Helmerich & Payne HP

NYSE · Drilling Oil & Gas Wells · $3.9B

$37.88−2.47%Nov 3 close · Databento

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HP Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 3, 2026CLOSE $37.881D −2.47%3M +2.19%SMA20 $39.23SMA50 $40.64RSI(14) 43.6

37.88

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 43.6

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$3.9B

EV / True FCF67.4x

Revenue$3.7B +35.9%

True FCF (ex-SBC)$85.0M −38.5%

Rule of 4039.0%

ROIC0.2%

True FCF Yield2.2%

EPS, diluted$-1.66 −148.4%

Modern Valuation (EOD)

Market Cap$3.9B

Enterprise Value$5.7B

EV / True FCF67.38

EV / FCF49.12

EV / Gross Profit—

EV / EBIT1725.90

EV / Sales1.53

P / E (GAAP)—

P / FCF33.30

P / Oper. CF7.15

P / Book1.37

Owner & Cash Yields

True FCF Yield2.2%

FCF Yield3.0%

Owner Earn. Yield0.1%

Earnings Yield-4.2%

Shareholder Yield+3.3%

Buyback Yield1.5%

Dividend Yield0.66%

Dividend / sh$0.25

Payout Ratio-62%

FCF / sh$1.17

EPS (diluted)$-1.66

Compounder & Returns

Rule of 4039.0%

ROIC0.2%

Cash ROIC (CROIC)2.5%

GP / Assets—

ROE-5.8%

ROA-2.4%

Gross Margin—

Oper. Margin0.1%

Net Margin-4.4%

FCF Margin3.1%

True FCF Margin2.3%

Quality & Dilution

Cash Conversion—

Accrual Ratio−10.5%

SBC % of FCF27.1%

SBC % of Rev0.8%

Reinvest. Rate79%

Sales Growth Y/Y+35.9%

Sales 3Y CAGR+22.1%

EPS Growth Y/Y−148.4%

FCF Growth Y/Y−38.5%

FCF 3Y CAGR—

Share Change Y/Y+0.2%

Balance Sheet & Scale

Revenue (FY)$3.7B

Gross Profit (FY)—

Oper. Income (FY)$3.3M

GAAP Net Income$-163.7M

True FCF (ex-SBC)$85.0M

Cash & Equiv$225.9M

Total Debt$2.1B

Net Cash (Debt)$-1.8B

Net Cash % MCap−47.5%

Debt / FCF (yrs)17.8y

Current Ratio1.8099.94M sh

Price & Technicals (EOD)

Perf Week−4.58%

Perf Month−5.61%

Perf Quarter+13.82%

Perf Half Y−8.79%

Perf YTD+12.50%

SMA 20 Dist−3.43%$39.23

SMA 50 Dist−6.80%$40.64

SMA 100 Dist−1.40%$38.42

Window High−20.49%$47.64

Window Low+24.07%$30.53

RSI (14) · Vol43.652%v

Income Distribution & Cash Flow ConversionHow every dollar of HP revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

SG&A & Other OpEx$3.7B ($99.9 / $100)

Tax & Non-Operating$167.0M ($4.5 / $100)

Net Profit Kept$-163.7M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-163.7M (-4.4% margin)

Operating Cash Flow (OCF)$543.0M(14.5% of rev)

Less: Capital Expenditures−$426.4M(11.4% of rev)

Standard Free Cash Flow (FCF)$116.6M(3.1% margin)

Less: Stock-Based Comp (SBC)−$31.6M(27.1% of FCF)

True FCF (Owner Cash ex-SBC)$85.0M(2.3% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.2B	$2.1B	$2.9B	$2.8B	$3.7B	+35.9%	+32.4%
Selling, General & Admin (SG&A)	$172.2M	$182.4M	$206.7M	$244.9M	$287.1M	+17.2%	+13.6%
Operating Income (EBIT)	$-428.5M	$45.3M	$568.3M	$457.4M	$3.3M	−99.3%	—
Interest Expense	$24.0M	$19.2M	$17.3M	$29.1M	$107.8M	+270.6%	+45.7%
Income Tax Expense	$-103.7M	$24.4M	$159.3M	$136.9M	$85.8M	−37.3%	—
GAAP Net Income	$-326.1M	$7.0M	$434.1M	$344.2M	$-163.7M	−147.6%	—
Diluted EPS	$-3.04	$0.05	$4.16	$3.43	$-1.66	−148.4%	—
Diluted Shares	107.8M	106.6M	102.9M	99.1M	99.3M	+0.2%	−2.0%
Balance Sheet
Cash & Equivalents	$936.7M	$269.0M	$316.2M	$1.5B	$225.9M	−85.2%	−29.9%
Inventory	$84.1M	$88.0M	$94.2M	$117.9M	$324.3M	+175.1%	+40.2%
Total Current Assets	$1.6B	$1.0B	$1.0B	$1.2B	$1.5B	+22.9%	−2.0%
Total Assets	$5.0B	$4.4B	$4.4B	$5.8B	$6.7B	+16.0%	+7.4%
Total Current Liabilities	$866.3M	$394.8M	$418.9M	$446.9M	$814.8M	+82.3%	−1.5%
Total Debt (Short + Long Term)	$1.5B	$542.6M	$545.1M	$1.8B	$2.1B	+16.2%	+8.2%
Total Liabilities	$2.3B	$2.3B	$2.3B	$2.3B	$2.3B	+0.0%	+0.0%
Stockholders' Equity	$2.9B	$2.8B	$2.8B	$2.9B	$2.8B	−3.0%	−0.7%
Net Cash / (Net Debt)	$-572.3M	$-273.6M	$-228.9M	$-253.5M	$-1.8B	−627.7%	—
Invested Capital	$3.5B	$3.0B	$3.0B	$3.2B	$4.7B	+47.4%	+7.6%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$136.4M	$233.9M	$833.7M	$684.7M	$543.0M	−20.7%	+41.2%
Depreciation & Amortization (D&A)	$419.7M	$403.2M	$382.3M	$397.3M	$625.1M	+57.3%	+10.5%
Stock-Based Compensation (SBC)	$27.9M	$28.0M	$32.5M	$31.2M	$31.6M	+1.3%	+3.2%
Capital Expenditures (CapEx)	$82.1M	$250.9M	$395.5M	$495.1M	$426.4M	−13.9%	+50.9%
Free Cash Flow (FCF)	$54.3M	$-17.0M	$438.2M	$189.6M	$116.6M	−38.5%	+21.1%
True FCF (ex-SBC Owner Cash)	$26.4M	$-45.0M	$405.8M	$158.4M	$85.0M	−46.3%	+33.9%
Share Repurchases (Buybacks)	—	—	—	—	$59.7M	—	—
Dividends Paid	$109.1M	$107.4M	$201.5M	$168.5M	$100.7M	−40.2%	−2.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what HP did at the next close after each story

No Wire story has named HP yet.

What happened · big days

18 big days in a year, and what we hold on each

A big day is a close more than 4.82% from the one before, three times HP’s median day (1.61%). On 11 of the 18, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±4.82%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayHPWhat we hold that dayGroup (median of 4) · each

1 Dec 16, 2025−5.53%
Before our storiesgroup −5.8%, moved with HP
1Dec 16, 2025−5.53%
Before our stories
−5.8% moved with HPVAL −7.2 · RIG −5.9 · NE −5.8 · PTEN −5.3
2 Feb 5, 2026−5.16%
Resultsgroup −5.0%, moved with HP
2Feb 5, 2026−5.16%
ResultsFirst close after the Feb 4 results filing
−5.0% moved with HPRIG −7.5 · VAL −6.3 · NE −3.8 · PTEN +2.8
3 Mar 13, 2026+5.32%
Before our storiesgroup +1.3%, did not move with it
3Mar 13, 2026+5.32%
Before our stories
+1.3% did not move with itPTEN +4.5 · NE +1.3 · RIG +1.3 · VAL +1.0
4 Apr 21, 2026+5.82%
Before our storiesgroup +2.8%, did not move with it
4Apr 21, 2026+5.82%
Before our stories
+2.8% did not move with itPTEN +8.1 · VAL +2.9 · RIG +2.7 · NE +1.6
5 May 7, 2026−7.36%
Resultsgroup −1.2%, did not move with it
5May 7, 2026−7.36%
ResultsFirst close after the May 6 results filing
−1.2% did not move with itPTEN −1.5 · NE −1.2 · VAL −1.1 · RIG −1.0
6 May 18, 2026+5.14%
Before our storiesgroup +5.5%, moved with HP
6May 18, 2026+5.14%
Before our stories
+5.5% moved with HPRIG +7.7 · VAL +7.6 · PTEN +3.5 · NE +2.8
7 Jun 5, 2026−5.40%
Before our storiesgroup −4.8%, moved with HP
7Jun 5, 2026−5.40%
Before our stories
−4.8% moved with HPPTEN −6.2 · RIG −4.8 · VAL −4.7 · NE −2.7
8 Jun 15, 2026−5.73%
Nothing on HPgroup −3.7%, moved with HP
8Jun 15, 2026−5.73%
Nothing on HPNo HP story, brief or results filing in our record that day
−3.7% moved with HPPTEN −7.2 · NE −3.8 · VAL −3.6 · RIG −3.5
9 Jun 24, 2026−7.95%
Nothing on HPgroup −5.1%, moved with HP
9Jun 24, 2026−7.95%
Nothing on HPNo HP story, brief or results filing in our record that day
−5.1% moved with HPNE −6.6 · PTEN −5.5 · RIG −4.7 · VAL −3.9
10 Jul 1, 2026−5.56%
Nothing on HPgroup −0.5%, did not move with it
10Jul 1, 2026−5.56%
Nothing on HPNo HP story, brief or results filing in our record that day
−0.5% did not move with itPTEN −6.6 · NE −0.6 · RIG −0.4 · VAL −0.2
11 Jul 27, 2026−4.84%
Nothing on HPgroup −1.3%, did not move with it
11Jul 27, 2026−4.84%
Nothing on HPNo HP story, brief or results filing in our record that day
−1.3% did not move with itPTEN −7.8 · VAL −1.3 · RIG −1.3 · NE −0.3
12 Aug 6, 2026+11.39%
Resultsgroup +1.2%, did not move with it
12Aug 6, 2026+11.39%
ResultsFirst close after the Aug 5 results filing
+1.2% did not move with itPTEN +5.3 · NE +2.0 · RIG +0.4 · VAL +0.3
13 Aug 10, 2026+12.86%
Nothing on HPgroup +8.7%, moved with HP
13Aug 10, 2026+12.86%
Nothing on HPNo HP story, brief or results filing in our record that day
+8.7% moved with HPPTEN +11.3 · RIG +8.8 · VAL +8.6 · NE +6.8
14 Sep 1, 2026+6.03%
Nothing on HPgroup +1.8%, did not move with it
14Sep 1, 2026+6.03%
Nothing on HPNo HP story, brief or results filing in our record that day
+1.8% did not move with itVAL +1.9 · RIG +1.9 · NE +1.7 · PTEN +1.2
15 Sep 3, 2026−5.50%
Nothing on HPgroup −3.2%, moved with HP
15Sep 3, 2026−5.50%
Nothing on HPNo HP story, brief or results filing in our record that day
−3.2% moved with HPPTEN −4.6 · RIG −3.2 · NE −3.1 · VAL −3.0
16 Oct 23, 2026+4.90%
Nothing on HPgroup +5.6%, moved with HP
16Oct 23, 2026+4.90%
Nothing on HPNo HP story, brief or results filing in our record that day
+5.6% moved with HPNE +8.5 · VAL +5.6 · PTEN +5.6 · RIG +5.4
17 Oct 28, 2026+5.31%
Nothing on HPgroup +3.7%, moved with HP
17Oct 28, 2026+5.31%
Nothing on HPNo HP story, brief or results filing in our record that day
+3.7% moved with HPNE +4.1 · RIG +3.9 · VAL +3.5 · PTEN +3.2
18 Nov 2, 2026−9.65%
Nothing on HPgroup −10.2%, moved with HP
18Nov 2, 2026−9.65%
Nothing on HPNo HP story, brief or results filing in our record that day
−10.2% moved with HPPTEN −11.4 · RIG −10.2 · VAL −10.1 · NE −7.2

A story on the same day is not a cause, and a group move is not proof either. Group: the median of NE, RIG, VAL and PTEN that day, the largest companies in HP’s SEC industry; “moved with HP” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 4, 2026

day 1−5.16%day 6−9.72%

Reported May 6, 2026

day 1−7.36%day 6−1.10%

Reported Aug 5, 2026

day 1+11.39%day 6+29.42%

Reported Oct 7, 2026

day 1+0.08%day 6−2.58%

Next report: expected early JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 7 report: −4.37%. Four reports is a small sample.

Every report since 2023 →

Each line is HP’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

HP against four same-industry peers, a year at 100

HP is up 44.6% in a year. Patterson Uti Energy is up 93.3%, Valaris 65.4%, Noble 50.4% and Transocean 48.2%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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HP +44.6%. Patterson Uti Energy +93.3%, Valaris +65.4%, Noble +50.4%, Transocean +48.2%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in HP’s SEC industry (Drilling Oil & Gas Wells) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

NE	Noble	$7.3B	−3.28%
RIG	Transocean	$7.0B	−5.30%
VAL	Valaris	$6.6B	−4.96%
PTEN	Patterson Uti Energy	$4.5B	−0.42%
SDRL	SEADRILL	$3.0B	−2.95%
NBR	Nabors Industries	$1.4B	−4.09%
BORR	Borr Drilling	$1.1B	−5.98%
HPK	HighPeak Energy	$1.1B	−0.46%