Energy Services Reunited
- Production Services: $330M (63%)
- Drilling and Evaluation Services: $191M (37%)
Questions
Which is bigger, Oceaneering International or National Energy Services Reunited?
Oceaneering International is the larger company: $785M of revenue in its latest quarter (Q3 2026) against $521M for National Energy Services Reunited (Q2 2026).
Is Oceaneering International or National Energy Services Reunited growing faster?
National Energy Services Reunited is growing faster (+59% against +6% a year earlier).
Which is more profitable, Oceaneering International or National Energy Services Reunited?
National Energy Services Reunited is more profitable, with an operating margin of 12.5% against 11.7%.
More: Oceaneering International earnings · how Oceaneering International makes money · National Energy Services Reunited earnings · how National Energy Services Reunited makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.