Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
2.7
Altman Z-score
Clean
Earnings quality
6
Forensic signals
-14.1%
ROE
$3.4B
Market cap
2.82%
Dividend yield
Helmerich & Payne, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 2.7, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
73d DSOReceivables vs revenue.Days sales outstanding moved from 55 to 73 days FY2024→FY2025 (receivables +80% vs revenue +36%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
32dInventory days.Days inventory outstanding moved from 16 to 32 FY2024→FY2025 (against revenue (COGS not disclosed); inventory +175% vs +36% in revenue). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
0%Return on invested capital.Return on invested capital is 0% and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 27% of free cash flow in FY2025 — about $0.32 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$230MGoodwill impairments.Took $230M of goodwill writedowns across 2 year(s) (FY2020 ($38M), FY2025 ($192M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
-58%Dividend — cut.The payout was CUT ~58% in FY2021 (from FY2020). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-4.4%
Debt / Equity0.73x
Free Cash Flow$116.6M
Latest Revenue$3.75B
Return on Equity-5.8%
Revenue Growth YoY+35.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Helmerich & Payne, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about HP's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown