Helix Energy Solutions (HLX)
Market Price (8/22/2026): $10.36 | Market Cap: $1.5 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Helix Energy Solutions (HLX)
Market Price (8/22/2026): $10.36Market Cap: $1.5 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% Attractive yieldFCF Yield is 15% Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include US Energy Independence, Offshore Wind Development, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Show more. | Trading close to highsDist 52W High is -1.9% Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -63% | Key risksHLX key risks include [1] unpredictable project awards and delays impacting revenue and asset utilization, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Attractive yieldFCF Yield is 15% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include US Energy Independence, Offshore Wind Development, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Show more. |
| Trading close to highsDist 52W High is -1.9% |
| Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -63% |
| Key risksHLX key risks include [1] unpredictable project awards and delays impacting revenue and asset utilization, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/11/2026
Helix Energy Solutions (HLX) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Helix Energy Solutions reported mixed financial results for fiscal Q2 2026 (ended June 30, 2026), with an earnings beat partially offset by a revenue miss. The company posted an Adjusted EPS of $0.10, surpassing analysts' consensus estimates of $0.08 by $0.02. However, revenue came in at $304.02 million, falling short of the consensus estimate of $314.56 million. While net income was $22.7 million, a significant turnaround from losses in prior quarters, the stock experienced a slight dip of approximately 2.1% to $9.60 following the earnings release. This combination of positive earnings but a revenue shortfall likely contributed to a balanced market reaction, preventing significant upward or downward movement.
2. The ongoing strategic merger with Hornbeck Offshore Services and the associated withdrawal of guidance created a period of investor anticipation. Helix expects this all-stock merger to close by September 1, 2026, aiming to create an integrated offshore services provider. The company withdrew its annual guidance due to this pending transaction, which can lead to a "wait-and-see" approach from investors who prefer clearer forward-looking statements. While the combined entity is projected to see a 106% increase in pro forma Adjusted EBITDA over standalone 2025 results, the immediate impact on the stock price remained stable as the market digests the integration complexities and future synergy realization.
Show more
Helix Energy Solutions (HLX) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Helix Energy Solutions reported mixed financial results for fiscal Q2 2026 (ended June 30, 2026), with an earnings beat partially offset by a revenue miss. The company posted an Adjusted EPS of $0.10, surpassing analysts' consensus estimates of $0.08 by $0.02. However, revenue came in at $304.02 million, falling short of the consensus estimate of $314.56 million. While net income was $22.7 million, a significant turnaround from losses in prior quarters, the stock experienced a slight dip of approximately 2.1% to $9.60 following the earnings release. This combination of positive earnings but a revenue shortfall likely contributed to a balanced market reaction, preventing significant upward or downward movement.
2. The ongoing strategic merger with Hornbeck Offshore Services and the associated withdrawal of guidance created a period of investor anticipation. Helix expects this all-stock merger to close by September 1, 2026, aiming to create an integrated offshore services provider. The company withdrew its annual guidance due to this pending transaction, which can lead to a "wait-and-see" approach from investors who prefer clearer forward-looking statements. While the combined entity is projected to see a 106% increase in pro forma Adjusted EBITDA over standalone 2025 results, the immediate impact on the stock price remained stable as the market digests the integration complexities and future synergy realization.
Show more
Updated on 8/11/2026
Helix Energy Solutions (HLX) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Helix Energy Solutions reported mixed financial results for fiscal Q2 2026 (ended June 30, 2026), with an earnings beat partially offset by a revenue miss. The company posted an Adjusted EPS of $0.10, surpassing analysts' consensus estimates of $0.08 by $0.02. However, revenue came in at $304.02 million, falling short of the consensus estimate of $314.56 million. While net income was $22.7 million, a significant turnaround from losses in prior quarters, the stock experienced a slight dip of approximately 2.1% to $9.60 following the earnings release. This combination of positive earnings but a revenue shortfall likely contributed to a balanced market reaction, preventing significant upward or downward movement.
2. The ongoing strategic merger with Hornbeck Offshore Services and the associated withdrawal of guidance created a period of investor anticipation. Helix expects this all-stock merger to close by September 1, 2026, aiming to create an integrated offshore services provider. The company withdrew its annual guidance due to this pending transaction, which can lead to a "wait-and-see" approach from investors who prefer clearer forward-looking statements. While the combined entity is projected to see a 106% increase in pro forma Adjusted EBITDA over standalone 2025 results, the immediate impact on the stock price remained stable as the market digests the integration complexities and future synergy realization.
3. A strategic divestiture of the Helix Alliance business significantly bolstered the company's liquidity, providing financial stability. On May 1, 2026, Helix completed the sale of all equity interests in Helix Alliance, its former Shallow Water Abandonment segment. This move contributed to a strong cash and cash equivalents position of $652.2 million at June 30, 2026, and resulted in negative net debt of $347.9 million. The strategic shift to a deepwater focus, supported by robust liquidity, provided a solid financial foundation, likely preventing declines but also potentially leading to a stable stock price as the market evaluates the long-term impact of this refined strategy.
4. Mixed analyst sentiment and valuation signals contributed to a lack of strong directional momentum. As of August 6, 2026, GuruFocus indicated HLX was 3.7% undervalued, with an intrinsic value of $9.68 compared to a market price of $9.32. Furthermore, one analyst maintained a "Strong Buy" rating with a 12-month price target of $12.5, suggesting a 25.00% upside. Conversely, Zacks.com issued a "Zacks Rank #4 (Sell)" for the stock, indicating potential underperformance, despite the Q2 earnings beat. This divergence in expert opinion, coupled with questions regarding the sustainability of its trailing net margin, likely fostered a balanced trading environment where bullish and bearish sentiments largely canceled each other out, leading to a relatively flat stock trend.
Show less
Helix Energy Solutions (HLX) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Helix Energy Solutions reported mixed financial results for fiscal Q2 2026 (ended June 30, 2026), with an earnings beat partially offset by a revenue miss. The company posted an Adjusted EPS of $0.10, surpassing analysts' consensus estimates of $0.08 by $0.02. However, revenue came in at $304.02 million, falling short of the consensus estimate of $314.56 million. While net income was $22.7 million, a significant turnaround from losses in prior quarters, the stock experienced a slight dip of approximately 2.1% to $9.60 following the earnings release. This combination of positive earnings but a revenue shortfall likely contributed to a balanced market reaction, preventing significant upward or downward movement.
2. The ongoing strategic merger with Hornbeck Offshore Services and the associated withdrawal of guidance created a period of investor anticipation. Helix expects this all-stock merger to close by September 1, 2026, aiming to create an integrated offshore services provider. The company withdrew its annual guidance due to this pending transaction, which can lead to a "wait-and-see" approach from investors who prefer clearer forward-looking statements. While the combined entity is projected to see a 106% increase in pro forma Adjusted EBITDA over standalone 2025 results, the immediate impact on the stock price remained stable as the market digests the integration complexities and future synergy realization.
3. A strategic divestiture of the Helix Alliance business significantly bolstered the company's liquidity, providing financial stability. On May 1, 2026, Helix completed the sale of all equity interests in Helix Alliance, its former Shallow Water Abandonment segment. This move contributed to a strong cash and cash equivalents position of $652.2 million at June 30, 2026, and resulted in negative net debt of $347.9 million. The strategic shift to a deepwater focus, supported by robust liquidity, provided a solid financial foundation, likely preventing declines but also potentially leading to a stable stock price as the market evaluates the long-term impact of this refined strategy.
4. Mixed analyst sentiment and valuation signals contributed to a lack of strong directional momentum. As of August 6, 2026, GuruFocus indicated HLX was 3.7% undervalued, with an intrinsic value of $9.68 compared to a market price of $9.32. Furthermore, one analyst maintained a "Strong Buy" rating with a 12-month price target of $12.5, suggesting a 25.00% upside. Conversely, Zacks.com issued a "Zacks Rank #4 (Sell)" for the stock, indicating potential underperformance, despite the Q2 earnings beat. This divergence in expert opinion, coupled with questions regarding the sustainability of its trailing net margin, likely fostered a balanced trading environment where bullish and bearish sentiments largely canceled each other out, leading to a relatively flat stock trend.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 0.0% change in HLX stock from 4/30/2026 to 8/21/2026 was primarily driven by a 165.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.35 | 10.35 | 0.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,251 | 1,303 | 4.2% |
| Net Income Margin (%) | 1.1% | 3.0% | 165.3% |
| P/E Multiple | 106.1 | 38.4 | -63.8% |
| Shares Outstanding (Mil) | 147 | 147 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| HLX | 0.0% | |
| Market (SPY) | 6.5% | 7.5% |
| Sector (XLE) | 6.7% | 62.2% |
Fundamental Drivers
The 30.4% change in HLX stock from 1/31/2026 to 8/21/2026 was primarily driven by a 40.5% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.94 | 10.35 | 30.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,262 | 1,303 | 3.3% |
| Net Income Margin (%) | 3.4% | 3.0% | -10.0% |
| P/E Multiple | 27.3 | 38.4 | 40.5% |
| Shares Outstanding (Mil) | 147 | 147 | -0.2% |
| Cumulative Contribution | 30.4% |
Market Drivers
1/31/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| HLX | 30.4% | |
| Market (SPY) | 11.0% | 10.5% |
| Sector (XLE) | 25.5% | 53.7% |
Fundamental Drivers
The 74.5% change in HLX stock from 7/31/2025 to 8/21/2026 was primarily driven by a 118.6% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.93 | 10.35 | 74.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,227 | 1,303 | 6.2% |
| Net Income Margin (%) | 4.1% | 3.0% | -25.4% |
| P/E Multiple | 17.6 | 38.4 | 118.6% |
| Shares Outstanding (Mil) | 149 | 147 | 0.9% |
| Cumulative Contribution | 74.5% |
Market Drivers
7/31/2025 to 8/21/2026| Return | Correlation | |
|---|---|---|
| HLX | 74.5% | |
| Market (SPY) | 22.2% | 17.4% |
| Sector (XLE) | 49.4% | 57.3% |
Fundamental Drivers
The 7.8% change in HLX stock from 7/31/2023 to 8/21/2026 was primarily driven by a 16.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.60 | 10.35 | 7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,119 | 1,303 | 16.4% |
| P/S Multiple | 1.3 | 1.2 | -9.6% |
| Shares Outstanding (Mil) | 151 | 147 | 2.4% |
| Cumulative Contribution | 7.8% |
Market Drivers
7/31/2023 to 8/21/2026| Return | Correlation | |
|---|---|---|
| HLX | 7.8% | |
| Market (SPY) | 73.2% | 39.1% |
| Sector (XLE) | 59.0% | 61.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HLX Return | -26% | 137% | 39% | -9% | -33% | 67% | 149% |
| Peers Return | 17% | 68% | 20% | 9% | 14% | 60% | 370% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| HLX Win Rate | 50% | 67% | 58% | 33% | 42% | 75% | |
| Peers Win Rate | 52% | 65% | 53% | 43% | 62% | 72% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HLX Max Drawdown | -56% | -54% | -28% | -30% | -41% | -19% | |
| Peers Max Drawdown | -35% | -45% | -26% | -26% | -32% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OII, FTI, SLB, HAL, BKR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | HLX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.8% | -18.8% |
| % Gain to Breakeven | 36.6% | 23.1% |
| Time to Breakeven | 301 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.8% | -6.7% |
| % Gain to Breakeven | 29.5% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.0% | -24.5% |
| % Gain to Breakeven | 35.2% | 32.4% |
| Time to Breakeven | 13 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -88.8% | -33.7% |
| % Gain to Breakeven | 795.0% | 50.9% |
| Time to Breakeven | 1210 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.5% | -19.2% |
| % Gain to Breakeven | 94.2% | 23.8% |
| Time to Breakeven | 1709 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -36.8% | -3.7% |
| % Gain to Breakeven | 58.2% | 3.9% |
| Time to Breakeven | 131 days | 6 days |
In The Past
Helix Energy Solutions's stock fell -26.8% during the 2025 US Tariff Shock. Such a loss loss requires a 36.6% gain to breakeven.
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| Event | HLX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.8% | -18.8% |
| % Gain to Breakeven | 36.6% | 23.1% |
| Time to Breakeven | 301 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.8% | -6.7% |
| % Gain to Breakeven | 29.5% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.0% | -24.5% |
| % Gain to Breakeven | 35.2% | 32.4% |
| Time to Breakeven | 13 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -88.8% | -33.7% |
| % Gain to Breakeven | 795.0% | 50.9% |
| Time to Breakeven | 1210 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.5% | -19.2% |
| % Gain to Breakeven | 94.2% | 23.8% |
| Time to Breakeven | 1709 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -36.8% | -3.7% |
| % Gain to Breakeven | 58.2% | 3.9% |
| Time to Breakeven | 131 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -63.1% | -12.2% |
| % Gain to Breakeven | 171.1% | 13.9% |
| Time to Breakeven | 67 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.6% | -17.9% |
| % Gain to Breakeven | 55.4% | 21.8% |
| Time to Breakeven | 25 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -43.8% | -15.4% |
| % Gain to Breakeven | 78.0% | 18.2% |
| Time to Breakeven | 236 days | 125 days |
In The Past
Helix Energy Solutions's stock fell -26.8% during the 2025 US Tariff Shock. Such a loss loss requires a 36.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Helix Energy Solutions (HLX)
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Helix Energy Solutions Group, Inc. (HLX) is an offshore energy services company providing specialized support to the global offshore energy industry. The company operates across key regions including Brazil, the Gulf of Mexico, the North Sea, the Asia Pacific, and West Africa, offering essential services throughout the lifecycle of offshore energy projects.
HLX's operations are divided into three main segments: Well Intervention, Robotics, and Production Facilities. The Well Intervention segment focuses on services such as well plug and abandonment, production enhancement, and intervention engineering. The Robotics segment specializes in subsea construction, trenching, installation of flowlines and umbilicals, and critical inspection, repair, and maintenance (IRM) of subsea infrastructure. Additionally, the Production Facilities segment provides oil and natural gas processing facilities and related services, including fast response systems.
The company serves a broad range of clients within the energy sector, including independent oil and gas producers and suppliers, pipeline transmission companies, and offshore engineering and construction firms. HLX also caters to renewable energy companies, reflecting its capabilities in supporting various facets of the evolving energy landscape.
```AI Analysis | Feedback
Here are 1-3 brief analogies to describe Helix Energy Solutions:
Think of Helix Energy Solutions as a highly specialized deepwater services provider, like a subsea Quanta Services for offshore oil and gas infrastructure, with a strong focus on robotic installation, maintenance, and well intervention.
Alternatively, consider them similar to a specialized deepwater segment of Halliburton or Schlumberger, concentrating specifically on robotic services and complex well intervention for subsea offshore operations.
AI Analysis | Feedback
- Well Intervention Services: Provides services for maintaining, enhancing, reclaiming, and abandoning offshore wells and pipelines, including intervention engineering and site inspections.
- Robotics & Subsea Construction Services: Offers subsea construction, installation, trenching, inspection, repair, maintenance, and support services for offshore infrastructure using advanced robotic technologies.
- Production Facilities & Processing: Delivers offshore oil and natural gas processing facilities and related services, including fast response systems.
AI Analysis | Feedback
The public company Helix Energy Solutions (HLX) sells primarily to other companies. Based on the provided description, its major customers fall into the following categories:
- Independent oil and gas producers and suppliers
- Pipeline transmission companies
- Renewable energy companies
- Offshore engineering and construction firms
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Here is the management team for Helix Energy Solutions:
Owen Kratz, President and Chief Executive Officer
Mr. Kratz joined Helix Energy Solutions (then Cal Dive International) in 1984, beginning his career as an offshore diver. He was appointed Chief Executive Officer in 1997 and has led the company through significant growth and multiple business cycles. Prior to joining Helix, Mr. Kratz owned an independent marine construction company from 1982 to 1983. He also served as President of Helix from 1993 to 1999 and Chief Operating Officer from 1990 through 1997. In 1995, Cal Dive International sold a 50% stake to First Reserve Corporation, a private equity firm, to raise capital for its deepwater program, indicating Mr. Kratz was involved in managing a company backed by private equity.
Erik Staffeldt, Executive Vice President and Chief Financial Officer
Mr. Staffeldt joined Helix in July 2009 as Assistant Corporate Controller and has held various financial and accounting leadership roles within the company. He became Senior Vice President and Chief Financial Officer in June 2017 and was promoted to Executive Vice President and Chief Financial Officer in February 2019. He is responsible for Helix's finance, treasury, accounting, tax, information technology, and corporate planning functions. With over 29 years of experience in the energy industry, Mr. Staffeldt previously held positions at McMoran Exploration Inc. and Petrotech Inc. He holds a BBA in Accounting from the University of Notre Dame and an MBA from Loyola University in New Orleans, and is a Certified Public Accountant.
Scotty Sparks, Executive Vice President and Chief Operating Officer
Mr. Sparks serves as the Chief Operating Officer and Executive Vice President of Helix Energy Solutions Group.
Ken Neikirk, Executive Vice President, General Counsel and Corporate Secretary
Mr. Neikirk holds the positions of Executive Vice President, General Counsel, and Corporate Secretary at Helix Energy Solutions Group.
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Here are the key risks to the business for Helix Energy Solutions (HLX):
- Dependence on Cyclical Oil and Gas Markets and Volatile Commodity Prices: Helix Energy Solutions' financial performance is highly correlated with the cyclical nature of the oil and gas industry. Fluctuations in oil and natural gas prices directly impact the capital expenditure of its clients, leading to reduced demand for the company's services and potential financial instability.
- Intense Competition: The offshore energy services market is highly competitive, with numerous players vying for contracts. This intense competition can lead to pricing pressure, affect margins, and necessitate continuous innovation and significant investment in assets to maintain a competitive edge.
- Geopolitical Risks, Economic Downturns, and Regulatory Changes: Helix Energy Solutions' international operations expose it to geopolitical risks, including conflicts, sanctions, tariffs, and trade wars, which can disrupt the global economy and supply chains. Additionally, general economic downturns and changes in environmental policies or regulations, particularly those related to the energy transition, can significantly impact the offshore energy sector and HLX's business operations and customer spending.
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The accelerating global energy transition away from fossil fuels poses a clear emerging threat to Helix Energy Solutions. As the world shifts towards renewable energy sources, the long-term demand for new offshore oil and gas exploration, development, and maintenance of existing infrastructure, which constitute a significant portion of Helix's core services, is likely to decline significantly. This fundamental shift in the energy landscape could diminish the market for their well intervention, installation, and production facility services primarily geared towards the traditional offshore energy industry.
AI Analysis | Feedback
Helix Energy Solutions Group, Inc. (HLX) operates in several key segments within the offshore energy industry, including Well Intervention, Robotics, and Production Facilities. The company primarily serves regions such as Brazil, the Gulf of Mexico, the North Sea, Asia Pacific, and West Africa. The addressable markets for their main products and services are as follows:
Well Intervention
- The global well intervention market was valued at approximately USD 8.6 billion in 2024 and is projected to reach USD 13.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.2%.
- The global subsea well intervention market is projected to reach a valuation of USD 4,370.7 million in 2024 and is anticipated to reach USD 6,495.3 million by 2033.
- In North America, the well intervention market, which includes the Gulf of Mexico, is projected to account for 37% of the global market share in 2024.
- The European well intervention market, including the North Sea, holds a significant share, accounting for approximately 25% of the global market share.
- The Asia-Pacific well intervention market was valued at USD 13.44 billion in 2024 and is expected to reach USD 18.33 billion by 2030, with a CAGR of 5.15%.
- In Brazil, offshore well services, including well intervention, are expected to see an average annual spending of USD 5.4 billion on drilling and completion expenditures between 2024 and 2030, with offshore accounting for 89% of the total spending.
- For the broader Middle East and Africa region, the well intervention market holds approximately 10% of the global market share.
Robotics (including ROVs/AUVs for inspection, repair, maintenance, installation, and trenching)
- The global offshore AUV and ROV market size is valued at USD 4.11 billion in 2026 and is projected to reach USD 6.78 billion by 2031.
- The global underwater robotics market size was valued at USD 4.7 billion in 2024 and is expected to reach USD 11.9 billion by 2033.
- The Brazil ROV market generated a revenue of USD 57.93 million in 2025 and is projected to reach USD 146.15 million by 2034.
- In the Asia-Pacific region, which dominated the market in 2023, the underwater/marine robotics market holds approximately 35% of the global share.
Production Facilities (including oil and natural gas processing facilities and services)
- The global early production facility market size was valued at USD 15.74 billion in 2025. It is projected to grow from USD 16.26 billion in 2026 to USD 21.19 billion by 2034.
Decommissioning Services (including well plug and abandonment, pipeline abandonment, site clearance)
- The global offshore decommissioning services market was valued at USD 7.53 billion in 2025, expected to grow to USD 8.08 billion in 2026, and is forecast to reach USD 11.52 billion by 2031.
- The global Plug & Abandonment Services Market was estimated at USD 2.68 billion in 2025 and is expected to reach USD 4.10 billion by 2032.
- For the North Sea region (Europe), the offshore decommissioning market reached USD 4.23 billion in 2025.
- In the Gulf of Mexico (United States), the US accounted for approximately 26.49% of global offshore decommissioning revenues in 2025.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Helix Energy Solutions (HLX) over the next 2-3 years:
- Growth in the Well Intervention Market and Higher Rates: Helix Energy Solutions anticipates continued strength in its core well intervention markets globally. The company expects to benefit from multi-year commitments and has observed leading-edge rates approximately 15% higher than previous rates in well intervention services. Specifically, the intervention market in Brazil is highlighted as a strong market with significant activity, supported by long-term contracts for vessels like the Siem Helix 1 and Siem Helix 2 with Petrobras. Well Intervention revenues increased 17% in 2024 due to overall higher rates and utilization.
- Expansion of the Robotics Segment: The robotics segment, particularly in trenching and renewables, is a significant growth driver. Helix has noted strong markets for its robotic fleet, with increased trenching activity and significant contracts in the North Sea region. The company's robotics business operates on both renewables and oil and gas-related projects globally, benefiting from active markets. Overall ROV and trencher utilization increased to 69% in 2024 compared to 62% in 2023, contributing to a $24.9 million increase in robotics operating income.
- Growth in the Decommissioning Market: Helix expects a robust decommissioning market, particularly in the U.S. Gulf of Mexico, for years to come, with the company aiming to maintain a significant market share. Management anticipates that the decommissioning market, especially in shallow water, should increase markedly in 2027. The CEO has expressed expectations of exceeding initial EBITDA guidance for the shallow water business.
- Increased Asset Utilization and Operational Efficiency: Higher utilization rates across Helix's vessel fleet and intervention systems are expected to drive revenue growth. For example, improved utilization on the Q4000 and Q5000 in the U.S. Gulf Coast contributed to increased revenues in 2024. The Q7000 also generated higher integrated project revenues in Australia in 2024 due to fewer transit and mobilization days. This focus on maximizing the deployment and efficiency of its assets contributes directly to revenue generation.
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Share Repurchases
- Helix Energy Solutions authorized a $200 million stock buyback plan in February 2023.
- In 2025, the company repurchased 4.6 million shares for approximately $30.2 million.
- In 2024, Helix repurchased 2.9 million shares for approximately $29.6 million.
Share Issuance
- While the number of shares outstanding saw minor fluctuations (e.g., 150,936,476 shares as of February 19, 2025, and 146,907,000 shares at the end of 2025), specific dollar amounts of significant share issuances for capital raising purposes were not identified in the last 3-5 years.
Outbound Investments
- On July 1, 2022, Helix Energy Solutions completed the acquisition of 100% of the equity interests of the Alliance group of companies for $120 million in cash at closing.
- This acquisition expanded Helix's decommissioning presence in the Gulf of Mexico shelf and enhanced its shallow water asset capabilities.
- Operating cash flows in 2024 included a $58.3 million cash payment for the earnout consideration related to the Alliance acquisition.
Capital Expenditures
- Capital expenditures for Helix Energy Solutions decreased to $16.3 million in 2025, from $23.3 million in 2024.
- In the fourth quarter of 2025, capital expenditures were $5.7 million, funding long-term assets and infrastructure.
- Capital expenditures primarily focus on supporting well intervention, robotics, and decommissioning operations, including significant regulatory certification costs for vessels and systems.
Peer Outperformance in Oil & Gas Equipment & Services
HLX has outperformed 64% of its 33 Oil & Gas Equipment & Services peers over 5Y. Among the peers that beat it are EFXT, OII and BKR. Oil & Gas Equipment & Services ranks 6th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Equipment & Services constituents that HLX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
62%
of 39 industry peers · 72.5% return
3Y
35%
of 37 industry peers · 10.3% return
5Y
64%
of 33 industry peers · 205.3% return
Oil & Gas Equipment & Services peers with revenue growth within 4pp of HLX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| HLX | Helix Energy Solutions | 6.2% | 38.4x | 72.5% | 10.3% | 205.3% | — |
| EFXT | Enerflex | 9.3% | 46.9x | 110.6% | 245.2% | 431.3% | +226pp |
| OII | Oceaneering International | 8.9% | 15.1x | 130.7% | 148.0% | 379.2% | +174pp |
| BKR | Baker Hughes | 6.2% | 20.0x | 45.7% | 88.7% | 242.3% | +37pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Equipment & Services is HLX's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 118.2% | 124.0% | 427.8% | PBF 888% · MPC 636% · VLO 577% |
| Integrated Oil & Gas | 7 | 46.4% | 68.6% | 273.0% | IMO 533% · CVE 403% · SU 386% |
| Oil & Gas Storage & Transportation | 18 | 32.9% | 111.1% | 249.4% | INSW 905% · LPG 842% · TRGP 694% |
| Coal & Consumable Fuels | 14 | 40.5% | 65.0% | 213.1% | EU 1104% · LEU 701% · CCJ 545% |
| Oil & Gas Exploration & Production | 51 | 31.6% | 9.8% | 148.2% | KGEI 10275% · OBE 7231% · EP 3173% |
| Oil & Gas Equipment & Services ← | 34 | 66.0% | 35.5% | 128.1% | FTI 1177% · TDW 826% · SEI 812% |
| Oil & Gas Drilling | 7 | 90.0% | 2.0% | 119.3% | VAL 264% · PDS 209% · NE 152% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.44 |
| Mkt Cap | 30.1 |
| Rev LTM | 16,397 |
| Op Inc LTM | 2,253 |
| FCF LTM | 1,648 |
| FCF 3Y Avg | 1,657 |
| CFO LTM | 2,305 |
| CFO 3Y Avg | 2,450 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.2% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 7.0% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 0.4% |
| Op Inc Chg 3Y Avg | 20.0% |
| Op Mgn LTM | 13.0% |
| Op Mgn 3Y Avg | 12.3% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 16.9% |
| CFO/Rev 3Y Avg | 14.7% |
| FCF/Rev LTM | 11.9% |
| FCF/Rev 3Y Avg | 10.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Well Intervention | 729 | 830 | 708 | 508 | 517 |
| Robotics | 323 | 298 | 258 | 192 | 137 |
| Shallow Water Abandonment | 200 | 187 | 275 | 125 | 0 |
| Production Facilities | 73 | 89 | 88 | 82 | 69 |
| Elimination of intersegment revenues | -34 | -45 | -39 | -34 | -48 |
| Total | 1,291 | 1,359 | 1,290 | 873 | 675 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Robotics | 71 | 77 | 52 | 30 | 6 |
| Well Intervention | 24 | 93 | 32 | -53 | -36 |
| Production Facilities | 20 | 21 | 21 | 27 | 23 |
| Shallow Water Abandonment | 11 | -9 | 66 | 22 | 0 |
| Long-lived asset impairment | -18 | ||||
| Corporate, eliminations and other | -43 | -55 | -66 | -55 | -41 |
| Change in fair value of contingent consideration | -42 | -16 | 0 | ||
| Total | 65 | 127 | 64 | -45 | -49 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Well Intervention | 1,791 | 1,796 | 2,012 | 2,134 | 2,180 |
| Shallow Water Abandonment | 256 | 207 | |||
| Corporate and other | 211 | 57 | 99 | 102 | 122 |
| Robotics | 178 | 193 | 96 | 133 | 151 |
| Production Facilities | 120 | 136 | 119 | 130 | 143 |
| Total | 2,556 | 2,389 | 2,326 | 2,498 | 2,597 |
Price Behavior
Price Behavior
| Market Price | $10.35 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 07/01/1997 | |
| Distance from 52W High | -1.9% | |
| 50 Days | 200 Days | |
| DMA Price | $9.36 | $8.68 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 10.6% | 19.3% |
| 3M | 1YR | |
| Volatility | 39.8% | 44.4% |
| Downside Capture | 14.03 | 16.17 |
| Upside Capture | 24.44 | 74.86 |
| Correlation (SPY) | 11.1% | 18.4% |
HLX Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.05 | 0.41 | 0.27 | 0.38 | 0.65 | 1.14 |
| Up Beta | 2.17 | -0.68 | -0.97 | -0.48 | 0.37 | 1.25 |
| Down Beta | -0.37 | 0.88 | 0.67 | 1.05 | 1.16 | 1.53 |
| Up Capture | 21% | 63% | 22% | 58% | 66% | 48% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 23 | 30 | 67 | 128 | 376 |
| Down Capture | -117% | 51% | 76% | 34% | 40% | 98% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 20 | 31 | 56 | 117 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLX | |
|---|---|---|---|---|
| HLX | 82.0% | 44.6% | 1.46 | - |
| Sector ETF (XLE) | 52.1% | 21.7% | 1.84 | 57.8% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 18.1% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 9.0% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 32.2% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 9.7% |
| Bitcoin (BTCUSD) | -35.4% | 43.5% | -0.88 | 11.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLX | |
|---|---|---|---|---|
| HLX | 23.0% | 50.8% | 0.59 | - |
| Sector ETF (XLE) | 25.1% | 25.8% | 0.86 | 66.8% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 34.3% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 11.9% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 46.3% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 25.7% |
| Bitcoin (BTCUSD) | 9.1% | 52.7% | 0.36 | 17.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLX | |
|---|---|---|---|---|
| HLX | 2.6% | 65.1% | 0.33 | - |
| Sector ETF (XLE) | 10.8% | 29.6% | 0.40 | 67.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 40.9% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 5.1% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 45.8% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 34.4% |
| Bitcoin (BTCUSD) | 62.2% | 66.1% | 1.02 | 14.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 5.3% | 8.5% | |
| 4/23/2026 | 2.0% | 6.7% | 3.9% |
| 2/24/2026 | -9.0% | -12.7% | -6.0% |
| 10/23/2025 | 0.7% | -2.7% | -7.5% |
| 7/24/2025 | 3.0% | -1.0% | 6.5% |
| 4/24/2025 | -4.4% | -4.7% | -6.7% |
| 2/25/2025 | -2.0% | -9.8% | 3.0% |
| 10/24/2024 | 1.0% | 0.0% | 22.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 13 |
| # Negative | 11 | 13 | 10 |
| Median Positive | 2.2% | 6.7% | 17.5% |
| Median Negative | -2.0% | -4.7% | -8.0% |
| Max Positive | 18.9% | 34.0% | 37.4% |
| Max Negative | -10.7% | -12.7% | -20.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 5.3% | 8.5% | |
| 4/23/2026 | 2.0% | 6.7% | 3.9% |
| 2/24/2026 | -9.0% | -12.7% | -6.0% |
| 10/23/2025 | 0.7% | -2.7% | -7.5% |
| 7/24/2025 | 3.0% | -1.0% | 6.5% |
| 4/24/2025 | -4.4% | -4.7% | -6.7% |
| 2/25/2025 | -2.0% | -9.8% | 3.0% |
| 10/24/2024 | 1.0% | 0.0% | 22.8% |
| 7/25/2024 | -0.8% | -10.4% | -11.9% |
| 4/25/2024 | 0.3% | -4.1% | -0.8% |
| 2/27/2024 | -0.7% | 3.1% | 18.8% |
| 10/24/2023 | -3.6% | -6.0% | -11.9% |
| 7/27/2023 | 1.7% | 1.3% | 0.0% |
| 4/25/2023 | -1.1% | -5.8% | -5.4% |
| 2/21/2023 | 12.1% | 9.8% | 0.1% |
| 10/25/2022 | 18.9% | 34.0% | 21.4% |
| 7/26/2022 | 13.5% | 27.7% | 37.4% |
| 4/26/2022 | -0.5% | -1.4% | 6.8% |
| 2/22/2022 | -3.7% | 0.0% | 17.5% |
| 10/21/2021 | 0.7% | -4.1% | -20.5% |
| 7/27/2021 | -1.0% | 1.7% | -8.7% |
| 4/27/2021 | 5.7% | 7.2% | 18.6% |
| 2/23/2021 | -10.7% | -1.1% | -8.4% |
| 10/22/2020 | 2.2% | -11.1% | 21.4% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 13 |
| # Negative | 11 | 13 | 10 |
| Median Positive | 2.2% | 6.7% | 17.5% |
| Median Negative | -2.0% | -4.7% | -8.0% |
| Max Positive | 18.9% | 34.0% | 37.4% |
| Max Negative | -10.7% | -12.7% | -20.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/22/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 07/24/2020 | 10-Q |
| 03/31/2020 | 04/24/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 10/23/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sparks, Scott Andrew | EVP & COO | Direct | Sell | 11042025 | 6.88 | 40,000 | 275,160 | 2,070,868 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sparks, Scott Andrew | EVP & COO | Direct | Sell | 11042025 | 6.88 | 40,000 | 275,160 | 2,070,868 | Form |
Investor Activity (13F)
Updated Aug 22, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Helix Energy Solutions — Investor Video Playlist
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