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NOV vs OII
Which Stock Would AI Choose? NOV Inc. (NOV) vs. Oceaneering International (OII) Stock Comparison
Key Takeaways
- NOV (NOV) is a large-cap oilfield equipment giant with approximately $8.7 billion in annual revenue, a $4.2 billion backlog, and a dividend-yielding profile, but faces near-term headwinds from Middle East disruptions and margin compression.
- Oceaneering International (OII) is a mid-cap subsea robotics and engineered services company that just posted its highest quarterly adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) since 2015, driven by offshore project execution and expanding defense-related work.
- Over the past year, OII has dramatically outperformed NOV in terms of share price appreciation, reflecting stronger earnings momentum and revenue growth trajectory.
- NOV offers a dividend and trades at a lower valuation multiple, appealing to value-oriented investors; OII carries a higher beta and no dividend, making it a higher-reward, higher-volatility proposition.
- Both companies are leveraged to a potential multi-year upcycle in offshore and deepwater energy investment, but their business mix, risk profiles, and growth drivers differ meaningfully.
Introduction
Investors tracking the oilfield services and equipment sector often find themselves weighing NOV (NOV Inc., formerly National Oilwell Varco) against OII (Oceaneering International). While both are Houston-headquartered companies serving the global energy industry, their business models, growth trajectories, and market positioning differ in important ways. NOV operates as a diversified equipment manufacturer with a massive installed base across drilling, completion, and production. OII focuses on subsea robotics, offshore project services, and increasingly, defense and aerospace technologies. This comparison examines how these two stocks stack up across recent performance, business fundamentals, and forward-looking positioning to help traders and investors assess the relative opportunity each presents in the current market environment.
NOV Overview and Recent Performance
NOV is one of the largest oilfield equipment and technology providers in the world, serving national oil companies, supermajors, independent operators, and drilling contractors across more than 500 locations on six continents. The company operates through two segments: Energy Equipment, which covers rig technologies, subsea production systems, and capital equipment, and Energy Products and Services, which includes drill bits, downhole tools, and aftermarket services. International markets generate nearly two-thirds of annual revenue.
In recent quarters, NOV has navigated a mixed operating environment. The company reported first-quarter 2026 revenue of $2.05 billion, a year-over-year decline of approximately 2.4%, with adjusted EBITDA of $177 million. The conflict in the Middle East created significant logistical disruptions, delaying equipment deliveries and increasing operational costs — management estimated a $54 million revenue impact and $32 million EBITDA impact during the quarter. On the positive side, Energy Equipment bookings reached their strongest first-quarter level since 2019, and the company's backlog for capital equipment orders stood at $4.23 billion as of March 31, 2026. NOV also announced a $200 million investment to double subsea flexible pipe manufacturing capacity in Brazil, signaling confidence in long-term offshore demand. The company continues to return capital to shareholders through dividends and share repurchases, with $100 million distributed in Q1 2026 alone.
OII Overview and Recent Performance
Oceaneering International is a global technology company delivering engineered services, products, and robotic solutions primarily to the offshore energy sector, with growing exposure to defense, aerospace, and commercial markets. Its business is organized into five segments: Subsea Robotics (SSR), Offshore Projects Group (OPG), Manufactured Products, Aerospace and Defense Technologies (ADTech), and Integrity Management and Digital Solutions (IMDS). The company's remotely operated vehicle (ROV) fleet is one of the largest in the industry, and its subsea intervention capabilities are a core competitive differentiator.
Recent performance has been notably strong. In the second quarter of 2026, OII reported consolidated revenue of $768 million, up 10% year over year, with adjusted EBITDA of $115 million — its highest quarterly level since the third quarter of 2015. Net income rose 19% to $65 million, or $0.65 per diluted share. The Offshore Projects Group led the outperformance, driven by international intervention and installation work in the Caspian Sea and offshore Egypt. The company also strengthened its balance sheet, increasing its revolving credit facility from $215 million to $345 million and extending its maturity to 2031, while refinancing $500 million in senior notes. Additionally, OII was selected alongside Kongsberg Gruppen to develop an Extra-Large Uncrewed Undersea Vehicle (XLUUV) for the U.S. Department of Defense, underscoring the company's expanding defense footprint. Management raised the low end of full-year 2026 adjusted EBITDA guidance to a range of $400 million to $440 million, and the company resumed share repurchases during the quarter.
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Head-to-Head Comparison
While both NOV and OII operate in the oilfield services and equipment space, their investment profiles diverge in several key areas. NOV is the far larger company by revenue — approximately $8.7 billion in 2025 versus OII's $2.8 billion — giving it broader global reach and deeper installed-base advantages. Its business is more manufacturing-intensive, with long-cycle capital equipment orders that provide multi-year visibility but also expose the company to margin fluctuations tied to sales mix and supply chain disruptions. OII, by contrast, generates a larger share of revenue from service-oriented and robotic operations, which can scale more rapidly when offshore activity accelerates.
On growth and momentum, OII holds a clear advantage in the current cycle. The company's year-over-year revenue growth of 10% in Q2 2026 and triple-digit annual earnings growth sharply contrast with NOV's modest revenue contraction and earnings decline. OII also benefits from a more diversified end-market footprint, with its ADTech segment opening opportunities in defense and space applications that are less correlated with oil prices. NOV, however, offers something OII does not: a consistent quarterly dividend, with a yield that provides income-oriented investors a tangible return while awaiting a broader industry recovery.
Risk profiles differ as well. OII carries a beta of approximately 2.4, meaning it is substantially more sensitive to broader market swings, while NOV's beta of roughly 1.7 still indicates above-average volatility but to a lesser degree. NOV's Middle East exposure proved to be a near-term vulnerability, whereas OII's geographic mix has allowed it to sidestep similar disruptions more effectively in recent quarters.
Tickeron AI Verdict
Based on observable factors such as trend consistency, earnings momentum, revenue growth trajectory, and catalyst visibility, Tickeron's AI-driven analysis would likely favor Oceaneering International (OII) in the current market environment. The company's record-level adjusted EBITDA, improving ROV pricing dynamics, expanding defense-related contract wins, and strengthened balance sheet collectively signal a more robust and diversified growth profile. NOV remains a fundamentally sound business with a formidable backlog and a meaningful capital-return program, but its near-term earnings headwinds, geopolitical exposure, and more cyclical manufacturing orientation may weigh on relative momentum. That said, if broader offshore capital expenditure accelerates as many industry observers anticipate, both stocks could benefit — with NOV potentially narrowing the performance gap as its backlog converts to revenue and Middle East conditions normalize. The AI's preference for OII reflects a probabilistic assessment of current trajectory, not a permanent judgment on either company's long-term potential.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is NOV is a StrongBuy and OII is a Buy.
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is undervalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
NOV’s FA Score shows that 2 FA rating(s) are green whileOII’s FA Score has 3 green FA rating(s).
- NOV’s FA Score: 2 green, 3 red.
- OII’s FA Score: 3 green, 2 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
NOV’s TA Score shows that 4 TA indicator(s) are bullish while OII’s TA Score has 4 bullish TA indicator(s).
- NOV’s TA Score: 4 bullish, 5 bearish.
- OII’s TA Score: 4 bullish, 4 bearish.
Price Growth
NOV (@Oilfield Services/Equipment) experienced а -4.84% price change this week, while OII (@Oilfield Services/Equipment) price change was -6.61% for the same time period.
The average weekly price growth across all stocks in the @Oilfield Services/Equipment industry was +6.35%. For the same industry, the average monthly price growth was +3.65%, and the average quarterly price growth was +64.17%.
Reported Earning Dates
NOV is expected to report earnings on Oct 22, 2026.
OII is expected to report earnings on Oct 28, 2026.
Industries' Descriptions
@Oilfield Services/Equipment (+6.35% weekly)The oilfield services/equipment industry is involved in providing various equipment and services to oil and natural gas producers. These companies rent drilling rigs and/or provide services to build and maintain oil and gas wells. The performance of this industry is dependent on demand for oil and natural gas, which in turn is often driven by macroeconomic conditions or business cycles. Schlumberger NV, Halliburton Company, and Baker Hughes are some of the biggest oilfield services companies.
| NOV | OII | NOV / OII | |
| Capitalization | 6.94B | 4.85B | 143% |
| EBITDA | 782M | 422M | 185% |
| Gain YTD | 26.340 | 102.747 | 26% |
| P/E Ratio | 72.15 | 14.08 | 512% |
| Revenue | 8.64B | 2.87B | 301% |
| Total Cash | 1.16B | 636M | 183% |
| Total Debt | 2.33B | 822M | 283% |
NOV | OII | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 29 | 31 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 32 Undervalued | 71 Overvalued | |
PROFIT vs RISK RATING 1..100 | 70 | 18 | |
SMR RATING 1..100 | 90 | 28 | |
PRICE GROWTH RATING 1..100 | 43 | 35 | |
P/E GROWTH RATING 1..100 | 2 | 27 | |
SEASONALITY SCORE 1..100 | 50 | 50 |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
NOV's Valuation (32) in the Oilfield Services Or Equipment industry is somewhat better than the same rating for OII (71). This means that NOV’s stock grew somewhat faster than OII’s over the last 12 months.
OII's Profit vs Risk Rating (18) in the Oilfield Services Or Equipment industry is somewhat better than the same rating for NOV (70). This means that OII’s stock grew somewhat faster than NOV’s over the last 12 months.
OII's SMR Rating (28) in the Oilfield Services Or Equipment industry is somewhat better than the same rating for NOV (90). This means that OII’s stock grew somewhat faster than NOV’s over the last 12 months.
OII's Price Growth Rating (35) in the Oilfield Services Or Equipment industry is in the same range as NOV (43). This means that OII’s stock grew similarly to NOV’s over the last 12 months.
NOV's P/E Growth Rating (2) in the Oilfield Services Or Equipment industry is in the same range as OII (27). This means that NOV’s stock grew similarly to OII’s over the last 12 months.
| NOV | OII | |
|---|---|---|
| RSI ODDS (%) | 2 days ago 65% | 2 days ago 68% |
| Stochastic ODDS (%) | 2 days ago 82% | 2 days ago 72% |
| Momentum ODDS (%) | 2 days ago 68% | N/A |
| MACD ODDS (%) | 2 days ago 67% | 7 days ago 80% |
| TrendWeek ODDS (%) | 2 days ago 63% | 2 days ago 69% |
| TrendMonth ODDS (%) | 2 days ago 74% | 2 days ago 79% |
| Advances ODDS (%) | 2 days ago 75% | 5 days ago 76% |
| Declines ODDS (%) | 7 days ago 66% | 7 days ago 69% |
| BollingerBands ODDS (%) | N/A | 2 days ago 69% |
| Aroon ODDS (%) | 2 days ago 75% | 2 days ago 81% |
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NOV and
Correlation & Price change
A.I.dvisor indicates that over the last year, NOV has been closely correlated with SLB. These tickers have moved in lockstep 70% of the time. This A.I.-generated data suggests there is a high statistical probability that if NOV jumps, then SLB could also see price increases.
| Ticker / NAME | Correlation To NOV | 1D Price Change % | ||
|---|---|---|---|---|
| NOV | 100% | +0.26% | ||
| SLB - NOV | 70% Closely correlated | -0.56% | ||
| HAL - NOV | 67% Closely correlated | -1.12% | ||
| BKR - NOV | 66% Closely correlated | +0.53% | ||
| INVX - NOV | 64% Loosely correlated | +0.78% | ||
| WFRD - NOV | 62% Loosely correlated | +0.64% | ||
More | ||||
OII and
Correlation & Price change
A.I.dvisor indicates that over the last year, OII has been loosely correlated with HLX. These tickers have moved in lockstep 66% of the time. This A.I.-generated data suggests there is some statistical probability that if OII jumps, then HLX could also see price increases.