C

Oil States International, Inc. — Earnings Quality Grade C

OIS · Energy

Some red flags

Revenue
$669M
2025
Net Income
-$109M
2025
Gross Margin
12.8%
Free Cash Flow
$74M
01

Screening Summary

13
Passed
4
Watch
1
Failed
-3.69
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 70 days, change +2 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue -3.4%, CFFO 129.1%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -14.6% vs COGS -1.3%. Normal

B2CapEx vs Revenue

CapEx growth -16.8% vs revenue -3.4%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 105.4%, exceeds 70%

B4Gross Margin

Gross margin 12.8%, change -1.9pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -0.96. Below 1.0

C2Free Cash Flow

FCF $0.1B, FCF/NI = -0.68

C3Accruals Ratio

Accruals ratio = -24.3%. Low accruals

!
C4Cash vs Debt

Cash $0.1B covers 93% of debt $0.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 18% of equity. Manageable

!
D2Leverage

Interest coverage = 0.3x (<2x). Financial stress

D3Soft Asset Growth

Other assets 11.5% vs revenue -3.4%. Normal

D4Asset Impairment

Write-offs normal

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -48% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.69 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-3.69
-4.0 Clean-2.22 Grey-1.78 Danger0
1.031
DSRI
AR growing faster than revenue?
1.144
GMI
Gross margin declining?
0.676
AQI
Asset quality deteriorating?
0.966
SGI
Revenue growth rate
1.03
DEPI
Depreciation slowing?
0.985
SGAI
SG&A ratio changing?
-0.2428
TATA
Accruals level
1.079
LVGI
Leverage increasing?
05

Altman Z-Score

3.53
Safe Zone
0 Distress1.102.605.0+ Safe
0.2593
Liquidity
0.186
Cumulative profit
-0.1073
Operating efficiency
1.8476
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25