Monitor the company's ability to grow aftermarket and spare parts revenue as offshore drilling activity increases, and watch for potential margin pressure from rising raw material costs and competition.
Executive Summary
HMH Holding Inc. is a leading provider of highly engineered, mission-critical equipment solutions for the oil and gas drilling industry, with a growing presence in mining. The company operates through an Up-C structure, offering a comprehensive portfolio of drilling equipment, aftermarket services, and spare parts. For the year ended December 31, 2025, the company reported $821.8 million in revenue, with a net income of $46.1 million. The company is leveraging its large installed base and asset-light business model to capture growth in offshore drilling capital expenditures, with aftermarket services and spare parts accounting for 74% of total revenue. The IPO proceeds will be used to repay shareholder loans and for general corporate purposes.
Key Financial Metrics
Key Facts
- HMH is a leading provider of mission-critical equipment solutions for oil and gas drilling, with a growing presence in mining.
- For 2025, revenue was $821.8 million, down 2.6% from 2024, with net income of $46.1 million (5.6% of revenue).
- Aftermarket services (46.7%) and spare parts (27.3%) accounted for 74% of total revenue, providing recurring revenue streams.
- The company has an asset-light business model with capital expenditures of only 2.4% of revenue.
- The IPO will raise $198.7 million in net proceeds, primarily to repay $137.1 million in shareholder loans.
- The company operates under an Up-C structure, with Principal Stockholders (Baker Hughes and Akastor) retaining 75.6% voting power post-IPO.
Financial Impact
$198.7 million in net proceeds from IPO, $137.1 million to repay shareholder loans
Risk Factors
- Cyclical nature of oil and gas industry and volatility of oil and natural gas prices
- Dependence on a limited number of customers (top 5 accounted for 45.2% of 2025 revenue)
- Competition in the oilfield services industry
- Dependence on suppliers for raw materials and components
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-119714 |
| Document: d75409dex233.htm | 0001193125-26-119714 |
| Document: d75409dex234.htm | 0001193125-26-119714 |
| Document: d75409dex231.htm | 0001193125-26-119714 |
| Document: d75409dex232.htm | 0001193125-26-119714 |
| Document: 0001193125-26-119714-index-headers.html | 0001193125-26-119714 |
| Document: 0001193125-26-119714-index.html | 0001193125-26-119714 |
| Document: 0001193125-26-119714.txt | 0001193125-26-119714 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | EFFECT | $17.94 | awaiting T+60 | — | $19.16 (+6.80%) |
Oct 16, 2026 10d ago | Press Release | $17.38 | awaiting T+60 | — | $19.16 (+10.24%) |
Apr 2, 2026 29w ago | Insider Cluster | $18.82 $18.74 | ▼ −0.43% | ▼ −14.58% | $19.16 (+1.81%) |
Apr 1, 2026 29w ago | 424B4 | $18.82 $18.74 | ▼ −0.43% | ▼ −14.58% | $19.16 (+1.81%) |
Apr 1, 2026 29w ago | EFFECT | $19.28 $19.46 | ▲ +0.93% | ▼ −12.45% | $19.16 (−0.62%) |
Mar 23, 2026 31w ago | Press Release | — | awaiting T+60 | — | — |
Mar 23, 2026 31w ago | S-1/A | — | awaiting T+60 | — | — |
Mar 18, 2026 31w ago | S-1/A | — | awaiting T+60 | — | — |
Mar 5, 2026 33w ago | S-1/A | — | awaiting T+60 | — | — |
US Market Status
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