Helix Energy (HLX) AI Stock Analysis

• Market Cap: $1.55B
• Dividend Yield: N/A
• Average Volume (3M): 2.13M
• Price to Earnings (P/E): 46.1
• Beta (1Y): 1.07
• Revenue Growth: -1.95%
• EPS Growth: 530.91%
• Country: US
• Employees: 2,313
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.18
• Shares Outstanding: 147,080,920
• 10 Day Avg. Volume: 2,278,653
• 30 Day Avg. Volume: 2,134,401
• PEG Ratio: -0.70
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 0.72
• P/FCF Ratio: 7.73
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 1.24
• Enterprise Value/Gross Profit: 10.03
• Enterprise Value/Ebitda: 6.74
• 1Y Price Target: $13.00
• Price Target Upside: 35.42% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.29
• Revenue Forecast (FY): $1.30B

• Rating: 67 Neutral
• Price Target: $11.50 ▲(19.79% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven mainly by improving fundamentals with solid cash generation and manageable leverage, supported by a strong technical uptrend. These positives are tempered by a high valuation (P/E ~50.6) and earnings-call headwinds that may pressure 2026 EBITDA and utilization, increasing near-term volatility.

Positive Factors

Free cash flow generation

Consistent, multi-year free cash flow provides durable internal funding for maintenance CapEx, ROV renewals, opportunistic M&A and the stated share‑repurchase program. Strong FCF reduces reliance on external financing and supports liquidity through offshore cycles.

Strong balance sheet / net cash position

A net‑cash position and ample liquidity materially improve resilience to offshore market cyclicality, enable planned maintenance/dockings without stress, and give management flexibility to allocate capital defensively or pursue strategic investments.

Robotics & Brazil multi‑year contract backlog

Longer‑dated robotics and Brazil contracts diversify revenue beyond spot intervention dayrates, raise medium‑term utilization visibility, and support structural demand in renewables/trenching and Brazil, reducing earnings cyclicality versus pure short‑term spot exposure.

Negative Factors

Revenue & margin softness

Lower margins and falling revenue versus 2024 indicate the business remains cyclically sensitive and returns are modest. If offshore activity weakens, limited margin headroom constrains profitability and long‑term return on capital, reducing durable value creation.

Material 2026 one‑offs reducing EBITDA

Planned dockings and a major workover are large, scheduled cash and EBITDA drains for 2026. These non‑recurring but sizable items materially lower near‑term earnings and complicate forward cashflow predictability and comparability for multi‑period planning.

Utilization & schedule risk on key assets

Fleet economics depend on sustained vessel utilization; white space on intervention assets and repositioning between theaters creates revenue volatility. Combined with seasonality and competitive pressure in abandonment work, utilization risk can depress durable margins.

Helix Energy Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Helix Energy generates revenue through multiple streams, primarily from its well intervention services, which involve the provision of specialized vessels and equipment to perform maintenance and enhancement of oil and gas wells. The company also earns significant income from its robotics segment, which includes the operation of remotely operated vehicles (ROVs) for subsea inspections and interventions. Additionally, Helix engages in decommissioning services, where it assists clients in safely retiring old offshore infrastructures. Partnerships with major oil and gas operators, combined with its reputation for reliability and technological innovation, further enhance its revenue potential. The company’s earnings are also influenced by fluctuations in oil prices and energy market dynamics, as these factors directly impact the demand for its services.

Helix Energy Financial Statement Overview

Summary

Profitable on a TTM basis with a multi-year improvement from earlier losses, moderate/improving leverage (debt-to-equity ~0.40), and solid operating/free cash flow generation. Offsetting this, revenue and margins softened versus 2024 and returns remain modest, which raises cyclicality and durability risk.

Income Statement

TTM (Trailing-Twelve-Months) results remain profitable (net margin ~3.3%), but earnings quality has softened versus 2024 as revenue dipped and profitability compressed (gross margin down to ~12.8% from ~16.2% in 2024; operating margin down to ~6.9% from ~8.5%). The multi-year trajectory is improved from 2021–2022 losses to consistent profits in 2024 and TTM, but margins are still relatively modest and appear cyclical/variable across years.

Balance Sheet

Leverage looks manageable with debt-to-equity improving to ~0.40 in TTM (from ~0.44 in 2024), supported by a sizable equity base. Total debt is elevated in absolute dollars, but balance sheet risk appears contained given moderate leverage metrics and a return on equity that has turned positive again (TTM ~2.7%) after negative levels in 2021–2023. The main watch-out is that returns remain low, limiting balance-sheet-driven value creation if profitability stalls.

Cash Flow

Cash generation is a clear positive: TTM operating cash flow (~$137M) and free cash flow (~$126M) are solid, with very strong TTM free-cash-flow growth. However, cash conversion vs profits is mixed in TTM: free cash flow is below net income (about 0.77x), and operating cash flow as a share of revenue is lower than 2024 (TTM ~10.6% vs ~13.7% in 2024), suggesting some working-capital or timing headwinds despite healthy overall cash production.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.29B	1.36B	1.29B	873.10M	674.73M
Gross Profit	159.14M	219.56M	200.36M	50.62M	15.39M
EBITDA	252.64M	253.17M	192.99M	87.68M	94.36M
Net Income	30.83M	55.64M	-10.84M	-87.78M	-61.68M
Balance Sheet
Total Assets	2.62B	2.60B	2.56B	2.39B	2.33B
Cash, Cash Equivalents and Short-Term Investments	445.20M	368.03M	332.19M	186.60M	253.51M
Total Debt	629.75M	661.12M	540.57M	469.68M	410.95M
Total Liabilities	964.56M	1.08B	1.06B	872.63M	678.56M
Stockholders Equity	1.65B	1.52B	1.50B	1.52B	1.65B
Cash Flow
Free Cash Flow	120.41M	162.72M	132.87M	17.60M	131.79M
Operating Cash Flow	136.75M	186.03M	152.46M	51.11M	140.12M
Investing Cash Flow	-16.34M	-22.84M	-18.66M	-138.29M	-8.27M
Financing Cash Flow	-45.06M	-125.31M	25.11M	-44.84M	-96.00M

Helix Energy Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HLX, the sentiment is Positive. The current price of 9.6 is above the 20-day moving average (MA) of 8.60, above the 50-day MA of 7.55, and above the 200-day MA of 6.76, indicating a bullish trend. The MACD of 0.57 indicates Negative momentum. The RSI at 62.95 is Neutral, neither overbought nor oversold. The STOCH value of 75.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HLX.

Helix Energy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OII	77 Outperform	$3.86B	10.83	39.64%	―	8.71%	72.09%
NESR	77 Outperform	$2.66B	50.26	5.45%	―	0.31%	33.08%
HLX	67 Neutral	$1.55B	46.09	1.99%	―	-1.95%	530.91%
TTI	66 Neutral	$1.50B	12.12	53.71%	―	0.17%	7307.20%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
RES	61 Neutral	$1.33B	41.11	4.31%	2.94%	4.20%	-59.96%

Helix Energy Corporate Events

Helix Energy Posts Lower Q4 Profit But Strong Cash

On February 23, 2026, Helix reported fourth-quarter 2025 net income of $8.3 million, or $0.06 per diluted share, down from both the prior quarter and year-ago period, reflecting an $18.1 million non-cash impairment on certain oil and gas properties and softer revenues. Adjusted EBITDA for the quarter was $73.9 million, its highest fourth-quarter level since 2013, while full-year 2025 net income fell to $30.8 million and Adjusted EBITDA to $272.0 million, both below 2024.

The company generated $107.5 million of free cash flow in the fourth quarter and $120.4 million for 2025, boosting cash and cash equivalents to $445.2 million and leaving Helix in a net cash position of $137.2 million at year-end. Management highlighted market volatility and a roughly 20% year-on-year drop in oil prices that weighed on offshore activity, but pointed to resilience in pockets such as a newly secured multi-year U.K. North Sea plug and abandonment program covering up to 34 subsea wells and building momentum for offshore market improvement into late 2026 and 2027.

The most recent analyst rating on (HLX) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Helix Energy stock, see the HLX Stock Forecast page.

Helix Energy Extends Subsea Intervention Strategic Alliance Term

On February 12, 2026, Helix Energy Solutions Group, Inc. and its alliance partners OneSubsea and several Schlumberger entities amended their existing Strategic Alliance Agreement first signed on January 5, 2015. The alliance covers the global design, development, manufacture, promotion, marketing, and sale of integrated subsea well intervention equipment and services, and the latest amendment extends its term by nine months, from the prior January 5, 2026 expiry to October 5, 2026, signaling continued operational collaboration and stability for stakeholders involved in subsea intervention projects.

The most recent analyst rating on (HLX) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Helix Energy stock, see the HLX Stock Forecast page.

Helix Energy CEO Owen Kratz Announces Retirement Plan

On December 17, 2025, Helix Energy Solutions announced that long-serving President and CEO Owen Kratz, who first joined the business in 1984 when it operated as Cal Dive International and became CEO in 1997, has informed the board of his intention to retire, capping a career in which he helped grow the company from a small diving outfit into a global offshore services leader. Kratz will remain in the CEO role until the board appoints a successor, with Helix’s chairman emphasizing the company’s focus on leadership continuity and the selection of an experienced global business leader, while Kratz highlighted Helix’s strong balance sheet, established industry position and capacity for future value creation as key underpinnings for a smooth transition for stakeholders.

The most recent analyst rating on (HLX) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Helix Energy stock, see the HLX Stock Forecast page.