Helix Energy Solutions (HLX)
NYSE:HLX
Top Page
Helix Energy
(NYSE:HLX)
Select Model
Select Model
Rating:67Neutral
Price Target:
$11.50
▲(19.67% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Helix Energy (HLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.41B
Dividend YieldN/A
Average Volume (3M)1.84M
Price to Earnings (P/E)30.2
Beta (1Y)0.91
Revenue Growth-1.95%
EPS Growth530.91%
CountryUS
Employees2,313
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.18
Shares Outstanding147,296,100
10 Day Avg. Volume1,330,595
30 Day Avg. Volume1,841,879
Financial Highlights & Ratios
PEG Ratio-0.70
Price to Book (P/B)0.59
Price to Sales (P/S)0.72
P/FCF Ratio7.73
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue1.26
Enterprise Value/Gross Profit10.22
Enterprise Value/Ebitda6.87
Forecast
1Y Price Target
$13.00Price Target Upside35.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.29
Revenue Forecast (FY)$1.31B
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 operate...
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 ...
Helix Energy Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call conveyed a cautiously positive tone: Helix reported strong quarter and year-end cash generation, a robust balance sheet (negative net debt), meaningful free cash flow, and clear growth momentum in Robotics and Brazil contracts. These positives are tempered by near-term headwinds including one-time workover costs and scheduled dockings that materially depress 2026 EBITDA, utilization gaps on certain intervention assets (notably Q4000 and potential Q7000 transitions), market softness and seasonality. Management provided conservative 2026 guidance (revenue roughly in line with 2025; EBITDA range of $230M–$290M; FCF $100M–$160M), underscoring resilience but acknowledging short-term volatility. Overall, strengths in cash flow, backlog and segment-level wins outweigh the near-term operational and non-recurring headwinds.Positive Updates
Strong Fourth Quarter Operating and Cash Performance
Q4 2025 revenue of $334 million, gross profit of $51 million, net income of $8 million and adjusted EBITDA of $74 million. Q4 operating cash flow was $113 million and free cash flow was $107 million. Management noted this was the company's strongest fourth quarter since 2013.
Negative Updates
Year-over-Year Revenue and EBITDA Declines
Management reported FY2025 revenue down ~5% and EBITDA down ~10% versus 2024, reflecting softer market conditions in parts of the business during the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Fourth Quarter Operating and Cash Performance
Q4 2025 revenue of $334 million, gross profit of $51 million, net income of $8 million and adjusted EBITDA of $74 million. Q4 operating cash flow was $113 million and free cash flow was $107 million. Management noted this was the company's strongest fourth quarter since 2013.
Read all positive updates
Company Guidance
Helix guided 2026 to revenues of $1.2–$1.4 billion, EBITDA of $230–$290 million, CapEx of $70–$80 million, and free cash flow of $100–$160 million (with FCF skewed to H2 due to seasonal cadence: Q2–Q3 strongest, Q1 & Q4 weather‑impacted); management said two discrete events (the Thunder Hawk workover, estimated ~$16 million and the Sea Helix 1 10‑year docking >$20 million) will reduce EBITDA by roughly $40 million, and noted variability from working capital. Balance‑sheet metrics include $445 million of cash, $554 million of total liquidity, funded debt of $315 million (expected to decline ~$10 million in 2026), negative net debt of ~$137 million at year‑end 2025, and a potential cash balance approaching $600 million by end‑2026. The company expects CapEx to be largely maintenance/drydocks and ROV renewals, plans share repurchases targeting ~25% of free cash flow, and called out key drivers for the guidance: Q4000/Q7000 utilization, North Sea recovery, strong robotics trenching, and a stable shallow‑water abandonment market.Helix Energy Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
72
Positive
Cash Flow
67
Positive
| 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 | 2.70B | 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 | 1.12B | 1.08B | 1.06B | 872.63M | 678.56M |
| Stockholders Equity | 1.58B | 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
Neutral
9.61
Price Trends
9.15
Positive
8.01
Positive
7.20
Positive
Market Momentum
0.16
Positive
51.83
Neutral
31.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HLX, the sentiment is Neutral. The current price of 9.61 is below the 20-day moving average (MA) of 9.64, above the 50-day MA of 9.15, and above the 200-day MA of 7.20, indicating a neutral trend. The MACD of 0.16 indicates Positive momentum. The RSI at 51.83 is Neutral, neither overbought nor oversold. The STOCH value of 31.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HLX.
Helix Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.60B | 6.88 | 39.31% | ― | 8.71% | 72.09% | |
74 Outperform | $2.32B | 30.15 | 5.41% | ― | 0.31% | 33.08% | |
67 Neutral | $1.41B | 30.17 | 1.97% | ― | -1.95% | 530.91% | |
66 Neutral | $1.47B | 37.20 | 2.93% | 2.94% | 4.20% | -59.96% | |
66 Neutral | $1.14B | -19.01 | 1.05% | ― | 0.17% | 7307.20% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
HLX
Helix Energy
9.79
3.29
50.62%
OII
Oceaneering International
37.43
20.45
120.44%
RES
RPC
6.76
2.15
46.57%
TTI
Tetra Technologies
8.39
6.10
266.38%
NESR
National Energy Services Reunited
23.21
17.32
294.06%
Helix Energy Corporate Events
Business Operations and StrategyFinancial Disclosures
Helix Energy Posts Lower Q4 Profit But Strong Cash
Neutral
Feb 24, 2026
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 propertie...
Business Operations and Strategy
Helix Energy Extends Subsea Intervention Strategic Alliance Term
Positive
Feb 13, 2026
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 desi...
Business Operations and StrategyExecutive/Board Changes
Helix Energy CEO Owen Kratz Announces Retirement Plan
Neutral
Dec 18, 2025
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...
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.