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Oil & gas drilling · Energy · Fiscal year ends Sep 30
Helmerich & Payne reported revenue of $3.7B in the fiscal year ended Sep 2025, up 34.0% from the year before. Operating income was $3M, an operating margin of 0.1%, and net income was −$164M. Operating cash flow of $543M less capital expenditure of $426M left free cash flow of $117M. Net debt was $1.9B.
Ranks among the 7 oil & gas drilling companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 1,211 | 2,050 | 2,863 | 2,746 | 3,679 |
| Cost of revenue | 953 | 1,427 | 1,709 | 1,625 | 2,511 |
| Gross profit | 258 | 623 | 1,154 | 1,121 | 1,167 |
| Research & development | 21.7 | 26.6 | 30.1 | 41.0 | 34.1 |
| Selling, general & admin | 172 | 182 | 207 | 245 | 287 |
| Operating income | −429 | 45.3 | 568 | 457 | 3.3 |
| Interest expense | 24.0 | 19.2 | 17.3 | 29.1 | 108 |
| Pre-tax income | −430 | 31.3 | 593 | 481 | −74.1 |
| Income tax | −104 | 24.4 | 159 | 137 | 85.8 |
| Net income | −326 | 7.0 | 434 | 344 | −164 |
| Diluted EPS | −3.04 | 0.05 | 4.16 | 3.43 | −1.66 |
| Diluted shares | 108 | 107 | 103 | 99.1 | 99.3 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 918 | 232 | 257 | 217 | 197 |
| Receivables | 204 | 431 | 403 | 419 | 753 |
| Inventory | 84.1 | 88.0 | 94.2 | 118 | 324 |
| Current assets | 1,587 | 1,003 | 1,007 | 1,192 | 1,465 |
| Net PP&E | 3,127 | 2,961 | 2,922 | 3,016 | 4,313 |
| Goodwill | 45.7 | 45.7 | 45.7 | 45.7 | 183 |
| Total assets | 5,034 | 4,356 | 4,382 | 5,782 | 6,706 |
| Payables | 72.0 | 127 | 131 | 135 | 218 |
| Deferred revenue | 8.5 | 19.8 | 23.4 | 10.4 | 38.1 |
| Current liabilities | 866 | 395 | 419 | 447 | 815 |
| Short-term debt | 483 | 0.0 | – | 0.0 | 6.9 |
| Long-term debt | 542 | 543 | 545 | 1,782 | 2,057 |
| Total liabilities | 2,122 | 1,590 | 1,610 | 2,865 | 3,876 |
| Shareholders' equity | 2,913 | 2,765 | 2,772 | 2,917 | 2,829 |
| Backlog (remaining obligations) | 572 | 1,200 | 1,400 | 1,500 | 4,800 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 136 | 234 | 834 | 685 | 543 |
| Capital expenditure | 82.1 | 251 | 395 | 495 | 426 |
| Free cash flow | 54.3 | −17.0 | 438 | 190 | 117 |
| Depreciation & amortisation | 420 | 403 | 382 | 397 | 625 |
| Stock-based compensation | 27.9 | 28.0 | 32.5 | 31.2 | 31.6 |
| Acquisitions | 0.0 | – | 0.0 | 0.0 | 1,836 |
| Dividends paid | 109 | 107 | 201 | 168 | 101 |
| Dividend per share | 1.00 | 1.00 | 1.00 | 0.25 | 0.25 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 69.3% | 39.7% | −4.1% | 34.0% |
| Operating income growth (YoY) | – | – | 1154.8% | −19.5% | −99.3% |
| EPS growth (YoY) | – | – | 8220.0% | −17.5% | −148.4% |
| Gross margin | 21.3% | 30.4% | 40.3% | 40.8% | 31.7% |
| Operating margin | −35.4% | 2.2% | 19.9% | 16.7% | 0.1% |
| Net margin | −26.9% | 0.3% | 15.2% | 12.5% | −4.4% |
| Return on equityBlank when equity is negative | −11.2% | 0.3% | 15.7% | 11.8% | −5.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −10.3% | 1.1% | 14.3% | 8.6% | 0.1% |
| Free cash flow margin | 4.5% | −0.8% | 15.3% | 6.9% | 3.2% |
| Cash conversion (CFO ÷ net income) | −0.42x | 33.6x | 1.92x | 1.99x | −3.32x |
| Receivable days | 62 | 77 | 51 | 56 | 75 |
| Inventory days | 32 | 23 | 20 | 26 | 47 |
| Payable days | 28 | 32 | 28 | 30 | 32 |
| Interest cover | −17.9x | 2.36x | 32.9x | 15.7x | 0.03x |
| Debt ÷ equity | 0.35x | 0.20x | 0.20x | 0.61x | 0.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 108 | 310 | 288 | 1,565 | 1,867 |
| Current ratio | 1.83x | 2.54x | 2.40x | 2.67x | 1.80x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.