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Side-by-side financial comparison of HELIX ENERGY SOLUTIONS GROUP INC (HLX) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $287.9M, roughly 3.5× HELIX ENERGY SOLUTIONS GROUP INC). Liberty Energy Inc. runs the higher net margin — 2.2% vs -4.7%, a 6.9% gap on every dollar of revenue. On growth, Liberty Energy Inc. posted the faster year-over-year revenue change (4.5% vs -13.8%). Over the past eight quarters, Liberty Energy Inc.'s revenue compounded faster (-6.2% CAGR vs -11.2%).
Helix Energy Solutions Inc., known as Cal Dive International prior to 2006, is an American oil and gas services company headquartered in Houston, Texas. The company is a global provider of offshore services in well intervention and ROV operations of new and existing oil and gas fields.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
HLX vs LBRT — Head-to-Head
Income Statement — Q1 2026 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $287.9M | $1.0B |
| Net Profit | $-13.4M | $22.6M |
| Gross Margin | 3.1% | — |
| Operating Margin | — | 2.2% |
| Net Margin | -4.7% | 2.2% |
| Revenue YoY | -13.8% | 4.5% |
| Net Profit YoY | -262.1% | 64.8% |
| EPS (diluted) | $-0.09 | $0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $287.9M | $1.0B | ||
| Q4 25 | $334.2M | $1.0B | ||
| Q3 25 | $377.0M | $947.4M | ||
| Q2 25 | $302.3M | $1.0B | ||
| Q1 25 | $278.1M | $977.5M | ||
| Q4 24 | $355.1M | $943.6M | ||
| Q3 24 | $342.4M | $1.1B | ||
| Q2 24 | $364.8M | $1.2B |
| Q1 26 | $-13.4M | $22.6M | ||
| Q4 25 | $8.3M | $13.7M | ||
| Q3 25 | $22.1M | $43.1M | ||
| Q2 25 | $-2.6M | $71.0M | ||
| Q1 25 | $3.1M | $20.1M | ||
| Q4 24 | $20.1M | $51.9M | ||
| Q3 24 | $29.5M | $73.8M | ||
| Q2 24 | $32.3M | $108.4M |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 15.2% | 20.6% | ||
| Q3 25 | 17.5% | 18.7% | ||
| Q2 25 | 4.9% | 22.1% | ||
| Q1 25 | 9.9% | 22.1% | ||
| Q4 24 | 16.6% | 21.4% | ||
| Q3 24 | 19.2% | 26.2% | ||
| Q2 24 | 20.7% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 3.7% | 1.9% | ||
| Q3 25 | 12.7% | -0.3% | ||
| Q2 25 | -1.0% | 3.6% | ||
| Q1 25 | 2.9% | 1.9% | ||
| Q4 24 | 8.7% | 2.6% | ||
| Q3 24 | 13.0% | 9.4% | ||
| Q2 24 | 14.6% | 12.2% |
| Q1 26 | -4.7% | 2.2% | ||
| Q4 25 | 2.5% | 1.3% | ||
| Q3 25 | 5.9% | 4.5% | ||
| Q2 25 | -0.9% | 6.8% | ||
| Q1 25 | 1.1% | 2.1% | ||
| Q4 24 | 5.7% | 5.5% | ||
| Q3 24 | 8.6% | 6.5% | ||
| Q2 24 | 8.9% | 9.3% |
| Q1 26 | $-0.09 | $0.14 | ||
| Q4 25 | $0.06 | $0.08 | ||
| Q3 25 | $0.15 | $0.26 | ||
| Q2 25 | $-0.02 | $0.43 | ||
| Q1 25 | $0.02 | $0.12 | ||
| Q4 24 | $0.13 | $0.31 | ||
| Q3 24 | $0.19 | $0.44 | ||
| Q2 24 | $0.21 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $501.3M | $699.1M |
| Total DebtLower is stronger | $303.8M | $7.1M |
| Stockholders' EquityBook value | $1.6B | $1.9B |
| Total Assets | $2.6B | $4.4B |
| Debt / EquityLower = less leverage | 0.20× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $501.3M | $699.1M | ||
| Q4 25 | $445.2M | $27.6M | ||
| Q3 25 | $338.0M | $13.5M | ||
| Q2 25 | $319.7M | $19.6M | ||
| Q1 25 | $370.0M | $24.1M | ||
| Q4 24 | $368.0M | $20.0M | ||
| Q3 24 | $324.1M | $23.0M | ||
| Q2 24 | $275.1M | $30.0M |
| Q1 26 | $303.8M | $7.1M | ||
| Q4 25 | $308.0M | $246.6M | ||
| Q3 25 | $307.5M | — | ||
| Q2 25 | $311.6M | — | ||
| Q1 25 | $311.1M | — | ||
| Q4 24 | $315.2M | $190.5M | ||
| Q3 24 | $314.7M | — | ||
| Q2 24 | $318.6M | — |
| Q1 26 | $1.6B | $1.9B | ||
| Q4 25 | $1.6B | $2.1B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.6B | $2.0B | ||
| Q1 25 | $1.5B | $2.0B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.6B | $2.0B | ||
| Q2 24 | $1.5B | $1.9B |
| Q1 26 | $2.6B | $4.4B | ||
| Q4 25 | $2.6B | $3.6B | ||
| Q3 25 | $2.6B | $3.5B | ||
| Q2 25 | $2.7B | $3.4B | ||
| Q1 25 | $2.6B | $3.4B | ||
| Q4 24 | $2.6B | $3.3B | ||
| Q3 24 | $2.7B | $3.3B | ||
| Q2 24 | $2.6B | $3.2B |
| Q1 26 | 0.20× | 0.00× | ||
| Q4 25 | 0.19× | 0.12× | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.21× | 0.10× | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.21× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $61.8M | — |
| Free Cash FlowOCF − Capex | $59.0M | — |
| FCF MarginFCF / Revenue | 20.5% | — |
| Capex IntensityCapex / Revenue | 1.0% | 13.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $167.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.8M | — | ||
| Q4 25 | $113.2M | $195.4M | ||
| Q3 25 | $24.3M | $51.5M | ||
| Q2 25 | $-17.1M | $170.6M | ||
| Q1 25 | $16.4M | $192.1M | ||
| Q4 24 | $78.0M | $177.3M | ||
| Q3 24 | $55.7M | $244.5M | ||
| Q2 24 | $-12.2M | $248.2M |
| Q1 26 | $59.0M | — | ||
| Q4 25 | $107.5M | $-10.0M | ||
| Q3 25 | $22.6M | $-67.2M | ||
| Q2 25 | $-21.6M | $33.1M | ||
| Q1 25 | $12.0M | $58.2M | ||
| Q4 24 | $65.5M | $-26.2M | ||
| Q3 24 | $52.5M | $77.9M | ||
| Q2 24 | $-16.2M | $112.2M |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 32.2% | -1.0% | ||
| Q3 25 | 6.0% | -7.1% | ||
| Q2 25 | -7.1% | 3.2% | ||
| Q1 25 | 4.3% | 6.0% | ||
| Q4 24 | 18.4% | -2.8% | ||
| Q3 24 | 15.3% | 6.8% | ||
| Q2 24 | -4.4% | 9.7% |
| Q1 26 | 1.0% | 13.1% | ||
| Q4 25 | 1.7% | 19.8% | ||
| Q3 25 | 0.4% | 12.5% | ||
| Q2 25 | 1.5% | 13.2% | ||
| Q1 25 | 1.6% | 13.7% | ||
| Q4 24 | 3.5% | 21.6% | ||
| Q3 24 | 0.9% | 14.6% | ||
| Q2 24 | 1.1% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 13.68× | 14.28× | ||
| Q3 25 | 1.10× | 1.20× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | 5.35× | 9.55× | ||
| Q4 24 | 3.88× | 3.42× | ||
| Q3 24 | 1.89× | 3.31× | ||
| Q2 24 | -0.38× | 2.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
