Helmerich & Payne, Inc. key statistics and ratios

In fiscal 2025, Helmerich & Payne, Inc. had return on equity of -5.7%, an operating margin of 0.1%, debt equal to 73.6% of equity and a current ratio of 1.80. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Helmerich & Payne, Inc.: financial ratios, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Operating margin	33.0%	24.1%	27.6%	28.9%	28.2%	28.3%	21.3%	−1.6%	−9.4%	1.3%	0.7%	−35.0%	−35.2%	2.2%	19.8%	16.6%	0.1%	2.3%
Net margin	19.2%	8.3%	17.1%	18.4%	21.7%	19.0%	13.3%	−3.5%	−7.1%	19.4%	−1.2%	−27.9%	−26.8%	0.3%	15.1%	12.5%	−4.4%	−3.4%
Free-cash-flow margin	1.0%	7.1%	11.1%	−3.1%	5.6%	4.8%	9.4%	30.6%	−1.5%	3.7%	14.2%	22.4%	4.5%	−0.8%	15.3%	6.9%	3.1%	7.9%
Return on equity	13.2%	5.7%	14.3%	16.4%	17.8%	15.1%	8.6%	−1.2%	−2.9%	11.3%	−0.8%	−13.5%	−10.5%	0.2%	15.7%	12.1%	−5.7%	−5.0%
Return on assets	8.5%	3.7%	9.4%	10.8%	12.3%	10.9%	6.1%	−0.8%	−1.9%	7.6%	−0.6%	−9.3%	−6.6%	0.1%	9.9%	6.8%	−2.6%	−2.1%
Asset turnover	0.44	0.45	0.55	0.59	0.57	0.57	0.46	0.23	0.27	0.39	0.46	0.33	0.25	0.44	0.66	0.54	0.60	0.62
Current ratio	1.73	2.81	2.29	2.35	2.78	2.52	4.13	4.76	3.59	2.96	2.72	4.40	1.83	2.54	2.40	2.67	1.80	1.96
Debt to equity	19.6%	12.8%	10.7%	6.1%	4.4%	1.6%	11.0%	11.0%	12.0%	11.4%	12.1%	14.7%	35.6%	19.9%	19.7%	61.7%	73.6%	70.3%
Interest cover (operating income ÷ interest)	44.8x	26.3x	40.5x	105.1x	156.1x	—	44.7x	n/m	n/m	1.4x	0.8x	n/m	n/m	2.4x	32.9x	15.7x	0.0x	0.9x
Effective tax rate	38.1%	34.7%	36.7%	36.4%	35.3%	35.4%	36.5%	—	—	—	—	—	—	77.8%	26.8%	28.5%	—	—
R&D as % of revenue	0.5%	0.7%	0.6%	0.5%	0.4%	0.4%	0.5%	0.6%	0.7%	0.7%	1.0%	1.2%	1.8%	1.3%	1.0%	1.5%	0.9%	0.7%
SG&A as % of revenue	—	—	—	—	—	—	—	9.0%	8.2%	8.0%	6.9%	9.4%	14.1%	8.9%	7.2%	8.9%	7.7%	7.1%
Capital spending as % of revenue	47.6%	17.6%	27.3%	34.8%	23.9%	25.6%	35.8%	15.8%	22.0%	18.8%	16.4%	7.9%	6.7%	12.2%	13.8%	18.0%	11.4%	6.6%
Free cash flow ÷ net income	5.4%	84.9%	65.2%	−16.8%	25.5%	25.1%	70.7%	—	—	18.9%	—	—	—	−244.2%	100.9%	55.1%	—	—
Dividends ÷ net income	6.0%	14.2%	6.2%	5.2%	12.6%	37.4%	71.0%	—	—	63.9%	—	—	—	>999%	46.4%	48.9%	—	—
Dividends and buybacks ÷ free cash flow	110.5%	16.8%	9.4%	—	49.5%	148.9%	120.5%	60.3%	—	337.9%	89.6%	72.6%	201.0%	—	102.4%	115.9%	86.4%	32.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Helmerich & Payne, Inc.: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Operating margin	15.5%	13.4%	4.1%	−12.3%	−0.1%	−5.9%	−4.0%	18.2%
Net margin	10.9%	8.1%	0.2%	−15.6%	−5.7%	−9.5%	−6.3%	7.3%
Free-cash-flow margin	9.0%	7.7%	−10.1%	2.4%	14.1%	11.3%	−2.8%	8.1%
Current ratio	2.67	2.81	1.68	1.84	1.80	2.03	1.71	1.96
Debt to equity	61.1%	60.5%	73.4%	76.5%	72.9%	75.2%	76.1%	69.7%
R&D as % of revenue	1.3%	1.4%	0.9%	0.7%	0.7%	0.7%	0.8%	0.6%
SG&A as % of revenue	9.6%	9.3%	8.0%	6.3%	7.7%	6.9%	7.6%	6.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · June 30, 2026

What it owns · $6.3bn

Short-term assets $1.6bnLonger-term assets $4.7bn

What it owes, and who funded it · $3.5bn

Short-term liabilities $800mShareholders' equity $2.7bn

Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $800m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $204m of cash against $1.9bn of debt.
Debt below 40% of shareholders' equity Debt is 70% of equity.
Debt burden no higher than five years ago Debt to equity moved from 20% to 70% over five years.
A year's operating cash flow covers at least 20% of debt $580m of operating cash flow against $1.9bn of debt.
Operating profit covers interest at least five times over Operating income of $90m against $104m of interest.

From Helmerich & Payne, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

53 /100

Moderate moat

How hard Helmerich & Payne's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -1.7% of total assets over 10 years.
Durability 10 / 20

Operating margin has been a median -1.3%; its worst year was -37.6%.
Cash conversion 13 / 20

Free cash flow was positive in 9 of 10 years, at a median 8.1% of revenue.
Discipline 19 / 20

The diluted share count fell 7.5% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Helmerich & Payne, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Helmerich & Payne, Inc.