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Helix Energy
(NYSE:HLX)
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Rating:62Neutral
Price Target:
$10.00
▲(2.15% Upside)
Action:Reiterated
Date:09/06/26
HLX scores as moderate: the biggest support is improving financial stability driven by strong free cash flow and manageable leverage, reinforced by maintained guidance and liquidity/backlog commentary from the latest call. The main offsets are weak technicals (trading below key moving averages with soft momentum) and a relatively high P/E with no dividend yield data, which together reduce the margin of safety.
Positive Factors
Strong cash generation
Robust operating and free cash flow supports earnings quality and gives Helix greater capacity to fund vessel investment, integration needs, and debt management internally. Cash conversion close to net income also indicates that reported profitability is backed by tangible liquidity rather than relying mainly on accounting gains.
Negative Factors
Compressed margins and weak returns
Thin profitability leaves limited protection against execution or activity setbacks and makes shareholder returns highly sensitive to vessel utilization and project economics. Sustained margin compression could constrain reinvestment, reduce cash available for growth, and dilute the benefits of revenue stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Robust operating and free cash flow supports earnings quality and gives Helix greater capacity to fund vessel investment, integration needs, and debt management internally. Cash conversion close to net income also indicates that reported profitability is backed by tangible liquidity rather than relying mainly on accounting gains.
Read all positive factors
Helix Energy (HLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.74B
Dividend YieldN/A
Average Volume (3M)1.73M
Price to Earnings (P/E)39.3
Beta (1Y)0.65
Revenue Growth1.97%
EPS Growth-51.44%
CountryUS
Employees2,212
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.27
Shares Outstanding188,700,000
10 Day Avg. Volume2,231,804
30 Day Avg. Volume1,731,646
Financial Highlights & Ratios
PEG Ratio-0.69
Price to Book (P/B)0.59
Price to Sales (P/S)0.72
P/FCF Ratio7.73
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.28
Revenue Forecast (FY)$1.28B
Helix Energy Business Overview & Revenue Model
Company Description
Helix Energy Solutions Group, Inc., founded in 1979 and based in Houston, Texas, (and known as Cal Dive International, Inc., until its name change in March 2006) is an offshore energy services firm. It provides an array of specialized solutions to...
How the Company Makes Money
Helix primarily makes money by providing offshore services and charging customers under day-rate, project-based, and/or integrated service contracts tied to vessel time, equipment usage, and scope of work. A major revenue stream is well interventi...
Helix Energy Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 26, 2026
Earnings Call Sentiment Positive
The call balanced near-term operational headwinds (seasonal softness, a Q1 net loss and one-time costs) with multiple strategic positives: strong liquidity, maintained full-year guidance, a meaningful backlog (~$2 billion combined), operational wins (Thunder Hawk restart, Seawell reactivation), and a transformational all-stock merger that materially scales the business (combined revenue +56%, EBITDA +106%) and targets $75M+ in synergies within three years. While integration and leverage will need careful management and there is some short-term margin pressure, the scale, cross-selling potential, asset optionality (23 vessels for reactivation, 2 MPSVs) and cash generation prospects lead the call to be viewed favorably overall.Positive Updates
Quarterly Financials — Revenue and Profitability
Q1 FY26 revenue of $288 million; gross profit $9 million (gross margin ~3.1%); adjusted EBITDA $32 million (adjusted EBITDA margin ~11.1%); operating cash flow $62 million; free cash flow for the quarter $9 million.
Negative Updates
Seasonal Weakness and Segment Impact
Q1 performance was affected by expected seasonal winter weakness in the North Sea and U.S. shelf, which impacted well intervention, robotics, and shallow water abandonment activity and contributed to lower margins in the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Financials — Revenue and Profitability
Q1 FY26 revenue of $288 million; gross profit $9 million (gross margin ~3.1%); adjusted EBITDA $32 million (adjusted EBITDA margin ~11.1%); operating cash flow $62 million; free cash flow for the quarter $9 million.
Read all positive updates
Company Guidance
Helix reiterated 2026 guidance supported by Q1 results: Q1 revenue $288M, gross profit $9M, net loss $13M, adjusted EBITDA $32M, operating cash flow $62M and free cash flow $9M; ending quarter cash $501M, liquidity $612M and funded debt ~$10M (Helix backlog ≈$1B). For 2026 management maintained revenue guidance of $1.2B–$1.4B, EBITDA $230M–$290M (noting Q1 Thunder Hawk workover and the upcoming Siem Helix 1 docking as headwinds), CapEx $70M–$80M, and free cash flow $100M–$160M, with continued meaningful FCF generation but variability driven by working capital. They expect 2026 quarterly cadence to mirror prior years (Q2–Q3 most active; Q1 and Q4 seasonally softer), and cited key drivers including second‑half utilization of the Q4k and Q7k, strong robotics/ROV markets, and stable shallow‑water abandonment.Helix Energy Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.30B | 1.29B | 1.36B | 1.29B | 873.10M | 674.73M |
| Gross Profit | 181.68M | 159.14M | 219.56M | 200.36M | 50.62M | 15.39M |
| EBITDA | 288.18M | 252.64M | 253.17M | 192.99M | 87.68M | 94.36M |
| Net Income | 39.67M | 30.83M | 55.64M | -10.84M | -87.78M | -61.68M |
Balance Sheet | ||||||
| Total Assets | 2.57B | 2.70B | 2.60B | 2.56B | 2.39B | 2.33B |
| Cash, Cash Equivalents and Short-Term Investments | 652.23M | 445.20M | 368.03M | 332.19M | 186.60M | 253.51M |
| Total Debt | 610.40M | 629.75M | 661.12M | 540.57M | 469.68M | 410.95M |
| Total Liabilities | 986.36M | 1.12B | 1.08B | 1.06B | 872.63M | 678.56M |
| Stockholders Equity | 1.58B | 1.58B | 1.52B | 1.50B | 1.52B | 1.65B |
Cash Flow | ||||||
| Free Cash Flow | 235.75M | 120.41M | 162.72M | 132.87M | 17.60M | 131.79M |
| Operating Cash Flow | 253.12M | 136.75M | 186.03M | 152.46M | 51.11M | 140.12M |
| Investing Cash Flow | 86.84M | -16.34M | -22.84M | -18.66M | -138.29M | -8.27M |
| Financing Cash Flow | -8.30M | -45.06M | -125.31M | 25.11M | -44.84M | -96.00M |
Helix Energy Technical Analysis
Negative
9.79
Price Trends
9.62
Negative
9.64
Negative
8.85
Positive
Market Momentum
0.03
Positive
38.52
Neutral
17.46
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HLX, the sentiment is Negative. The current price of 9.79 is below the 20-day moving average (MA) of 10.14, above the 50-day MA of 9.62, and above the 200-day MA of 8.85, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 38.52 is Neutral, neither overbought nor oversold. The STOCH value of 17.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HLX.
Helix Energy Risk Analysis
Helix Energy disclosed 37 risk factors in its most recent earnings report. Helix Energy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Helix Energy Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
87 Outperform | $5.12B | 14.77 | 32.92% | 2.69% | 3.84% | 75.32% | |
72 Outperform | $3.50B | 37.07 | 9.43% | ― | 23.55% | 21.73% | |
62 Neutral | $1.74B | 39.26 | 2.52% | ― | 1.97% | -51.44% | |
59 Neutral | $1.02B | 130.38 | 1.95% | 5.64% | 5.70% | -95.02% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $1.44B | 65.33 | 2.07% | 2.46% | 25.36% | -59.73% |
* General Sector Average
HLX
Helix Energy
9.20
2.98
47.91%
OII
Oceaneering International
51.40
27.36
113.81%
RES
RPC
6.50
1.92
41.80%
TTI
Tetra Technologies
6.91
2.16
45.47%
NESR
National Energy Services Reunited
34.75
25.16
262.36%
Helix Energy Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Helix Energy Finalizes Merger-Linked Executive Compensation Framework
Positive
Sep 4, 2026
On September 1–4, 2026, the combined Hornbeck–Helix group put in place a comprehensive suite of employment, equity and director compensation arrangements tied to their merger. Todd M. Hornbeck signed a five-year CEO contract with subst...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Helix Energy Unveils Post-Merger Strategy and Leadership Structure
Positive
Sep 3, 2026
On September 1, 2026, Hornbeck Offshore Services completed its merger with Helix, creating an integrated deepwater offshore services leader with 85 vessels, 41 work-class ROVs and six subsea trenching systems, and about $1.9 billion in pro forma L...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder Meetings
Helix Energy completes merger, rebranding to Hornbeck Offshore
Positive
Sep 1, 2026
On September 1, 2026, Helix completed a series of merger-related steps that reshaped its capital structure and governance, including an amended Jones Act warrant regime that converted Legacy Hornbeck warrants into rights over Helix common stock an...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Helix Energy Shareholders Approve Merger with Hornbeck
Positive
Aug 31, 2026
On August 31, 2026, Helix shareholders approved a series of governance and structural proposals required to complete the all-stock merger with Hornbeck Offshore Services. The measures included authorizing new common and preferred stock, converting...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
Helix Energy refocuses strategy with Helix Alliance sale
Positive
Aug 11, 2026
Helix Energy Solutions Group has recast portions of its 2025 annual financial disclosures to reflect the May 1, 2026 sale of Helix Alliance, its former Shallow Water Abandonment segment, as discontinued operations. The move, triggered by U.S. SEC ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Helix Energy Posts Profit, Anticipates Hornbeck Merger Completion
Positive
Aug 6, 2026
On August 6, 2026, Helix reported that second-quarter 2026 net income rose to $22.7 million, or $0.15 per diluted share, reversing losses recorded in both the prior quarter and the year-ago period, while revenues climbed to $304.0 million and adju...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Helix Energy Advances Hornbeck Offshore Merger After FTC Clearance
Positive
Jun 12, 2026
Helix Energy Solutions Group and Hornbeck Offshore Services entered into a merger agreement on April 22, 2026, under which a two-step merger structure will ultimately combine Hornbeck into a Helix subsidiary that will survive as a limited liabilit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.