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Owns and operates offshore support vessels that supply and service oil & gas rigs, mainly in the Gulf of Mexico.
Owns and operates offshore support vessels that supply and service oil & gas rigs, mainly in the Gulf of Mexico.
Rents out vessels by the day, so earnings depend on how many are working and the day rate each commands, with some contracts fixed for a term and the rest priced to the market. Deepwater operators' drilling and production plans largely set demand. It restructured through bankruptcy in 2020, which reduced its debt.
Moat: narrow (scale, installed base). Modern, large OSV fleet suited to deepwater Gulf work, but a cyclical, day-rate-driven business.
Headquarters: Covington, Louisiana, United States · Founded: 1981 · Employees: 2,212
Size Hornbeck Offshore Services (HOS) is a United States Energy company (Oilfield Services/Equipment) with a market value of $1.18B, the 2145th largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.31 on 6 Nov 2026.
Growth Revenue grew 2.0% over the last twelve months (peer median +1.7%); the operating margin is 7.7% (peer median 5.5%).
Valuation It trades at 8.6× forward earnings against a peer median of 15.4× (cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.3 points below its cost of capital (9.4% WACC).
Backlog Backlog (remaining performance obligations) was $1.10B at 30 Jun 2026, down 15% on a year earlier — 0.8 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.30B | $1.29B | $1.36B | $1.29B | $873M |
| Revenue growth | — | -5% | +5% | +48% | — |
| Gross profit | $182M | $159M | $220M | $200M | $50.6M |
| EBITDA | $283M | $271M | $301M | $270M | $117M |
| Net income | $23.5M | $30.8M | $55.6M | -$10.8M | -$87.8M |
| Free cash flow | $222M | $120M | $161M | $126M | $25.4M |
| Capital expenditure | $17.4M | $16.3M | $23.3M | $19.6M | $33.5M |
| Total debt | $610M | $630M | $661M | $541M | $470M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hornbeck Offshore Services HOS | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% |
| Tidewater TDW | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HOS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.4% | -12.8% | 3rd lowest of 21 |
| Distance from 52-week high | -52.3% | -35.5% | 7th lowest of 21 |
| Revenue growth (TTM) | +2.0% | +1.7% | 11th highest of 21 |
| Operating margin | 7.7% | 5.5% | 9th highest of 21 |
| Forward P/E | 8.6× | 15.4× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | 3.7% | 5th least demanding of 14 |
| Growth delivered (Del g) | +12.0% | +9.7% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | -13.1 pp | -6.9 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | -4.3 pp | -3.6 pp | 10th lowest of 21 |
| EV / EBITDA | 4.0× | 6.9× | 2nd cheapest of 16 |
| Net debt / EBITDA | -0.1× | 0.9× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
| Jiangsu Hongtian Technology 603800.SS | China | $1.11B | -32% | -27% | -15% | 62.3× | 32.4% | +5.1% |
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| Flotek Industries FTK | United States | $886M | +45% | +59% | 13% | 21.9× | n/a | n/a |
| Total Energy Services TOT.TO | Canada | $851M | +41% | +22% | 9% | 9.7× | 3.7% | +23.8% |
| Bomesc Offshore Engineering 603727.SS | China | $823M | +6% | -12% | -7% | 249.4× | -9.1% | -6.1% |
| Forum Energy Technologies FET | United States | $800M | +30% | +11% | 7% | 12.9× | 3.5% | +9.1% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| ProPetro PUMP | United States | $785M | -59% | -6% | 0% | 35.1× | n/a | n/a |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Viridien VIRI.PA | France | $763M | -16% | -14% | 11% | 22.9× | -2.9% | +4.1% |
| Hunting HTG.L | United Kingdom | $714M | -25% | -12% | 7% | 14.3× | 17.8% | +9.6% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Toyo Engineering 6330.T | Japan | $711M | -16% | -31% | -10% | 14.2× | -2.1% | -0.1% |
| Shandong Molong Petroleum Machinery 002490.SZ | China | $704M | -33% | +51% | 0% | n/a | n/a | n/a |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Atlas Energy Solutions AESI | United States | $678M | -71% | -4% | -11% | n/a | n/a | n/a |
| Haimo Technologies 300084.SZ | China | $667M | -31% | -7% | -12% | n/a | n/a | n/a |
| Ashtead Technology AT..L | United Kingdom | $660M | +26% | +9% | 26% | 16.2× | -5.5% | +36.8% |
Hornbeck Offshore Services reported $1.10B of remaining performance obligations at 30 Jun 2026, down 15% from a year earlier and down 8% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 0.67.