Hornbeck Offshore Services, Inc. (HOS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-76.7%

$1.56

vs $6.68 price

Levered DCF

-$22.10

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.58

Distress zone

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
P/E	-0.45×	4.2×	-4.1×	5.32×	10.19×	15.88×	32.7×	-337.54×
P/B	0.04×	0.08×	0.19×	0.25×	0.66×	1.36×	1.04×	0.81×
P/S	0.25×	0.6×	1.17×	0.75×	1.42×	3.22×	2.36×	2.27×
EV / EBITDA	37.58×	24.43×	17.56×	4.41×	6.07×	8.03×	7.66×	8.32×
Gross margin	30.5%	37.0%	41.3%	53.9%	53.3%	56.4%	50.2%	100.0%
Operating margin	-41.1%	-46.4%	-28.6%	30.2%	26.7%	31.2%	23.7%	14.4%
Net margin	-56.1%	14.3%	-28.5%	14.0%	13.9%	20.3%	7.2%	-0.7%
Current ratio	1.86×	5.08×	5.99×	4.26×	4.6×	6.1×	2.13×	6.96×
Debt / equity	0.93×	0.88×	0.77×	0.74×	0.78×	0.82×	0.93×	0.72×
Interest coverage	-1.37×	-1.73×	-1.32×	3.63×	5.51×	3.61×	2.1×	0.92×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Return on equity	-9.1%	1.9%	-4.6%	4.6%	6.5%	8.6%	3.2%	-0.2%
Return on invested capital	-2.6%	0.7%	-1.3%	3.1%	3.7%	4.0%	3.0%	2.0%
Return on assets	-4.3%	1.0%	-2.2%	2.2%	3.0%	3.9%	1.4%	-0.1%
Free cash flow yield	-93.1%	-14.3%	12.4%	36.3%	12.0%	7.6%	10.5%	4.0%
Earnings yield	-220.6%	23.9%	-24.4%	18.8%	9.8%	6.3%	3.1%	-0.3%
Enterprise value	$1B	$1.2B	$1.1B	$1.2B	$1.8B	$2.4B	$1.7B	$1.3B
Net debt / EBITDA	35.65×	22.07×	13.49×	3.06×	3.01×	2.1×	2.28×	2.7×
Cash conversion cycle (days)	28	36	27	10	23	-18	5	82