Helmerich & Payne, Inc.
$38.06
+0.93 (+2.50%) · delayed · Nov 13, 2026
Five-year price
52w $24.45 to $48.17
- Market cap
- $3.8B
- Enterprise value
- $5.7B
- P/E
- —
- 19.3× on 3y avg EPS
- EV / EBIT
- 1709.1×
- FCF yield
- 3.1%
- ROIC
- 0.1%
- Debt / equity
- 0.73
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC 2.1%
- ○ROE > 15% (5y avg)5y avg ROE 2.1%
- ○Stable operating marginsMargin volatility 19.6% (σ, 5y)
- ○Earnings convert to cashFCF / net income -29% (5y avg)
- ●Growing revenueRevenue CAGR 5y 15.9%
- ●Shrinking share countDiluted shares -8.1% over 5y
Value
33
- –P/E below 15P/E n/a
- ○EV/EBIT below 12EV/EBIT 1709.1
- ○FCF yield above 6%FCF yield 3.1%
- –Price below Graham NumberGraham Number n/a
- ●P/B below 3P/B 1.3
Safety
20
- ○Debt / equity below 0.5D/E 0.73
- ○Debt payable in < 4 yrs of earningsNet debt $1.9B
- ○Interest coverage > 8xCoverage 0.0x
- ●Current ratio > 1.5Current ratio 1.80
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $3.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.80
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 125%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 19.3
- ○P/E × P/B ≤ 22.5Product 25.9
Valuation lab
What do you have to believe?
At $38.06, the market is pricing in about 17.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $1.9B · 100M shares · 5y revenue CAGR 15.9%
Intrinsic value
$32.29
Price
$38.06
Premium paid
18%
What the price implies
The market is paying for 17.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
67% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,624 | 1,792 | 2,474 | 2,786 | 1,762 | 1,211 | 2,050 | 2,863 | 2,746 | 3,679 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | (26) | (169) | 33 | 21 | (620) | (429) | 45 | 568 | 457 | 3 |
| Operating margin | -1.6% | -9.4% | 1.3% | 0.7% | -35.2% | -35.4% | 2.2% | 19.9% | 16.7% | 0.1% |
| Pre-tax income | (73) | (185) | 16 | (51) | (636) | (430) | 31 | 593 | 481 | (74) |
| Income tax | (20) | (57) | (477) | (19) | (140) | (104) | 24 | 159 | 137 | 86 |
| Net income | (57) | (128) | 483 | (34) | (494) | (326) | 7 | 434 | 344 | (164) |
| EPS (diluted) | -0.54 | -1.20 | 4.37 | -0.34 | -4.60 | -3.04 | 0.05 | 4.16 | 3.43 | -1.66 |
| Diluted shares | 108 | 109 | 109 | 109 | 108 | 108 | 107 | 103 | 99 | 99 |
Who owns it