HAL
HALLIBURTON CO
Energy • CIK: 0000045012
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Market Cap
$24.11B
P/E (TTM)
18.8x
Rev Growth (TTM)
-3.3%
Net Margin (TTM)
5.8%
FCF Yield (TTM)
6.9%
FCF Margin (TTM)
7.5%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$1.7B
Q4 '25
$828M+265%
Q3 '25
$227M-58%
FCF Margin
TTM7.5%
Q4 '2514.6%+261%
Sector: 6.0%Above Avg
OCF Margin13.2%
OCF/NI2.28x
CapEx Coverage2.3x
FCF Yield6.9%
FCF Growth (2Y)+11%
Cash Conversion Cycle
84 days
DSO: 84+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.2%
Div Yield0.0%
+Buyback (TTM)4.2%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$1.7B
Stock Repurchases (TTM)$1.0B
Capital Return / FCF94.9%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
13.4%
Moderate
-0.4% YoY-1.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
7.4%
8Q: 12.2%
Asset Turnover
0.88x
8Q: 0.89x
Leverage (1+D/E)
1.68x
D/E: 0.68x
DuPont: 11.0% ≈ 13.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.28x
8Q:4.40x
-36.6%
Invested Cap Turn
1.81x
8Q:1.53x
+34.8%
CapEx Intensity
10.2%
8Q:9.9%
CapEx/Depreciation
1.10x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $22.2B | $5.7B↑1.0% | $5.6B↑1.6% | $5.5B↑1.7% | $5.4B↓3.4% | $5.6B↓1.5% | $5.7B↓2.3% | $5.8B↑0.5% | $5.8B |
Operating Income | $2.3B | $746.0M↑109.6% | $356.0M↓51.0% | $727.0M↑68.7% | $431.0M↓53.8% | $932.0M↑7.0% | $871.0M↓15.6% | $1.0B↑4.6% | $987.0M |
Net Income | $1.3B | $589.0M↑3172.2% | $18.0M↓96.2% | $472.0M↑131.4% | $204.0M↓66.8% | $615.0M↑7.7% | $571.0M↓19.5% | $709.0M↑17.0% | $606.0M |
Operating Cash Flow | $2.9B | $1.2B↑138.7% | $488.0M↓45.5% | $896.0M↑137.7% | $377.0M↓74.1% | $1.5B↑73.1% | $841.0M↓22.2% | $1.1B↑122.0% | $487.0M |
Free Cash Flow | $1.7B | $828.0M↑264.8% | $227.0M↓58.1% | $542.0M↑622.7% | $75.0M↓92.7% | $1.0B↑105.2% | $502.0M↓31.6% | $734.0M↑367.5% | $157.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
18.8x
Valuation Lenses
Earnings
18.8x
vs – sector
Cash Flow
15.9x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
1.4P/E per %ROIC
ROIC: 13.4%
Shareholder Returns
Dividend
–
Buyback
4.2%
Total Yield
4.2%
Market Cap$24.11B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
75/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
12.3%
8Q:–
Return on Invested Capital (ROIC)Top 25%
13.4%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 7.4%
Asset Turnover: 0.88x
Earnings Quality
Cash Conversion
2.28x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin100.0%
Capital Efficiency
Invested Capital Turnover1.81x
Working Capital
Cash Conversion Cycle84 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
52/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-3.3%
OpInc Growth YoY
-20.0%
EPS Growth YoY
-46.9%
FCF 3Y CAGR
10.7%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
100.0%
Operating
10.2%
Below Avg in sector
Net
5.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.8 pts
FCF: 7.5% | Net: 5.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $4.95B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.68x
Balance sheet risk & solvency analysis