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Helix Energy Solutions Group, Inc.
🏹 Trader: 🎯 Near 52W High 💎 VCP Breakout | BRS 81 Ready View all →
$1.5B
Market Cap
29.9
P/E
0.92
PEG
2.6%
ROCE
2.0%
ROE
0.35
D/E
5.0%
OPM
-7.2%
% from 52W High
77
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for HLX including FX impact
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📈 Price History
Ratio Health
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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.

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📈 Growth Pattern
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⭐ Superinvestors Holding HLX
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 966.5K $9.6M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED Helix Q1 2026: $288M revenue, $32M EBITDA, merger with Hornbeck for integrated offshore services
Revenue & Profitability
For Q1 2026, Helix reported revenue of $288M, gross profit of $9M, net loss of $13M, adjusted EBITDA of $32M, and free cash flow of $59M. Operating cash flow was $62M. Cash at quarter-end was $501M, with liquidity of $612M and funded debt of $310M. Full-year 2026 guidance: revenue $1.2B-$1.4B, EBITDA $230M-$290M, CapEx $70M-$80M, and free cash flow $100M-$160M.
Outlook
Management sees positive catalysts: oil supply disruptions, increased commodity prices, and increased regulatory enforcement in the North Sea. They expect momentum to build in offshore markets through 2027. Key forecast drivers include second-half utilization on the Q4000 and Q7000, a late-season North Sea intervention market, strong robotics markets, and a stable shallow water abandonment segment.
Growth Drivers
Growth is expected from annual cost and revenue synergies of $75M or more within three years post-close, driven by combined service offerings, cross-selling, and asset optimization. Geographic expansion opportunities exist in Brazil, northern South America, and West Africa. The defense industry is a growing customer, and new MPSVs (delivering in 2027) will support subsea construction, renewables, and defense markets.
Balance Sheet & CapEx
2026 CapEx guidance is $70M-$80M for mandatory vessel maintenance, intervention system upkeep, and ROV fleet renewal. Hornbeck has approximately $50M remaining to spend on two new MPSVs under construction. ROVs can be built with a six-month lead time, allowing rapid scaling of the robotics business.
Margins
Hornbeck reported an adjusted EBITDA margin of 40% for fiscal year 2025. No specific margin guidance was provided for Helix or the combined company. However, the transaction is expected to generate significant cost and revenue synergies that will improve overall profitability.
Key Risks
The transaction requires Helix shareholder approval and regulatory approvals. The macro environment remains uncertain. No other risks were explicitly flagged by management during the call.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2026 Q1 2026 & Acquisition 2026-04-23
Helix and Hornbeck Offshore announced an all-stock merger, creating a global offshore services leader with a diversified fleet, strong balance sheet, and $2 billion backlog. The combined company expects $75 million in annual synergies and robust growth across energy, renewables, and defense markets.
Q4 2025 Q4 2025 2026-02-24
Fourth quarter and full year 2025 results exceeded expectations, with strong cash flow, robust robotics and Brazil segments, and a solid balance sheet. 2026 guidance reflects non-recurring costs but anticipates market improvements in 2027, especially in decommissioning and robotics.
Q3 2025 Q3 2025 2025-10-23
Q3 delivered the strongest results since 2014, driven by robust robotics and Brazil operations, with revenue and profitability up sharply from Q2. Guidance for 2025 was tightened, with expectations of continued strength in robotics and gradual recovery in other segments amid ongoing cost and rate pressures.
Q2 2025 Q2 2025 2025-07-24
Q2 2025 saw lower profitability due to regulatory downtime, vessel demobilizations, and market softness, but strong liquidity and new long-term contracts in Brazil and robotics support a positive long-term outlook. Guidance was revised down, with recovery expected in 2026–2027.
Q1 2025 Q1 2025 2025-04-24
Q1 2025 saw strong financials with $278M revenue and $52M adjusted EBITDA, but 2025 guidance was revised down by $75M due to North Sea weakness and vessel stacking. The company maintains a robust balance sheet, strong backlog, and is prioritizing share repurchases amid market uncertainty.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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