Helmerich & Payne

HP · NYSE · Energy · Financials, fiscal 2016 to 2025

HP · Last close · October 26, 2026

$39.81

Helmerich & Payne's revenue rose 35.9% to $3.7 billion in fiscal 2025. Its operating margin was 0.1%, down from 16.6% a year earlier. Free cash flow was $117 million, down 38.5%. It paid out $101 million in dividends and buybacks, 86% of free cash flow. The diluted share count rose 0.2%.

HELMERICH & PAYNE, INC. Latest fiscal year ended September 30, 2025 10-K filed November 21, 2025 · 0000046765-25-000071 Updated October 21, 2026

Revenue

$3.7B

35.9%

Operating margin

0.1%

16.5 pts

Net income

−$164M

$344M a year earlier

Free cash flow

$117M

38.5%

Return on capital

0.1%

9.1 pts

Market cap

$4.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2024, earnings per share fell 4.0% a year and net income 5.5% a year, while buybacks cut the share count by 9%. Helmerich & Payne then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Helmerich & Payne yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Helmerich & Payne's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Helmerich & Payne's fiscal 2025 free cash flow of $117M, net cash of −$1.8B at September 30, 2025 and 99 million diluted shares, from its filings. The scenarios are fitted to Helmerich & Payne: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 22.1% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Oil & Gas Drilling), plus 1 point as a smaller company, worth $4.0B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Helmerich & Payne's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Helmerich & Payne's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 14% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $39.81
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Helmerich & Payne's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,100	349	351	510	218
Debt incl. finance leases	1,026	543	545	1,782	2,064
Net debt (negative means net cash)	−74	193	194	1,272	1,846
Net debt to EBITDA	—	0.4x	0.2x	1.5x	2.9x
Debt to equity	0.3x	0.2x	0.2x	0.6x	0.7x
Interest coverage	−17.9x	2.4x	32.9x	15.7x	0.0x
Current ratio	1.8x	2.5x	2.4x	2.7x	1.8x
Quick ratio	1.7x	2.3x	2.2x	2.4x	1.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Helmerich & Payne shares on the open market, and 4 insiders sold $11.3 million, $825,000 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 1, 2026	Michael LennoxEVP, Western Hemisphere Land	Sold plan	10,000	$45.00	$450,000	Form 4
Aug 20, 2026	Hans HelmerichDirector	Sold	94,470	$43.90	$4.1 million	Form 4
Aug 17, 2026	Cara M. HairSVP, Corp. Services & CLO	Sold	11,149	$44.27	$493,566	Form 4
Aug 14, 2026	Sara Marie MomperVP, CAO	Sold	5,054	$44.28	$223,791	Form 4
Aug 10, 2026	Michael LennoxEVP, Western Hemisphere Land	Sold plan	5,000	$40.00	$200,000	Form 4
Jul 22, 2026	Michael LennoxEVP, Western Hemisphere Land	Sold plan	5,000	$35.00	$175,000	Form 4
May 18, 2026	Cara M. HairSVP, Corp. Services & CLO	Sold	28,345	$41.45	$1.2 million	Form 4
Mar 19, 2026	Cara M. HairSVP, Corp. Services & CLO	Sold	58,771	$36.62	$2.2 million	Form 4
Dec 19, 2025	Hans HelmerichDirector	Sold	75,000	$28.12	$2.1 million	Form 4
Dec 3, 2025	Sara Marie MomperVP, CAO	Sold	6,681	$30.23	$201,967	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 8	5 of 8	4 of 8
Accruals ratio	−9.2%	−6.7%	−11.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Helmerich & Payne side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Helmerich & Payne	FY25	35.9%	0.1%	3.1%	0.1%	2.9x	4
Transocean	FY25	12.5%	−58.9%	15.8%	−12.4%	—	6	Compare
Noble	FY25	7.5%	12.7%	13.2%	5.2%	—	5	Compare
Patterson-UTI Energy	FY25	−10.2%	−0.8%	7.7%	−0.8%	—	6	Compare
Valaris	FY25	0.3%	20.1%	8.6%	14.4%	0.8x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,624	1,805	2,487	2,798	1,774	1,219	2,059	2,872	2,757	3,746
Revenue growth	−48.6%	11.1%	37.8%	12.5%	−36.6%	−31.3%	69.0%	39.5%	−4.0%	35.9%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	10	12	18	28	22	22	27	30	41	34
Operating income	−26	−169	33	21	−620	−428	45	568	457	3
Net income	−57	−128	483	−34	−494	−326	7	434	344	−164
Diluted EPS (US$)	−0.54	−1.20	4.37	−0.34	−4.60	−3.04	0.05	4.16	3.43	−1.66
Diluted shares (millions)	108	108	109	109	108	108	107	103	99	99
Cash flow
Cash from operations	754	371	558	856	539	136	234	834	685	543
Capital expenditure	257	398	467	458	141	82	251	396	495	426
Free cash flow	497	−26	91	397	398	54	−17	438	190	117
Dividends paid	300	306	308	313	260	109	107	202	168	101
Share buybacks	0	0	0	43	28	0	77	247	51	0
Acquisitions	0	70	48	16	0	0	0	0	0	1,836
Stock-based compensation	24	26	32	34	36	28	28	32	31	32
Balance sheet at fiscal year end
Cash and short-term investments	950	566	326	401	577	1,100	349	351	510	218
Debt incl. finance leases	492	493	494	479	481	1,026	543	545	1,782	2,064
Total assets	6,832	6,440	6,215	5,840	4,830	5,034	4,356	4,382	5,782	6,706
Total liabilities	2,271	2,275	1,832	1,827	1,511	2,122	1,590	1,610	2,865	3,876
Shareholders' equity	4,561	4,165	4,383	4,012	3,318	2,913	2,766	2,772	2,917	2,829
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	−1.6%	−9.4%	1.3%	0.7%	−35.0%	−35.2%	2.2%	19.8%	16.6%	0.1%
Net margin	−3.5%	−7.1%	19.4%	−1.2%	−27.9%	−26.8%	0.3%	15.1%	12.5%	−4.4%
Free cash flow margin	30.6%	−1.5%	3.7%	14.2%	22.4%	4.5%	−0.8%	15.3%	6.9%	3.1%
Return on capital	−0.5%	−3.3%	0.8%	0.4%	−13.4%	−11.2%	0.8%	14.0%	9.2%	0.1%
Return on equity	−1.2%	−2.9%	11.3%	−0.8%	−13.5%	−10.5%	0.2%	15.7%	12.1%	−5.7%
Return on assets	−0.8%	−1.9%	7.6%	−0.6%	−9.3%	−6.6%	0.1%	9.9%	6.8%	−2.6%
Net debt to EBITDA	−0.8x	−0.2x	0.3x	0.1x	—	—	0.4x	0.2x	1.5x	2.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Helmerich & Payne's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Helmerich & Payne.