Helmerich & Payne (HP) has reported Q2 2026 revenue of US$932.4 million with a basic EPS loss of US$0.59, while trailing twelve month revenue stands at about US$4.0 billion and a basic EPS loss of US$3.78. Over recent quarters, the company has seen revenue range between US$677.3 million and just over US$1.0 billion as EPS has swung from a profit of US$0.55 in early 2025 to consecutive quarterly losses through Q2 2026, presenting a mixed picture for top line scale alongside bottom line pressure. With the stock at US$36.90, these results put the focus on how much of the current margin strain is already reflected in the share price.

See our full analysis for Helmerich & Payne.

Next up is how these earnings stack against the widely followed Helmerich & Payne narratives, highlighting where the numbers support the prevailing story and where they start to push back.

TTM revenue holds around US$4.0b while losses continue

• Over the last twelve months, Helmerich & Payne generated about US$4.0b in revenue with a net loss of US$376.8 million, while quarterly revenue over the past six periods has stayed in a band of roughly US$677.3 million to just over US$1.0b.
• What stands out for a bullish view that focuses on Helmerich & Payne as an experienced, technology focused driller is that steady multibillion revenue supports the idea of an entrenched position, yet the US$376.8 million trailing loss and swings from a US$54.0 million profit in early 2025 to losses of US$163.1 million in 2025 Q3 and US$58.6 million in 2026 Q2 show that profitability has not matched that scale.
  • Supporters pointing to the company’s long operating history and global footprint may see the roughly US$4.0b revenue base as evidence of ongoing customer demand.
  • At the same time, the move from a small US$1.3 million profit in 2025 Q2 to consecutive losses in the following four quarters challenges any bullish assumption that earnings are already stabilised.

When you put those swings next to the long history and global reach story, it is worth seeing how other investors weigh the trade off between scale and current losses in their narratives about the stock. 📊 Read the what the Community is saying about Helmerich & Payne.

P/S sits at 0.9x with a large DCF fair value gap

• At a share price of US$36.90, Helmerich & Payne trades on a P/S of 0.9x compared with 1.9x for peers and 1.5x for the US Energy Services industry, while the stated DCF fair value is US$65.42, which is about 43.6% above the current price.
• Supporters of a bullish valuation angle often point to this discount, yet the fact that the company remains loss making on a trailing basis with EPS of a US$3.78 loss over the last twelve months means the low P/S and gap to the DCF fair value are being weighed against an earnings profile that has not yet turned profitable.
  • The P/S of 0.9x suggests the market is attaching a lower value to each dollar of Helmerich & Payne’s roughly US$4.0b trailing revenue than to peers, even though the stock is cited as trading 43.6% below the DCF fair value.
  • Because trailing EPS has moved from a US$3.03 profit per share in the twelve months to 2025 Q1 to a loss of US$3.78 per share by 2026 Q2, the bullish case built on valuation support is set against a multiyear shift into losses.

Coverage pressures and insider selling accompany the loss trend

• Over the last twelve months, earnings have not covered interest payments or the dividend yield of 2.71%, and there has been significant insider selling in the past three months, while losses have averaged about US$94 million per quarter since 2025 Q3.
• Critics focusing on a bearish angle argue that weak coverage and insider selling are key warning signs, and the recent pattern of net losses from US$33.4 million on a trailing basis in 2025 Q3 to US$376.8 million over the latest twelve months, together with four consecutive quarterly losses since 2025 Q3, gives that cautious view concrete numbers to point to.
  • The fact that interest and dividend outflows are described as not well covered by current earnings means investors relying on income need to pay close attention to the company’s ability to sustain that 2.71% yield while loss making.
  • When that is combined with insider selling and trailing revenue growth of only 1.1% per year, the bearish concern that capital providers might be bearing more risk than the low P/S multiple suggests is grounded in the current financial profile.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Helmerich & Payne's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Mixed messages on value and risk can make any stock hard to read. Use the data as a starting point, move quickly, and weigh both sides by checking the 3 key rewards and 3 important warning signs.

See What Else Is Out There

Helmerich & Payne is working against recurring quarterly losses, weak coverage of interest and dividends, and insider selling that raises questions about downside risk.

If those red flags feel a bit heavy for your comfort level, use the 72 resilient stocks with low risk scores to quickly focus on companies with more resilient profiles and fewer potential shocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.