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Hornbeck Offshore Services

HOS
16
Oil & Gas Equipment & Services · Energy
Price
$9.20
-0.19 (-2.02%)
Market Cap
$1.36B
Exchange
New York Stock Exchange
Winston Score
16
Winston is worried
Weak fundamentals across most pillars.
Data as of Sep 6, 2026 · filings through Sep 30, 2019

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Weak
Valuation
Data not available
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Share count rising — dilution

+2.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 36.7M (2014) → 37.5M (2018)

§Winston Score History

The full picture

Hornbeck Offshore Services operates a fleet of specialized boats that support oil and gas companies working in the ocean. Its vessels transport supplies, equipment, and crew to offshore drilling rigs and production platforms. The company is one of the larger U.S.-based offshore supply vessel operators, primarily serving the deepwater Gulf of Mexico.

Hornbeck earns revenue by chartering its vessels to energy companies under short- and medium-term contracts, with rates tied to oil and gas activity levels. It also operates in select international markets like Latin America and West Africa. The company's fleet of modern, high-specification vessels gives it an edge for demanding deepwater work. However, offshore vessel markets are highly cyclical — when oil prices drop or drilling slows, vessel demand and charter rates can fall sharply, which remains the central risk to the business.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-9.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-31.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

6.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~17 months

$136M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Hornbeck Offshore Services's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
22.1%
Thin — 22.1% gross margin
Profit after running costs
Operating Margin
-57.3%
Losing money on operations — -57.3%
Return on the money invested
ROCE
-3.9%
Weak — -3.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+1.4%
Nearly flat sales (+1.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-41.8%
Burning cash (-41.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.06
Elevated debt (1.06)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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