Halliburton (HAL)
Energy · $27.7B market cap · SEC CIK 0000045012
fundamentals score out of 100
Next reports on Oct 20, 2026, before the open, with analysts expecting $0.59 in earnings per share.
The case for HAL
- Reasonably priced at 17.3× earnings.
- Return on equity of 15%.
- Moves less than the market (beta 0.80).
- Current assets cover the near-term bills 2.0 times over.
- Pays a modest 1.7% dividend.
- Up 48.3% over the past year.
The case against
- Revenue was flat on the year (+0.6%).
- Earnings per share fell 10.8%.
- Profitability is weak (37/100): return on equity 15%, net margin 7.2%, gross margin 15%, 130% of profit turned to cash.
- Stability is weak (40/100): beta 0.80, 2.4 years of cash flow to clear its debt, a 51% swing over the year.
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 | 63 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 32 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 37 |
| Momentumhow the price has behaved lately | 59 |
| Stabilityhow violently it moves, what it owes and what it pays you | 40 |
- Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.
Key numbers
| Price / earnings | 17.3× |
|---|---|
| Price / book | 2.58× |
| Price / sales | 1.2× |
| Revenue growth (YoY) | +0.6% |
| EPS growth (YoY) | -10.8% |
| Gross margin | 15% |
| Operating margin | 11% |
| Net margin | 7% |
| Return on equity | 15% |
| Debt / equity | 0.65× |
| Current ratio | 2.02 |
| Dividend yield | 1.68% |
| Beta | 0.80 |
| 52-week range | $21.46 – $43.59 |
| Position in that range | 51% of the way up |
| 3-month return | -4.4% |
| 1-year return | +48.3% |
Five years of financials, as filed
Pulled from Halliburton's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $22.2B | $22.9B | $23.0B | $20.3B | $15.3B |
| Operating income | $2.3B | $3.8B | $4.1B | $2.7B | $1.8B |
| Net income | $1.3B | $2.5B | $2.6B | $1.6B | $1.5B |
| Operating cash flow | $2.9B | $3.9B | $3.5B | $2.2B | $1.9B |
| Capital expenditure | $1.3B | $1.4B | $1.4B | $1.0B | $799M |
| Total assets | $25.0B | $25.6B | $24.7B | $23.3B | $22.3B |
| Total liabilities | $14.5B | $15.0B | $15.3B | $15.3B | $15.6B |
| Shareholder equity | $10.5B | $10.5B | $9.4B | $7.9B | $6.7B |
| Cash | $2.2B | $2.6B | $2.3B | $2.3B | $3.0B |
| Long-term debt | $7.2B | $7.2B | $7.6B | $7.9B | $9.1B |
| Free cash flow | $1.7B | $2.4B | $2.1B | $1.2B | $1.1B |
| Operating margin | 10.2% | 16.7% | 17.7% | 13.3% | 11.8% |
| Net margin | 5.8% | 10.9% | 11.5% | 7.7% | 9.5% |
| Diluted shares | 853M | 883M | 902M | 908M | 892M |
Share count is down 4.4% over 4 years. Buybacks have been shrinking the pie.
What Halliburton says it does
1 Item 1(a). Risk Factors 9 Item 1(b). Unresolved Staff Comments 19 Item 1(c). Cybersecurity 19 Item 2. Properties 20 Item 3. Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. ( Reserved ) 22 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Executive Overview 23 Liquidity and Capital Resources 25 Business Environment and Results of Operations 27 Results of Operations in 2025 Compared to 2024 29 Results of Operations in 2024 Compared to 2023 32 Critical Accounting Estimates 33 Financial Instrument Market Risk 36 Environmental Matters 37 Forward-Looking Information 37 New Accounting Standards Not Yet Adopted 37 Item 7(a). Quantitative and Qualitative Disclosures About Market Risk 38 Item 8. Financial Statements and Supplementary Data 39 Item 9.…
Risk factors HAL lists in its 10-K
- Quantitative and Qualitative Disclosures About Market Risk
- Financial Statements and Supplementary Data
- Notes to Consolidated Financial Statements
- Internal Control - Integrated Framework (2013)
- Report of Independent Registered Public Accounting Firm
- Opinion on the Consolidated Financial Statements
- Evaluation of the Realizability of Deferred Tax Assets
- Opinion on Internal Control Over Financial Reporting
- Definition and Limitations of Internal Control Over Financial Reporting
- Millions of dollars and shares except per share data
- Other comprehensive income (loss), net of income taxes
- Comprehensive income attributable to company shareholders
- Liabilities and Shareholders' Equity
- Total liabilities and shareholders' equity