Helix Energy Solutions Group, Inc.
- Open
- 9.51
- Day high
- 9.61
- Day low
- 9.38
- Prev close
- 9.58
- Volume
- 1.1M
- Mkt cap
- $1.4B
- P/E (TTM)
- 92.0
- EPS (TTM)
- $0.10
- P/B
- 0.9
- P/S
- 1.1
- Yield
- —
- Per share
- —
Helix Energy Solutions Group, Inc. (HLX) is a Energy company listed on NYSE. The stock is up 49% over the past year.
Helix Energy Solutions Group, Inc. (HLX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HLX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $-0.09 | $-0.09 | +0.0% | $288M | +8.9% |
| Feb 23, 2026 | $-0.02 | $0.06 | +400.0% | $334M | +32.1% |
| Oct 22, 2025 | $0.15 | $0.15 | +0.0% | $377M | +4.2% |
| Jul 23, 2025 | $0.01 | $-0.02 | -300.0% | $302M | -11.8% |
| Apr 23, 2025 | $-0.05 | $0.02 | +140.0% | $278M | -2.5% |
| Oct 23, 2024 | $0.17 | $0.19 | +11.8% | $342M | +9.4% |
| Jul 24, 2024 | $0.13 | $0.21 | +61.5% | $365M | +7.5% |
| Jul 26, 2023 | $0.06 | $0.11 | +81.2% | $309M | -6.5% |
| Feb 20, 2023 | $0.00 | $0.09 | +11742.1% | $288M | +14.5% |
| Jul 25, 2022 | $-0.16 | $-0.20 | -25.0% | $163M | -0.1% |
| Feb 21, 2022 | $-0.17 | $-0.17 | +0.0% | $169M | +25.0% |
| Oct 20, 2021 | $-0.10 | $-0.13 | -30.0% | $181M | +5.0% |
HLX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Feb 27, 2026 | Staffeldt Erikofficer: EVP & CFO | Option | 132,995 | — |
| Feb 27, 2026 | Neikirk Kenneth Englishofficer: EVP, GEN COUNSEL & SECRETARY | Option | 97,188 | — |
| Feb 27, 2026 | KRATZ OWEN Edirector, officer: PRESIDENT & CEO | Option | 368,292 | — |
| Feb 27, 2026 | Sparks Scott Andrewofficer: EVP & COO | Option | 140,667 | — |
| Jan 5, 2026 | Neikirk Kenneth Englishofficer: EVP, GEN COUNSEL & SECRETARY | Grant | 83,732 | — |
| Jan 5, 2026 | Sparks Scott Andrewofficer: EVP & COO | Option | 31,053 | — |
| Jan 5, 2026 | Arriaga Brent Alexanderofficer: VP and CAO | Grant | 31,898 | — |
| Jan 5, 2026 | Neikirk Kenneth Englishofficer: EVP, GEN COUNSEL & SECRETARY | Option | 21,455 | — |
| Jan 5, 2026 | Sparks Scott Andrewofficer: EVP & COO | Grant | 109,649 | — |
| Jan 5, 2026 | Sparks Scott Andrewofficer: EVP & COO | Option | 22,292 | — |
| Jan 5, 2026 | Sparks Scott Andrewofficer: EVP & COO | Option | 24,588 | — |
| Jan 5, 2026 | Neikirk Kenneth Englishofficer: EVP, GEN COUNSEL & SECRETARY | Option | 16,988 | — |
| Jan 5, 2026 | Staffeldt Erikofficer: EVP & CFO | Grant | 125,199 | — |
| Jan 5, 2026 | Neikirk Kenneth Englishofficer: EVP, GEN COUNSEL & SECRETARY | Option | 15,402 | — |
| Jan 5, 2026 | Arriaga Brent Alexanderofficer: VP and CAO | Tax | 3,194 | $6.27 |
Source: HLX SEC Form 4 filings, latest Feb 27, 2026. For informational purposes only — not investment advice.
See the full HLX insider & 13F page →Helix Energy Solutions Group, Inc. company profile
Overview
Helix Energy Solutions Group, Inc. (NYSE:HLX) is a Houston-based offshore energy services company that has been serving the global energy industry since its incorporation in 1979. Originally known as Cal Dive International, Inc., the company rebranded to its current name in March 2006 and went public in 1997. Helix operates as a specialized provider of complex offshore services across multiple regions including the Gulf of Mexico, Brazil, North Sea, Asia Pacific, and West Africa. The company has evolved from traditional oil and gas services to position itself as an energy transition company, expanding into offshore wind support services and decommissioning operations while maintaining its core expertise in well intervention and subsea robotics.
Business
Helix Energy Solutions operates in the offshore energy services industry, providing highly specialized technical services that are critical to offshore oil and gas operations and increasingly to renewable energy projects. The company's expertise centers around complex subsea operations that require sophisticated vessels, equipment, and technical personnel. The company operates through three primary business segments. Well Intervention represents the largest segment, generating approximately 60-65% of total revenues. This segment involves using specialized vessels equipped with derricks and intervention systems to perform maintenance, repair, and enhancement work on existing offshore wells. These operations include installing and maintaining subsea equipment like flowlines, control umbilicals, manifolds, and risers - essentially the underwater infrastructure that connects oil wells to production facilities. Well intervention work is critical because offshore wells require regular maintenance to maintain production levels and safety standards. Robotics accounts for roughly 25-30% of revenues and involves deploying remotely operated vehicles (ROVs) and specialized vessels for inspection, repair, and construction work on subsea infrastructure. This segment has expanded significantly into offshore wind farm construction, where the company's vessels perform trenching operations to bury power cables connecting wind turbines to onshore electrical grids. The robotics segment also provides inspection and maintenance services for pipelines, production structures, and other subsea equipment. Shallow Water Abandonment and Production Facilities make up the remaining 10-15% of revenues. The abandonment business involves permanently shutting down and removing offshore infrastructure when oil and gas fields reach the end of their productive life - a process called "plug and abandonment" (P&A). Production Facilities includes operating the Helix Producer I, a floating production system that processes oil and natural gas from offshore fields.
Revenue model
Helix generates revenue primarily through day-rate contracts and project-based work. In the Well Intervention segment, customers pay daily rates for vessel utilization, typically ranging from $200,000 to $400,000 per day depending on the vessel and market conditions. These contracts can span from short-term campaigns of a few weeks to multi-year agreements. The Robotics segment operates on similar day-rate models for ROV services and project-based pricing for trenching work in offshore wind farms. The company's customers include major integrated oil companies like Shell and Petrobras, independent oil and gas producers, pipeline companies, offshore wind developers, and engineering and construction firms. Payment typically comes directly from these end customers, though some work is performed as a subcontractor to larger engineering firms. Several factors significantly impact Helix's margins and profitability. Commodity price cycles represent the primary external driver - when oil prices are high, energy companies increase offshore spending and accept higher service rates, while low oil prices lead to reduced activity and pricing pressure. Vessel utilization rates are crucial since the company has high fixed costs for maintaining its specialized fleet. Geographic mix affects margins substantially, with Brazil and Gulf of Mexico typically offering higher day rates than other regions. Contract structure also matters, as the company has been transitioning away from legacy low-rate contracts signed during market downturns toward market-rate agreements. Weather and seasonality impact certain segments, particularly shallow water abandonment work which slows during hurricane season. The growing offshore wind market provides a new revenue source with potentially higher margins, while increasing decommissioning requirements in mature offshore basins create long-term demand for abandonment services.
Competitive moat
Helix Energy Solutions possesses a moderate but meaningful competitive moat built primarily around specialized assets and technical expertise. The company's fleet of purpose-built intervention vessels represents a significant barrier to entry, as these ships cost hundreds of millions of dollars and take years to construct. The Q4000, Q5000, and Q7000 vessels are among only a handful globally capable of performing complex well intervention work in deepwater environments. This asset intensity creates natural supply constraints in the market. The company's technical expertise and operational track record provide additional competitive advantages. Offshore intervention and robotics work requires highly specialized knowledge, experienced crews, and proven safety records - factors that major oil companies heavily weight when selecting service providers. Long-term relationships with customers like Petrobras and Shell, built over decades of successful operations, create switching costs and preferred vendor status. However, the moat faces several challenges. Cyclical demand tied to commodity prices can quickly erode pricing power during downturns. Geographic concentration in certain basins creates vulnerability to regional regulatory changes or market disruptions. The company faces potential competition from drilling contractors who may expand into intervention services, and from larger integrated service companies with greater financial resources. In the growing offshore wind segment, Helix competes against established marine construction companies with different but relevant capabilities. The moat is moderate rather than strong because while barriers to entry are meaningful, they are not insurmountable for well-capitalized competitors, and the cyclical nature of the business can quickly shift competitive dynamics during market downturns.
Risks & safety
Helix Energy Solutions demonstrates a solid margin of safety with strong liquidity and manageable debt levels, though profitability remains cyclical. • Strong liquidity position: $370 million in cash and short-term investments with total liquidity of $405 million, providing substantial financial flexibility • Negative net debt: Cash exceeds total debt obligations, eliminating near-term solvency risk • Manageable debt structure: Debt-to-equity ratio of 0.42, with senior notes not due until 2029 • Positive free cash flow generation: $163 million in 2024, demonstrating ability to self-fund operations and growth • Valuation metrics suggest reasonable pricing: EV/EBITDA of 8.6x based on recent quarters, P/B ratio of 0.81 indicating trading below book value • Cyclical earnings create valuation uncertainty: P/E ratios vary widely due to volatile profitability cycles • Current ratio of 2.3: Strong short-term liquidity coverage • Backlog provides revenue visibility: Approximately $1.4 billion in contracted work • Asset-heavy business model: Substantial vessel values provide asset backing but require ongoing capital investment • Exposure to commodity cycles: Earnings volatility tied to oil prices and offshore activity levels
Recent development
Over the past few years, Helix has executed a strategic transformation positioning itself as an "energy transition" company while strengthening its core offshore services business. The company significantly expanded its shallow water abandonment capabilities through the acquisition of Alliance in 2022, adding specialized vessels and equipment for plug and abandonment work in the Gulf of Mexico. This move anticipated growing decommissioning demand as aging offshore fields reach end-of-life. The company has aggressively pursued offshore wind opportunities, with the Robotics segment now deriving approximately 50% of its revenue from renewable energy projects. Helix secured what it describes as its largest renewables trenching contract to date, spanning 300+ days, and has built a substantial pipeline of wind farm cable installation and trenching work extending through 2028-2030. Contract portfolio optimization has been a major focus, with management systematically replacing legacy low-rate contracts signed during previous market downturns with market-rate agreements. Notable achievements include securing long-term contracts with Petrobras for the Siem Helix vessels and extending the Q5000's Shell contract with minimum 175 days per year guaranteed utilization. The company has strengthened its financial position through debt refinancing, issuing $300 million in senior notes due 2029, and implementing a disciplined capital allocation strategy emphasizing share repurchases and selective growth investments. Recent quarters have seen management authorize significant share buyback programs while maintaining strong cash reserves for operational flexibility and potential strategic acquisitions.
HLX company profile · for informational purposes only — not investment advice.
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