HP
Helmerich & Payne, Inc.
Energy • CIK: 0000046765
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Market Cap
$2.85B
P/E (TTM)
-9.0x
Rev Growth (TTM)
+48.2%
Net Margin (TTM)
-7.7%
FCF Yield (TTM)
6.3%
FCF Margin (TTM)
4.4%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$180M
Q '26
$115M-20%
Q4 '25
$143M+481%
FCF Margin
TTM4.4%
Q '2611.3%-20%
Sector: 7.7%Below Avg
OCF Margin13.9%
OCF/NI-1.80x
CapEx Coverage1.5x
FCF Yield6.3%
FCF Growth (2Y)+14%
Cash Conversion Cycle
385 days
DSO: 65+DIO: 1274−DPO: 954
Capital Allocation & Returns
Balanced
Total Shareholder Yield
TTM2.6%
Div Yield2.6%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)2.6%
FCF Payout Ratio41.5%
Free Cash Flow (TTM)$179.6M
Stock Repurchases ()$0
Capital Return / FCF56.2%
Est. Dividends Paid (TTM)$74.6M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-10.2%
Moderate
-13.6%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-4.8%
8Q: 4.9%
Asset Turnover
0.61x
8Q: 0.61x
Leverage (1+D/E)
–
Asset & CapEx Efficiency
Fixed Asset Turn
0.98x
8Q:0.93x
+4.4%
Invested Cap Turn
2.14x
8Q:1.39x
+136.8%
CapEx Intensity
20.2%
8Q:16.7%
CapEx/Depreciation
0.55x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $4.1B | $1.0B↑0.5% | $1.0B↓2.8% | $1.0B↑2.4% | $1.0B↑50.0% | $677.3M↓2.4% | $693.8M↓0.6% | $697.7M↑1.4% | $687.9M |
Operating Income | $-147.5M | $-59.9M↓3997.9% | $-1.5M↑98.9% | $-128.3M↓404.2% | $42.2M↓53.6% | $90.9M↓15.5% | $107.6M↓5.2% | $113.5M↑2.1% | $111.2M |
Net Income | $-238.9M | $-96.7M↓613.1% | $18.8M↑111.6% | $-162.8M↓9590.3% | $1.7M↓96.9% | $54.8M↓59.0% | $133.5M↑186.0% | $46.7M↓35.2% | $72.0M |
Operating Cash Flow | $567.0M | $182.4M↓11.8% | $206.9M↑70.2% | $121.6M↑117.0% | $56.0M↓64.6% | $158.4M↓6.2% | $168.8M↓14.5% | $197.4M↑37.3% | $143.7M |
Free Cash Flow | $179.6M | $114.9M↓19.6% | $142.8M↑480.6% | $24.6M↑124.0% | $-102.7M↓298.0% | $51.9M↓17.4% | $62.8M↓0.4% | $63.0M↑147.9% | $25.4M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-9.0x
Valuation Lenses
Earnings
-9.0x
vs – sector
Cash Flow
22.1x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -10.2%
Shareholder Returns
Dividend
2.6%
Buyback
–
Total Yield
2.6%
Market Cap$2.85B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-1/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)
–
8Q:–
Return on Invested Capital (ROIC)Below Avg
-10.2%
8Q:–
-13.6%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -4.8%
Asset Turnover: 0.61x
Earnings Quality
Cash Conversion
-1.80x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin97.9%
Capital Efficiency
Invested Capital Turnover2.14x
Working Capital
Cash Conversion Cycle385 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
77/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
48.2%
OpInc Growth YoY
-165.9%
EPS Growth YoY
N/A
FCF 3Y CAGR
14.3%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 33.9%
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
97.9%
Operating
-3.6%
Below Avg in sector
Net
-7.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+12.1 pts
FCF: 4.4% | Net: -7.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Net Debt / EBITDA
–Net Debt: $1.73B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
–x
Balance sheet risk & solvency analysis