Helvella compressa, also known as the compressed elfin saddle, is a species of ascomycete "sac fungus" related to the Peziza cups.

Helvella compressa is endemic to North America west of the Rocky Mountains.

[2]: 49  According to David Arora, H. compressa "seems to be the most common" of the non-fluted Helvellas found in California.

[4]: 148 The distinctive fruiting body looks roughly like a fortune cookie on a stick and can only be confused with Helvella albella, which is rarer, and has a darker brown cap and a smooth underside (rather than H. compressa's "faintly" fuzzy underside) and H. elastica, which is smaller, with "rounder lobes".

[4]: 149  H. levis is more common in Europe and the Danish call it Bredsporet foldhat ("wide-brimmed hat").