HPHelmerich & Payne, Inc.

Drilling Oil & Gas Wells

Revenue: $3.7B; 34% YoY
Operating margin: 0.1%; 99% YoY
EBITDA: $628M; 26% YoY
Market cap: $4.3B
Employees: 6,200; $593K revenue each
Net debt / EBITDA: 2.6×; $1.7B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 2 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
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$593K · 25th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$2.0B	$2.9B	$2.7B	$3.7B	34%
Operating income	−$429M	$45M	$568M	$457M	$3M	99%
Net income	−$326M	$7M	$434M	$344M	−$164M	148%
Operating cash flow	$136M	$234M	$834M	$685M	$543M	21%
Capex	$82M	$251M	$395M	$495M	$426M	14%
Stock-based comp	$28M	$28M	$32M	$31M	$32M	1.3%
Dividends	$109M	$107M	$201M	$168M	$101M	40%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 13
Net: −$11M

Pay vs performance

No pay-versus-performance disclosure yet.