At a glance
Hornbeck Offshore Services Inc is worth $1.06B, about 34 times its fiscal 2025 earnings. Revenue fell 4.9% to $1.29B in fiscal 2025, with 2.4% kept as profit; over 5 years it has grown 12.0% a year. It pays no dividend; it spent $41.6M buying back its shares over FY2021–FY2025. The stock returned +6.7% over the past year with dividends reinvested and +13.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 85.1% in the 2020 crash (S&P 500: 33.7%) and 53.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months and 3 months after the lows.
The business in plain English
Hornbeck Offshore Services was formerly named Helix Energy Solutions Group, and its latest annual report, filed February 26, 2026, describes that Houston-based offshore energy services business. It earns fees by supplying specialized vessels, underwater robots and crews to oil and gas producers, renewable energy companies, pipeline operators and offshore engineering firms. It served more than 80 customers in 2025; Shell provided 18% of revenue and Petrobras 10%.
It reports four segments. Well Intervention uses purpose-built ships such as the Q4000, Q5000 and Q7000 to work on existing subsea wells, boosting output or sealing them for good. Robotics runs 39 remotely operated vehicles (underwater robots) and six trenchers that bury subsea cables; renewable energy work made up 49% of the segment's 2025 revenue. Shallow Water Abandonment shuts down old fields, mainly on the Gulf of America shelf. Production Facilities centers on the Helix Producer I, a floating vessel processing oil and gas from the Phoenix field.
By activity, decommissioning (plugging old wells and removing equipment) produced 55% of $1.29 billion in 2025 revenue, production maximization 30% and renewables 12%. By region, the US contributed 38%, Brazil 27%, the North Sea 21%, Africa 7% and Asia Pacific 5%. A September 1, 2026 filing reported a completed deal and a change in control, so the business may have changed since.
Price history
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HOS +6.7% over the year to Oct 29, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Decommissioning | $715.1M | 55.4% |
| Production Maximization | $391.3M | 30.3% |
| Renewables | $157.3M | 12.2% |
| Service Other | $27.8M | 2.2% |
By geography
| US | $494.5M | 38.3% |
| BR | $354.5M | 27.4% |
| North Sea | $272.3M | 21.1% |
| Africa | $95.5M | 7.4% |
| Asia Pacific | $68.4M | 5.3% |
| Other Geographic Location | $6.2M | 0.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $304.0M, up 20.8% from a year earlier, and net income was $22.7M.
- For fiscal 2025, revenue was $1.29B (-4.9% year over year; +12.0% a year from FY2020 to FY2025) with a 2.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.0% good |
|---|---|
| Operating margin | 5% watch |
| Free cash flow margin | 9.3% watch |
| Return on equity (FY2025) | 2% weak |
| Return on assets (FY2025) | 1.2% weak |
| Net cash (cash minus debt) | $347.9M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $733.6M | $22.2M | $78.6M |
| FY2021 | $674.7M | $-61.5M | $131.8M |
| FY2022 | $873.1M | $-87.8M | $17.6M |
| FY2023 | $1.29B | $-10.8M | $132.9M |
| FY2024 | $1.36B | $55.6M | $162.7M |
| FY2025 | $1.29B | $30.8M | $120.4M |
Valuation snapshot
| Market value | $1.06B |
|---|---|
| P/E ratio | 34.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Hornbeck Offshore Services’s market value went from $1.06B at the end of 2016 to $1.06B on Oct 29, 2026, down 0%; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 29, 2026 | $1.06B | +14.7% |
| 2025 | $922.2M | -34.9% |
| 2024 | $1.42B | -8.5% |
| 2023 | $1.55B | +38.3% |
| 2022 | $1.12B | +138.0% |
| 2021 | $470.8M | -25.4% |
| 2020 | $630.7M | -56.0% |
| 2019 | $1.43B | +78.8% |
| 2018 | $801.5M | -28.0% |
| 2017 | $1.11B | +4.8% |
| 2016 | $1.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HOS price data to Oct 29, 2026 | +14.5% | +6.7% | -10.1% | +13.7% | -2.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.5% |
| 2025 | -32.7% |
| 2024 | -9.3% |
| 2023 | +39.3% |
| 2022 | +136.5% |
| 2021 | -25.7% |
| 2020 | -56.4% |
| 2019 | +78.0% |
| 2018 | -28.3% |
| 2017 | -14.5% |
| 2016 | +67.7% |
| 2015 | -75.8% |
| 2014 | -6.4% |
| 2013 | +12.3% |
| 2012 | +30.6% |
| 2011 | +30.1% |
| 2010 | +3.3% |
| 2009 | +62.3% |
| 2008 | -82.5% |
| 2007 | +32.3% |
| 2006 | -12.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 91% over that stretch · deepest drop along the way 94.2%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 82.8% over that stretch · deepest drop along the way 85.1%, back to its old high 40.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 29.9% over that stretch · deepest drop along the way 53.8%, back to its old high 3.4 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| WHITEBOX ADVISORS LLC | 15% | Sep 1, 2026 |
| BlackRock, Inc. | 11.5% | Sep 30, 2026 |
| Dimensional Fund Advisors LP | 6% | Sep 30, 2025 |
| Merced Capital, L.P. | 5.3% | Sep 1, 2026 |
ETFs with the most weight in HOS
| PSCE Invesco S&P SmallCap Energy ETF | 2.09% |
| OIH VanEck Oil Services ETF | 1.6% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 0.98% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.57% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.53% |
| CCNR ALPS | CoreCommodity Natural Resources ETF | 0.39% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.32% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.32% |
What could go wrong
- A major deal may not work out. The 10-K warned a strategic transaction might disappoint and could raise debt, add shares or shift control. A September 1, 2026 filing reported a completed deal, new debt and a change in control.
- Jones Act limits on foreign ownership. The Jones Act, a US law reserving domestic coastal shipping for US-owned vessels, caps foreign ownership of operators like this one. Breaking those limits, or a change to the law, would hurt the business.
- Heavy reliance on a few customers. Shell supplied 18% of 2025 revenue and Petrobras 10%. Each customer's spending depends on its yearly budget, so a client that is large one year can be minor the next.
- Oil and gas budgets rise and fall. When oil and gas prices drop, producers cut offshore spending. Customers may then demand lower rates, push work later, cancel contracts despite cancellation fees, or delay payment, leaving vessels idle.
- Foreign taxes, sanctions and conflict. Most 2025 revenue came from outside the US, bringing exposure to sanctions, tariffs and conflict. The UK's windfall tax on oil and gas profits, raised in November 2024, can squeeze North Sea customers.
- Drilling rigs and rivals compete for work. Drilling rigs can also perform well intervention, and rivals such as Oceaneering, TechnipFMC and Baker Hughes may have greater resources. Losing on price or vessel access could mean idle vessels or lower rates.
Recent events
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Change of auditor
- Major agreement signed; Major agreement ended; Acquisition or sale of assets completed; New debt or financial obligation; Unregistered sale of shares; Change to shareholder rights; Change in control; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Major agreement signed; Investor presentation or announcement
For income and retirement investors
Hornbeck Offshore Services paid no dividends from fiscal 2021 through 2025, so there is no streak of dividend increases. For an income investor, that means any cash would have to come from selling shares. The company returned cash through buybacks instead: $41.6 million over those five years, including $29.6 million in 2024. The share count fell 2.3% between October 18, 2021 and August 3, 2026, before the September 2026 deal. Free cash flow was $120.4 million in 2025.
The shares have fallen sharply in past downturns. They fell 94.2% around the 2008 financial crisis and had not regained that October 2007 peak as of October 29, 2026. In the 2020 COVID crash they dropped 85.1% and took about 40 months to recover. During the 2022 bear market the stock still gained 29.9%, despite a 53.8% slide between April and July. Its worst fall on record was 97.9%. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does Hornbeck Offshore (HOS) make money?
It charges oil and gas producers, renewable energy companies and offshore contractors for work done with specialized vessels, underwater robots and crews. In 2025, decommissioning, such as permanently plugging old wells, produced 55% of its $1.29 billion revenue. Production maximization, which keeps existing wells flowing, added 30%, and renewables work 12%. The US was the largest region at 38%, followed by Brazil at 27% and the North Sea at 21%. Shell supplied 18% of revenue and Petrobras 10%.
Is Hornbeck Offshore the same company as Helix Energy Solutions?
Yes. The company's SEC filings list Helix Energy Solutions Group and Cal Dive International as former names. Its latest annual report, filed February 26, 2026, describes the Helix business, which traded on the NYSE as HLX. A September 1, 2026 filing then reported a completed acquisition or sale of assets, new debt, unregistered share sales, a change in control and bylaw changes, so the company may differ from the business that report describes.
Does HOS pay a dividend?
No. The company paid no dividends from fiscal 2021 through fiscal 2025, so there is no dividend history or streak of increases to judge. It returned $41.6 million through share buybacks over those years instead: $12.0 million in 2023 and $29.6 million in 2024. Investors who need regular income would have to sell shares to raise cash from this stock, unlike with a dividend payer or an income-focused fund.
Is Hornbeck Offshore profitable?
Yes, but by a thin margin. Net income was $30.8 million in 2025 on $1.29 billion of revenue, a 2.4% net margin, and it fell 44.6% from 2024. The company lost money in 2021, 2022 and 2023. Free cash flow, the cash left from operations after capital spending, was larger at $120.4 million in 2025. In the quarter ended June 30, 2026, revenue rose 20.8% from a year earlier to $304.0 million, and net income was $22.7 million.
How much debt does Hornbeck Offshore have?
It reported $304.3 million of debt as of June 30, 2026, against $652.2 million in cash and investments, leaving about $347.9 million in net cash. Shareholders' equity was $1.58 billion. Those figures predate a September 1, 2026 filing that reported a new debt or financial obligation alongside a completed transaction and a change in control, so the balance sheet after that date may look different.