Hornbeck Offshore SERVICES, Inc. (HLX) intrinsic value & 10-year financials
Hornbeck Offshore SERVICES, Inc. (HLX) has a Graham intrinsic value of $1.76 per share. Over the last 10 fiscal years revenue grew 11.4% a year to $1.3B, with an average return on invested capital of 0.8%.
- Graham intrinsic value
- $1.76
- Revenue (FY2025)
- $1.3B
- Revenue growth (10-yr CAGR)
- 11.4%
- ROIC (10-yr avg)
- 0.8%
- Free cash flow (FY2025)
- $120.4M
HLX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | $30.8M | $0.21 | $120.4M | 5.0% | 2.7% |
| FY2024 | $1.4B | $55.6M | $0.36 | $162.7M | 9.4% | 5.1% |
| FY2023 | $1.3B | -$10.8M | -$0.07 | $132.9M | 4.9% | 1.9% |
| FY2022 | $873.1M | -$87.8M | -$0.58 | $17.6M | -5.1% | -2.6% |
| FY2021 | $674.7M | -$61.5M | -$0.41 | $131.8M | -7.2% | -2.3% |
| FY2020 | $733.6M | $22.2M | $0.13 | $78.6M | 1.8% | 0.7% |
| FY2019 | $751.9M | $57.9M | $0.38 | $28.8M | 9.0% | 3.1% |
| FY2018 | $739.8M | $28.6M | $0.19 | $59.7M | 7.0% | 2.7% |
| FY2017 | $581.4M | $30.1M | $0.20 | -$179.5M | -0.2% | -0.0% |
| FY2016 | $487.6M | -$81.4M | -$0.73 | -$147.8M | -13.0% | -3.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HELIX ENERGY SOLUTIONS GROUP INC is a consistent compounder, expanding top-line revenue at 11.4% annually over the past decade.
HELIX ENERGY SOLUTIONS GROUP INC has historically struggled to out-earn its cost of capital, averaging just 0.8% ROIC.
HELIX ENERGY SOLUTIONS GROUP INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HELIX ENERGY SOLUTIONS GROUP INC is modeled at 0.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.76 per share.