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Side-by-side financial comparison of HELIX ENERGY SOLUTIONS GROUP INC (HLX) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
HELIX ENERGY SOLUTIONS GROUP INC is the larger business by last-quarter revenue ($287.9M vs $242.1M, roughly 1.2× ONESPAWORLD HOLDINGS Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -4.7%, a 9.6% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs -13.8%). HELIX ENERGY SOLUTIONS GROUP INC produced more free cash flow last quarter ($59.0M vs $14.9M). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
HLX vs OSW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $287.9M | $242.1M |
| Net Profit | $-13.4M | $12.1M |
| Gross Margin | 3.1% | — |
| Operating Margin | — | 6.8% |
| Net Margin | -4.7% | 5.0% |
| Revenue YoY | -13.8% | 11.5% |
| Net Profit YoY | -536.4% | -16.2% |
| EPS (diluted) | $-0.09 | $0.12 |
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 | — | ||
| Q4 25 | $334.2M | $242.1M | ||
| Q3 25 | $377.0M | $258.5M | ||
| Q2 25 | $302.3M | $240.7M | ||
| Q1 25 | $278.1M | $219.6M | ||
| Q4 24 | $355.1M | $217.2M | ||
| Q3 24 | $342.4M | $241.7M | ||
| Q2 24 | $364.8M | $224.9M |
| Q1 26 | $-13.4M | — | ||
| Q4 25 | $8.3M | $12.1M | ||
| Q3 25 | $22.1M | $24.3M | ||
| Q2 25 | $-2.6M | $19.9M | ||
| Q1 25 | $3.1M | $15.3M | ||
| Q4 24 | $20.1M | $14.4M | ||
| Q3 24 | $29.5M | $21.6M | ||
| Q2 24 | $32.3M | $15.8M |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 15.2% | — | ||
| Q3 25 | 17.5% | — | ||
| Q2 25 | 4.9% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 19.2% | — | ||
| Q2 24 | 20.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | 6.8% | ||
| Q3 25 | 12.7% | 10.2% | ||
| Q2 25 | -1.0% | 9.2% | ||
| Q1 25 | 2.9% | 7.7% | ||
| Q4 24 | 8.7% | 7.9% | ||
| Q3 24 | 13.0% | 10.3% | ||
| Q2 24 | 14.6% | 8.4% |
| Q1 26 | -4.7% | — | ||
| Q4 25 | 2.5% | 5.0% | ||
| Q3 25 | 5.9% | 9.4% | ||
| Q2 25 | -0.9% | 8.3% | ||
| Q1 25 | 1.1% | 7.0% | ||
| Q4 24 | 5.7% | 6.6% | ||
| Q3 24 | 8.6% | 8.9% | ||
| Q2 24 | 8.9% | 7.0% |
| Q1 26 | $-0.09 | — | ||
| Q4 25 | $0.06 | $0.12 | ||
| Q3 25 | $0.15 | $0.23 | ||
| Q2 25 | $-0.02 | $0.19 | ||
| Q1 25 | $0.02 | $0.15 | ||
| Q4 24 | $0.13 | $0.13 | ||
| Q3 24 | $0.19 | $0.20 | ||
| Q2 24 | $0.21 | $0.15 |
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 | $16.3M |
| Total DebtLower is stronger | $303.8M | $84.0M |
| Stockholders' EquityBook value | $1.6B | $542.6M |
| Total Assets | $2.6B | $707.1M |
| Debt / EquityLower = less leverage | 0.20× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $501.3M | — | ||
| Q4 25 | $445.2M | $16.3M | ||
| Q3 25 | $338.0M | $29.6M | ||
| Q2 25 | $319.7M | $35.0M | ||
| Q1 25 | $370.0M | $22.6M | ||
| Q4 24 | $368.0M | $57.4M | ||
| Q3 24 | $324.1M | $48.8M | ||
| Q2 24 | $275.1M | $62.5M |
| Q1 26 | $303.8M | — | ||
| Q4 25 | $308.0M | $84.0M | ||
| Q3 25 | $307.5M | $85.2M | ||
| Q2 25 | $311.6M | $96.2M | ||
| Q1 25 | $311.1M | $97.4M | ||
| Q4 24 | $315.2M | $98.6M | ||
| Q3 24 | $314.7M | $98.7M | ||
| Q2 24 | $318.6M | $123.8M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $542.6M | ||
| Q3 25 | $1.6B | $552.8M | ||
| Q2 25 | $1.6B | $548.3M | ||
| Q1 25 | $1.5B | $530.6M | ||
| Q4 24 | $1.5B | $554.5M | ||
| Q3 24 | $1.6B | $540.1M | ||
| Q2 24 | $1.5B | $532.7M |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $707.1M | ||
| Q3 25 | $2.6B | $732.6M | ||
| Q2 25 | $2.7B | $731.8M | ||
| Q1 25 | $2.6B | $708.7M | ||
| Q4 24 | $2.6B | $746.4M | ||
| Q3 24 | $2.7B | $734.0M | ||
| Q2 24 | $2.6B | $756.8M |
| Q1 26 | 0.20× | — | ||
| Q4 25 | 0.19× | 0.15× | ||
| Q3 25 | 0.20× | 0.15× | ||
| Q2 25 | 0.20× | 0.18× | ||
| Q1 25 | 0.20× | 0.18× | ||
| Q4 24 | 0.21× | 0.18× | ||
| Q3 24 | 0.20× | 0.18× | ||
| Q2 24 | 0.21× | 0.23× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $59.0M | $14.9M |
| FCF MarginFCF / Revenue | 20.5% | 6.2% |
| Capex IntensityCapex / Revenue | 1.0% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $167.4M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.8M | — | ||
| Q4 25 | $113.2M | $20.0M | ||
| Q3 25 | $24.3M | $33.2M | ||
| Q2 25 | $-17.1M | $20.3M | ||
| Q1 25 | $16.4M | $10.1M | ||
| Q4 24 | $78.0M | $16.6M | ||
| Q3 24 | $55.7M | $28.6M | ||
| Q2 24 | $-12.2M | $18.7M |
| Q1 26 | $59.0M | — | ||
| Q4 25 | $107.5M | $14.9M | ||
| Q3 25 | $22.6M | $27.6M | ||
| Q2 25 | $-21.6M | $17.6M | ||
| Q1 25 | $12.0M | $8.4M | ||
| Q4 24 | $65.5M | $13.2M | ||
| Q3 24 | $52.5M | $27.5M | ||
| Q2 24 | $-16.2M | $17.6M |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 32.2% | 6.2% | ||
| Q3 25 | 6.0% | 10.7% | ||
| Q2 25 | -7.1% | 7.3% | ||
| Q1 25 | 4.3% | 3.8% | ||
| Q4 24 | 18.4% | 6.1% | ||
| Q3 24 | 15.3% | 11.4% | ||
| Q2 24 | -4.4% | 7.8% |
| Q1 26 | 1.0% | — | ||
| Q4 25 | 1.7% | 2.1% | ||
| Q3 25 | 0.4% | 2.2% | ||
| Q2 25 | 1.5% | 1.1% | ||
| Q1 25 | 1.6% | 0.8% | ||
| Q4 24 | 3.5% | 1.5% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 1.1% | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 13.68× | 1.65× | ||
| Q3 25 | 1.10× | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | 5.35× | 0.66× | ||
| Q4 24 | 3.88× | 1.15× | ||
| Q3 24 | 1.89× | 1.33× | ||
| Q2 24 | -0.38× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLX
Segment breakdown not available.
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
