The business behind the dividend
| Measure | HP | Median | Formula |
|---|---|---|---|
| Return on equity | -5.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 0.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $35.02m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $116.58m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 0.1% | 15.0% | Operating income ÷ revenue |
| Net margin | -4.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.73x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.03x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.80x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.16x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -5.8% | 11.8% | 15.7% | 0.3% | -11.2% | -14.9% | -0.8% | 11.0% | -3.1% | -1.2% | -1.2% |
| Return on capital employed | 0.1% | 9.7% | 17.1% | 1.4% | -10.9% | -16.3% | 0.5% | 0.7% | -3.6% | -0.5% | 0.1% |
| Operating margin | 0.1% | 16.7% | 19.9% | 2.2% | -35.4% | -35.2% | 0.7% | 1.3% | -9.4% | -1.6% | 0.1% |
| Net margin | -4.4% | 12.5% | 15.2% | 0.3% | -26.9% | -28.1% | -1.2% | 19.5% | -7.2% | -3.5% | -3.5% |
| Debt to equity | 0.73x | 0.61x | 0.20x | 0.20x | 0.35x | 0.14x | 0.12x | 0.11x | 0.12x | 0.11x | 0.14x |
| Current ratio | 1.80x | 2.67x | 2.40x | 2.54x | 1.83x | 4.40x | 2.72x | 2.96x | 3.59x | 4.76x | 2.67x |
| Cash conversion | — | 1.99x | 1.92x | 33.64x | — | — | — | 1.16x | — | — | 1.99x |
How it compares in energy
Among the 31 energy companies here measured on free cash flow, Helmerich & Payne pays out less than 3 of them. The median for that group is 35.7%, against this company’s 86.4%.
Closest on free cash flow
- Northern Oil & Gas (NOG) 68.4%
- Exxon Mobil (XOM) 73.0%
- Chevron (CVX) 76.9%
- Murphy Oil (MUR) 82.0%
Same sector and same denominator, so the figures are comparable. All 40 in energy →