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Side-by-side financial comparison of HELIX ENERGY SOLUTIONS GROUP INC (HLX) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
Bristow Group Inc. is the larger business by last-quarter revenue ($377.3M vs $287.9M, roughly 1.3× HELIX ENERGY SOLUTIONS GROUP INC). Bristow Group Inc. runs the higher net margin — 4.9% vs -4.7%, a 9.5% gap on every dollar of revenue. On growth, Bristow Group Inc. posted the faster year-over-year revenue change (6.7% vs -13.8%). HELIX ENERGY SOLUTIONS GROUP INC produced more free cash flow last quarter ($59.0M vs $47.8M). Over the past eight quarters, Bristow Group Inc.'s revenue compounded faster (5.8% 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.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
HLX vs VTOL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $287.9M | $377.3M |
| Net Profit | $-13.4M | $18.4M |
| Gross Margin | 3.1% | — |
| Operating Margin | — | 8.5% |
| Net Margin | -4.7% | 4.9% |
| Revenue YoY | -13.8% | 6.7% |
| Net Profit YoY | -536.4% | -42.1% |
| EPS (diluted) | $-0.09 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $377.0M | $386.3M | ||
| Q2 25 | $302.3M | $376.4M | ||
| Q1 25 | $278.1M | $350.5M | ||
| Q4 24 | $355.1M | $353.5M | ||
| Q3 24 | $342.4M | $365.1M | ||
| Q2 24 | $364.8M | $359.7M |
| Q1 26 | $-13.4M | — | ||
| Q4 25 | $8.3M | $18.4M | ||
| Q3 25 | $22.1M | $51.5M | ||
| Q2 25 | $-2.6M | $31.7M | ||
| Q1 25 | $3.1M | $27.4M | ||
| Q4 24 | $20.1M | $31.8M | ||
| Q3 24 | $29.5M | $28.2M | ||
| Q2 24 | $32.3M | $28.2M |
| 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% | 8.5% | ||
| Q3 25 | 12.7% | 13.1% | ||
| Q2 25 | -1.0% | 11.3% | ||
| Q1 25 | 2.9% | 9.6% | ||
| Q4 24 | 8.7% | 9.0% | ||
| Q3 24 | 13.0% | 9.1% | ||
| Q2 24 | 14.6% | 12.4% |
| Q1 26 | -4.7% | — | ||
| Q4 25 | 2.5% | 4.9% | ||
| Q3 25 | 5.9% | 13.3% | ||
| Q2 25 | -0.9% | 8.4% | ||
| Q1 25 | 1.1% | 7.8% | ||
| Q4 24 | 5.7% | 9.0% | ||
| Q3 24 | 8.6% | 7.7% | ||
| Q2 24 | 8.9% | 7.8% |
| Q1 26 | $-0.09 | — | ||
| Q4 25 | $0.06 | $0.61 | ||
| Q3 25 | $0.15 | $1.72 | ||
| Q2 25 | $-0.02 | $1.07 | ||
| Q1 25 | $0.02 | $0.92 | ||
| Q4 24 | $0.13 | $1.07 | ||
| Q3 24 | $0.19 | $0.95 | ||
| Q2 24 | $0.21 | $0.96 |
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 | $286.2M |
| Total DebtLower is stronger | $303.8M | $671.5M |
| Stockholders' EquityBook value | $1.6B | $1.1B |
| Total Assets | $2.6B | $2.3B |
| Debt / EquityLower = less leverage | 0.20× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $501.3M | — | ||
| Q4 25 | $445.2M | $286.2M | ||
| Q3 25 | $338.0M | $245.5M | ||
| Q2 25 | $319.7M | $251.8M | ||
| Q1 25 | $370.0M | $191.1M | ||
| Q4 24 | $368.0M | $247.5M | ||
| Q3 24 | $324.1M | $200.3M | ||
| Q2 24 | $275.1M | $178.6M |
| Q1 26 | $303.8M | — | ||
| Q4 25 | $308.0M | $671.5M | ||
| Q3 25 | $307.5M | $675.0M | ||
| Q2 25 | $311.6M | $705.2M | ||
| Q1 25 | $311.1M | $701.9M | ||
| Q4 24 | $315.2M | $689.8M | ||
| Q3 24 | $314.7M | $629.1M | ||
| Q2 24 | $318.6M | $594.2M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.6B | $1.0B | ||
| Q2 25 | $1.6B | $984.4M | ||
| Q1 25 | $1.5B | $931.7M | ||
| Q4 24 | $1.5B | $891.7M | ||
| Q3 24 | $1.6B | $899.2M | ||
| Q2 24 | $1.5B | $849.1M |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $2.3B | ||
| Q3 25 | $2.6B | $2.3B | ||
| Q2 25 | $2.7B | $2.3B | ||
| Q1 25 | $2.6B | $2.2B | ||
| Q4 24 | $2.6B | $2.1B | ||
| Q3 24 | $2.7B | $2.1B | ||
| Q2 24 | $2.6B | $2.0B |
| Q1 26 | 0.20× | — | ||
| Q4 25 | 0.19× | 0.63× | ||
| Q3 25 | 0.20× | 0.65× | ||
| Q2 25 | 0.20× | 0.72× | ||
| Q1 25 | 0.20× | 0.75× | ||
| Q4 24 | 0.21× | 0.77× | ||
| Q3 24 | 0.20× | 0.70× | ||
| Q2 24 | 0.21× | 0.70× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | $59.0M | $47.8M |
| FCF MarginFCF / Revenue | 20.5% | 12.7% |
| Capex IntensityCapex / Revenue | 1.0% | 7.7% |
| Cash ConversionOCF / Net Profit | — | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | $167.4M | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.8M | — | ||
| Q4 25 | $113.2M | $76.9M | ||
| Q3 25 | $24.3M | $23.1M | ||
| Q2 25 | $-17.1M | $99.0M | ||
| Q1 25 | $16.4M | $-603.0K | ||
| Q4 24 | $78.0M | $51.1M | ||
| Q3 24 | $55.7M | $66.0M | ||
| Q2 24 | $-12.2M | $33.7M |
| Q1 26 | $59.0M | — | ||
| Q4 25 | $107.5M | $47.8M | ||
| Q3 25 | $22.6M | $-6.2M | ||
| Q2 25 | $-21.6M | $67.4M | ||
| Q1 25 | $12.0M | $-52.7M | ||
| Q4 24 | $65.5M | $-32.4M | ||
| Q3 24 | $52.5M | $9.0M | ||
| Q2 24 | $-16.2M | $-16.7M |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 32.2% | 12.7% | ||
| Q3 25 | 6.0% | -1.6% | ||
| Q2 25 | -7.1% | 17.9% | ||
| Q1 25 | 4.3% | -15.0% | ||
| Q4 24 | 18.4% | -9.2% | ||
| Q3 24 | 15.3% | 2.5% | ||
| Q2 24 | -4.4% | -4.6% |
| Q1 26 | 1.0% | — | ||
| Q4 25 | 1.7% | 7.7% | ||
| Q3 25 | 0.4% | 7.6% | ||
| Q2 25 | 1.5% | 8.4% | ||
| Q1 25 | 1.6% | 14.9% | ||
| Q4 24 | 3.5% | 23.6% | ||
| Q3 24 | 0.9% | 15.6% | ||
| Q2 24 | 1.1% | 14.0% |
| Q1 26 | — | — | ||
| Q4 25 | 13.68× | 4.17× | ||
| Q3 25 | 1.10× | 0.45× | ||
| Q2 25 | — | 3.12× | ||
| Q1 25 | 5.35× | -0.02× | ||
| Q4 24 | 3.88× | 1.61× | ||
| Q3 24 | 1.89× | 2.34× | ||
| Q2 24 | -0.38× | 1.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLX
Segment breakdown not available.
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
