At a glance
Helmerich & Payne, Inc. is worth $4.18B. Revenue grew 35.9% to $3.75B in fiscal 2025, at a loss; over 5 years it has grown 16.1% a year. It pays a 2.39% dividend yield, and returned $1.06B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +69.9% over the past year with dividends reinvested and +9.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 71.8% in the 2020 crash (S&P 500: 33.7%) and 33.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 2 months after the lows.
The business in plain English
Helmerich & Payne (H&P) drills wells for oil and gas producers. It supplies rigs and runs the drilling. It also sells technology designed to make drilling more efficient and accurate. Revenue depends mainly on how many rigs are working and the daily rate (dayrate) customers pay. H&P says it is the largest provider of super-spec land rigs in the Western Hemisphere. These are powerful modern rigs that can drill several wells from one site.
North America Solutions, based mostly in Texas, brought in 63% of the $3.75 billion in revenue for the fiscal year ended September 30, 2025. On that date, H&P held about 24% of the U.S. land drilling market and had 144 of its 223 U.S. rigs working. Customers range from oil majors to small private producers. The largest single customer supplied 12% of revenue.
In January 2025, H&P paid about $2.0 billion for KCA Deutag, a global driller. The deal enlarged International Solutions, mainly the Middle East and Latin America, to 21.3% of revenue. Offshore Solutions, at 13.9%, operates rigs in the Gulf of America and manages drilling on customer-owned platforms in the North Sea, the Caspian Sea and elsewhere. Saudi Arabia (7%) and Norway (5.9%) were the largest markets outside the U.S. A small "Other" group includes BENTEC, a manufacturing and engineering business, and real estate in Tulsa.
Price history
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HP +69.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| North America Solutions | $2.36B | 63% |
| International Solutions Segment | $797.9M | 21.3% |
| Offshore Solutions | $520.4M | 13.9% |
By geography
| United States | $2.48B | 66.2% |
| Saudi Arabia | $261.7M | 7% |
| Norway | $220.3M | 5.9% |
| Oman | $179.6M | 4.8% |
| Other foreign | $163.0M | 4.4% |
| Argentina | $155.7M | 4.2% |
| Azerbaijan | $129.0M | 3.4% |
| Germany | $57.6M | 1.5% |
| Colombia | $36.1M | 1% |
| Bahrain | $30.8M | 0.8% |
| Kuwait | $30.7M | 0.8% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $1.03B, down 0.6% from a year earlier, and net income was $75.7M.
- For fiscal 2025, revenue was $3.75B (+35.9% year over year; +16.1% a year from FY2020 to FY2025) with a -4.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.1% good |
|---|---|
| Operating margin | 0.1% weak |
| Free cash flow margin | 3.1% watch |
| Return on equity (FY2025) | -5.8% weak |
| Return on assets (FY2025) | -2.4% weak |
| Net cash (cash minus debt) | $-1.56B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.77B | $-494.5M | $398.1M |
| FY2021 | $1.22B | $-326.1M | $54.3M |
| FY2022 | $2.06B | $7.0M | $-17.0M |
| FY2023 | $2.87B | $434.1M | $438.2M |
| FY2024 | $2.76B | $344.2M | $189.6M |
| FY2025 | $3.75B | $-163.7M | $116.6M |
Valuation snapshot
| Market value | $4.18B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.39% |
Rank among 1514 US companies
Market value at each year end
Helmerich & Payne’s market value went from $8.37B at the end of 2016 to $4.18B on Oct 28, 2026, down 50%; since the end of 2025 it is up 48%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.18B | +48.0% |
| 2025 | $2.82B | -10.7% |
| 2024 | $3.16B | -12.2% |
| 2023 | $3.60B | -31.1% |
| 2022 | $5.22B | +104.1% |
| 2021 | $2.56B | +2.7% |
| 2020 | $2.49B | -49.4% |
| 2019 | $4.93B | -5.8% |
| 2018 | $5.23B | -25.5% |
| 2017 | $7.02B | -16.2% |
| 2016 | $8.37B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HP price data to Oct 28, 2026 | +48.6% | +69.9% | +6.1% | +9.6% | +0.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +48.6% |
| 2025 | -6.2% |
| 2024 | -7.8% |
| 2023 | -23.3% |
| 2022 | +115.3% |
| 2021 | +6.2% |
| 2020 | -44.5% |
| 2019 | +0.5% |
| 2018 | -22.6% |
| 2017 | -12.2% |
| 2016 | +51.7% |
| 2015 | -17.1% |
| 2014 | -17.6% |
| 2013 | +52.9% |
| 2012 | -3.5% |
| 2011 | +20.9% |
| 2010 | +22.2% |
| 2009 | +76.5% |
| 2008 | -43.0% |
| 2007 | +64.7% |
| 2006 | -20.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 36% over that stretch · deepest drop along the way 76.4%, back to its old high 58.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 68.9% over that stretch · deepest drop along the way 71.8%, back to its old high 23.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 66% over that stretch · deepest drop along the way 33.7%, back to its old high 1.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 10 sales ($9.0M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 20, 2026 | Hans Helmerich Director | sell | $2.9M |
| Mar 19, 2026 | Cara M. Hair SVP, CORP. SERVICES & CLO | sell | $2.2M |
| May 18, 2026 | Cara M. Hair SVP, CORP. SERVICES & CLO | sell | $1.2M |
| Aug 20, 2026 | Hans Helmerich Director | sell | $1.1M |
| Aug 17, 2026 | Cara M. Hair SVP, CORP. SERVICES & CLO | sell | $494K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.15% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.2% | Dec 31, 2025 |
ETFs with the most weight in HP
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 4.46% |
| PSCE Invesco S&P SmallCap Energy ETF | 4.29% |
| OIH VanEck Oil Services ETF | 2.86% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 2.15% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.87% |
| SMCO Hilton Small-MidCap Opportunity ETF | 0.63% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.62% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.58% |
What could go wrong
- KCA Deutag deal may not pay off. H&P paid about $2.0 billion in January 2025 for KCA Deutag, a global driller. If combining the businesses stumbles, the expected benefits could fall short and weigh on results.
- Contracts can be suspended without pay. Some fixed-term contracts can be ended early without a termination fee or suspended without compensation. As of September 30, 2025, 27 rigs in Saudi Arabia were contracted but earned no revenue because of suspensions.
- Government oil companies and foreign politics. Contracts with national oil companies, which governments own, can carry more risk than deals with private customers. Political instability, currency restrictions and local laws abroad could also hurt results.
- A sizable debt load. As of June 30, 2026, total debt was about $1.86 billion against $304 million in cash and investments. Debt covenants limit flexibility, and a credit downgrade could raise borrowing costs.
- Idle rigs and fixed costs squeeze margins. Drilling is highly competitive, and a surplus of rigs can push down use and pricing. Some costs stay fixed when work slows. Only 144 of 223 U.S. rigs were working on September 30, 2025.
- Demand rides on oil and gas prices. Customers drill less when they expect weak oil and gas prices or struggle to raise capital. Revenue swings widely: it fell from $1.77 billion in fiscal 2020 to $1.22 billion in fiscal 2021.
Recent events
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Other company announcement
- Quarterly results released
For income and retirement investors
Helmerich & Payne pays a dividend, but it has shrunk and has no streak of increases. The per-share dividend fell from $1.92 in fiscal 2020 to $1.00 in fiscal 2021. Cash dividends dropped from $201.5 million in fiscal 2023 to $100.7 million in fiscal 2025. Fiscal 2025 was a loss-making year, and the payout took about 86% of free cash flow (the cash left after capital spending). The yield was 2.39% as of October 28, 2026. Buybacks totaled $375.5 million over fiscal 2021–2025, with none in fiscal 2025.
The stock has been hit hard in downturns. It fell 76.4% in the 2008 financial crisis and took about 58 months to recover. It fell 71.8% in the 2020 COVID crash and took about 24 months to recover. In the 2022 bear market it rose 66% while the broad market fell, despite a 33.7% drop along the way. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Helmerich & Payne make money?
Helmerich & Payne makes money by drilling wells for oil and gas producers, mostly with its own rigs and drilling technology. Revenue depends mainly on how many rigs are working and the daily rate customers pay. In the fiscal year ended September 30, 2025, revenue was $3.75 billion. North America Solutions, based mostly in Texas, made up 63%. International Solutions made up 21.3% and Offshore Solutions 13.9%. The U.S. supplied 66.2% of revenue.
Does Helmerich & Payne pay a dividend?
Yes, but the dividend has been cut and has no streak of increases. The yield was 2.39% as of October 28, 2026. The per-share dividend fell from $1.92 in fiscal 2020 to $1.00 in fiscal 2021. In fiscal 2025, a year with a net loss, cash dividends of $100.7 million used about 86% of free cash flow. The company's annual report says it may reduce or suspend the dividend in the future.
Why did Helmerich & Payne acquire KCA Deutag?
Helmerich & Payne acquired KCA Deutag to greatly expand its operations outside North America. It paid about $2.0 billion in cash on January 16, 2025. That included $1.1 billion used to repay KCA Deutag's debt. The deal added land drilling in the Middle East, South America, Europe and North Africa, plus offshore management contracts. H&P says the deal should bring more predictable earnings and more cash flow. It also warns the integration may not deliver the expected benefits.
Is Helmerich & Payne profitable?
Not in fiscal 2025. In the year ended September 30, 2025, it lost $163.7 million, or $1.66 per share, even though revenue rose 35.9% to $3.75 billion after the KCA Deutag purchase. It earned $434.1 million in fiscal 2023 and $344.2 million in fiscal 2024. The quarter ended June 30, 2026, was profitable, with net income of $75.7 million. Revenue that quarter was $1.03 billion, down 0.6% from a year earlier.
Is Helmerich & Payne stock volatile?
Yes. As of October 28, 2026, its one-year volatility was 43.9%. Volatility measures how widely the price swings. Over about 21 years of history, the stock has fallen as much as 85.8% from a peak. It dropped 76.4% in the 2008 financial crisis and 71.8% in the 2020 COVID crash. Gains can be sharp too. The price rose 69.9% in the year to October 28, 2026, but averaged just 0.5% a year over 10 years.