Helmerich & Payne, Inc. (HP) 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

+422.2%

$208.06

vs $39.85 price

Levered DCF

$330.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.06

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-13.31×	8.87×	10.09×	719.26×	-9.02×	-3.18×	-133.57×	15.82×
P/B	0.8×	1.03×	1.56×	1.42×	1.01×	0.48×	1.09×	1.74×
P/S	0.59×	1.09×	1.5×	1.9×	2.43×	0.89×	1.56×	3.07×
EV / EBITDA	6.51×	5.12×	4.64×	9.32×	225.47×	-12.45×	8.4×	12.56×
Gross margin	14.8%	26.4%	27.0%	11.1%	-12.6%	6.0%	15.3%	10.1%
Operating margin	6.2%	16.4%	19.6%	2.2%	-35.2%	-35.0%	7.6%	1.3%
Net margin	-4.4%	12.5%	15.1%	0.3%	-26.8%	-27.9%	-1.2%	19.4%
Current ratio	1.8×	2.67×	2.38×	2.53×	1.83×	4.4×	2.72×	2.96×
Debt / equity	0.85×	0.64×	0.22×	0.21×	0.37×	0.16×	0.12×	0.11×
Interest coverage	2.15×	15.53×	32.51×	2.36×	-17.89×	-25.34×	8.46×	1.3×
Dividend yield	4.6%	5.6%	4.7%	2.7%	3.7%	16.5%	7.2%	4.0%
Payout ratio	-61.0%	48.9%	46.4%	1544.6%	-33.5%	-52.6%	-964.1%	63.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.1%	11.8%	15.7%	0.3%	-11.2%	-14.9%	-0.8%	11.0%
Return on invested capital	3.9%	6.0%	10.2%	0.2%	-7.0%	-10.5%	2.5%	0.5%
Return on assets	-2.5%	6.0%	9.8%	0.2%	-6.5%	-10.2%	-0.6%	7.8%
Free cash flow yield	5.3%	6.3%	10.1%	-1.0%	1.8%	25.2%	9.1%	1.0%
Earnings yield	-7.5%	11.4%	10.1%	0.2%	-11.0%	-31.3%	-0.7%	6.3%
Enterprise value	$4.3B	$4.6B	$4.6B	$4.2B	$3.1B	$1.6B	$4.5B	$7.8B
Net debt / EBITDA	3.18×	1.81×	0.29×	0.69×	11.47×	-0.29×	0.24×	0.34×
Cash conversion cycle (days)	89	54	46	75	73	55	69	87