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Helix Energy Solutions (HLX)
NYSE:HLX
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Helix Energy
(NYSE:HLX)
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Rating:71Outperform
Price Target:
$8.00
▲(23.65% Upside)
Helix Energy's strong earnings call and positive technical indicators are offset by valuation concerns and financial performance risks. The company's resilience is evident in its record-high quarterly results, but challenges in profitability and liquidity remain.
Positive Factors
Strong Balance Sheet
Helix Energy's strong cash flow and liquidity position enhance its financial resilience, providing a buffer against market volatility.
Long-Term Contracts
Securing long-term contracts ensures stable revenue streams and strengthens Helix's market position in the offshore energy services sector.
Robotics Segment Growth
The growth in the robotics segment indicates strong demand for Helix's advanced technologies, supporting future revenue expansion.
Negative Factors
Declining Profit Margins
Decreasing profit margins suggest rising cost pressures, which could impact Helix's ability to maintain profitability in the long term.
Cash Flow Challenges
The decline in free cash flow growth indicates potential liquidity issues, which may constrain Helix's operational flexibility.
Market Challenges in Key Regions
Market challenges in the North Sea and Gulf of America could limit Helix's growth opportunities and affect future revenue stability.
Helix Energy (HLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.17B
Dividend YieldN/A
Average Volume (3M)1.36M
Price to Earnings (P/E)28.1
Beta (1Y)1.06
Revenue Growth-1.95%
EPS Growth530.91%
CountryUS
Employees2,313
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.15
Shares Outstanding147,080,920
10 Day Avg. Volume1,721,977
30 Day Avg. Volume1,363,189
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)0.93
Price to Sales (P/S)1.04
P/FCF Ratio8.71
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue1.11
Enterprise Value/Gross Profit8.68
Enterprise Value/Ebitda6.66
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Helix Energy Business Overview & Revenue Model
Company DescriptionHelix 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 MoneyHelix 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 Earnings Call Summary
Earnings Call Date:Oct 22, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 02, 2026
Earnings Call Sentiment Neutral
The earnings call highlights record-high quarterly results and strong performance in Brazil and Robotics, along with securing long-term contracts. However, challenges in the Gulf of America and the U.K. North Sea weigh on the outlook, alongside seasonal impacts and increased cost pressures. Nevertheless, the company's strong balance sheet and cash flow suggest resilience.Q3-2025 Updates
Positive Updates
Record-High Quarterly Results Since 2014
Third quarter results produced the highest quarterly results since 2014, with revenues of $377 million, gross profit of $66 million, and net income of $22 million.
Strong Performance in Brazil and Robotics
Brazil operations achieved 100% utilization for several vessels, and the Robotics segment had a strong quarter with 7 vessels operating, including trenching and ROV support.
Positive Cash Flow and Strong Balance Sheet
Generated positive operating cash flow of $24 million and free cash flow of $23 million in Q3. Ended Q3 with $338 million in cash and $430 million in liquidity.
Long-Term Contracts Secured
Executed a 3-year contract with a minimum 150-day commitment in the Gulf of America and a 4-year agreement with NKT for subsea trencher operations.
Negative Updates
Challenges in the Gulf of America
Lower utilization of the Q4000 vessel due to schedule gaps and the softer Gulf of America market, with some work deferred to 2026.
U.K. North Sea Market Slowdown
Continued market turmoil in the North Sea led to the warm stacking of the Seawell vessel and competitive rates due to government policies and M&A activity.
Seasonal and Cost Pressures
Expected seasonal impacts on operations in the North Sea, Gulf of America Shelf, and APAC, along with rising supply chain and labor costs affecting profitability.
Company Guidance
During the Helix Energy Solutions Group earnings call for the third quarter of fiscal year 2025, the company provided detailed financial and operational guidance. Helix reported revenues of $377 million, a gross profit of $66 million, and a net income of $22 million, marking a substantial improvement from the previous quarter. The adjusted EBITDA for the quarter was $104 million, with operating cash flow of $24 million and free cash flow of $23 million. Year-to-date figures included $957 million in revenues, $109 million in gross profit, and $23 million in net income, with an adjusted EBITDA of $198 million. The company also highlighted strong cash and liquidity positions, with $338 million in cash and equivalents and $430 million in liquidity at the quarter's end. Looking forward, Helix adjusted its guidance for the remainder of 2025, projecting revenues between $1.23 billion and $1.29 billion, EBITDA between $240 million and $270 million, and free cash flow ranging from $100 million to $140 million. The company plans to maintain capital expenditures of $70 million to $80 million, with an emphasis on regulatory maintenance and fleet renewal. Helix anticipates seasonal impacts on operations in the fourth quarter, particularly affecting the North Sea, Gulf of America Shelf, and APAC regions.Helix Energy Financial Statement Overview
Summary
Helix Energy shows stable revenue growth and a strong equity position, but declining profit margins and cash flow challenges pose risks to profitability and liquidity.Income Statement
Helix Energy's income statement shows a modest revenue growth rate of 2.7% TTM, indicating a stable upward trajectory. However, the gross profit margin has decreased from 16.16% in 2024 to 12.75% TTM, reflecting increased cost pressures. The net profit margin also declined to 3.25% TTM from 4.10% in 2024, suggesting reduced profitability. EBIT and EBITDA margins have similarly contracted, indicating challenges in maintaining operational efficiency.65
Positive
Balance Sheet
The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.40 TTM, showing manageable leverage. The equity ratio remains strong, and the return on equity is positive at 2.75% TTM, although it has decreased from 3.66% in 2024. Overall, the company maintains a solid equity base, but the declining ROE indicates potential challenges in generating returns.70
Positive
Cash Flow
Cash flow analysis reveals a decline in free cash flow growth by 27.65% TTM, indicating potential liquidity challenges. The operating cash flow to net income ratio is 0.32 TTM, suggesting limited cash generation relative to net income. The free cash flow to net income ratio remains strong at 0.77 TTM, but the negative growth trend raises concerns about future cash flow sustainability.60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.36B | 1.29B | 873.10M | 674.73M | 733.55M |
| Gross Profit | 167.36M | 219.56M | 200.36M | 50.62M | 15.39M | 79.91M |
| EBITDA | 217.93M | 253.17M | 192.99M | 87.68M | 94.36M | 164.45M |
| Net Income | 42.68M | 55.64M | -10.84M | -87.78M | -61.68M | 22.17M |
Balance Sheet | ||||||
| Total Assets | 2.63B | 2.60B | 2.56B | 2.39B | 2.33B | 2.50B |
| Cash, Cash Equivalents and Short-Term Investments | 338.03M | 368.03M | 332.19M | 186.60M | 253.51M | 291.32M |
| Total Debt | 622.46M | 661.12M | 540.57M | 469.68M | 410.95M | 502.17M |
| Total Liabilities | 1.06B | 1.08B | 1.06B | 872.63M | 678.56M | 753.93M |
| Stockholders Equity | 1.57B | 1.52B | 1.50B | 1.52B | 1.65B | 1.74B |
Cash Flow | ||||||
| Free Cash Flow | 78.39M | 162.72M | 132.87M | 17.60M | 131.79M | 78.56M |
| Operating Cash Flow | 101.56M | 186.03M | 152.46M | 51.11M | 140.12M | 98.80M |
| Investing Cash Flow | -23.17M | -22.84M | -18.66M | -138.29M | -8.27M | -19.28M |
| Financing Cash Flow | -64.66M | -125.31M | 25.11M | -44.84M | -96.00M | -52.58M |
Helix Energy Technical Analysis
Positive
6.47
Price Trends
6.92
Positive
6.74
Positive
6.57
Positive
Market Momentum
0.29
Negative
69.28
Neutral
80.65
Negative
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 6.47 is below the 20-day moving average (MA) of 7.25, below the 50-day MA of 6.92, and below the 200-day MA of 6.57, indicating a bullish trend. The MACD of 0.29 indicates Negative momentum. The RSI at 69.28 is Neutral, neither overbought nor oversold. The STOCH value of 80.65 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.52B | 12.40 | 53.71% | ― | 0.17% | 7307.20% | |
74 Outperform | $1.98B | 27.42 | 7.67% | ― | 0.31% | 33.08% | |
71 Outperform | $1.17B | 28.12 | 2.71% | ― | -1.95% | 530.91% | |
69 Neutral | $3.00B | 13.17 | 28.92% | ― | 8.71% | 72.09% | |
66 Neutral | $1.47B | 30.21 | 4.31% | 2.94% | 4.20% | -59.96% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
HLX
Helix Energy
7.94
0.02
0.25%
OII
Oceaneering International
30.10
5.37
21.71%
RES
RPC
6.65
0.58
9.56%
TTI
Tetra Technologies
11.40
7.22
172.73%
NESR
National Energy Services Reunited
19.68
10.43
112.76%
Helix Energy Corporate Events
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 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.
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.