Helix Energy Sol.

Helix trades at 34.9x trailing earnings after annual revenue fell 4.9% and 2026 EPS was cut by $0.05.

If you own HLX, you need earnings to recover fast or this stock gets expensive in a hurry.

hlx

energy small cap updated jan 23, 2026
$6.98
market cap ~$1B · 52-week range $6–$10
xvary composite: 42 / 100 · below average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
Helix runs offshore vessels and equipment that fix wells, inspect subsea gear, and support energy production in hard-to-reach waters.
how it gets paid
Last year Helix Energy Sol made $1.3B in revenue. Well Intervention was the main engine at $0.56B, or 43% of sales.
why growth slowed
Revenue fell 4.9% last year. First, management pulled forward a regulatory drydock for the q4000 from early in 2026 into the december period so that the ship will have full.
what just happened
Revenue jumped to $957M, but the market cared more that earnings missed expectations.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25/100 earnings predictability — expect surprises
34.9x trailing p/e — you're paying up for this one
6.5% return on capital — nothing to write home about
xvary composite: 42/100 — below average
What they do
Helix runs offshore vessels and equipment that fix wells, inspect subsea gear, and support energy production in hard-to-reach waters.
This is a niche fleet business. If your oilfield problem is 5,000 feet underwater, you need specialized vessels, robots, and crews already in place. Helix has 2,280 employees and operates across the Gulf of America, North Sea, Asia/Pacific, and West Africa, which gives customers a working option now instead of a spreadsheet promise.
energy small-cap offshore-services well-intervention subsea
How they make money
$1.3B annual revenue · their business grew -4.9% last year
Well Intervention
$0.56B
Robotics
$0.31B
Production Facilities
$0.25B
Shallow Water Abandonment
$0.18B
The products that matter
maintains and decommissions offshore wells
Offshore Well Intervention & Robotics
$1.3B revenue · entire business
it's effectively the whole company, generating $1.3B in revenue. that concentration makes execution easy to understand and hard to hide.
100% of revenue
Key numbers
34.9x
trailing p/e
Jargon → trailing P/E → price versus last year's earnings → so what: you are paying a growth-stock multiple for a company whose revenue fell 4.9%.
$12
18-month target
Against a $6.98 stock price, that implies 72% upside, but only if earnings recover after estimate cuts.
5.0%
operating margin
Jargon → operating margin → profit after running the business → so what: there is not much room for offshore cost surprises.
$298M
long-term debt
That is 23% of capital, which is manageable, but it still matters when returns on capital are only 6.5%.
Financial health
B+
strength
  • balance sheet grade B+ — solid but not elite
  • risk rank 4 — safer than 20% of stocks
  • price stability 15 / 100
  • long-term debt $298M (23% of capital)
  • net profit margin 8.1% — keeps 8 cents of every dollar in revenue
  • return on equity 7% — $0.07 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market

You invested $10,000 in HLX 3 years ago → it's now worth $8,840.

The index would have given you $14,770.

same period. same starting point. HLX trailed the market by $5,930.

source: institutional data · total return
What just happened
missed estimates
Revenue jumped to $957M, but the market cared more that earnings missed expectations.
Revenue rose 154% vs. prior year, yet the last reported EPS was $0.18 versus a $0.23 estimate, a 21.74% miss. The bigger issue is that operating margin declined about 390 basis points even as revenue beat the internal estimate by $7.0M.
$957M
revenue
$0.18
eps
11.3%
gross margin
the number that mattered
The key number was the $0.18 EPS result, because it missed the $0.23 estimate by 21.74% and reinforced why 2025 and 2026 estimates were cut.
source: company earnings report, 2026

Get this snapshot in your inbox

This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.

weekly updates earnings alerts plain english no spam
What could go wrong

the #1 risk is q4000 downtime and softer offshore utilization.

!
high
vessel downtime hits a concentrated revenue base
HLX is effectively a one-story company. when a major vessel is in transit, in drydock, or underutilized, the effect shows up fast.
the latest quarter already showed it: q4000 idle time helped push operating margin down to 21.7%.
!
high
offshore spending is still tied to the commodity cycle
HLX sells services into offshore oil and gas. if customer budgets tighten, the entire $1.3B revenue stream feels it.
this is not a diversified platform — it's one offshore services business with 100% of revenue in the same broad end market.
∘
med
weather and regional softness can ruin a clean quarter
management flagged weather-related slowdowns in both the gulf of america and the north sea, alongside sluggish north sea operations.
in a business with 25/100 earnings predictability, operational hiccups become earnings misses quickly.
∘
med
the profit base is thinner than the operating margin suggests
a 23.0% operating margin looks impressive until you get to a 5.8% net margin and just $0.20 in full-year EPS.
that gap means financing costs, utilization swings, and other below-the-line pressure still matter a lot.
the company generated $1.3B in annual revenue, but recent results showed how fast that can wobble when utilization slips: operating margin fell to 21.7%, down about 390 basis points from last year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q4000 drydock completion
management pulled the drydock into december so the ship could have full availability in 2026. you'll want proof that the schedule holds.
metric
fy2026 eps estimate
the current estimate is $0.55. if that number keeps coming down, the "cheap on forward earnings" argument disappears with it.
risk
north sea utilization
sluggish north sea operations already hurt results. you want to see fewer operational excuses and steadier vessel use.
trend
margin recovery after the revenue beat
the latest quarter proved revenue alone is not enough. watch whether operating margin rebounds from 21.7% once utilization normalizes.
Analyst rankings
short-term outlook
below average
momentum score 4. in human-speak: analysts do not expect HLX to outperform most stocks in the near term.
risk profile
below average
stability score 4 means a bumpier ride than most stocks. this is an execution-sensitive small cap, not a defensive holding.
chart momentum
below average
technical score 4 says the tape is not helping you right now. weak fundamentals and weak momentum is an annoying combination.
earnings predictability
25 / 100
earnings predictability this low means estimate changes and quarter-to-quarter swings should be expected, not treated as surprises.
source: institutional data
Institutional activity

institutions have been net selling for 2 consecutive quarters — 103 buyers vs. 137 sellers in 3q2025. total institutional holdings: 0.1B shares. net selling for 2 quarters.

source: institutional data · 1q2025-3q2025
source: institutional data
Price targets
3-5 year target range
$6 $17
$7 current price
$12 target midpoint · +72% from current · 3-5yr high: $14 (+100% · 19% ann'l return)
source: institutional data · analyst targets

Want the deeper analysis?

The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.

see plans from $5/mo
The deep dive
HLX
xvary deep dive
hlx
the full analysis is in the works.
what you'll get
dcf valuation model
bull / base / bear scenarios
competitive moat breakdown
quarterly earnings tracker
operating model projections
risk matrix with kill criteria
original price target + conviction
updated with every earnings
free · no spam · you'll be first to read it