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About

Helix Energy Solutions Group, Inc., together with its subsidiaries, an offshore energy services company, provides specialty services to the offshore energy industry in Brazil, the United States, North Sea, the Asia Pacific, West Africa, and internationally. The company operates through four segments: Well Intervention, Robotics, Shallow Water Abandonment, 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; and cable and umbilical lay. The company also provides well intervention, intervention engineering, and production enhancement services; coiled tubing operations; and inspection, repair, and maintenance IRM of production structures, trees, jumpers, risers, pipelines, and subsea equipment, as well as related support services. In addition, it offers reclamation and remediation services; well plug and abandonment P&A services; pipeline, cable and umbilical abandonment services; and site inspections. Further, the company offers oil and natural gas processing facilities and services; and fast response system, as well as site clearance and subsea support services. Additionally, it provides offshore oilfield decommissioning and reclamation, site clearance, project management, engineered solutions, intervention, heavy lift, and commercial diving 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. The company was incorporated in 1979 and is headquartered in Houston, Texas.

Fundamentals
Scroll to Statements
Sector Energy Industry Oil & Gas Equipment & Se Market Cap 1.33B
Enterprise Value 1.51B Income 30.80M Sales 1.29B
Book/sh 10.73 Cash/sh 3.02 Dividend Yield —
Payout 0.00% Employees 2212 IPO —
P/E 43.05 Forward P/E 14.58 PEG —
P/S 1.03 P/B 0.84 P/C —
EV/EBITDA 6.94 EV/Sales 1.17 Quick Ratio 2.56
Current Ratio 2.75 Debt/Eq 39.86 LT Debt/Eq —
EPS (ttm) 0.21 EPS next Y 0.62 EPS Growth -56.90%
Revenue Growth -5.90% Earnings 2026-04-22 ROA 1.99%
ROE 1.99% ROIC — Gross Margin 12.32%
Oper. Margin 9.08% Profit Margin 2.39% Shs Outstand 147.30M
Shs Float 137.23M Short Float 4.42% Short Ratio 2.40
Short Interest — 52W High 10.75 52W Low 5.52
Beta 1.22 Avg Volume 2.03M Volume 207.50K
Target Price $11.50 Recom Buy Prev Close $9.01
Price $9.04 Change 0.33%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$11.50
Mean price target
2. Current target
$9.04
Latest analyst target
3. DCF / Fair value
$20.72
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$9.04
Low
$8.00
High
$14.00
Mean
$11.50

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-10-24 main TD Cowen Buy → Buy $12
2025-07-25 reit Raymond James Outperform → Outperform $9
2025-04-25 down Raymond James Strong Buy → Outperform $10
2024-10-25 main TD Cowen Buy → Buy $15
2024-10-24 down BTIG Buy → Neutral —
2024-09-19 init Raymond James — → Strong Buy $14
2024-06-26 main TD Cowen Buy → Buy $16
2024-06-25 main TD Cowen Buy → Buy $16
2024-03-11 main Piper Sandler Overweight → Overweight $11
2023-09-20 main BTIG Buy → Buy $17
2023-07-31 main TD Cowen Outperform → Outperform $13
2023-07-31 main Piper Sandler Overweight → Overweight $14
2022-10-26 up BTIG Neutral → Buy $10
2022-07-27 up Evercore ISI Group In-Line → Outperform $8
2022-04-18 main Piper Sandler — → Overweight $7
2022-03-07 main Piper Sandler — → Overweight $6
2021-07-28 down Piper Sandler Overweight → Neutral $5
2021-07-16 down B of A Securities Neutral → Underperform —
2021-06-09 down Evercore ISI Group Outperform → In-Line —
2021-04-28 down B of A Securities Buy → Neutral $5
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 368292 3321994.0 — Conversion of Exercise of derivative security at price 9.02 per share. KRATZ OWEN E Chief Executive Officer — 2026-02-26 00:00:00 D
1 140667 1268816.0 — Conversion of Exercise of derivative security at price 9.02 per share. SPARKS SCOTT ANDREW Chief Operating Officer — 2026-02-26 00:00:00 D
2 132995 1199615.0 — Conversion of Exercise of derivative security at price 9.02 per share. STAFFELDT ERIK Chief Financial Officer — 2026-02-26 00:00:00 D
3 97188 876636.0 — Conversion of Exercise of derivative security at price 9.02 per share. NEIKIRK KENNETH ENGLISH General Counsel — 2026-02-26 00:00:00 D
4 16852 nan — — ARRIAGA BRENT ALEXANDER Officer — 2026-01-02 00:00:00 D
5 58366 365955.0 — Conversion of Exercise of derivative security at price 6.27 per share. KRATZ OWEN E Chief Executive Officer — 2025-12-31 00:00:00 D
6 22292 139771.0 — Conversion of Exercise of derivative security at price 6.27 per share. SPARKS SCOTT ANDREW Chief Operating Officer — 2025-12-31 00:00:00 D
7 21077 132153.0 — Conversion of Exercise of derivative security at price 6.27 per share. STAFFELDT ERIK Chief Financial Officer — 2025-12-31 00:00:00 D
8 15402 96571.0 — Conversion of Exercise of derivative security at price 6.27 per share. NEIKIRK KENNETH ENGLISH General Counsel — 2025-12-31 00:00:00 D
9 20690 — — Stock Award(Grant) at price 0.00 per share. LOVOI JOHN V Director — 2025-12-10 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems-4.96M-6.89M-16.74M-3.14M
TaxRateForCalcs0.270.320.210.17
NormalizedEBITDA228.06M274.57M246.99M92.44M
TotalUnusualItems-18.06M-21.40M-79.70M-18.72M
TotalUnusualItemsExcludingGoodwill-18.06M-21.40M-79.70M-18.72M
NetIncomeFromContinuingOperationNetMinorityInterest30.83M55.64M-10.84M-87.78M
ReconciledDepreciation134.54M137.20M138.42M128.72M
ReconciledCostOfRevenue1.13B1.14B1.09B822.48M
EBITDA209.99M253.17M167.30M73.72M
EBIT75.45M115.97M28.87M-55.01M
NetInterestIncome-22.78M-22.63M-17.34M-18.95M
InterestExpense32.97M33.90M21.36M20.18M
InterestIncome10.20M11.27M4.02M1.23M
NormalizedIncome43.94M70.15M52.12M-72.21M
NetIncomeFromContinuingAndDiscontinuedOperation30.83M55.64M-10.84M-87.78M
TotalExpenses1.21B1.23B1.18B899.24M
TotalOperatingIncomeAsReported65.14M127.44M63.51M-44.85M
DilutedAverageShares148.45M154.70M150.92M151.28M
BasicAverageShares148.35M151.99M150.92M151.28M
DilutedEPS0.210.36-0.07-0.58
BasicEPS0.210.37-0.07-0.58
DilutedNIAvailtoComStockholders30.80M55.58M-10.84M-87.78M
AverageDilutionEarnings0.001.00K0.000.00
NetIncomeCommonStockholders30.80M55.58M-10.84M-87.78M
OtherunderPreferredStockDividend22.00K53.00K0.000.00
NetIncome30.83M55.64M-10.84M-87.78M
MinorityInterests0.000.00146.00K
NetIncomeIncludingNoncontrollingInterests30.83M55.64M-10.84M-87.78M
NetIncomeContinuousOperations30.83M55.64M-10.84M-87.78M
TaxProvision11.65M26.43M18.35M12.60M
PretaxIncome42.48M82.06M7.51M-75.18M
OtherIncomeExpense-17.94M-23.22M-81.08M-30.09M
OtherNonOperatingIncomeExpenses122.00K-1.82M-1.38M-19.64M
SpecialIncomeCharges-18.06M-21.40M-79.70M-18.72M
GainOnSaleOfPPE0.00-479.00K367.00K0.00
OtherSpecialCharges20.92M37.28M136.00K
ImpairmentOfCapitalAssets18.06M0.000.000.00
RestructuringAndMergernAcquisition0.000.0042.79M18.72M
EarningsFromEquityInterest0.000.008.26M-1.00K
NetNonOperatingInterestIncomeExpense-22.78M-22.63M-17.34M-18.95M
InterestExpenseNonOperating32.97M33.90M21.36M20.18M
InterestIncomeNonOperating10.20M11.27M4.02M1.23M
OperatingIncome83.20M127.91M105.93M-26.14M
OperatingExpense75.94M91.65M94.43M76.75M
SellingGeneralAndAdministration75.94M91.65M94.43M76.75M
GrossProfit159.14M219.56M200.36M50.62M
CostOfRevenue1.13B1.14B1.09B822.48M
TotalRevenue1.29B1.36B1.29B873.10M
OperatingRevenue1.29B1.36B1.29B873.10M
Line Item2025-12-312024-12-312023-12-312022-12-31
OrdinarySharesNumber147.19M150.24M152.29M151.94M
ShareIssued147.19M150.24M152.29M151.94M
NetDebt29.53M77.47M51.49M
TotalDebt629.75M661.12M540.57M469.68M
TangibleBookValue1.58B1.52B1.50B1.51B
InvestedCapital1.89B1.83B1.86B1.78B
WorkingCapital525.31M405.27M249.22M162.63M
NetTangibleAssets1.58B1.52B1.50B1.51B
CapitalLeaseObligations321.75M345.97M178.85M205.60M
CommonStockEquity1.58B1.52B1.50B1.52B
TotalCapitalization1.88B1.83B1.81B1.74B
TotalEquityGrossMinorityInterest1.58B1.52B1.50B1.52B
MinorityInterest0.00
StockholdersEquity1.58B1.52B1.50B1.52B
GainsLossesNotAffectingRetainedEarnings-37.50M-100.58M-83.02M-105.32M
OtherEquityAdjustments-37.50M-100.58M-83.02M-105.32M
RetainedEarnings398.91M368.09M312.45M323.29M
CapitalStock1.22B1.25B1.27B1.30B
CommonStock1.22B1.25B1.27B1.30B
TotalLiabilitiesNetMinorityInterest1.04B1.08B1.06B872.63M
TotalNonCurrentLiabilitiesNetMinorityInterest736.31M772.90M606.42M574.67M
OtherNonCurrentLiabilities2.66M3.33M4.89M43.27M
PreferredSecuritiesOutsideStockEquity0.00
NonCurrentDeferredLiabilities105.57M114.67M110.56M98.88M
NonCurrentDeferredRevenue0.00699.00K0.000.00
NonCurrentDeferredTaxesLiabilities105.57M113.97M110.56M98.88M
LongTermDebtAndCapitalLeaseObligation559.31M591.96M429.62M380.56M
LongTermCapitalLeaseObligation260.96M285.98M116.19M154.69M
LongTermDebt298.35M305.97M313.43M225.88M
LongTermProvisions68.77M62.95M61.36M51.96M
CurrentLiabilities299.68M304.42M448.62M297.95M
CurrentDeferredLiabilities17.11M14.91M32.76M9.96M
CurrentDeferredRevenue17.11M14.91M32.76M9.96M
CurrentDebtAndCapitalLeaseObligation70.44M69.17M110.95M89.11M
CurrentCapitalLeaseObligation60.80M59.98M62.66M50.91M
CurrentDebt9.64M9.19M48.29M38.20M
OtherCurrentBorrowings9.64M9.19M48.29M38.20M
CurrentProvisions29.66M
PayablesAndAccruedExpenses212.12M220.33M304.90M198.88M
CurrentAccruedExpenses77.84M75.54M168.41M63.13M
InterestPayable10.10M10.28M4.18M6.31M
Payables134.29M144.79M136.49M135.75M
TotalTaxPayable0.001.94M479.00K0.00
IncomeTaxPayable0.001.94M479.00K0.00
AccountsPayable134.29M144.79M134.55M135.27M
TotalAssets2.62B2.60B2.56B2.39B
TotalNonCurrentAssets1.79B1.89B1.86B1.93B
OtherNonCurrentAssets1.41M1.83M1.96M2.24M
NonCurrentPrepaidAssets12.54M12.54M12.54M12.54M
NonCurrentDeferredAssets81.26M77.07M71.88M45.21M
NonCurrentAccountsReceivable27.29M24.83M25.62M24.83M
GoodwillAndOtherIntangibleAssets3.26M3.63M4.11M4.46M
OtherIntangibleAssets3.47M
NetPPE1.67B1.77B1.74B1.84B
AccumulatedDepreciation-1.79B-1.63B-1.51B-1.37B
GrossPPE3.46B3.40B3.25B3.21B
OtherProperties665.92M674.74M507.15M504.17M
MachineryFurnitureEquipment2.74B2.64B2.66B2.63B
BuildingsAndImprovements58.09M79.00M81.82M76.15M
Properties0.000.000.000.00
CurrentAssets824.99M709.68M697.84M460.59M
OtherCurrentAssets9.58M9.51M15.01M11.83M
CurrentDeferredAssets18.68M31.87M36.04M13.97M
RestrictedCash0.002.51M73.61M
PrepaidAssets29.34M26.78M28.35M26.61M
Receivables322.19M273.49M286.25M219.07M
OtherReceivables10.87M12.22M5.82M6.29M
TaxesReceivable7.38M2.63M0.000.00
AccountsReceivable303.94M258.63M280.43M212.78M
AllowanceForDoubtfulAccountsReceivable-3.53M-3.68M-3.41M-2.28M
GrossAccountsReceivable307.47M262.31M283.83M215.06M
CashCashEquivalentsAndShortTermInvestments445.20M368.03M332.19M186.60M
CashAndCashEquivalents445.20M368.03M332.19M186.60M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow120.41M162.72M132.87M17.60M
RepurchaseOfCapitalStock-30.21M-29.62M-11.99M0.00
RepaymentOfDebt-9.19M-69.47M-269.48M-42.94M
IssuanceOfDebt0.000.00298.58M0.00
CapitalExpenditure-16.34M-23.30M-19.59M-33.50M
InterestPaidSupplementalData30.84M25.45M20.98M18.27M
IncomeTaxPaidSupplementalData30.75M14.12M7.39M9.52M
EndCashPosition445.20M368.03M332.19M189.11M
BeginningCashPosition368.03M332.19M189.11M327.13M
EffectOfExchangeRateChanges1.82M-2.04M-15.83M-5.99M
ChangesInCash75.35M37.88M158.91M-132.03M
FinancingCashFlow-45.06M-125.31M25.11M-44.84M
CashFlowFromContinuingFinancingActivities-45.06M-125.31M25.11M-44.84M
NetOtherFinancingCharges-7.40M-28.08M7.02M-2.48M
ProceedsFromStockOptionExercised1.75M1.86M982.00K575.00K
NetCommonStockIssuance-30.21M-29.62M-11.99M0.00
CommonStockPayments-30.21M-29.62M-11.99M0.00
NetIssuancePaymentsOfDebt-9.19M-69.47M29.10M-42.94M
NetLongTermDebtIssuance-9.19M-69.47M29.10M-42.94M
LongTermDebtPayments-9.19M-69.47M-269.48M-42.94M
LongTermDebtIssuance0.000.00298.58M0.00
InvestingCashFlow-16.34M-22.84M-18.66M-138.29M
CashFlowFromContinuingInvestingActivities-16.34M-22.84M-18.66M-138.29M
NetOtherInvestingChanges463.00K929.00K51.00K
DividendsReceivedCFI0.000.007.84M0.00
NetBusinessPurchaseAndSale0.000.00-112.62M0.00
PurchaseOfBusiness0.000.00-112.62M0.00
CapitalExpenditureReported-16.34M-23.30M-19.59M-33.50M
OperatingCashFlow136.75M186.03M152.46M51.11M
CashFlowFromContinuingOperatingActivities136.75M186.03M152.46M51.11M
ChangeInWorkingCapital-48.71M8.54M-46.31M-12.28M
ChangeInOtherWorkingCapital-9.36M2.82M8.81M184.00K
ChangeInOtherCurrentAssets16.60M1.14M-22.60M7.59M
ChangeInPayablesAndAccruedExpense-18.43M-9.16M32.00M9.81M
ChangeInPayable31.58M9.76M65.25M
ChangeInAccountPayable32.00M9.81M46.65M
ChangeInTaxPayable-418.00K-49.00K18.61M
ChangeInIncomeTaxPayable-418.00K-49.00K18.61M
ChangeInReceivables-37.51M13.74M-64.52M-29.86M
ChangesInAccountReceivables-37.51M13.74M-64.52M-29.86M
OtherNonCashItems3.15M-55.25M7.92M-2.72M
StockBasedCompensation6.57M7.27M6.51M7.45M
AssetImpairmentCharge18.06M0.000.000.00
DeferredTax-8.07M10.61M11.53M4.39M
DeferredIncomeTax-8.07M10.61M11.53M4.39M
DepreciationAmortizationDepletion134.54M137.20M138.42M128.72M
DepreciationAndAmortization134.54M137.20M138.42M128.72M
OperatingGainsLosses374.00K22.02M45.22M13.33M
EarningsLossesFromEquityInvestments0.000.00-8.26M1.00K
GainLossOnInvestmentSecurities20.92M37.28M
NetForeignCurrencyExchangeGainLoss374.00K623.00K8.31M21.60M
NetIncomeFromContinuingOperations30.83M55.64M-10.84M-87.78M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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