Helix Energy Solutions (HLX)
Market Price (5/24/2026): $10.075 | Market Cap: $1.5 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Helix Energy Solutions (HLX)
Market Price (5/24/2026): $10.075Market 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 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 11% Low stock price volatilityVol 12M is 48% 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 -4.5% Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -29% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/EPrice/Earnings or Price/(Net Income) is 103x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% 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 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 11% |
| Low stock price volatilityVol 12M is 48% |
| 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 -4.5% |
| Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -29% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/EPrice/Earnings or Price/(Net Income) is 103x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% |
| Key risksHLX key risks include [1] unpredictable project awards and delays impacting revenue and asset utilization, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Helix Energy Solutions (HLX) stock has gained about 25% since 1/31/2026 because of the following key factors:
1. Strong Q1 2026 Financial Performance Exceeding Revenue Expectations.
Helix Energy Solutions reported its Q1 2026 earnings on April 22, 2026, with revenue reaching $287.95 million. This represented a 3.6% increase year-over-year and surpassed analysts' expectations by $24.04 million. Despite reporting an EPS of -$0.09, which met the consensus estimate, the company reaffirmed its 2026 full-year guidance, projecting revenue between $1.2 billion and $1.4 billion and EBITDA between $230 million and $290 million, indicating a positive outlook for the year.
2. Strategic Merger Announcement with Hornbeck Offshore Services.
On April 23, 2026, Helix Energy Solutions announced its plan to combine with Hornbeck Offshore Services. This strategic move aims to create a premier integrated offshore services company. The news of this merger led to a notable positive reaction in the market, with Helix's stock surging 5.4% in premarket trading following the announcement.
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1. Strong Q1 2026 Financial Performance Exceeding Revenue Expectations.
Helix Energy Solutions reported its Q1 2026 earnings on April 22, 2026, with revenue reaching $287.95 million. This represented a 3.6% increase year-over-year and surpassed analysts' expectations by $24.04 million. Despite reporting an EPS of -$0.09, which met the consensus estimate, the company reaffirmed its 2026 full-year guidance, projecting revenue between $1.2 billion and $1.4 billion and EBITDA between $230 million and $290 million, indicating a positive outlook for the year.
2. Strategic Merger Announcement with Hornbeck Offshore Services.
On April 23, 2026, Helix Energy Solutions announced its plan to combine with Hornbeck Offshore Services. This strategic move aims to create a premier integrated offshore services company. The news of this merger led to a notable positive reaction in the market, with Helix's stock surging 5.4% in premarket trading following the announcement.
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Stock Movement Drivers
Fundamental Drivers
The 27.0% change in HLX stock from 1/31/2026 to 5/23/2026 was primarily driven by a 278.2% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.94 | 10.08 | 27.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,312 | 1,301 | -0.8% |
| Net Income Margin (%) | 3.3% | 1.1% | -66.1% |
| P/E Multiple | 27.3 | 103.4 | 278.2% |
| Shares Outstanding (Mil) | 147 | 147 | -0.2% |
| Cumulative Contribution | 27.0% |
Market Drivers
1/31/2026 to 5/23/2026| Return | Correlation | |
|---|---|---|
| HLX | 27.0% | |
| Market (SPY) | 8.1% | 10.3% |
| Sector (XLE) | 17.3% | 47.5% |
Fundamental Drivers
The 50.0% change in HLX stock from 10/31/2025 to 5/23/2026 was primarily driven by a 346.9% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.72 | 10.08 | 50.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,312 | 1,301 | -0.8% |
| Net Income Margin (%) | 3.3% | 1.1% | -66.1% |
| P/E Multiple | 23.1 | 103.4 | 346.9% |
| Shares Outstanding (Mil) | 147 | 147 | -0.2% |
| Cumulative Contribution | 50.0% |
Market Drivers
10/31/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| HLX | 50.0% | |
| Market (SPY) | 9.9% | 17.0% |
| Sector (XLE) | 37.0% | 52.3% |
Fundamental Drivers
The 65.5% change in HLX stock from 4/30/2025 to 5/23/2026 was primarily driven by a 855.3% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.09 | 10.08 | 65.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,340 | 1,301 | -2.9% |
| Net Income Margin (%) | 6.3% | 1.1% | -82.6% |
| P/E Multiple | 10.8 | 103.4 | 855.3% |
| Shares Outstanding (Mil) | 151 | 147 | 2.6% |
| Cumulative Contribution | 65.5% |
Market Drivers
4/30/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| HLX | 65.5% | |
| Market (SPY) | 36.0% | 22.1% |
| Sector (XLE) | 52.5% | 55.1% |
Fundamental Drivers
The 39.0% change in HLX stock from 4/30/2023 to 5/23/2026 was primarily driven by a 33.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.25 | 10.08 | 39.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 973 | 1,301 | 33.7% |
| P/S Multiple | 1.1 | 1.1 | 0.8% |
| Shares Outstanding (Mil) | 152 | 147 | 3.1% |
| Cumulative Contribution | 39.0% |
Market Drivers
4/30/2023 to 5/23/2026| Return | Correlation | |
|---|---|---|
| HLX | 39.0% | |
| Market (SPY) | 86.3% | 39.7% |
| Sector (XLE) | 54.1% | 61.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HLX Return | -26% | 137% | 39% | -9% | -33% | 60% | 139% |
| Peers Return | 17% | 68% | 20% | 9% | 14% | 53% | 349% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| HLX Win Rate | 50% | 67% | 58% | 33% | 42% | 80% | |
| Peers Win Rate | 52% | 65% | 53% | 43% | 62% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| HLX Max Drawdown | -56% | -54% | -28% | -30% | -41% | -17% | |
| Peers Max Drawdown | -35% | -45% | -26% | -26% | -32% | -13% | |
| 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 5/22/2026 (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)
Helix Energy Solutions Group, Inc., an offshore energy services company, provides specialty services to the offshore energy industry primarily in Brazil, the Gulf of Mexico, North Sea, the Asia Pacific, and West Africa regions. The company operates through three segments: Well Intervention, Robotics, and Production Facilities. It engages in the installation of flowlines, control umbilicals, and manifold assemblies and risers; trenching and burial of pipelines; installation and tie-in of riser and manifold assembly; commissioning, testing, and inspection activities; and provision of cable and umbilical lay, and connection services. The company also provides well intervention, intervention engineering, and production enhancement services; inspection, repair, and maintenance of production structures, trees, jumpers, risers, pipelines, and subsea equipment; and related support services. In addition, it offers reclamation and remediation services; well plug and abandonment services; pipeline abandonment services; and site inspections. Additionally, the company offers oil and natural gas processing facilities and services; and fast response system, as well as site clearance and subsea support services. It serves independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies, and offshore engineering and construction firms. The company was formerly known as Cal Dive International, Inc. and changed its name to Helix Energy Solutions Group, Inc. in March 2006. Helix Energy Solutions Group, Inc. was incorporated in 1979 and is headquartered in Houston, Texas.
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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nullAI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
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| 03312026 | KGS | Kodiak Gas Services | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 16.3% | 16.3% | -0.7% |
| 03312026 | KOS | Kosmos Energy | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 10.8% | 10.8% | -10.8% |
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 54.5% | 54.5% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 25.4% | 25.4% | -6.5% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.38 |
| Mkt Cap | 31.6 |
| Rev LTM | 16,180 |
| Op Inc LTM | 2,233 |
| FCF LTM | 1,511 |
| FCF 3Y Avg | 1,619 |
| CFO LTM | 2,239 |
| CFO 3Y Avg | 2,397 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.1% |
| Rev Chg 3Y Avg | 8.8% |
| Rev Chg Q | 2.7% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | -7.6% |
| Op Inc Chg 3Y Avg | 25.6% |
| Op Mgn LTM | 13.2% |
| Op Mgn 3Y Avg | 11.7% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 13.5% |
| CFO/Rev 3Y Avg | 14.2% |
| FCF/Rev LTM | 10.4% |
| FCF/Rev 3Y Avg | 10.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.6 |
| P/S | 2.0 |
| P/Op Inc | 17.3 |
| P/EBIT | 17.6 |
| P/E | 24.2 |
| P/CFO | 12.9 |
| Total Yield | 5.9% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 6.8% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.3% |
| 3M Rtn | 12.3% |
| 6M Rtn | 60.5% |
| 12M Rtn | 93.5% |
| 3Y Rtn | 88.7% |
| 1M Excs Rtn | -1.8% |
| 3M Excs Rtn | 1.6% |
| 6M Excs Rtn | 47.6% |
| 12M Excs Rtn | 66.4% |
| 3Y Excs Rtn | 15.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Well Intervention | 830 | ||||
| Robotics | 298 | ||||
| Shallow Water Abandonment | 187 | ||||
| Production Facilities | 89 | ||||
| Elimination of intersegment revenues | -45 | ||||
| Total | 1,359 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Well Intervention | 93 | ||||
| Robotics | 77 | ||||
| Production Facilities | 21 | ||||
| Shallow Water Abandonment | -9 | ||||
| Corporate, eliminations and other | -55 | ||||
| Total | 127 |
Price Behavior
Price Behavior
| Market Price | $10.08 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 07/01/1997 | |
| Distance from 52W High | -4.5% | |
| 50 Days | 200 Days | |
| DMA Price | $9.79 | $7.73 |
| DMA Trend | up | up |
| Distance from DMA | 2.9% | 30.3% |
| 3M | 1YR | |
| Volatility | 51.0% | 48.1% |
| Downside Capture | 13.04 | 2.66 |
| Upside Capture | 53.15 | 60.25 |
| Correlation (SPY) | 3.0% | 18.9% |
HLX Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.80 | 0.06 | 0.44 | 0.69 | 0.90 | 1.17 |
| Up Beta | -0.67 | -0.84 | -0.33 | 0.39 | 1.31 | 1.34 |
| Down Beta | -5.31 | 0.77 | 1.77 | 1.24 | 1.37 | 1.58 |
| Up Capture | -7% | 45% | 91% | 108% | 65% | 55% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 25 | 38 | 70 | 125 | 383 |
| Down Capture | -225% | 7% | -27% | 17% | 34% | 96% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 17 | 25 | 53 | 120 | 354 |
[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 | 71.5% | 47.7% | 1.29 | - |
| Sector ETF (XLE) | 49.9% | 20.2% | 1.89 | 54.4% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 18.1% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | 5.9% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | 27.2% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 15.2% |
| Bitcoin (BTCUSD) | -31.3% | 41.8% | -0.78 | 10.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLX | |
|---|---|---|---|---|
| HLX | 14.9% | 51.8% | 0.46 | - |
| Sector ETF (XLE) | 21.2% | 26.0% | 0.73 | 67.6% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 34.8% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 11.8% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 47.0% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 26.2% |
| Bitcoin (BTCUSD) | 11.6% | 55.3% | 0.41 | 15.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HLX | |
|---|---|---|---|---|
| HLX | 4.3% | 65.8% | 0.36 | - |
| Sector ETF (XLE) | 10.6% | 29.5% | 0.40 | 67.2% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 41.3% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 4.6% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 46.2% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 34.4% |
| Bitcoin (BTCUSD) | 66.7% | 66.9% | 1.06 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 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% |
| 2/27/2024 | -0.7% | 3.1% | 18.8% |
| 10/24/2023 | -3.6% | -6.0% | -11.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 10 |
| # Negative | 9 | 10 | 8 |
| Median Positive | 2.2% | 2.4% | 18.2% |
| Median Negative | -3.6% | -7.9% | -10.3% |
| Max Positive | 18.9% | 34.0% | 37.4% |
| Max Negative | -10.7% | -12.7% | -26.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Insider Activity
Expand for More| # | 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 |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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