Energy · Oil & Gas Equipment & Services · US stock · price as of 22 Oct 2026
Key indicators
Price
$33.19
52-week range
$24.92 – $43.59
Market cap
$27.8B
P/E (trailing)
17.5×
EV / EBITDA
8.8×
Free-cash-flow yield
6.2%
Dividend yield
2.0%
Revenue (last 12 months)
$22.4B
Revenue growth (3y a year)
3.0%
Operating margin
11.4%
Return on invested capital
12.3%
Net debt / EBITDA
1.4×
Fair value
Fair value (average of valid models)$38.21 middle half of models $32 – $42
Versus priceFair+15% to fair value
P/E multiple
$32.21
P/B multiple
$36.11
P/S multiple
$43.12
EV/EBITDA multiple
$30.71
EV/EBIT multiple
$29.46
EV/revenue multiple
$43.17
10-year DCF, EBITDA exit
$40.44
5-year DCF, EBITDA exit
$37.38
10-year DCF, revenue exit
$41.80
5-year DCF, revenue exit
$39.29
10-year DCF, growth exit
$43.71
5-year DCF, growth exit
$41.12
Dividend discount, stable
$23.66
Dividend discount, multi-stage
$32.13
Earnings power value
$58.83
Model uncertainty
High
X-Ray Score
53/ 100 · Medium confidence · ahead of 70% of sector peers
Valuation60
Growth53
Profitability45
Financial health59
Dividends42
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Halliburton Co an X-Ray Score of 53 out of 100 (medium confidence), ahead of 70% of the S&P 500 stocks in its sector. Its strongest lens is valuation (60) and its weakest is dividends (42).
Our fair value (the average of the valid models) is $38.21 (range $32.17 to $42.46). At $33.19 the stock trades 13% below that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Halliburton Co (HAL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$20.78
$36.26
$33.91
$26.05
$27.88
$33.19
Market cap
$18.5B
$32.9B
$30.6B
$23.0B
$23.8B
$27.8B
P/E
12.7×
–
–
–
–
17.5×
EV / revenue
1.6×
1.9×
1.6×
1.2×
1.3×
1.5×
EV / EBITDA
9.1×
10.6×
7.1×
5.7×
8.5×
8.9×
Price / free cash flow
16.7×
26.7×
14.7×
9.5×
14.2×
16.1×
Free-cash-flow yield
6.0%
3.7%
6.8%
10.5%
7.0%
6.2%
Price / book
2.8×
4.1×
3.3×
2.2×
2.3×
2.5×
Dividend yield
0.87%
1.32%
1.89%
2.61%
–
2.05%
Fundamentals checklist ● 5 Good · ● 6 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.4%Bad
Free-cash-flow yield6.2%Average
Risk models
Altman Z score5.0×Good
Piotroski F-Score5 of 9Average
Growth
Free-cash-flow growth (3y)10.7%Good
Revenue growth (3y)3.0%Good
Growth consistency40%Bad
Balance sheet
Current ratio2.0×Good
Net debt / EBITDA1.4×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.2×Average
EBIT / EV yield7.8%Average
Profitability
Return on invested capital12.3%Average
Operating margin11.4%Bad
XStocksXray
Halliburton Co (HAL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
15,295
20,297
23,018
22,944
22,184
22,373
Gross profit
–
–
–
–
–
–
Operating income
1,800
2,707
4,083
3,822
2,260
2,559
Net income
1,457
1,572
2,638
2,501
1,283
1,602
Diluted EPS ($)
1.63
–
–
–
–
1.90
Free cash flow
1,112
1,231
2,079
2,423
1,672
1,725
Gross margin
–
–
–
–
–
–
Operating margin
11.8%
13.3%
17.7%
16.7%
10.2%
11.4%
Net margin
9.5%
7.7%
11.5%
10.9%
5.8%
7.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
22,321
23,255
24,683
25,587
25,010
25,828
Cash
3,044
2,346
2,264
2,618
2,206
2,048
Total debt
9,134
7,928
7,636
7,541
7,158
7,161
Equity
6,713
7,948
9,391
10,506
10,461
11,010
Dividend per share ($)
0.18
0.48
0.64
0.68
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
