Helix Energy Solutions Group (HLX) Financials

$6.56 +0.13 (+1.94%)

Closing price 03:59 PM Eastern

Extended Trading

$6.56 -0.01 (-0.08%)

As of 05:50 PM Eastern

Annual Income Statements for Helix Energy Solutions Group

This table shows Helix Energy Solutions Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	195	-377	-81	30	29	58	22	-62	-88	-11	56
Consolidated Net Income / (Loss)	196	-377	-81	30	29	58	20	-62	-88	-11	56
Net Income / (Loss) Continuing Operations	196	-377	-81	30	29	58	20	-62	-88	-11	56
Total Pre-Tax Income	263	-478	-94	-20	31	66	1.38	-71	-75	7.51	82
Total Operating Income	262	-307	-63	-1.13	52	68	13	-49	-45	64	127
Total Gross Profit	344	-234	47	62	122	138	80	15	51	200	220
Total Revenue	1,107	696	488	581	740	752	734	675	873	1,290	1,359
Operating Revenue	1,107	696	488	581	740	752	734	675	873	1,290	1,359
Total Cost of Revenue	763	930	441	519	618	614	654	659	822	1,089	1,139
Operating Cost of Revenue	763	930	441	519	618	614	654	659	822	1,089	1,139
Total Operating Expenses	82	74	110	63	70	70	67	64	95	137	92
Selling, General & Admin Expense	93	57	66	63	70	70	61	63	77	94	92
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	2.66	0.54	0.00
Other Special Charges / (Income)	-10	-0.09	-1.29	0.04	-0.15	0.00	-0.89	0.63	16	42	0.48
Total Other Income / (Expense), net	0.77	-171	-31	-19	-21	-2.44	-12	-22	-30	-56	-45
Interest Expense	-	-	3.54	0.40	1.18	0.02	-9.24	0.14	0.00	37	21
Interest & Investment Income	-17	-151	-33	-21	-18	-3.59	-28	-20	-7.00	-15	-21
Other Income / (Expense), net	18	-20	6.27	2.30	-1.69	1.17	7.43	-1.49	-23	-3.59	-3.92
Income Tax Expense	67	-101	-12	-50	2.40	7.86	-19	-8.96	13	18	26
Basic Earnings per Share	$1.85	($3.58)	($0.73)	$0.20	$0.19	$0.39	$0.13	($0.41)	($0.58)	($0.07)	$0.37
Weighted Average Basic Shares Outstanding	105.03M	105.42M	111.61M	145.30M	146.70M	147.54M	148.99M	150.06M	151.28M	150.92M	151.99M
Diluted Earnings per Share	$1.85	($3.58)	($0.73)	$0.20	$0.19	$0.38	$0.13	($0.41)	($0.58)	($0.07)	$0.36
Weighted Average Diluted Shares Outstanding	105.05M	105.42M	111.61M	145.30M	146.83M	149.58M	149.90M	150.06M	151.28M	150.92M	154.70M
Weighted Average Basic & Diluted Shares Outstanding	105.40M	105.30M	111.60M	150.30M	150.50M	149.96M	150.71M	151.64M	152.15M	152.42M	150.94M

This table shows Helix Energy Solutions Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	2.71	-5.17	7.10	16	-28	-26	32	30	20	3.07	-2.60
Consolidated Net Income / (Loss)	2.71	-5.17	7.10	16	-28	-26	32	30	20	3.07	-2.60
Net Income / (Loss) Continuing Operations	2.71	-5.17	7.10	16	-28	-26	32	30	20	3.07	-2.60
Total Pre-Tax Income	5.24	-7.18	10	24	-20	-28	47	39	24	3.53	-8.60
Total Operating Income	-5.13	-8.30	20	36	15	-1.28	53	45	31	8.17	-3.15
Total Gross Profit	31	15	55	81	49	20	75	66	59	28	15
Total Revenue	288	250	309	396	335	296	365	342	355	278	302
Operating Revenue	288	250	309	396	335	296	365	342	355	278	302
Total Cost of Revenue	256	235	253	315	286	277	289	277	296	251	287
Operating Cost of Revenue	256	235	253	315	286	277	289	277	296	251	287
Total Operating Expenses	36	23	35	44	34	21	22	21	28	19	18
Selling, General & Admin Expense	23	20	24	28	23	21	22	21	28	19	18
Other Special Charges / (Income)	13	3.63	11	16	11	0.15	0.00	-0.10	0.43	0.00	0.00
Total Other Income / (Expense), net	10	1.12	-9.79	-12	-35	-27	-6.18	-5.61	-6.88	-4.65	-5.44
Interest Expense	-	0.00	0.00	0.00	37	21	0.00	0.00	-	0.00	0.00
Interest & Investment Income	-2.78	-2.32	-4.05	-4.07	-4.68	-3.57	-5.89	-5.56	-5.51	-4.29	-5.88
Other Income / (Expense), net	13	3.44	-5.74	-8.26	6.96	-2.22	-0.29	-0.05	-1.37	-0.36	0.44
Income Tax Expense	2.53	-2.02	3.31	8.34	8.72	-1.70	15	9.52	3.88	0.45	-6.00
Basic Earnings per Share	$0.02	($0.03)	$0.05	$0.10	($0.19)	($0.17)	$0.21	$0.19	$0.14	$0.02	($0.02)
Weighted Average Basic Shares Outstanding	151.28M	151.76M	150.79M	150.55M	150.92M	152.37M	152.23M	151.91M	151.99M	151.04M	148.52M
Diluted Earnings per Share	$0.02	($0.03)	$0.05	$0.10	($0.19)	($0.17)	$0.21	$0.19	$0.13	$0.02	($0.02)
Weighted Average Diluted Shares Outstanding	151.28M	151.76M	153.40M	153.62M	150.92M	152.37M	155.02M	154.85M	154.70M	152.17M	148.52M
Weighted Average Basic & Diluted Shares Outstanding	152.15M	151.50M	150.82M	150.71M	152.42M	152.45M	152.05M	152.10M	150.94M	151.53M	146.99M

This table details how cash moves in and out of Helix Energy Solutions Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1.71	18	-138	-92	13	-19	29	36	-138	143	36
Net Cash From Operating Activities	359	111	39	52	197	170	99	140	51	152	186
Net Cash From Continuing Operating Activities	359	111	39	52	197	170	99	140	51	152	186
Net Income / (Loss) Continuing Operations	196	-377	-81	30	29	58	20	-62	-88	-11	56
Consolidated Net Income / (Loss)	196	-377	-81	30	29	58	20	-62	-88	-11	56
Depreciation Expense	109	120	114	109	111	113	134	142	129	138	137
Amortization Expense	10	12	14	11	9.33	9.86	10	3.18	16	28	38
Non-Cash Adjustments To Reconcile Net Income	-7.18	492	55	14	16	9.42	-2.24	-4.49	-14	-11	-64
Changes in Operating Assets and Liabilities, net	51	-136	-63	-112	32	-20	-63	62	8.16	7.47	19
Net Cash From Investing Activities	-336	-296	-147	-221	-136	-142	-19	-8.27	-138	-19	-23
Net Cash From Continuing Investing Activities	-336	-296	-147	-221	-136	-142	-19	-8.27	-138	-19	-23
Purchase of Property, Plant & Equipment	-337	-320	-186	-231	-137	-141	-20	-8.32	-34	-20	-23
Acquisitions	-20	-	-	0.00	0.00	-4.08	0.00	0.00	-113	0.00	0.00
Sale of Property, Plant & Equipment	14	18	13	10	0.03	2.55	0.96	0.05	0.00	0.37	0.10
Sale and/or Maturity of Investments	7.91	7.00	1.20	-	-	-	0.00	0.00	7.84	0.00	0.00
Other Investing Activities, net	-	-	0.00	0.00	1.04	-	-	0.00	0.00	0.56	0.36
Net Cash From Financing Activities	-30	205	-26	77	-46	-46	-53	-96	-45	25	-125
Net Cash From Continuing Financing Activities	-30	205	-26	77	-46	-46	-42	-96	-45	25	-125
Repayment of Debt	-24	-48	-247	-240	-170	-80	-237	-92	-44	-276	-71
Repurchase of Common Equity	-8.38	-	-	-	-	0.00	0.00	-2.36	0.00	-12	-30
Issuance of Debt	0.00	250	125	100	125	35	200	0.00	0.00	299	0.00
Issuance of Common Equity	3.22	3.48	97	220	0.51	0.46	0.62	0.65	0.58	0.98	1.86
Other Financing Activities, net	0.07	-1.12	-0.34	-2.04	-1.41	-1.68	-5.26	-2.00	-1.90	14	-27
Effect of Exchange Rate Changes	4.39	-2.01	-3.63	-	-1.68	-	1.82	-0.04	-5.99	-16	-2.04

This table details how cash moves in and out of Helix Energy Solutions Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	24	-20	13	-14	164	-8.34	-49	49	44	1.96	-50
Net Cash From Operating Activities	50	-5.39	32	32	95	64	-12	56	78	16	-17
Net Cash From Continuing Operating Activities	50	-5.39	32	32	95	64	-12	56	78	16	-17
Net Income / (Loss) Continuing Operations	2.71	-5.17	7.10	16	-28	-26	32	30	20	3.07	-2.60
Consolidated Net Income / (Loss)	2.71	-5.17	7.10	16	-28	-26	32	30	20	3.07	-2.60
Depreciation Expense	26	38	39	43	18	37	43	43	4.47	33	34
Amortization Expense	15	0.60	0.60	0.64	26	10	0.59	0.56	37	9.79	12
Non-Cash Adjustments To Reconcile Net Income	-53	-2.13	7.74	10	-27	15	1.98	-1.59	-90	-17	-15
Changes in Operating Assets and Liabilities, net	59	-36	-23	-38	105	28	-90	-16	106	-13	-45
Net Cash From Investing Activities	-29	-6.30	-1.26	-8.25	-2.86	-3.24	-3.99	-3.09	-13	-4.49	-4.47
Net Cash From Continuing Investing Activities	-29	-6.30	-1.26	-8.25	-2.86	-3.24	-3.99	-3.09	-13	-4.49	-4.47
Purchase of Property, Plant & Equipment	-29	-6.67	-1.26	-8.25	-3.42	-3.61	-3.99	-3.19	-13	-4.49	-4.47
Net Cash From Financing Activities	-0.41	-9.42	-5.65	-36	76	-69	-32	-4.05	-20	-11	-30
Net Cash From Continuing Financing Activities	-0.41	-9.42	-5.65	-36	76	-69	-32	-4.05	-20	-11	-30
Repurchase of Common Equity	-	-4.98	-5.08	-1.93	-	-4.18	-6.01	-	-19	0.00	-30
Issuance of Common Equity	-	0.24	0.35	0.39	-	0.50	0.62	0.74	-	0.73	0.51
Effect of Exchange Rate Changes	3.55	1.19	-11	-1.34	-4.54	-0.28	-0.41	0.46	-1.81	1.08	1.06

This table presents Helix Energy Solutions Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,701	2,400	2,247	2,363	2,348	2,597	2,498	2,326	2,389	2,556	2,597
Total Current Assets	694	684	523	452	451	438	526	530	461	698	710
Cash & Equivalents	476	494	357	267	279	208	291	254	187	332	368
Accounts Receivable	133	97	112	143	120	125	132	144	213	280	259
Other Current Assets	53	40	37	42	52	50	102	58	59	85	83
Plant, Property, & Equipment, net	1,735	1,603	1,652	1,806	1,827	1,873	1,783	1,658	1,642	1,573	1,438
Plant, Property & Equipment, gross	2,241	2,545	2,451	2,696	2,786	2,922	2,949	2,938	3,016	3,079	3,069
Accumulated Depreciation	506	942	799	890	959	1,050	1,166	1,281	1,375	1,506	1,631
Total Noncurrent Assets	271	113	73	105	70	286	190	139	287	285	450
Other Noncurrent Operating Assets	59	42	73	105	70	286	190	139	287	285	450
Total Liabilities & Shareholders' Equity	2,701	2,400	2,247	2,363	2,348	2,597	2,498	2,326	2,389	2,556	2,597
Total Liabilities	1,047	1,121	965	795	730	894	754	679	873	1,055	1,077
Total Current Liabilities	226	211	186	266	191	285	279	278	298	449	304
Short-Term Debt	28	72	68	110	47	100	91	43	38	48	9.19
Accounts Payable	83	65	60	81	55	69	50	88	135	135	145
Accrued Expenses	105	72	59	72	86	62	87	92	74	203	90
Other Current Liabilities	-	-	-	-	0.00	54	52	56	51	63	60
Total Noncurrent Liabilities	822	910	779	530	538	609	475	400	575	606	773
Long-Term Debt	523	678	558	386	393	306	259	262	226	313	306
Noncurrent Deferred & Payable Income Tax Liabilities	260	181	167	103	106	112	111	87	99	111	114
Other Noncurrent Operating Liabilities	38	51	53	41	40	190	105	51	250	182	353
Commitments & Contingencies	0.00	0.00	-	-	-	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,653	1,279	1,282	1,567	1,618	1,700	1,740	1,647	1,517	1,501	1,520
Total Preferred & Common Equity	1,653	1,279	1,282	1,567	1,618	1,700	1,740	1,647	1,517	1,501	1,520
Total Common Equity	1,653	1,279	1,282	1,567	1,618	1,700	1,740	1,647	1,517	1,501	1,520
Common Stock	934	946	1,056	1,284	1,309	1,319	1,328	1,292	1,299	1,272	1,252
Retained Earnings	781	404	323	353	383	445	465	411	323	312	368
Accumulated Other Comprehensive Income / (Loss)	-62	-71	-97	-70	-74	-65	-52	-56	-105	-83	-101

This table presents Helix Energy Solutions Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	2,214	2,355	2,369	2,424	2,435	2,614	2,597	2,661	2,635	2,673
Total Current Assets	485	476	449	512	555	606	624	694	736	760
Cash & Equivalents	261	162	167	183	168	324	275	324	370	320
Accounts Receivable	153	228	217	253	308	220	284	271	258	328
Other Current Assets	69	83	63	76	79	62	65	99	108	113
Plant, Property, & Equipment, net	1,539	1,608	1,626	1,609	1,575	1,530	1,501	1,511	1,434	1,454
Plant, Property & Equipment, gross	2,861	2,946	3,037	3,059	3,050	3,067	3,074	3,137	3,114	3,199
Accumulated Depreciation	1,322	1,338	1,410	1,450	1,475	1,538	1,573	1,626	1,679	1,745
Total Noncurrent Assets	189	272	294	303	305	478	472	456	464	458
Other Noncurrent Operating Assets	189	272	294	303	305	478	472	456	464	458
Total Liabilities & Shareholders' Equity	2,214	2,355	2,369	2,424	2,435	2,614	2,597	2,661	2,635	2,673
Total Liabilities	682	874	854	892	904	1,147	1,100	1,091	1,090	1,104
Total Current Liabilities	233	330	288	383	390	348	300	303	323	348
Short-Term Debt	8.13	38	38	38	8.75	8.97	8.97	9.19	9.41	9.41
Accounts Payable	100	132	134	146	142	120	145	142	160	172
Accrued Expenses	85	112	61	143	178	164	89	92	91	105
Other Current Liabilities	40	48	54	56	61	55	58	60	64	62
Total Noncurrent Liabilities	449	543	566	509	514	799	800	787	766	756
Long-Term Debt	259	225	222	222	219	309	310	305	302	302
Noncurrent Deferred & Payable Income Tax Liabilities	86	97	98	100	106	110	120	124	113	115
Other Noncurrent Operating Liabilities	104	220	246	187	190	380	370	358	351	339
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,532	1,482	1,516	1,532	1,531	1,467	1,497	1,571	1,545	1,569
Total Preferred & Common Equity	1,532	1,482	1,516	1,532	1,531	1,467	1,497	1,571	1,545	1,569
Total Common Equity	1,532	1,482	1,516	1,532	1,531	1,467	1,497	1,571	1,545	1,569
Common Stock	1,295	1,297	1,294	1,291	1,291	1,270	1,268	1,270	1,247	1,219
Retained Earnings	339	321	318	325	341	286	318	348	371	369
Accumulated Other Comprehensive Income / (Loss)	-103	-136	-97	-85	-101	-90	-89	-48	-73	-19

This table displays calculated financial ratios and metrics derived from Helix Energy Solutions Group's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.31%	-37.15%	-29.93%	19.24%	27.25%	1.63%	-2.44%	-8.02%	29.40%	47.72%	5.34%
EBITDA Growth	35.58%	-148.81%	136.36%	70.43%	40.53%	12.99%	-14.31%	-42.48%	-18.71%	194.84%	32.06%
EBIT Growth	50.58%	-216.96%	82.57%	102.06%	4,157.05%	38.74%	-70.42%	-345.26%	-35.89%	187.88%	106.13%
NOPAT Growth	39.65%	-210.35%	79.43%	98.21%	6,111.67%	25.85%	216.06%	-118.02%	7.87%	-191.75%	194.31%
Net Income Growth	72.98%	-292.78%	78.40%	136.90%	-4.84%	101.75%	-65.19%	-407.13%	-42.31%	87.65%	613.35%
EPS Growth	77.88%	-293.51%	79.61%	127.40%	-5.00%	100.00%	-65.79%	-415.38%	-41.46%	87.93%	614.29%
Operating Cash Flow Growth	383.45%	-69.18%	-65.06%	33.38%	281.01%	-13.76%	-41.77%	41.82%	-63.52%	198.30%	22.02%
Free Cash Flow Firm Growth	237.90%	-305.03%	39.38%	-181.26%	126.55%	-112.02%	3,063.92%	-38.53%	-98.41%	-1,435.81%	592.52%
Invested Capital Growth	8.57%	-4.49%	2.87%	15.81%	-0.99%	3.81%	-2.37%	-9.83%	-2.07%	-3.84%	-4.16%
Revenue Q/Q Growth	-1.75%	-6.64%	-5.73%	6.45%	-0.66%	1.68%	-1.46%	1.32%	15.81%	3.81%	1.49%
EBITDA Q/Q Growth	-9.79%	-205.83%	128.07%	65.26%	-6.16%	7.62%	5.89%	-28.30%	107.17%	8.84%	0.45%
EBIT Q/Q Growth	-13.77%	-658.26%	85.22%	102.33%	-20.06%	21.81%	17.86%	-263.36%	33.88%	31.41%	4.18%
NOPAT Q/Q Growth	-12.67%	-473.62%	83.11%	97.85%	-62.86%	24.04%	294.32%	-132.02%	32.64%	-441.24%	313.17%
Net Income Q/Q Growth	-13.03%	-1,181.81%	81.10%	140.10%	-69.22%	60.20%	-15.97%	-94.84%	24.58%	-153.64%	674.56%
EPS Q/Q Growth	-12.32%	-1,184.85%	82.15%	133.33%	-68.85%	58.33%	-18.75%	-86.36%	24.68%	-150.00%	800.00%
Operating Cash Flow Q/Q Growth	0.95%	13.82%	-55.41%	-5.41%	14.96%	24.95%	-28.62%	-13.20%	152.25%	41.91%	-8.26%
Free Cash Flow Firm Q/Q Growth	-33.29%	41.68%	-310.43%	-51.83%	106.17%	-31.69%	359.98%	13.03%	-94.01%	-268.30%	205.00%
Invested Capital Q/Q Growth	3.05%	-17.92%	1.15%	8.30%	1.34%	2.04%	-0.23%	-2.40%	0.70%	-3.70%	-6.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.07%	-33.60%	9.54%	10.69%	16.45%	18.33%	10.89%	2.28%	5.80%	15.53%	16.16%
EBITDA Margin	36.07%	-28.01%	14.53%	20.77%	22.94%	25.50%	22.40%	14.01%	8.80%	17.56%	22.02%
Operating Margin	23.64%	-44.17%	-12.97%	-0.19%	6.97%	9.04%	1.78%	-7.22%	-5.14%	4.92%	9.38%
EBIT Margin	25.25%	-46.98%	-11.68%	0.20%	6.74%	9.20%	2.79%	-7.44%	-7.81%	4.65%	9.09%
Profit (Net Income) Margin	17.66%	-54.18%	-16.70%	5.17%	3.87%	7.67%	2.74%	-9.14%	-10.05%	-0.84%	4.10%
Tax Burden Percent	74.49%	78.84%	86.72%	-147.52%	92.26%	88.01%	1,452.21%	87.32%	116.76%	-144.24%	67.80%
Interest Burden Percent	93.92%	146.27%	164.85%	-1,739.71%	62.18%	94.79%	6.76%	140.79%	110.26%	12.54%	66.44%
Effective Tax Rate	25.51%	0.00%	0.00%	0.00%	7.74%	11.99%	-1,352.21%	0.00%	0.00%	244.24%	32.20%
Return on Invested Capital (ROIC)	12.86%	-13.94%	-2.89%	-0.05%	2.66%	3.30%	10.37%	-1.99%	-1.95%	-5.87%	5.76%
ROIC Less NNEP Spread (ROIC-NNEP)	12.07%	-223.83%	-17.82%	12.33%	-7.06%	1.89%	-157.41%	-154.80%	-215.34%	148.72%	269.33%
Return on Net Nonoperating Assets (RNNOA)	-0.55%	-11.77%	-3.47%	2.16%	-0.86%	0.17%	-9.20%	-1.65%	-3.60%	5.15%	-2.08%
Return on Equity (ROE)	12.31%	-25.71%	-6.36%	2.11%	1.80%	3.47%	1.17%	-3.64%	-5.55%	-0.72%	3.68%
Cash Return on Invested Capital (CROIC)	4.64%	-9.35%	-5.72%	-14.70%	3.66%	-0.43%	12.77%	8.35%	0.14%	-1.95%	10.01%
Operating Return on Assets (OROA)	10.66%	-12.82%	-2.45%	0.05%	2.12%	2.80%	0.80%	-2.08%	-2.89%	2.42%	4.79%
Return on Assets (ROA)	7.46%	-14.78%	-3.51%	1.30%	1.21%	2.33%	0.79%	-2.56%	-3.72%	-0.44%	2.16%
Return on Common Equity (ROCE)	12.21%	-25.71%	-6.36%	2.11%	1.80%	3.47%	1.16%	-3.63%	-5.55%	-0.72%	3.68%
Return on Equity Simple (ROE_SIMPLE)	11.83%	-29.48%	-6.35%	1.92%	1.77%	3.39%	1.15%	-3.74%	-5.79%	-0.72%	3.66%
Net Operating Profit after Tax (NOPAT)	195	-215	-44	-0.79	48	60	189	-34	-31	-92	86
NOPAT Margin	17.61%	-30.92%	-9.08%	-0.14%	6.43%	7.96%	25.79%	-5.05%	-3.60%	-7.10%	6.36%
Net Nonoperating Expense Percent (NNEP)	0.79%	209.89%	14.92%	-12.38%	9.72%	1.41%	167.78%	152.82%	213.39%	-154.59%	-263.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-1.76%	-4.92%	4.71%
Cost of Revenue to Revenue	68.93%	133.60%	90.46%	89.31%	83.55%	81.67%	89.11%	97.72%	94.20%	84.47%	83.84%
SG&A Expenses to Revenue	8.36%	8.23%	13.52%	10.88%	9.50%	9.29%	8.33%	9.40%	8.79%	7.32%	6.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.43%	10.58%	22.51%	10.89%	9.48%	9.29%	9.12%	9.50%	10.93%	10.61%	6.78%
Earnings before Interest and Taxes (EBIT)	280	-327	-57	1.17	50	69	20	-50	-68	60	124
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	399	-195	71	121	170	192	164	95	77	227	299
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.39	0.44	0.83	0.71	0.50	0.84	0.36	0.29	0.74	1.03	0.93
Price to Tangible Book Value (P/TBV)	1.44	0.45	0.83	0.71	0.50	0.84	0.36	0.29	0.74	1.03	0.93
Price to Revenue (P/Rev)	2.07	0.80	2.18	1.92	1.08	1.91	0.86	0.70	1.28	1.20	1.04
Price to Earnings (P/E)	11.74	0.00	0.00	37.06	28.03	24.74	28.44	0.00	0.00	0.00	25.48
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	8.52%	0.00%	0.00%	2.70%	3.57%	4.04%	3.52%	0.00%	0.00%	0.00%	3.92%
Enterprise Value to Invested Capital (EV/IC)	1.40	0.52	0.86	0.75	0.54	0.86	0.38	0.28	0.75	1.03	0.93
Enterprise Value to Revenue (EV/Rev)	2.00	1.13	2.73	2.31	1.30	2.10	0.94	0.66	1.37	1.22	1.00
Enterprise Value to EBITDA (EV/EBITDA)	5.55	0.00	18.81	11.12	5.67	8.24	4.22	4.75	15.56	6.97	4.56
Enterprise Value to EBIT (EV/EBIT)	7.93	0.00	0.00	1,146.75	19.31	22.84	33.86	0.00	0.00	26.35	11.05
Enterprise Value to NOPAT (EV/NOPAT)	11.36	0.00	0.00	0.00	20.24	26.40	3.66	0.00	0.00	0.00	15.80
Enterprise Value to Operating Cash Flow (EV/OCF)	6.16	7.10	34.42	26.01	4.89	9.31	7.01	3.20	23.39	10.36	7.34
Enterprise Value to Free Cash Flow (EV/FCFF)	31.47	0.00	0.00	0.00	14.73	0.00	2.97	3.13	524.19	0.00	9.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.33	0.59	0.49	0.32	0.27	0.24	0.20	0.19	0.17	0.24	0.21
Long-Term Debt to Equity	0.32	0.53	0.44	0.25	0.24	0.18	0.15	0.16	0.15	0.21	0.20
Financial Leverage	-0.05	0.05	0.19	0.17	0.12	0.09	0.06	0.01	0.02	0.03	-0.01
Leverage Ratio	1.65	1.74	1.81	1.62	1.48	1.49	1.48	1.42	1.49	1.64	1.71
Compound Leverage Factor	1.55	2.54	2.99	-28.15	0.92	1.41	0.10	2.00	1.64	0.21	1.13
Debt to Total Capital	25.01%	36.94%	32.81%	24.02%	21.39%	19.24%	16.69%	15.62%	14.83%	19.42%	17.18%
Short-Term Debt to Total Capital	1.28%	3.53%	3.54%	5.33%	2.30%	4.73%	4.33%	2.20%	2.15%	2.59%	0.50%
Long-Term Debt to Total Capital	23.73%	33.41%	29.27%	18.70%	19.10%	14.52%	12.37%	13.43%	12.68%	16.83%	16.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	0.18%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	74.99%	63.06%	67.19%	75.98%	78.61%	80.59%	83.12%	84.38%	85.17%	80.58%	82.82%
Debt to EBITDA	1.38	-3.84	8.83	4.10	2.59	2.12	2.13	3.23	3.44	1.60	1.05
Net Debt to EBITDA	-0.19	-1.17	3.80	1.90	0.95	0.75	0.35	-0.23	0.98	0.13	-0.18
Long-Term Debt to EBITDA	1.31	-3.48	7.88	3.19	2.32	1.60	1.58	2.77	2.94	1.38	1.02
Debt to NOPAT	2.83	-3.48	-14.14	-626.58	9.26	6.78	1.85	-8.95	-8.41	-3.95	3.65
Net Debt to NOPAT	-0.38	-1.06	-6.08	-289.55	3.38	2.39	0.31	0.65	-2.39	-0.32	-0.61
Long-Term Debt to NOPAT	2.68	-3.15	-12.62	-487.69	8.27	5.12	1.37	-7.69	-7.19	-3.42	3.54
Altman Z-Score	2.68	0.61	1.18	1.39	1.41	1.65	1.20	1.01	1.31	1.75	1.86
Noncontrolling Interest Sharing Ratio	0.79%	0.00%	0.00%	0.00%	0.00%	0.10%	0.21%	0.11%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.08	3.24	2.80	1.70	2.35	1.54	1.88	1.90	1.55	1.56	2.33
Quick Ratio	2.70	2.80	2.52	1.54	2.09	1.17	1.52	1.43	1.34	1.37	2.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	70	-144	-87	-246	65	-7.86	233	143	2.28	-30	150
Operating Cash Flow to CapEx	111.18%	36.60%	22.34%	23.35%	143.55%	122.68%	512.42%	1,694.08%	152.54%	793.10%	801.74%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-24.72	-619.86	55.24	-436.54	0.00	1,052.66	0.00	-0.82	7.17
Operating Cash Flow to Interest Expense	0.00	0.00	10.94	130.07	166.31	9,426.06	0.00	1,030.27	0.00	4.09	8.89
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-38.02	-426.92	50.45	1,742.50	0.00	969.46	0.00	3.57	7.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.27	0.21	0.25	0.31	0.30	0.29	0.28	0.37	0.52	0.53
Accounts Receivable Turnover	7.01	6.05	4.67	4.55	5.62	6.13	5.69	4.88	4.89	5.23	5.04
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.68	0.42	0.30	0.34	0.41	0.41	0.40	0.39	0.53	0.80	0.90
Accounts Payable Turnover	9.78	12.50	7.02	7.34	9.08	9.91	10.98	9.56	7.37	8.07	8.15
Days Sales Outstanding (DSO)	52.08	60.33	78.19	80.18	64.92	59.55	64.11	74.75	74.60	69.79	72.41
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	37.31	29.21	51.96	49.74	40.19	36.81	33.25	38.19	49.53	45.20	44.76
Cash Conversion Cycle (CCC)	14.77	31.12	26.23	30.44	24.73	22.73	30.86	36.56	25.07	24.59	27.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,579	1,508	1,551	1,796	1,779	1,846	1,803	1,625	1,592	1,531	1,467
Invested Capital Turnover	0.73	0.45	0.32	0.35	0.41	0.41	0.40	0.39	0.54	0.83	0.91
Increase / (Decrease) in Invested Capital	125	-71	43	245	-18	68	-44	-177	-34	-61	-64
Enterprise Value (EV)	2,215	787	1,333	1,343	962	1,580	693	449	1,195	1,579	1,365
Market Capitalization	2,290	558	1,063	1,114	802	1,433	631	471	1,120	1,549	1,418
Book Value per Share	$15.67	$12.05	$10.63	$10.61	$10.92	$11.42	$11.59	$10.92	$9.99	$9.96	$9.99
Tangible Book Value per Share	$15.08	$11.63	$10.63	$10.61	$10.92	$11.42	$11.59	$10.92	$9.99	$9.96	$9.99
Total Capital	2,205	2,028	1,908	2,063	2,058	2,109	2,094	1,952	1,781	1,863	1,835
Total Debt	551	749	626	496	440	406	350	305	264	362	315
Total Long-Term Debt	523	678	558	386	393	306	259	262	226	313	306
Net Debt	-75	229	269	229	161	143	58	-22	75	30	-53
Capital Expenditures (CapEx)	323	303	173	221	137	138	19	8.27	34	19	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	20	51	47	29	27	-9.32	46	-33	12	-35	46
Debt-free Net Working Capital (DFNWC)	497	545	404	296	307	253	337	294	201	298	414
Net Working Capital (NWC)	469	473	336	186	259	154	246	251	163	249	405
Net Nonoperating Expense (NNE)	-0.57	162	37	-31	19	2.15	169	28	56	-81	31
Net Nonoperating Obligations (NNO)	-75	229	269	229	161	143	58	-22	75	30	-53
Total Depreciation and Amortization (D&A)	120	132	128	120	120	123	144	145	145	167	176
Debt-free, Cash-free Net Working Capital to Revenue	1.83%	7.27%	9.70%	5.04%	3.68%	-1.24%	6.23%	-4.89%	1.34%	-2.69%	3.42%
Debt-free Net Working Capital to Revenue	44.87%	78.29%	82.85%	50.89%	41.46%	33.68%	45.94%	43.59%	23.00%	23.07%	30.51%
Net Working Capital to Revenue	42.33%	68.00%	68.99%	31.99%	35.07%	20.42%	33.58%	37.24%	18.63%	19.32%	29.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.85	($3.58)	($0.73)	$0.20	$0.19	$0.39	$0.13	($0.41)	($0.58)	($0.07)	$0.37
Adjusted Weighted Average Basic Shares Outstanding	105.03M	105.42M	111.61M	145.30M	146.70M	147.54M	148.99M	150.06M	151.28M	150.92M	151.99M
Adjusted Diluted Earnings per Share	$1.85	($3.58)	($0.73)	$0.20	$0.19	$0.38	$0.13	($0.41)	($0.58)	($0.07)	$0.36
Adjusted Weighted Average Diluted Shares Outstanding	105.05M	105.42M	111.61M	145.30M	146.83M	149.58M	149.90M	150.06M	151.28M	150.92M	154.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	105.91M	107.54M	147.66M	148.08M	148.79M	149.96M	150.71M	151.64M	152.15M	152.42M	150.94M
Normalized Net Operating Profit after Tax (NOPAT)	187	-204	-14	-0.76	47	60	13	-34	-18	74	87
Normalized NOPAT Margin	16.92%	-29.28%	-2.79%	-0.13%	6.41%	7.96%	1.80%	-4.99%	-2.10%	5.75%	6.38%
Pre Tax Income Margin	23.71%	-68.72%	-19.26%	-3.50%	4.19%	8.72%	0.19%	-10.47%	-8.61%	0.58%	6.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-16.09	2.95	42.14	3,842.33	0.00	-368.95	0.00	1.61	5.90
NOPAT to Interest Expense	0.00	0.00	-12.50	-1.99	40.20	3,324.74	0.00	-250.59	0.00	-2.46	4.13
EBIT Less CapEx to Interest Expense	0.00	0.00	-65.05	-554.05	-73.72	-3,841.22	0.00	-429.76	0.00	1.09	4.79
NOPAT Less CapEx to Interest Expense	0.00	0.00	-61.46	-558.99	-75.66	-4,358.81	0.00	-311.41	0.00	-2.97	3.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	4.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.82%	0.00%	-110.61%	53.24%

This table displays calculated financial ratios and metrics derived from Helix Energy Solutions Group's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	70.65%	66.58%	89.91%	45.18%	16.45%	18.44%	18.13%	-13.46%	5.96%	-6.13%	-17.14%
EBITDA Growth	443.65%	1,296.91%	2,511.59%	149.26%	37.78%	30.68%	78.60%	22.53%	5.28%	16.95%	-55.40%
EBIT Growth	129.80%	86.82%	145.70%	463.40%	178.59%	28.13%	265.74%	59.42%	32.07%	323.80%	-105.13%
NOPAT Growth	85.89%	74.82%	203.72%	175.63%	505.94%	84.63%	165.15%	43.09%	140.44%	897.34%	-106.04%
Net Income Growth	110.46%	87.71%	123.91%	182.93%	-1,145.88%	-408.94%	354.77%	89.68%	171.02%	111.69%	-108.05%
EPS Growth	111.76%	89.29%	125.00%	183.33%	-1,050.00%	-466.67%	320.00%	90.00%	168.42%	111.76%	-109.52%
Operating Cash Flow Growth	163.51%	69.03%	639.31%	28.24%	90.57%	1,295.92%	-138.61%	76.30%	-17.69%	-74.50%	-40.85%
Free Cash Flow Firm Growth	-80.42%	-113.02%	-135.37%	-84.08%	131.76%	786.10%	275.43%	317.88%	24.50%	-112.51%	-121.14%
Invested Capital Growth	-2.07%	0.96%	4.85%	0.55%	-3.84%	-9.08%	-4.34%	-1.78%	-4.16%	1.73%	1.32%
Revenue Q/Q Growth	5.60%	-13.11%	23.49%	28.12%	-15.29%	-11.62%	23.15%	-6.13%	3.71%	-21.70%	8.71%
EBITDA Q/Q Growth	68.94%	-31.68%	63.18%	32.35%	-6.61%	-37.27%	123.00%	-9.20%	-19.76%	-28.02%	-14.96%
EBIT Q/Q Growth	204.20%	-160.59%	397.70%	93.37%	-20.12%	-114.22%	1,615.03%	-15.72%	-33.82%	-73.52%	-134.74%
NOPAT Q/Q Growth	-130.99%	-119.15%	337.06%	71.21%	-54.36%	-108.30%	4,190.09%	-7.61%	-23.31%	-72.49%	-130.98%
Net Income Q/Q Growth	114.44%	-290.66%	237.46%	119.15%	-282.09%	7.22%	222.83%	-8.59%	-31.83%	-84.73%	-184.57%
EPS Q/Q Growth	116.67%	-250.00%	266.67%	100.00%	-290.00%	10.53%	223.53%	-9.52%	-31.58%	-84.62%	-200.00%
Operating Cash Flow Q/Q Growth	101.67%	-110.85%	684.22%	0.35%	199.70%	-31.93%	-118.86%	558.16%	39.92%	-78.91%	-204.20%
Free Cash Flow Firm Q/Q Growth	-66.72%	-168.10%	-187.13%	124.47%	384.39%	101.60%	-26.59%	-41.71%	44.31%	-120.25%	-24.12%
Invested Capital Q/Q Growth	0.70%	0.96%	0.20%	-1.29%	-3.70%	-4.53%	5.42%	1.35%	-6.04%	1.33%	5.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	10.90%	6.07%	17.92%	20.36%	14.70%	6.60%	20.69%	19.18%	16.57%	9.90%	4.95%
EBITDA Margin	16.92%	13.31%	17.58%	18.16%	20.02%	14.68%	26.58%	25.71%	19.89%	18.29%	14.31%
Operating Margin	-1.78%	-3.32%	6.54%	9.16%	4.59%	-0.43%	14.58%	13.04%	8.69%	2.94%	-1.04%
EBIT Margin	2.79%	-1.94%	4.68%	7.07%	6.67%	-1.18%	14.50%	13.02%	8.31%	2.81%	-0.90%
Profit (Net Income) Margin	0.94%	-2.07%	2.30%	3.93%	-8.45%	-8.87%	8.85%	8.62%	5.67%	1.10%	-0.86%
Tax Burden Percent	51.72%	71.91%	68.19%	65.11%	144.47%	93.93%	68.68%	75.61%	83.83%	87.15%	30.23%
Interest Burden Percent	65.31%	147.83%	71.98%	85.43%	-87.78%	801.40%	88.86%	87.54%	81.33%	45.11%	316.57%
Effective Tax Rate	48.28%	0.00%	31.81%	34.89%	0.00%	0.00%	31.32%	24.39%	16.17%	12.85%	0.00%
Return on Invested Capital (ROIC)	-0.50%	-1.41%	3.17%	4.67%	2.65%	-0.26%	8.85%	8.38%	6.61%	2.33%	-0.60%
ROIC Less NNEP Spread (ROIC-NNEP)	19.79%	0.02%	-13.05%	-5.51%	-72.18%	-59.60%	1.88%	-8.77%	56.01%	14.87%	-2.81%
Return on Net Nonoperating Assets (RNNOA)	0.33%	0.00%	-0.35%	-0.29%	-2.50%	-1.71%	0.08%	-0.14%	-0.43%	-0.32%	-0.03%
Return on Equity (ROE)	-0.17%	-1.41%	2.82%	4.38%	0.15%	-1.97%	8.92%	8.24%	6.17%	2.01%	-0.63%
Cash Return on Invested Capital (CROIC)	0.14%	-1.84%	-3.89%	1.14%	-1.95%	12.73%	2.53%	3.12%	10.01%	5.24%	3.18%
Operating Return on Assets (OROA)	1.03%	-0.81%	2.26%	3.67%	3.48%	-0.63%	8.04%	6.84%	4.38%	1.44%	-0.44%
Return on Assets (ROA)	0.35%	-0.86%	1.11%	2.04%	-4.41%	-4.76%	4.91%	4.53%	2.99%	0.56%	-0.42%
Return on Common Equity (ROCE)	-0.17%	-1.41%	2.82%	4.38%	0.15%	-1.97%	8.92%	8.24%	6.17%	2.01%	-0.63%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-3.36%	-0.92%	1.32%	0.00%	-2.18%	-0.45%	0.46%	0.00%	5.50%	3.19%
Net Operating Profit after Tax (NOPAT)	-2.65	-5.81	14	24	11	-0.89	37	34	26	7.12	-2.21
NOPAT Margin	-0.92%	-2.32%	4.46%	5.96%	3.21%	-0.30%	10.01%	9.86%	7.29%	2.56%	-0.73%
Net Nonoperating Expense Percent (NNEP)	-20.29%	-1.43%	16.22%	10.18%	74.83%	59.34%	6.96%	17.15%	-49.40%	-12.55%	2.21%
Return On Investment Capital (ROIC_SIMPLE)	-0.15%	-	-	-	0.58%	-	-	-	1.41%	0.38%	-0.12%
Cost of Revenue to Revenue	89.10%	93.93%	82.08%	79.64%	85.30%	93.40%	79.31%	80.82%	83.43%	90.10%	95.06%
SG&A Expenses to Revenue	7.92%	7.85%	7.77%	7.03%	6.85%	6.98%	6.11%	6.17%	7.76%	6.96%	5.99%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.68%	9.39%	11.38%	11.20%	10.11%	7.03%	6.11%	6.14%	7.88%	6.96%	5.99%
Earnings before Interest and Taxes (EBIT)	8.02	-4.86	14	28	22	-3.49	53	45	30	7.82	-2.72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	49	33	54	72	67	43	97	88	71	51	43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.74	0.78	0.73	1.10	1.03	1.13	1.22	1.07	0.93	0.81	0.60
Price to Tangible Book Value (P/TBV)	0.74	0.78	0.73	1.10	1.03	1.13	1.22	1.07	0.93	0.81	0.60
Price to Revenue (P/Rev)	1.28	1.21	1.00	1.36	1.20	1.24	1.31	1.26	1.04	0.94	0.74
Price to Earnings (P/E)	0.00	0.00	0.00	83.38	0.00	0.00	0.00	234.97	25.48	14.76	18.87
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	1.20%	0.00%	0.00%	0.00%	0.43%	3.92%	6.78%	5.30%
Enterprise Value to Invested Capital (EV/IC)	0.75	0.79	0.74	1.10	1.03	1.13	1.21	1.08	0.93	0.80	0.60
Enterprise Value to Revenue (EV/Rev)	1.37	1.30	1.07	1.40	1.22	1.23	1.34	1.25	1.00	0.89	0.73
Enterprise Value to EBITDA (EV/EBITDA)	15.56	11.24	7.25	8.38	6.97	6.89	6.62	5.64	4.56	3.90	3.71
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	120.50	38.24	26.35	25.93	18.28	14.16	11.05	8.87	11.84
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	89.95	64.95	0.00	33.35	0.00	80.26	15.80	11.67	13.46
Enterprise Value to Operating Cash Flow (EV/OCF)	23.39	20.10	11.91	16.23	10.36	7.41	10.43	8.28	7.34	8.66	7.05
Enterprise Value to Free Cash Flow (EV/FCFF)	524.19	0.00	0.00	96.32	0.00	8.43	46.80	34.12	9.10	15.49	19.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.17	0.17	0.17	0.15	0.24	0.22	0.21	0.20	0.21	0.20	0.20
Long-Term Debt to Equity	0.15	0.15	0.15	0.14	0.21	0.21	0.21	0.19	0.20	0.20	0.19
Financial Leverage	0.02	0.03	0.03	0.05	0.03	0.03	0.04	0.02	-0.01	-0.02	0.01
Leverage Ratio	1.49	1.50	1.51	1.59	1.64	1.67	1.66	1.64	1.71	1.74	1.72
Compound Leverage Factor	0.97	2.22	1.09	1.36	-1.44	13.39	1.47	1.44	1.39	0.79	5.44
Debt to Total Capital	14.83%	14.66%	14.56%	12.93%	19.42%	17.82%	17.55%	16.69%	17.18%	16.76%	16.57%
Short-Term Debt to Total Capital	2.15%	2.16%	2.15%	0.50%	2.59%	0.50%	0.49%	0.49%	0.50%	0.51%	0.50%
Long-Term Debt to Total Capital	12.68%	12.50%	12.41%	12.43%	16.83%	17.32%	17.06%	16.20%	16.67%	16.25%	16.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	85.17%	85.34%	85.44%	87.07%	80.58%	82.18%	82.45%	83.31%	82.82%	83.24%	83.43%
Debt to EBITDA	3.44	2.31	1.58	1.09	1.60	1.33	1.13	1.06	1.05	1.01	1.23
Net Debt to EBITDA	0.98	0.81	0.47	0.28	0.13	-0.02	0.15	-0.03	-0.18	-0.19	-0.03
Long-Term Debt to EBITDA	2.94	1.97	1.35	1.05	1.38	1.29	1.10	1.03	1.02	0.98	1.20
Debt to NOPAT	-8.41	-18.44	19.62	8.47	-3.95	6.44	-10.60	15.05	3.65	3.04	4.48
Net Debt to NOPAT	-2.39	-6.46	5.89	2.19	-0.32	-0.12	-1.45	-0.45	-0.61	-0.57	-0.12
Long-Term Debt to NOPAT	-7.19	-15.72	16.73	8.14	-3.42	6.26	-10.30	14.61	3.54	2.95	4.34
Altman Z-Score	1.42	1.50	1.49	1.94	1.70	1.64	1.92	1.85	1.74	1.59	1.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.55	1.56	1.34	1.42	1.56	1.74	2.08	2.29	2.33	2.28	2.19
Quick Ratio	1.34	1.33	1.14	1.22	1.37	1.56	1.86	1.96	2.06	1.94	1.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	31	-21	-61	15	72	145	106	62	90	-18	-23
Operating Cash Flow to CapEx	174.34%	-85.59%	2,510.04%	383.40%	2,767.66%	1,788.74%	-304.94%	1,805.93%	622.67%	366.35%	-383.29%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	1.93	6.93	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	2.54	3.08	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	2.45	2.91	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.42	0.48	0.52	0.52	0.54	0.55	0.53	0.53	0.51	0.49
Accounts Receivable Turnover	4.89	5.43	5.51	4.64	5.23	6.12	5.19	4.62	5.04	5.60	4.18
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.53	0.60	0.71	0.78	0.80	0.85	0.90	0.87	0.90	0.90	0.86
Accounts Payable Turnover	7.37	7.66	7.96	7.73	8.07	8.88	8.03	7.93	8.15	7.94	7.01
Days Sales Outstanding (DSO)	74.60	67.28	66.27	78.75	69.79	59.67	70.38	78.93	72.41	65.13	87.34
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	49.53	47.62	45.83	47.20	45.20	41.10	45.47	46.02	44.76	45.95	52.09
Cash Conversion Cycle (CCC)	25.07	19.66	20.44	31.55	24.59	18.57	24.91	32.90	27.65	19.17	35.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,592	1,607	1,610	1,589	1,531	1,461	1,540	1,561	1,467	1,486	1,561
Invested Capital Turnover	0.54	0.61	0.71	0.78	0.83	0.87	0.88	0.85	0.91	0.91	0.82
Increase / (Decrease) in Invested Capital	-34	15	74	8.74	-61	-146	-70	-28	-64	25	20
Enterprise Value (EV)	1,195	1,269	1,196	1,744	1,579	1,647	1,864	1,678	1,365	1,195	937
Market Capitalization	1,120	1,178	1,118	1,685	1,549	1,652	1,820	1,688	1,418	1,254	946
Book Value per Share	$9.99	$9.96	$10.11	$10.15	$9.96	$9.62	$9.82	$10.33	$9.99	$10.24	$10.35
Tangible Book Value per Share	$9.99	$9.96	$10.11	$10.15	$9.96	$9.62	$9.82	$10.33	$9.99	$10.24	$10.35
Total Capital	1,781	1,776	1,793	1,758	1,863	1,785	1,815	1,885	1,835	1,856	1,880
Total Debt	264	260	261	227	362	318	319	315	315	311	312
Total Long-Term Debt	226	222	222	219	313	309	310	305	306	302	302
Net Debt	75	91	78	59	30	-5.69	44	-9.45	-53	-59	-8.13
Capital Expenditures (CapEx)	29	6.30	1.26	8.25	3.42	3.61	3.99	3.09	13	4.49	4.47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	31	-15	5.08	-35	-57	58	76	46	52	102
Debt-free Net Working Capital (DFNWC)	201	200	168	173	298	267	333	400	414	422	422
Net Working Capital (NWC)	163	161	129	165	249	258	324	391	405	413	412
Net Nonoperating Expense (NNE)	-5.36	-0.65	6.68	8.03	39	25	4.24	4.24	5.77	4.05	0.39
Net Nonoperating Obligations (NNO)	75	91	78	59	30	-5.69	44	-9.45	-53	-59	-8.13
Total Depreciation and Amortization (D&A)	41	38	40	44	45	47	44	43	41	43	46
Debt-free, Cash-free Net Working Capital to Revenue	1.34%	3.14%	-1.33%	0.41%	-2.69%	-4.28%	4.14%	5.66%	3.42%	3.90%	7.99%
Debt-free Net Working Capital to Revenue	23.00%	20.53%	14.99%	13.96%	23.07%	19.96%	23.90%	29.88%	30.51%	31.50%	33.01%
Net Working Capital to Revenue	18.63%	16.58%	11.55%	13.26%	19.32%	19.29%	23.26%	29.19%	29.83%	30.80%	32.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	($0.03)	$0.05	$0.10	($0.19)	($0.17)	$0.21	$0.19	$0.14	$0.02	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	151.28M	151.76M	150.79M	150.55M	150.92M	152.37M	152.23M	151.91M	151.99M	151.04M	148.52M
Adjusted Diluted Earnings per Share	$0.02	($0.03)	$0.05	$0.10	($0.19)	($0.17)	$0.21	$0.19	$0.13	$0.02	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	151.28M	151.76M	153.40M	153.62M	150.92M	152.37M	155.02M	154.85M	154.70M	152.17M	148.52M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	152.15M	151.50M	150.82M	150.71M	152.42M	152.45M	152.05M	152.10M	150.94M	151.53M	146.99M
Normalized Net Operating Profit after Tax (NOPAT)	4.44	-3.11	21	34	18	-0.79	37	34	26	7.12	-2.21
Normalized NOPAT Margin	1.54%	-1.24%	6.92%	8.68%	5.49%	-0.27%	10.01%	9.84%	7.39%	2.56%	-0.73%
Pre Tax Income Margin	1.82%	-2.87%	3.37%	6.04%	-5.85%	-9.45%	12.89%	11.40%	6.76%	1.27%	-2.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.60	-0.17	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.29	-0.04	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.51	-0.34	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.20	-0.22	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-9.79%	-71.24%	59.33%	-110.61%	-34.99%	-178.97%	141.85%	53.24%	29.93%	99.07%

Key Financial Trends

Helix Energy Solutions Group (NYSE: HLX) has experienced considerable financial volatility over the last several years, as reflected across its income statements, cash flow statements, and balance sheets from Q2 2022 through Q2 2025. Here's a detailed analysis of the key trends and notable items impacting the company:

Operating revenue showed significant recovery and growth from around $162.6 million in Q2 2022 to $302.3 million in Q2 2025, reflecting increased activity or improved pricing in its services.
Despite fluctuations, Helix maintained substantial gross profits, with Q2 2024 gross profit at approximately $75.5 million and Q2 2025 at $14.9 million, indicating ongoing demand for its core services.
Depreciation and amortization expenses remained high but consistent, reflecting substantial investment in plant, property, and equipment assets, which stood around $1.45 billion net as of Q2 2025, underscoring the company's significant operational infrastructure.
The company’s equity base has been stable and growing moderately, with total common equity increasing from about $1.46 billion in Q1 2023 to roughly $1.57 billion in Q3 2024, providing a solid capitalization foundation.
Cash and equivalents have fluctuated significantly, peaking at $369.9 million in Q1 2025 and falling to $319.7 million by Q2 2025, reflecting liquidity management challenges amid operational cash flow swings.
Helix's debt levels have been relatively steady, with long-term debt around $300 million during early 2025 and some variation in short-term debt around $9-10 million, which suggests manageable leverage but continued debt obligations.
Net income has been volatile with swings from a profit of $32.3 million in Q2 2024 to losses of $2.6 million in Q2 2025 and earlier large losses in 2022 and 2023, indicating earnings instability tied to operational and market conditions.
Operating expenses, specifically selling, general & administrative (SG&A) expenses, have generally risen over time (e.g., $22.3 million in Q2 2024 to $18.1 million in Q2 2025 but lower gross profit in the latest quarters) squeezing operating income margins.
Significant negative cash flow from continuing operating activities in Q2 2025 (-$17.1 million) and from financing activities (-$29.7 million) in the same quarter indicate stress on cash generation and capital deployment.
Fluctuations in total liabilities and current liabilities, with current liabilities rising up to $347.9 million by Q2 2025, suggest potential short-term liquidity pressures and working capital management challenges.

Overall, Helix Energy Solutions Group shows signs of recovery and operational scale with its high-value asset base and growing revenues. However, it faces earnings volatility, cash flow challenges, and increasing liabilities that require careful monitoring by investors. The company’s ability to control costs and stabilize cash flows will be critical to sustaining long-term financial health.

08/28/25 06:03 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Helix Energy Solutions Group's Financials

When does Helix Energy Solutions Group's financial year end?

According to the most recent income statement we have on file, Helix Energy Solutions Group's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Helix Energy Solutions Group's net income changed over the last 10 years?

Helix Energy Solutions Group's net income appears to be on a downward trend, with a most recent value of $55.64 million in 2024, falling from $195.55 million in 2014. The previous period was -$10.84 million in 2023. Check out Helix Energy Solutions Group's forecast to explore projected trends and price targets.

What is Helix Energy Solutions Group's operating income?

Helix Energy Solutions Group's total operating income in 2024 was $127.44 million, based on the following breakdown:

Total Gross Profit: $219.56 million
Total Operating Expenses: $92.13 million

How has Helix Energy Solutions Group's revenue changed over the last 10 years?

Over the last 10 years, Helix Energy Solutions Group's total revenue changed from $1.11 billion in 2014 to $1.36 billion in 2024, a change of 22.7%.

How much debt does Helix Energy Solutions Group have?

Helix Energy Solutions Group's total liabilities were at $1.08 billion at the end of 2024, a 2.1% increase from 2023, and a 2.9% increase since 2014.

How much cash does Helix Energy Solutions Group have?

In the past 10 years, Helix Energy Solutions Group's cash and equivalents has ranged from $186.60 million in 2022 to $494.19 million in 2015, and is currently $368.03 million as of their latest financial filing in 2024.

How has Helix Energy Solutions Group's book value per share changed over the last 10 years?

Over the last 10 years, Helix Energy Solutions Group's book value per share changed from 15.67 in 2014 to 9.99 in 2024, a change of -36.2%.

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This page (NYSE:HLX) was last updated on 8/28/2025 by MarketBeat.com Staff

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