Halliburton Co (HAL)

Energy · Oil & Gas Equipment & Services · US stock · S&P 500 component

$33.19 ▼ -0.80 (2.35%)

At close 22 Oct 2026 · USD · Volume 14,288,159

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Fair valueFair

$38 +15.1% to fair value

$19fair band $33–$46$57

Day's range

$32.35 – $34.41

52-week range

$24.92 – $43.59

About Halliburton Co

Companies that find and produce oil and gas rely on Halliburton for services and equipment. Its work covers drilling fluids, well design and evaluation, cementing, hydraulic fracturing and other well completion and production services. The firm operates through two main divisions, one focused on completing and producing wells and one on drilling and evaluation. Customers are oil and gas producers, including international, independent and national oil companies, in North America and many other regions.

Revenue comes from charges for services, equipment and software that producers use at the wellsite, so activity levels in oil and gas drilling matter to the business. Sales were $22.4 billion over the last twelve months, up 3.0% a year over the last three years. The operating margin is 11.4%, and the business earns a profit of 12% on the capital invested in it. Net debt is 1.4 times EBITDA. The dividend yield is 2.0%. On the site's X-Ray Score it receives 53 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $24.92 – $43.59Volume 14,288,159Daily, split-adjusted

Vitals

Market cap$27.8B

52-week range$24.92 – $43.59

Volume (last day)14,288,159

P/E (TTM)17.5

EBIT / EV yield7.8%

Free-cash-flow yield6.2%

Dividend yield2.0%

Revenue (TTM)$22.4B

Net income (TTM)$1.6B

Operating margin11.4%

Return on capital12.3%

Debt incl. leases$7.2B

Cash & securities$2.0B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$38middle half of models $32 – $42

Fair +15.1% to fair value

Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High

Price $33

Undervalued < $33Fair $33 – $46Overvalued > $46

P/E multiple

$32

P/B multiple

$36

P/S multiple

$43

EV/EBITDA multiple

$31

EV/EBIT multiple

$29

EV/revenue multiple

$43

10-year DCF, EBITDA exit

$40

5-year DCF, EBITDA exit

$37

10-year DCF, revenue exit

$42

5-year DCF, revenue exit

$39

10-year DCF, growth exit

$44

5-year DCF, growth exit

$41

Dividend discount, stable

$24

Dividend discount, multi-stage

$32

Earnings power value

$59

Growth the price implies

14.1%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Average business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 52 The price is not above fair value $38 fair value Debt looks manageable 1.4× EBITDA Revenue has been growing 3.0% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Fair

60/100

Priced about in line with its sector.

See the numbers →

EBIT / EV yield7.8%

Free-cash-flow yield6.2%

Fair value vs price1.2×

Growth Fair

53/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)3.0%

Growth consistency40%

Profitability Weak

45/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital12.3%

Operating margin11.4%

Financial health Fair

59/100

Balance sheet is in typical shape for its sector.

See the numbers →

Piotroski F-Score5 / 9

Net debt / EBITDA1.4×

Interest coverNo interest cost

Dividends Weak

42/100

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield2.0%

Dividends vs free cash flow33%

Dividend growth10.0%

Quarterly results: last 6 quarters

-6.7%

Mar '25

-5.5%

Jun '25

-1.7%

Sep '25

+0.8%

Dec '25

-0.3%

Mar '26

+3.7%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $5.7B, diluted EPS $0.64.

Compare with peers

SLB Slb Limited53

Other Oil & Gas Equipment & Services companies by X-Ray Score.

SWOT analysis: Halliburton Co

Strengthsinside the company

Free cash flow equals 6.2% of the market value, which funds dividends, buybacks or debt paydown.
Operating profit covers interest 50x, so debt costs are a small drag.

Weaknessesinside the company

Operating margin of 11.4% is thin against 23.1% for sector peers.

Opportunitiesvaluation and setting

Dividends use only 33% of free cash flow, which leaves room to raise them.
Our Market Compass rates the backdrop for Energy as favourable.

Threatsvaluation and setting

Revenue growth slowed to -3.3% last year from 3.0% a year over three years.
Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Earnings in Oil & Gas Equipment & Services follow the industry cycle, so margins and profits can swing from year to year.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare HAL with peers and sector

Medians of 19 Energy peers and of 19 Energy stocks in our universe. Largest peers (X-Ray Score): XOM 42, CVX 50, COP 58, MPC 50, VLO 41, PSX 52.

Metric	HAL	Peers	Sector
X-Ray Score (out of 100)	53	50	50
Valuation	60	47	47
Growth	53	52	52
Profitability	45	50	50
Financial health	59	48	48
Dividends	42	55	55

Sector leaders: highest X-Ray Score in Energy

HAL ranks #6 of 20 in Energy by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 EXE EXPAND ENERGY Corp	67
#2 EOG Eog Resources Inc	66
#3 EQT EQT Corp	63
#4 APA APA Corp	62
#5 COP Conocophillips	58
#6 HAL Halliburton Co (this stock)	53

Metric	HAL	Peers	Sector
P/E ratio	17.4x	17.4x	17.4x
PEG ratio	–	2.22	2.22
Price / book	2.5x	2.6x	2.6x
Price / sales	1.2x	2.5x	2.5x
EV / EBITDA	8.9x	9.9x	9.9x
Price / free cash flow	16.1x	15.5x	15.5x
Dividend yield	2.0%	2.3%	2.3%
Gap to our fair value	+15.1%	+12.7%	+12.7%

Metric	HAL	Peers	Sector
Price change, 1 month	+1.0%	+7.8%	+7.8%
Price change, 3 months	+1.0%	+9.2%	+9.2%
Price change, 6 months	−14.4%	+11.7%	+11.7%
Price change, 1 year	+28.7%	+52.8%	+52.8%

Metric	HAL	Peers	Sector
Market value	$27.8B	$74.6B	$74.6B
Revenue (last 12 months)	$22.4B	$24.5B	$24.5B
EBITDA (last 12 months)	$3.7B	$7.7B	$7.7B
Net income (last 12 months)	$1.6B	$3.5B	$3.5B
Free cash flow (last 12 months)	$1.7B	$4.2B	$4.2B

Metric	HAL	Peers	Sector
Revenue growth, last year	−3.3%	+5.8%	+5.8%
Revenue growth, 3 years a year	+3.0%	−6.2%	−6.2%
EPS growth, 3 years a year	–	−22.6%	−22.6%
Free cash flow growth, 3 years a year	+10.7%	−18.6%	−18.6%
Dividend growth	+10.0%	+2.3%	+2.3%

Metric	HAL	Peers	Sector
Gross margin	–	35.2%	35.2%
EBITDA margin	16.6%	41.7%	41.7%
Operating margin	11.4%	23.1%	23.1%
Net margin	7.2%	14.1%	14.1%
Return on invested capital	12.3%	12.1%	12.1%
Return on equity	14.6%	15.9%	15.9%

Metric	HAL	Peers	Sector
Net debt / EBITDA	1.4x	0.8x	0.8x
Interest cover	50.0x	20.1x	20.1x
Current ratio	2.0x	1.1x	1.1x
Piotroski F-score (0 to 9)	5	6	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for HAL

Each factor is rated by where HAL stands among the 20 Energy stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 5 Good · 9 Average · 6 Bad of 20 Growth: 1 · 1 · 0 Profitability: 0 · 2 · 2 Financial strength: 2 · 2 · 0 Valuation: 1 · 4 · 0 Cash flow: 1 · 0 · 3 Efficiency: 0 · 0 · 1

Factor	HAL	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+3.0%	Good beats 76%	−5.7%	–	–
Revenue growth, last year	−3.3%	Average beats 39%	+3.9%	+5.9%	▼ Worse
Profitability
Operating margin	11.4%	Bad beats 19%	23.0%	13.3%	▼ Worse
Net margin	7.2%	Bad beats 18%	13.5%	9.5%	▼ Worse
Return on invested capital	12.3%	Average beats 50%	12.3%	–	–
Return on equity	14.6%	Average beats 48%	15.2%	21.7%	▼ Worse
Financial strength
Net debt / EBITDA	1.4x	Average beats 42%	1.1x	1.5x	≈ In line
Interest cover	50.0x	Good beats 76%	22.5x	–	–
Current ratio	2.02	Good beats 93%	1.19	2.05	≈ In line
Piotroski F-score	5 / 9	Average beats 38%	6 / 9	–	–
Valuation
P/E ratio	17.4x	Average beats 53%	17.4x	14.0x	▼ Worse
Price / book	2.5x	Average beats 57%	2.6x	3.0x	▲ Better
Price / sales	1.2x	Good beats 82%	2.3x	1.3x	≈ In line
EV / EBITDA	8.9x	Average beats 55%	9.4x	8.6x	≈ In line
Free cash flow yield	6.2%	Average beats 50%	6.2%	6.4%	≈ In line
Cash flow
Free cash flow margin	7.7%	Bad beats 24%	13.2%	7.5%	≈ In line
Cash from operations / net income	1.72	Bad beats 28%	1.95	1.43	▲ Better
Free cash flow growth, 3 years a year	+10.7%	Good beats 73%	−17.7%	–	–
Accruals (lower is better)	−4.4%	Bad beats 23%	−6.6%	–	–
Efficiency
Days sales outstanding	87 days	Bad beats 9%	43 days	81 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 5 Good · ● 6 Average · ● 3 Bad

Cash quality

Earnings backed by cashBad

Free-cash-flow yieldAverage

Risk models

Altman Z''Good

Piotroski F-ScoreAverage

Growth

Free-cash-flow growth (3y)Good

Revenue growth (3y)Good

Growth consistencyBad

Balance sheet

Current ratioGood

Net debt / EBITDAAverage

Interest coverGood

Valuation

Fair value vs priceAverage

EBIT / EV yieldAverage

Profitability

Return on invested capitalAverage

Operating marginBad

Each check is graded against the company's sector, not a fixed number. Checklist score 52/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$15.3B	$20.3B	$23.0B	$22.9B	$22.2B
Operating income	$1.8B	$2.7B	$4.1B	$3.8B	$2.3B
Net income	$1.5B	$1.6B	$2.6B	$2.5B	$1.3B
Operating cash flow	$1.9B	$2.2B	$3.5B	$3.9B	$2.9B
Operating margin	11.8%	13.3%	17.7%	16.7%	10.2%
Free cash flow	$1.1B	$1.2B	$2.1B	$2.4B	$1.7B
Diluted EPS	$1.63	–	–	–	–

Fiscal years, from SEC filings.

Technical summary

Daily

Bearish

5 bullish · 3 neutral · 8 bearish

Weekly

Neutral

5 bullish · 1 neutral · 6 bearish

Monthly

Bullish

5 bullish · 1 neutral · 2 bearish

Moving averages (daily)

SMA 10	33.09	Bullish
EMA 10	33.17	Bullish
SMA 20	32.65	Bullish
EMA 20	33.14	Bullish
SMA 50	34.09	Bearish
EMA 50	33.66	Bearish
SMA 100	34.44	Bearish
EMA 100	34.24	Bearish
SMA 200	35.49	Bearish
EMA 200	33.62	Bearish

Oscillators (daily)

RSI (14)	49.48	Neutral
MACD (12, 26)	-0.11	Bearish
Momentum (12)	1.44	Bullish
Stochastic %K (14)	59.20	Neutral
Williams %R (14)	-40.80	Neutral
CCI (20)	104.8	Bearish

Pivot points (classic, last session)

30.16

31.25

32.22

Pivot

33.32

34.29

35.38

36.35

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

0.68 USD

Yield on today's price

2.05%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
2 Sep 2026	0.1700
3 Jun 2026	0.1700
4 Mar 2026	0.1700
3 Dec 2025	0.1700
3 Sep 2025	0.1700
4 Jun 2025	0.1700
5 Mar 2025	0.1700
4 Dec 2024	0.1700
4 Sep 2024	0.1700
5 Jun 2024	0.1700
5 Mar 2024	0.1700
6 Dec 2023	0.1600

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold HAL

ETF	Share of the fund
OIH VanEck Oil Services	6.45%
IEZ iShares U.S. Oil Equipment & Services	4.30%
XES SPDR S&P Oil & Gas Equipment & Service...	3.41%
FXN First Trust Energy AlphaDEX	2.17%
XLE Energy Select Sector SPDR	1.70%
VDE Vanguard Energy	1.40%
ERX Direxion Daily Energy Bull 2X	1.18%
IYE iShares U.S. Energy	1.18%

The eight funds with the largest weight in HAL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.