| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 69 | 39.3x | 17.8x | Top tier | |
Growth | 52 | 10.3% | 7.1% | Around median | |
Quality | 45 | 2.5% | 4.5% | Around median | |
Safety | 75 | — | 2.6x | Top tier | |
Capital Return | 82 | — | 2.12% | Top tier | |
Momentum | 92 | 53.3% | 2.9% | Top tier | |
Sentiment | 50 | 2 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Helix Energy Solutions Group provides specialized offshore services for deepwater energy fields, including well intervention, robotics and remotely operated vehicles, trenching for subsea pipelines and cables, and well abandonment work in shallow water. The company generates revenue by operating vessels and technical equipment and providing field lifecycle services, with a presence in the United States, the North Sea, Brazil, West Africa, and Asia-Pacific.
In Q2 FY2026, Helix recorded revenue of $304.0 million, gross profit of $56.2 million, net income of $22.7 million, and earnings per share of $0.15. The calculated gross margin was approximately 18.5%, compared with approximately 3.1% in Q1 FY2026, when revenue was $287.9 million and the net loss was $13.4 million; this reflects a clear recovery in profitability following the impact of winter seasonality and the cost of the Thunder Hawk field work in the previous quarter.
Trailing twelve-month revenue was $1.3 billion, with gross profit of $140.4 million and net income of $14.3 million. The business mix is based on well intervention, offshore robotics, trenching, and well abandonment, while the merger with Hornbeck Offshore aims to add marine transportation and high-specification support vessels to an integrated offering serving offshore energy, defense, and renewable energy.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” and the average price target is $14, with both the highest and lowest targets matching at $14; this alignment means that the available estimate range provides no dispersion that can be used to measure uncertainty. The target is approximately 30% above the 52-week range high of $10.75, while the range extends to a low of $6.03, reflecting the broad repricing associated with earnings volatility and the Hornbeck transaction. No valid price-to-earnings ratio is available in the data, and trailing twelve-month earnings per share are only $0.0975, so achieving synergies and free cash flow remains central to justifying the target.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Revenue increased to $304.0 million in Q2 FY2026, compared with $287.9 million in Q1 FY2026. Net income shifted from a loss of $13.4 million to a profit of $22.7 million, while gross profit increased from $8.8 million to $56.2 million. This equates to a calculated gross margin of approximately 18.5%, after approximately 3.1% in the previous quarter, which was affected by winter seasonality and the Thunder Hawk work.
The merger combines Helix’s well intervention, robotics, and trenching services with Hornbeck’s specialized, high-specification vessels. The parties are targeting at least $75 million in annual revenue and cost synergies within three years of closing, with a combined backlog of approximately $2 billion. Helix shareholders approved the required proposals on August 31, 2026, and Helix shareholders will own approximately 45% of the combined entity, compared with approximately 55% for Hornbeck shareholders.
The company maintained its revenue forecast of between $1.2 billion and $1.4 billion for FY2026. It expects adjusted EBITDA between $230 million and $290 million, free cash flow between $100 million and $160 million, and capital expenditures between $70 million and $80 million. Guidance drivers include the utilization of Q4000 and Q7000 in the second half, strong robotics activity, and stable shallow-water well abandonment operations.
Helix’s backlog was nearly $1 billion and covers a significant portion of FY2026 while extending into the following year. Management said on July 29, 2026 that trenching work is booked in 2026 and 2027, with bookings extending to 2030 and an opportunity pipeline reaching 2032. It also noted that the ROV market is tight and that building a new vehicle takes approximately six months, with the ability to add one vehicle per month after launching a sequential build program.
Q1 FY2026 results demonstrated the sensitivity of earnings to seasonality, as gross profit was $8.8 million and the company recorded a net loss of $13.4 million. A significant part of the merger rationale depends on delivering annual synergies of at least $75 million, without detailed disclosure on the call about their allocation between revenue and costs. The merger will also add Hornbeck’s balance sheet, whose net debt management discussed at approximately $380 million, to Helix, which had only $10 million of funded debt at the end of Q1 FY2026.
Helix ended Q1 FY2026 with $501 million in cash and $612 million in liquidity, compared with $10 million of funded debt. Transaction data indicate combined liquidity of $717 million, while approximately $50 million of spending remains to complete the two MPSVs expected to be delivered in 2027. Hornbeck also has 23 vessels that can be reactivated, giving the combined entity options to increase capacity if demand strengthens.
