Forensic Analysis · Oilfield Services · as of Nov 9, 2026
Helmerich & Payne, Inc. (HP)
A forensic read on Helmerich & Payne, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
2.7
Distress distance
Clean
Earnings quality
3
Forensic signals
-5.7%
ROE
35.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Helmerich & Payne, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.7, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0.0%
FY2025
Return on invested capital.Return on invested capital is 0.0% in the latest fiscal year and slipping across FY2023–FY2025 from 11.2%. After-tax operating profit was $416M in FY2023 and $3M in FY2025, with operating income at 19.8% of revenue in FY2023, 16.6% in FY2024 and 0.1% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $194M asset write-down, a $192M goodwill write-off and a $12M restructuring charge that alone took about 5.8 points off that year's return, so about 5.8 of the 11.2-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
$192M
FY2025
Goodwill impairments.Took $192M of goodwill writedowns across 1 year (FY2025 ($192M)). Writedowns mean past acquisitions underperformed what was paid for them.
-40%
FY2024→FY2025
Dividend — cut.The payout was CUT ~40% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$3.75B
Revenue Growth YoY+35.9%
Revenue CAGR (2yr)+14.2%
Net Margin-4.4%
Free Cash Flow$116.6M
Return on Equity-5.7%
Debt / Equity0.73x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Helmerich & Payne, Inc.'s actual 10-K/10-Q/8-K filings?