Baker Hughes (BKR)
Energy · $56.9B market cap · SEC CIK 0001701605
fundamentals score out of 100
Next reports on Oct 21, 2026, after the close, with analysts expecting $0.61 in earnings per share.
The case for BKR
- Return on equity of 16%.
- Current assets cover the near-term bills 2.1 times over.
- Pays a modest 2.4% dividend.
The case against
- Revenue was flat on the year (+0.4%).
- Weakest against its peers: P/E of 18.4× is higher than 60% of Energy companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Energy companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 53 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 26 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 46 |
| Momentumhow the price has behaved lately | 57 |
| Stabilityhow violently it moves, what it owes and what it pays you | 43 |
- Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.
Key numbers
| Price / earnings | 18.4× |
|---|---|
| Price / book | 2.77× |
| Price / sales | 2.1× |
| Revenue growth (YoY) | +0.4% |
| EPS growth (YoY) | +1.9% |
| Gross margin | 24% |
| Operating margin | 14% |
| Net margin | 11% |
| Return on equity | 16% |
| Debt / equity | 0.82× |
| Current ratio | 2.09 |
| Dividend yield | 2.36% |
| Beta | 1.07 |
| 52-week range | $43.92 – $70.41 |
| Position in that range | 50% of the way up |
| 3-month return | -1.0% |
| 1-year return | +22.2% |
Five years of financials, as filed
Pulled from Baker Hughes's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $27.7B | $27.8B | $25.5B | $21.2B | $20.5B |
| Operating income | — | $3.1B | $2.3B | $1.2B | $1.3B |
| Net income | $2.6B | $3.0B | $1.9B | -$601M | -$219M |
| Operating cash flow | $3.8B | $3.3B | $3.1B | $1.9B | $2.4B |
| Capital expenditure | $1.3B | $1.3B | $1.2B | $989M | $856M |
| Total assets | $40.9B | $38.4B | $36.9B | $34.2B | $35.3B |
| Shareholder equity | $18.8B | $16.9B | $15.4B | $14.4B | $14.8B |
| Cash | $3.7B | $3.4B | $2.6B | $2.5B | $3.9B |
| Free cash flow | $2.5B | $2.1B | $1.8B | $899M | $1.5B |
| Operating margin | — | 11.1% | 9.1% | 5.6% | 6.4% |
| Net margin | 9.3% | 10.7% | 7.6% | -2.8% | -1.1% |
What Baker Hughes says it does
of this Annual Report on Form 10-K. Information concerning our directors is set forth in the sections entitled "Proposal No. 1, Election of Directors - Board Nominees for Directors," and "Corporate Governance - Committees of the Board" in our Definitive Proxy Statement for the 2026 Annual Meeting of Shareholders to be filed with the SEC pursuant to the Exchange Act within 120 days of the end of our fiscal year on December 31, 2025 ("Proxy Statement"), which sections are incorporated herein by reference. For information regarding our executive officers, see "Item 1. Business - Executive Officers of Baker Hughes" in this Annual Report on Form 10-K. We have adopted an Insider Trading Policy that governs the purchase, sale, and/or other dispositions of our securities by our directors, officers, and employees that is designed to promote compliance with insider trading laws, rules, and regulations, and any listing standards applicable to us.…
Risk factors BKR lists in its 10-K
- We operate in a highly competitive environment, which may adversely affect our ability to succeed. Our investments in new technologies, equipment, and facilities may not provide competitive returns
- The potential slowdown and shift in the energy transition could have an adverse effect on the demand for our clean energy technologies and services
- Disruptions in our supply chain, the high cost or unavailability of raw materials, equipment, and supplies essential to our business could adversely affect our ability to execute our operations on a timely basis
- The partial or complete loss of GE Vernova or GE Aerospace as suppliers, as well as contracts with our Aero JV with GE Vernova, may adversely affect our business, financial condition, results of operations and cash flows
- Our proposed transaction with Chart creates business, regulatory, and reputational risks
- We may not be able to realize the potential financial or strategic benefits of the transactions we complete, or find suitable target businesses to acquire
- If we are unable to attract and retain key personnel, we may not be able to execute our business strategy effectively and our operations could be adversely affected
- The implementation of any plan to restructure our corporate organization and operating segments may not achieve the results we anticipate, which could adversely affect our business
- Control of oil and natural gas reserves by national oil companies may impact the demand for our services and products and create additional risks in our operations
- Our operations involve a variety of operating hazards and risks that could cause losses
- Seasonal and weather conditions could adversely affect demand for our services and operations
- Providing services on an integrated, turnkey, or fixed price basis could require us to assume additional risks
- We may not be able to satisfy technical requirements, testing requirements or other specifications required under our service contracts and equipment purchase agreements
- We sometimes enter into consortium or similar arrangements for certain projects, which could impose additional costs and obligations on us