Latest Ratios: P/E Ratio -19.2x · EV/EBITDA 6.2x · ROE -5.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $2.2B | $3.0B | $4.3B | $3.9B | $3.0B | $1.6B | $4.4B | $7.5B | $5.7B | $7.3B |
| Enterprise Value | $5.3B | $4.3B | $4.7B | $4.6B | $4.3B | $3.1B | $1.6B | $4.5B | $7.7B | $5.6B | $6.9B |
| P/E Ratio → | -19.17 | — | 8.87 | 10.13 | 723.48 | — | — | — | 15.59 | — | — |
| P/S Ratio | 0.85 | 0.59 | 1.09 | 1.51 | 1.91 | 2.43 | 0.89 | 1.56 | 3.02 | 3.13 | 4.47 |
| P/B Ratio | 1.12 | 0.78 | 1.03 | 1.56 | 1.42 | 1.01 | 0.48 | 1.09 | 1.72 | 1.36 | 1.59 |
| P/FCF | 27.26 | 18.81 | 15.90 | 9.90 | — | 54.43 | 3.97 | 11.01 | 96.51 | — | 14.64 |
| P/OCF | 5.85 | 4.04 | 4.40 | 5.20 | 16.84 | 21.66 | 2.94 | 5.11 | 13.81 | 15.83 | 9.64 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.14 | 1.69 | 1.61 | 2.07 | 2.56 | 0.91 | 1.61 | 3.11 | 3.12 | 4.22 |
| EV / EBITDA | 6.15 | 5.00 | 5.48 | 4.89 | 9.48 | — | — | 5.85 | 12.56 | 13.62 | 11.97 |
| EV / EBIT | 22.70 | 127.28 | 9.13 | 7.57 | 84.19 | — | — | — | 192.79 | — | — |
| EV / FCF | — | 36.79 | 24.55 | 10.54 | — | 57.35 | 4.07 | 11.34 | 99.20 | — | 13.81 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.8% | 14.8% | 26.4% | 27.0% | 11.1% | -12.6% | 6.0% | 15.3% | 10.1% | -1.7% | 7.8% |
| Operating Margin | 6.2% | 6.2% | 16.4% | 19.6% | 2.2% | -35.2% | -35.0% | 7.6% | 1.3% | -9.6% | -1.6% |
| Net Profit Margin | -4.4% | -4.4% | 12.5% | 15.1% | 0.3% | -26.8% | -27.9% | -1.2% | 19.4% | -7.1% | -3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.7% | -5.7% | 12.1% | 15.7% | 0.2% | -10.5% | -13.5% | -0.8% | 11.3% | -2.9% | -1.2% |
| ROA | -2.6% | -2.6% | 6.7% | 9.8% | 0.1% | -6.6% | -9.3% | -0.5% | 7.6% | -1.9% | -0.8% |
| ROIC | 3.7% | 3.7% | 8.9% | 13.7% | 1.1% | -10.0% | -12.4% | 3.7% | 0.5% | -3.1% | -0.4% |
| ROCE | 4.1% | 4.1% | 9.7% | 14.0% | 1.1% | -9.8% | -12.4% | 3.8% | 0.5% | -2.7% | -0.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.64 | 0.22 | 0.21 | 0.37 | 0.16 | 0.12 | 0.11 | 0.12 | 0.11 |
| Debt / EBITDA | 2.71 | 2.71 | 2.19 | 0.64 | 1.30 | — | — | 0.62 | 0.80 | 1.19 | 0.86 |
| Net Debt / Equity | — | 0.74 | 0.56 | 0.10 | 0.11 | 0.05 | 0.01 | 0.03 | 0.05 | -0.01 | -0.09 |
| Net Debt / EBITDA | 2.44 | 2.44 | 1.93 | 0.30 | 0.70 | — | — | 0.17 | 0.34 | -0.07 | -0.72 |
| Debt / FCF | — | 17.98 | 8.66 | 0.65 | — | 2.92 | 0.10 | 0.33 | 2.69 | — | -0.83 |
| Interest Coverage | 0.31 | 0.31 | 17.53 | 35.33 | 2.63 | -16.94 | -25.01 | -1.03 | 1.65 | -8.35 | -2.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.80 | 1.80 | 2.67 | 2.38 | 2.53 | 1.83 | 4.40 | 2.72 | 2.96 | 3.59 | 4.76 |
| Quick Ratio | 1.40 | 1.40 | 2.40 | 2.16 | 2.30 | 1.73 | 3.92 | 2.35 | 2.54 | 3.19 | 4.39 |
| Cash Ratio | 0.30 | 0.30 | 1.14 | 0.98 | 0.98 | 1.29 | 2.63 | 0.98 | 0.86 | 1.64 | 2.88 |
| Asset Turnover | — | 0.56 | 0.48 | 0.65 | 0.47 | 0.24 | 0.37 | 0.48 | 0.40 | 0.28 | 0.24 |
| Inventory Turnover | 9.84 | 9.84 | 17.20 | 22.26 | 20.80 | 16.33 | 16.00 | 15.85 | 14.14 | 13.37 | 12.04 |
| Days Sales Outstanding | — | 76.74 | 56.92 | 52.19 | 82.44 | 69.91 | 40.12 | 64.92 | 82.94 | 96.49 | 84.31 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 4.6% | 5.6% | 4.6% | 2.7% | 3.7% | 16.5% | 7.2% | 4.1% | 5.4% | 4.1% |
| Payout Ratio | — | — | 48.9% | 46.4% | 1544.6% | — | — | — | 63.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 11.3% | 9.9% | 0.1% | — | — | — | 6.4% | — | — |
| FCF Yield | 3.7% | 5.3% | 6.3% | 10.1% | — | 1.8% | 25.2% | 9.1% | 1.0% | — | 6.8% |
| Buyback Yield | 0.0% | 0.0% | 1.7% | 5.7% | 2.0% | 0.1% | 1.8% | 1.0% | 0.1% | 0.1% | 0.0% |
| Total Shareholder Yield | 3.2% | 4.6% | 7.3% | 10.3% | 4.7% | 3.8% | 18.3% | 8.1% | 4.2% | 5.5% | 4.1% |
| Shares Outstanding | — | $99M | $99M | $103M | $107M | $108M | $108M | $109M | $109M | $109M | $108M |
Cyclical margin compression risk
According to current market data, Helmerich & Payne trades at an EV/EBITDA multiple of 6.38, which appears to discount the company's historical premium status as investors grapple with the negative net margins and the broader volatility inherent in the North American land drilling sector.
The current valuation suggests that the market is pricing the company as a cyclical commodity provider rather than a technology-integrated service partner. Investors should monitor whether the current EV/EBITDA multiple provides a floor or if further earnings revisions will force a re-rating toward lower-tier industry peers.
Based on reported financial statements, the company's ROIC has trended downward from 3.0% in 2024Q1 to a negative 0.2% in 2026Q2, indicating that the firm is currently struggling to generate returns that exceed its cost of capital in the prevailing high-inflation energy environment.
This decay in returns on invested capital highlights the difficulty of maintaining a high-spec FlexRig fleet when utilization rates and dayrates are under pressure. The trend suggests that the company's capital allocation strategy may require a pivot toward more defensive, performance-based contracts to stabilize long-term value creation.
As indicated by recent quarterly filings, the company's cash conversion cycle has expanded significantly from 51 days in 2024Q1 to 89 days in 2026Q2, reflecting a growing disconnect between operational activity and the efficient collection of receivables from its customer base.
The lengthening of the cash conversion cycle suggests that the company is experiencing increased friction in its working capital management, likely due to the shifting dynamics of its E&P client base. This trend warrants further investigation into whether these delays are structural or merely a temporary byproduct of recent industry consolidation.
Financial analysts frequently misapply the Price-to-Book ratio to Helmerich & Payne, as the metric fails to account for the rapid depreciation and potential obsolescence of specialized drilling assets, which often obscures the true economic value of the company's active, revenue-generating rig fleet.
Because the book value is heavily influenced by legacy assets and non-core real estate holdings, it provides a misleading picture of the company's current earning power. Investors should instead focus on EV/EBITDA or cash-flow-based metrics to better capture the underlying value of the firm's high-spec drilling technology.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HP stock.
Helmerich & Payne, Inc.'s current P/E ratio is -19.2x. The historical average is 25.9x.
Helmerich & Payne, Inc.'s current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.8x.
Helmerich & Payne, Inc.'s return on equity (ROE) is -5.7%. The historical average is 8.6%.
Based on historical data, Helmerich & Payne, Inc. is trading at a P/E of -19.2x. Compare with industry peers and growth rates for a complete picture.
Helmerich & Payne, Inc.'s current dividend yield is 3.19%.
Helmerich & Payne, Inc. has 14.8% gross margin and 6.2% operating margin.
Helmerich & Payne, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.