Latest Ratios: P/E Ratio -23.8x · EV/EBITDA 7.1x · ROE -5.7%. (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 | $4.0B | $2.2B | $3.0B | $4.3B | $3.9B | $3.0B | $1.6B | $4.4B | $7.5B | $5.7B | $7.3B |
| Enterprise Value | $6.0B | $4.3B | $4.7B | $4.6B | $4.3B | $3.1B | $1.6B | $4.5B | $7.7B | $5.6B | $6.9B |
| P/E Ratio → | -23.83 | — | 8.87 | 10.13 | 723.48 | — | — | — | 15.59 | — | — |
| P/S Ratio | 1.06 | 0.59 | 1.09 | 1.51 | 1.91 | 2.43 | 0.89 | 1.56 | 3.02 | 3.13 | 4.47 |
| P/B Ratio | 1.39 | 0.78 | 1.03 | 1.56 | 1.42 | 1.01 | 0.48 | 1.09 | 1.72 | 1.36 | 1.59 |
| P/FCF | 33.91 | 18.81 | 15.90 | 9.90 | — | 54.43 | 3.97 | 11.01 | 96.51 | — | 14.64 |
| P/OCF | 7.28 | 4.04 | 4.40 | 5.20 | 16.84 | 21.66 | 2.94 | 5.11 | 13.81 | 15.83 | 9.64 |
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 | — | 1.14 | 1.69 | 1.61 | 2.07 | 2.56 | 0.91 | 1.61 | 3.11 | 3.12 | 4.22 |
| EV / EBITDA | 7.06 | 5.00 | 5.48 | 4.89 | 9.48 | — | — | 5.85 | 12.56 | 13.62 | 11.97 |
| EV / EBIT | 26.04 | 127.28 | 9.13 | 7.57 | 84.19 | — | — | — | 192.79 | — | — |
| EV / FCF | — | 36.79 | 24.55 | 10.54 | — | 57.35 | 4.07 | 11.34 | 99.20 | — | 13.81 |
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 | 14.8% | 14.8% | 26.4% | 27.0% | 11.1% | -12.6% | 6.0% | 15.3% | 10.1% | -1.7% | 7.8% |
| Operating Margin | 6.2% | 6.2% | 16.4% | 19.6% | 2.2% | -35.2% | -35.0% | 7.6% | 1.3% | -9.6% | -1.6% |
| Net Profit Margin | -4.4% | -4.4% | 12.5% | 15.1% | 0.3% | -26.8% | -27.9% | -1.2% | 19.4% | -7.1% | -3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | 12.1% | 15.7% | 0.2% | -10.5% | -13.5% | -0.8% | 11.3% | -2.9% | -1.2% |
| ROA | -2.6% | -2.6% | 6.7% | 9.8% | 0.1% | -6.6% | -9.3% | -0.5% | 7.6% | -1.9% | -0.8% |
| ROIC | 3.7% | 3.7% | 8.9% | 13.7% | 1.1% | -10.0% | -12.4% | 3.7% | 0.5% | -3.1% | -0.4% |
| ROCE | 4.1% | 4.1% | 9.7% | 14.0% | 1.1% | -9.8% | -12.4% | 3.8% | 0.5% | -2.7% | -0.4% |
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 | 0.82 | 0.82 | 0.64 | 0.22 | 0.21 | 0.37 | 0.16 | 0.12 | 0.11 | 0.12 | 0.11 |
| Debt / EBITDA | 2.71 | 2.71 | 2.19 | 0.64 | 1.30 | — | — | 0.62 | 0.80 | 1.19 | 0.86 |
| Net Debt / Equity | — | 0.74 | 0.56 | 0.10 | 0.11 | 0.05 | 0.01 | 0.03 | 0.05 | -0.01 | -0.09 |
| Net Debt / EBITDA | 2.44 | 2.44 | 1.93 | 0.30 | 0.70 | — | — | 0.17 | 0.34 | -0.07 | -0.72 |
| Debt / FCF | — | 17.98 | 8.66 | 0.65 | — | 2.92 | 0.10 | 0.33 | 2.69 | — | -0.83 |
| Interest Coverage | 0.31 | 0.31 | 17.53 | 35.33 | 2.63 | -16.94 | -25.01 | -1.03 | 1.65 | -8.35 | -2.17 |
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 | 1.80 | 1.80 | 2.67 | 2.38 | 2.53 | 1.83 | 4.40 | 2.72 | 2.96 | 3.59 | 4.76 |
| Quick Ratio | 1.40 | 1.40 | 2.40 | 2.16 | 2.30 | 1.73 | 3.92 | 2.35 | 2.54 | 3.19 | 4.39 |
| Cash Ratio | 0.30 | 0.30 | 1.14 | 0.98 | 0.98 | 1.29 | 2.63 | 0.98 | 0.86 | 1.64 | 2.88 |
| Asset Turnover | — | 0.56 | 0.48 | 0.65 | 0.47 | 0.24 | 0.37 | 0.48 | 0.40 | 0.28 | 0.24 |
| Inventory Turnover | 9.84 | 9.84 | 17.20 | 22.26 | 20.80 | 16.33 | 16.00 | 15.85 | 14.14 | 13.37 | 12.04 |
| Days Sales Outstanding | — | 76.74 | 56.92 | 52.19 | 82.44 | 69.91 | 40.12 | 64.92 | 82.94 | 96.49 | 84.31 |
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 | 2.6% | 4.6% | 5.6% | 4.6% | 2.7% | 3.7% | 16.5% | 7.2% | 4.1% | 5.4% | 4.1% |
| Payout Ratio | — | — | 48.9% | 46.4% | 1544.6% | — | — | — | 63.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 11.3% | 9.9% | 0.1% | — | — | — | 6.4% | — | — |
| FCF Yield | 2.9% | 5.3% | 6.3% | 10.1% | — | 1.8% | 25.2% | 9.1% | 1.0% | — | 6.8% |
| Buyback Yield | 0.0% | 0.0% | 1.7% | 5.7% | 2.0% | 0.1% | 1.8% | 1.0% | 0.1% | 0.1% | 0.0% |
| Total Shareholder Yield | 2.6% | 4.6% | 7.3% | 10.3% | 4.7% | 3.8% | 18.3% | 8.1% | 4.2% | 5.5% | 4.1% |
| Shares Outstanding | — | $99M | $99M | $103M | $107M | $108M | $108M | $109M | $109M | $109M | $108M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HP stock.
Helmerich & Payne, Inc.'s current P/E ratio is -23.8x. The historical average is 25.9x.
Helmerich & Payne, Inc.'s current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.8x.
Helmerich & Payne, Inc.'s return on equity (ROE) is -5.7%. The historical average is 8.6%.
Based on historical data, Helmerich & Payne, Inc. is trading at a P/E of -23.8x. Compare with industry peers and growth rates for a complete picture.
Helmerich & Payne, Inc.'s current dividend yield is 2.57%.
Helmerich & Payne, Inc. has 14.8% gross margin and 6.2% operating margin.
Helmerich & Payne, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Negative TTM net margin
Metrics are mathematically derived from official filings.
Margin Compression Masks Underlying Inflection
Gross margin fell from 26.6% in 2024Q4 to 12.0% in 2026Q3, a 14.6-point decline, while operating margin swung to 18.2% in 2026Q3, according to reported financials.
The gross margin compression appears driven by reactivation costs and pricing pressures, but the sharp operating margin recovery in 2026Q3 suggests operating leverage is inflecting positively. Net margin remains negative on a TTM basis at -4.4%, implying that non-operating charges or earlier losses still weigh on reported profitability. Investors should monitor whether the quarterly operating strength translates into sustained net profitability.
ROIC Recovery from Cyclical Trough
ROIC improved from -1.9% in 2025Q3 to 3.2% in 2026Q3, while ROE turned positive at 2.9%, based on quarterly data, indicating a cyclical recovery.
The return on capital metrics remain low in absolute terms, reflecting the capital-intensive nature of the drilling business and the lingering effects of the downturn. The improvement is driven by margin recovery rather than asset efficiency, as asset turnover has stayed flat around 0.15-0.16. This suggests that HP is still operating below its historical return potential, and the sustainability of this recovery depends on dayrate and utilization trends.
Working Capital Drag from Extended DSO
Cash conversion cycle lengthened from 47 days in 2024Q2 to 87 days in 2026Q3, driven by DSO rising from 57 to 74 days, as per financial statements.
The elongation of the cash conversion cycle indicates that HP is taking longer to collect receivables, which may reflect customer mix shifts or contract terms. DPO has also declined from 28 to 19 days, suggesting HP is paying suppliers faster, further straining working capital. This trend warrants monitoring as it could pressure free cash flow if not reversed, despite the recent improvement in FCF margin.
Leverage Rises but Coverage Improves
Debt-to-equity rose from 0.19 in 2024Q2 to 0.70 in 2026Q3, while interest coverage swung from -3.55 to 7.16, according to reported figures.
The increase in leverage reflects the debt-funded acquisition of Motive, but the debt-to-equity ratio remains conservative relative to peers like Nabors (1.78). Interest coverage has improved dramatically from negative levels, indicating that operating earnings are now comfortably covering interest expense. However, the D/EBITDA ratio of 5.04 in 2026Q3 is elevated, suggesting that EBITDA must continue to recover to keep leverage metrics in check.
Liquidity Buffer Adequate but Tightening
Current ratio improved to 1.96 in 2026Q3 from 1.71 in 2026Q2, while quick ratio stood at 1.55, based on balance sheet data.
The liquidity position appears adequate, with current assets covering short-term obligations nearly twice over. However, the quick ratio of 1.55 indicates that inventory is not a major component, which is typical for a service company. The modest cash balance of $204.4M suggests that HP relies on operating cash flow and credit facilities for flexibility, but the improving FCF provides a cushion.
Misapplied EV/EBITDA in Cyclical Downturn
EV/EBITDA of 7.46 appears low, but using it without normalizing for the cycle may understate HP's earnings power, as per valuation data.
The most commonly misapplied ratio for HP is EV/EBITDA, because EBITDA is currently depressed due to the cyclical trough and reactivation costs. A trailing EV/EBITDA of 7.46 may look cheap, but it does not reflect the potential normalized earnings power of the fleet. Analysts should instead use a mid-cycle EBITDA estimate or EV/rig to account for the cyclicality and the value of the idle fleet.