Yes and no.
Is there an automatic barometric compensation? No.
There is a manual calibration, and this will compensate for barometric pressure. so Yes, it does compensate.
If you get to the basics of it, an analyzer does NOT measure the percentage of O2. It reads partial pressure of O2. Displays a percentage based on calibration. What calibration gas (typically air or pure O2) and pressure (ambient, which may vary with altitude and barometric pressure) make up the calibration. If you change the pressure you test at compared to the pressure you calibrate at, you have garbage data.
I do not call this compensation. It assumes that you always calibrate at exactly the same barometric pressure as you use your analyser. This is no compensation, this is calibration.
Barometric pressure 1 bar:
pO2=0.2, 20% Oxygen, 10mV
pO2=1.0, 100% Oxygen, 50mV
Calibration.
Now we go to altitude, barometric pressure 0.5 bar:
pO2=0.1, 20% Oxygen, 5mV.
Analyser sais 10% Oxygen according to calibration, so it does not compensate for barometric pressure.
Barometric pressure 0.5 bar:
pO2=0.1, 20% Oxygen, 5mV
pO1=0.5, 100% Oxygen, 25mV
Calibration.
Now you analyse your gas at the same barometric pressure, everything is fine. Go down to higher barometric pressure and result is wrong again.
A good analyser does compensate for barometric pressure. Divesoft analyser is measuring barometric pressure and takes it into calculation. You get no garbage data when barometric pressure changes. That's what I call compensation.
You may have different barometric pressure at the same location because of natural change. Who is thinking about that and does recalibrate the analyser? You should do it every 3 hours, wheater including barometric pressure can change as fast as that. Use a Divesoft analyser and forget about barometric pressure.