Latest Ratios: P/E Ratio 41.4x · EV/EBITDA 5.8x · ROE 2.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $931M | $1.4B | $1.6B | $1.1B | $468M | $630M | $1.4B | $794M | $1.1B | $984M |
| Enterprise Value | $1.5B | $1.1B | $1.7B | $1.8B | $1.4B | $626M | $840M | $1.8B | $955M | $1.3B | $1.3B |
| P/E Ratio → | 41.38 | 29.86 | 25.89 | — | — | — | 32.31 | 25.34 | 28.47 | 37.70 | — |
| P/S Ratio | 0.99 | 0.72 | 1.06 | 1.20 | 1.28 | 0.69 | 0.86 | 1.92 | 1.07 | 1.88 | 2.02 |
| P/B Ratio | 0.82 | 0.59 | 0.95 | 1.03 | 0.74 | 0.28 | 0.36 | 0.85 | 0.49 | 0.70 | 0.77 |
| P/FCF | 10.63 | 7.73 | 8.86 | 11.68 | 63.42 | 3.55 | 8.01 | 49.99 | 13.31 | — | — |
| P/OCF | 9.36 | 6.81 | 7.75 | 10.18 | 21.84 | 3.34 | 6.37 | 8.49 | 4.04 | 21.22 | 25.43 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.86 | 1.28 | 1.36 | 1.60 | 0.93 | 1.15 | 2.45 | 1.29 | 2.28 | 2.57 |
| EV / EBITDA | 5.80 | 4.42 | 6.56 | 6.52 | 12.01 | 6.69 | 5.73 | 10.20 | 5.89 | 12.31 | 24.61 |
| EV / EBIT | 22.48 | 17.09 | 14.96 | 60.95 | — | — | 27.34 | 24.10 | 19.91 | 1329.92 | — |
| EV / FCF | — | 9.26 | 10.66 | 13.24 | 79.50 | 4.75 | 10.70 | 63.98 | 16.01 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.3% | 12.3% | 16.2% | 15.5% | 5.8% | 2.3% | 10.9% | 18.3% | 16.4% | 10.7% | 9.5% |
| Operating Margin | 5.0% | 5.0% | 9.4% | 8.2% | -3.0% | -7.1% | 1.8% | 9.0% | 7.0% | -0.2% | -13.0% |
| Net Profit Margin | 2.4% | 2.4% | 4.1% | -0.8% | -10.1% | -9.1% | 3.0% | 7.7% | 3.9% | 5.2% | -16.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.0% | 2.0% | 3.7% | -0.7% | -5.5% | -3.6% | 1.3% | 3.5% | 1.8% | 2.1% | -6.4% |
| ROA | 1.2% | 1.2% | 2.2% | -0.4% | -3.7% | -2.6% | 0.9% | 2.3% | 1.2% | 1.3% | -3.5% |
| ROIC | 2.7% | 2.7% | 5.4% | 4.5% | -1.1% | -1.9% | 0.5% | 2.6% | 2.2% | -0.1% | -3.1% |
| ROCE | 2.8% | 2.8% | 5.8% | 5.0% | -1.3% | -2.3% | 0.6% | 3.0% | 2.4% | -0.1% | -3.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.40 | 0.40 | 0.44 | 0.36 | 0.31 | 0.25 | 0.29 | 0.36 | 0.27 | 0.32 | 0.49 |
| Debt / EBITDA | 2.49 | 2.49 | 2.50 | 2.00 | 4.03 | 4.40 | 3.42 | 3.38 | 2.72 | 4.61 | 12.29 |
| Net Debt / Equity | — | 0.12 | 0.19 | 0.14 | 0.19 | 0.10 | 0.12 | 0.24 | 0.10 | 0.15 | 0.21 |
| Net Debt / EBITDA | 0.73 | 0.73 | 1.11 | 0.77 | 2.43 | 1.68 | 1.44 | 2.23 | 0.99 | 2.13 | 5.29 |
| Debt / FCF | — | 1.53 | 1.80 | 1.57 | 16.08 | 1.19 | 2.68 | 13.99 | 2.70 | — | — |
| Interest Coverage | 2.87 | 2.87 | 3.42 | 1.35 | -2.73 | -2.01 | 1.05 | 6.99 | 2.82 | 0.05 | -1.82 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.69 | 2.69 | 2.33 | 1.56 | 1.55 | 1.90 | 1.80 | 1.54 | 2.35 | 1.70 | 2.80 |
| Quick Ratio | 2.69 | 2.69 | 2.33 | 1.56 | 1.54 | 1.90 | 1.80 | 1.35 | 2.36 | 1.70 | 2.79 |
| Cash Ratio | 1.49 | 1.49 | 1.21 | 0.74 | 0.63 | 0.91 | 1.04 | 0.73 | 1.46 | 1.00 | 1.91 |
| Asset Turnover | — | 0.48 | 0.52 | 0.50 | 0.37 | 0.29 | 0.29 | 0.29 | 0.32 | 0.25 | 0.22 |
| Inventory Turnover | — | — | — | — | 328.07 | — | — | 11.34 | — | — | 173.10 |
| Days Sales Outstanding | — | 91.06 | 73.48 | 81.01 | 91.58 | 94.50 | 92.18 | 61.26 | 62.02 | 89.95 | 83.96 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 3.3% | 3.9% | — | — | — | 3.1% | 3.9% | 3.5% | 2.7% | — |
| FCF Yield | 9.4% | 12.9% | 11.3% | 8.6% | 1.6% | 28.2% | 12.5% | 2.0% | 7.5% | — | — |
| Buyback Yield | 2.4% | 3.2% | 2.1% | 0.8% | 0.0% | 0.0% | 1.7% | 0.1% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.4% | 3.2% | 2.1% | 0.8% | 0.0% | 0.0% | 1.7% | 0.1% | 0.2% | 0.0% | 0.0% |
| Shares Outstanding | — | $148M | $155M | $151M | $151M | $150M | $150M | $150M | $147M | $145M | $112M |
Vessel utilization and seasonality
Based on reported financial data, HLX trades at a TTM P/E of 42.24, which appears elevated relative to peers like Oceaneering International, suggesting that investors are pricing in a recovery in subsea intervention demand rather than current, highly volatile earnings performance or historical profitability metrics.
The high P/E ratio relative to the company's recent net losses suggests the market is valuing the firm on an asset-replacement basis rather than current earnings power. Investors should monitor whether the forward P/E of 32.77 reflects a realistic expectation of margin expansion or if the valuation remains disconnected from the underlying cyclicality of the offshore service market.
As reported in financial statements, HLX's ROIC has struggled to maintain positive territory, frequently dipping to -0.6% in 2026Q1, which indicates that the company is currently failing to generate returns on its specialized subsea fleet that exceed the cost of maintaining such capital-intensive offshore assets.
The persistent inability to sustain positive ROIC suggests that the high fixed costs associated with the Q-series vessels are not being adequately offset by current day rates. This trend warrants further investigation into whether the company's capital allocation strategy is effectively prioritizing high-margin decommissioning work or if the fleet remains underutilized in a competitive offshore environment.
According to recent quarterly filings, the company's DSO has fluctuated significantly, reaching 86 days in 2026Q1, which highlights the inherent difficulty in managing cash conversion cycles when dealing with large-scale, project-based subsea intervention contracts that are subject to complex billing and regulatory milestones.
The variability in DSO suggests that Helix Energy Solutions Group faces structural challenges in accelerating cash collection, which directly impacts its ability to fund ongoing vessel maintenance. Investors should monitor these trends as they indicate that operational efficiency is heavily dependent on the timing of project completions rather than consistent, recurring revenue streams.
Based on reported figures, the company maintains a debt-to-equity ratio of 0.38, which appears exceptionally conservative for an asset-heavy offshore service provider, yet this low leverage may obscure the underlying fragility of an interest coverage ratio that turned negative at -2.55 in 2026Q1.
While the balance sheet appears healthy, the negative interest coverage ratio suggests that the company's ability to service its obligations is highly sensitive to even minor fluctuations in operating income. This indicates that the current financial position, while stable, provides little room for error if vessel utilization rates do not improve in the near term.
As evidenced by the company's volatile earnings profile, the P/E ratio is a fundamentally flawed metric for evaluating HLX, as it fails to account for the massive non-cash depreciation charges that mask the true cash-generating capacity of the company's specialized subsea vessel fleet.
Analysts should instead focus on EV/EBITDA or P/FCF to better understand the company's ability to generate cash after accounting for the heavy maintenance requirements of its assets. Relying on P/E in this context risks misinterpreting the company's valuation by ignoring the lumpy nature of project-based revenue and the significant capital expenditures required to maintain fleet readiness.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HLX stock.
Helix Energy Solutions Group, Inc.'s current P/E ratio is 41.4x. The historical average is 43.5x. This places it at the 65th percentile of its historical range.
Helix Energy Solutions Group, Inc.'s current EV/EBITDA is 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
Helix Energy Solutions Group, Inc.'s return on equity (ROE) is 2.0%. The historical average is 6.4%.
Based on historical data, Helix Energy Solutions Group, Inc. is trading at a P/E of 41.4x. This is at the 65th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Helix Energy Solutions Group, Inc. has 12.3% gross margin and 5.0% operating margin.
Helix Energy Solutions Group, Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.