Helix Energy Solutions Group, I — Earnings Quality Grade C
HLX · Energy
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 16 days (69 → 86)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 17.5% exceeds revenue growth -4.9%
Revenue -4.9%, CFFO -26.5%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -29.9% vs revenue -4.9%. Normal
SG&A/Gross Profit = 47.7%. Normal
Gross margin 12.3%, change -3.8pp. Stable
Cash Flow Quality
CFFO/NI = 4.44. Profits backed by cash
FCF $0.1B, FCF/NI = 3.91
Accruals ratio = -4.0%. Low accruals
Cash $0.4B covers 71% of debt $0.6B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 3.0x. Healthy
Other assets -22.9% vs revenue -4.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.29 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25