HOSHORNBECK OFFSHORE SERVICES, INC.

Oil & Gas Field Services, NEC

Revenue: $1.3B; 4.9% YoY
Operating margin: 5.0%; 46% YoY
EBITDA: $253M; 16% YoY
Market cap: $1.0B
Employees: 2,212; $584K revenue each
Net debt / EBITDA: -1.4×; −$348M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
444% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
22% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$584K · 23rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$275K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$675M	$873M	$1.3B	$1.4B	$1.3B	4.9%
Operating income	−$49M	−$45M	$64M	$127M	$65M	49%
Net income	−$62M	−$88M	−$11M	$56M	$31M	45%
Operating cash flow	$140M	$51M	$152M	$186M	$137M	26%
Capex	$8M	$34M	$20M	$23M	$16M	30%
Stock-based comp	$8M	$7M	$7M	$7M	$7M	9.6%
Buybacks	—	—	$12M	$30M	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 9, 2026	ASOF HOS GP, LLC	SCHEDULE 13D	23.7%	Passive
May 12, 2023	KRATZ OWEN E	SC 13D	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $275K · 1
Net: −$275K

Pay vs performance

No pay-versus-performance disclosure yet.