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HLX

Helix Energy Solutions Group, Inc.

HLX

Helix Energy Solutions Group, Inc. • NYSE
$6.66 ▲ 0.83% (+0.06)
Market Cap $978.82 M
52w High $10.97
52w Low $5.52
Dividend Yield 0%
P/E 23.77
Volume 638.26K
Outstanding Shares 147.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $376.96M ▲ $18.168M ▲ $22.083M ▲ 5.858% ▲ $0.15 ▲ $102.529M ▲
Q2-2025 $302.288M ▲ $18.1M ▼ $-2.598M ▼ -0.859% ▼ $-0.018 ▼ $33.608M ▼
Q1-2025 $278.064M ▼ $19.366M ▼ $3.072M ▼ 1.105% ▼ $0.02 ▼ $45.012M ▲
Q4-2024 $355.133M ▲ $27.981M ▲ $20.121M ▼ 5.666% ▼ $0.13 ▼ $36.782M ▼
Q3-2024 $342.419M $21.125M $29.514M 8.619% $0.19 $90.352M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $338.033M ▲ $2.632B ▼ $1.057B ▼ $1.575B ▲
Q2-2025 $319.743M ▼ $2.673B ▲ $1.104B ▲ $1.569B ▲
Q1-2025 $369.987M ▲ $2.635B ▲ $1.09B ▲ $1.545B ▲
Q4-2024 $368.03M ▲ $2.597B ▼ $1.077B ▼ $1.52B ▼
Q3-2024 $324.12M $2.661B $1.091B $1.571B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $22.068M ▲ $24.277M ▲ $-1.688M ▲ $-4.141M ▲ $18.29M ▲ $22.589M ▲
Q2-2025 $-2.598M ▼ $-17.133M ▼ $-4.47M ▲ $-29.705M ▼ $-50.244M ▼ $-21.603M ▼
Q1-2025 $3.072M ▼ $16.442M ▼ $-4.488M ▲ $-11.075M ▲ $1.957M ▼ $11.954M ▼
Q4-2024 $20.121M ▼ $77.977M ▲ $-12.523M ▼ $-19.736M ▼ $43.91M ▼ $65.454M ▲
Q3-2024 $29.485M $55.369M $-3.086M $-3.686M $49.054M $52.183M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Renewables
Renewables
 $30.00M ▲$20.00M ▼$40.00M ▲$50.00M ▲
Service Other
Service Other
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Helix’s income statement shows a clear turnaround story. Revenue has grown steadily over the last several years, helped by stronger offshore activity and expansion into decommissioning and renewables-related work. Profitability has improved from small or negative results earlier in the period to solid operating and net profits more recently. Margins, while not exceptional, now look much healthier than in the past, suggesting better pricing, utilization of vessels, and cost control. The business is still cyclical and tied to offshore spending, but the recent trend is one of recovery and stabilization rather than distress.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a capital-intensive offshore services company. Total assets have remained fairly steady, reflecting a stable fleet and equipment base rather than aggressive expansion. Debt has crept up from the lows but remains moderate compared with the company’s equity, indicating a balanced use of leverage rather than an overly stretched position. Cash levels have improved versus a few years ago, providing a better liquidity cushion. Shareholders’ equity has dipped slightly from earlier years but has stabilized as profitability returned, suggesting the balance sheet is now on firmer footing than during the loss-making years.

Cash Flow

Cash Flow Cash generation is a relative strength. Helix has produced positive operating cash flow in each of the past five years, with a clear improvement in more recent periods as profitability recovered. Free cash flow has also been consistently positive, even after funding necessary capital expenditures to maintain and upgrade the fleet. Investment spending has been disciplined rather than aggressive, which supports debt service, vessel upkeep, and selective growth without placing excessive strain on the balance sheet. Overall, the cash flow profile looks sustainable and supportive of the current capital structure, assuming offshore activity remains healthy.

Competitive Edge

Competitive Edge Helix occupies a specialized niche in offshore energy services, focused on subsea well intervention, decommissioning, and marine robotics rather than traditional drilling. Its fleet of purpose-built vessels and advanced remotely operated vehicles is expensive and complex to replicate, creating meaningful barriers to entry. The ability to offer “rigless” intervention—often cheaper and more flexible than using drilling rigs—gives Helix a cost and efficiency edge for many late-life and end-of-life field activities. Long-standing relationships with major oil companies and growing ties to offshore wind developers reinforce this position. The main competitive risks are the cyclical nature of offshore work, potential price pressure if more competitors enter this niche, and reliance on a relatively concentrated set of customers and basins.

Innovation and R&D

Innovation and R&D Innovation at Helix is very practical and asset-focused. The company has developed proprietary systems for well intervention and abandonment, such as specialized riser and riserless tools that make complex subsea work safer, faster, and less dependent on drilling rigs. Its robotics division designs and operates powerful trenching vehicles and intervention ROVs that are critical for installing and protecting subsea infrastructure, especially for offshore wind. Rather than large formal R&D budgets, Helix appears to invest steadily in engineering upgrades, new tools, and fleet enhancements tailored to customer needs. Future value will likely depend on continued development of renewables-focused technologies, further automation and robotics capabilities, and improvements to vessel efficiency and environmental performance.

Summary

Overall, Helix looks like a company that has successfully emerged from a tougher period and is now benefiting from a more favorable offshore cycle and a clearer strategic focus. The income statement shows a shift from losses to consistent profits, while the balance sheet and cash flows point to a business that is capital intensive but not overstretched. Its competitive strength lies in a hard-to-replicate combination of specialized vessels, subsea know‑how, and robotics capabilities, all aligned with long-term themes like decommissioning and offshore wind buildout. Key uncertainties remain: exposure to swings in offshore investment, timing and size of decommissioning projects, execution on complex subsea work, and the pace at which the energy transition translates into profitable renewables contracts. But based on the data provided, the trajectory over the past few years has been one of operational improvement, better cash generation, and a more clearly defined niche in the offshore energy ecosystem.

NEWS

November 28, 2025 · 4:15 PM UTC

Helix to Participate in Upcoming Events

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October 31, 2025 · 4:15 PM UTC

Helix to Participate in Upcoming Event

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October 22, 2025 · 6:15 PM UTC

Helix Reports Third Quarter 2025 Results

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October 3, 2025 · 4:15 PM UTC

Helix Announces Third Quarter Earnings Release Date and Conference Call Information

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