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Global energy-technology and oilfield-services company providing drilling equipment, LNG technology and industrial gas turbines.
Global energy-technology and oilfield-services company providing drilling equipment, LNG technology and industrial gas turbines.
Has two engines: oilfield services and equipment, sold on drilling activity, and industrial and energy technology, which sells turbines and compressors on multi-year orders for LNG plants and power projects, then earns from service. The second is the steadier growth driver. It was formed in 2017 when GE's oil-and-gas arm combined with Baker Hughes.
Moat: narrow (scale, IP / patents, installed base). Broad equipment/services portfolio and a large installed base of turbines and compressors.
Headquarters: Houston, US · Founded: 1907 · Employees: 56,000
Size Baker Hughes (BKR) is a United States Energy company (Contract Drilling) with a market value of $47.5B, the 266th largest of 3,117 United States companies the cockpit tracks. Shares closed at $47.87 on 6 Nov 2026.
Performance Over six months the shares fell 25.1%, against -13.6% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 19 in its peer set.
Growth Revenue grew 3.7% over the last twelve months (peer median +5.7%); the operating margin is 12.3% (peer median 11.2%).
Valuation It trades at 17.4× forward earnings against a peer median of 14.8× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.6 points below its cost of capital (8.9% WACC).
Backlog Backlog (remaining performance obligations) was $46.4B at 30 Sep 2026, up 31% on a year earlier — 1.6 years of trailing revenue. Backlog detail →
Credit Baker Hughes has 12 bonds outstanding ($12.2B), rated A- by the agencies and trading like A- at a weighted spread of 76 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $28.7B | $27.7B | $27.8B | $25.5B | $21.2B |
| Revenue growth | — | 0% | +9% | +21% | — |
| Gross profit | $6.60B | $6.54B | $6.48B | $5.91B | $4.92B |
| EBITDA | $5.21B | $4.75B | $4.52B | $3.73B | $2.92B |
| Net income | $2.90B | $2.59B | $2.98B | $1.94B | -$601M |
| Free cash flow | $3.23B | $2.54B | $2.05B | $1.84B | $899M |
| Capital expenditure | $1.28B | $1.27B | $1.28B | $1.22B | $989M |
| Total debt | $18.3B | $6.70B | $6.70B | $6.79B | $7.40B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Baker Hughes BKR | $47.5B | -25% | +4% | 12% | 17.4× | 10.0% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BKR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.0% | -4.1% | 3rd lowest of 19 |
| 6-month return | -25.1% | -13.6% | 3rd lowest of 19 |
| Distance from 52-week high | -31.8% | -26.5% | 7th lowest of 19 |
| Revenue growth (TTM) | +3.7% | +5.7% | 7th lowest of 19 |
| Operating margin | 12.3% | 11.2% | 9th highest of 19 |
| Forward P/E | 17.4× | 14.8× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 10.0% | 11.6% | 7th least demanding of 14 |
| Growth delivered (Del g) | +6.0% | +10.9% | 4th lowest of 14 |
| Hurdle (Req g minus delivered) | +3.9 pp | -0.9 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | -0.6 pp | -3.4 pp | 6th highest of 19 |
| EV / EBITDA | 11.7× | 7.0× | 3rd most expensive of 19 |
| Net debt / EBITDA | 2.5× | 1.5× | 5th most indebted of 19 |
| Bond spread | 76 bp | 173 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Baker Hughes BKR | United States | $47.5B | -25% | +4% | 12% | 17.4× | 10.0% | +6.0% |
| Schlumberger SLB | United States | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% | +8.6% |
| China Oilfield Services 2883.HK | Hong Kong | $7.31B | -18% | +7% | 12% | 6.7× | -10.3% | +10.9% |
| Noble NE | United States | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% | +27.8% |
| Transocean RIG | United States | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% | +4.7% |
| Valaris VAL | United States | $5.54B | -16% | -12% | 11% | 11.1× | n/a | n/a |
| Sinopec Oilfield Service 1033.HK | Hong Kong | $4.72B | -14% | +3% | 2% | 13.8× | 12.0% | +2.7% |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |
| Seadrill SDRL | United States | $2.63B | -13% | +17% | 10% | 15.8× | 16.0% | +6.3% |
| Odfjell Drilling ODL.OL | Norway | $2.57B | +4% | +11% | 23% | 10.0× | n/a | n/a |
| Precision Drilling PD.TO | Canada | $1.16B | +6% | +8% | 7% | 11.4× | 11.6% | +14.5% |
| Nabors Industries NBR | United States | $1.11B | -25% | +5% | 8% | 19.1× | 4.0% | +8.3% |
| Borr Drilling BORR | United States | $1,000M | -45% | +3% | 21% | n/a | n/a | n/a |
| Major Drilling Group International MDI.TO | Canada | $893M | -5% | +23% | 6% | 23.1× | 21.7% | +15.5% |
| Sed Energy ENH.OL | Norway | $520M | -25% | +91% | 36% | 5.7× | -10.9% | +38.2% |
| Ensign Energy Services ESI.TO | Canada | $517M | +6% | -1% | 1% | 34.7× | 41.1% | +11.8% |
| Ventura Offshore VTURA.OL | Norway | $371M | +3% | -2% | 34% | n/a | 3.6% | -2.5% |
| PHX Energy Services PHX.TO | Canada | $342M | -9% | +7% | 4% | 8.9× | n/a | n/a |
| Akastor AKAST.OL | Norway | $316M | -31% | +67% | 34% | 9.9× | n/a | n/a |
Baker Hughes has 12 bonds outstanding with $12.2B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 5.59%, a spread of 76 bp over government bonds.
Baker Hughes reported $46.4B of remaining performance obligations at 30 Sep 2026, up 31% from a year earlier and up 16% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.78.