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Global oilfield services company providing drilling, completion, production and digital services to oil and gas operators.
Global oilfield services company providing drilling, completion, production and digital services to oil and gas operators.
Is paid by the job or day for crews, equipment and consumables such as pumped fluids and sand, so revenue follows how many wells customers drill and complete and what service prices are. Hydraulic fracturing, pumping fluid and sand into rock to free oil, is the best-known line. A large share comes from outside North America.
Moat: narrow (scale, IP / patents, installed base). Global scale, equipment fleets and technical expertise create switching costs on complex wells.
Headquarters: Houston, Texas, US · Founded: 1919 · Employees: 46,000
Size Halliburton (HAL) is a United States Energy company (Oilfield Services/Equipment) with a market value of $26.3B, the 407th largest of 3,117 United States companies the cockpit tracks. Shares closed at $31.84 on 6 Nov 2026.
Performance Over six months the shares fell 20.1%, against -14.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 1.5% over the last twelve months (peer median +8.1%); the operating margin is 12.9% (peer median 16.3%).
Valuation It trades at 11.7× forward earnings against a peer median of 14.8× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.1 points above its cost of capital (7.9% WACC).
Credit Halliburton has 8 bonds outstanding ($7.00B), rated BBB+ by the agencies and trading like A- at a weighted spread of 93 bp.
Short interest Short interest is 4.0% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $22.5B | $22.2B | $22.9B | $23.0B | $20.3B |
| Revenue growth | — | -3% | 0% | +13% | — |
| Gross profit | $3.36B | $3.48B | $4.30B | $4.36B | $3.31B |
| EBITDA | $4.07B | $4.23B | $5.02B | $5.08B | $3.94B |
| Net income | $2.00B | $1.28B | $2.50B | $2.64B | $1.57B |
| Free cash flow | $1.60B | $1.67B | $2.42B | $2.08B | $1.23B |
| Capital expenditure | $1.03B | $1.25B | $1.44B | $1.38B | $1.01B |
| Total debt | $8.20B | $8.32B | $8.77B | $8.97B | $9.08B |
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 |
|---|---|---|---|---|---|---|
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
| Baker Hughes BKR | $47.5B | -25% | +4% | 12% | 17.4× | 10.0% |
| Weatherford International WFRD | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% |
| NOV NOV | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% |
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 | HAL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -10.4% | 4th highest of 21 |
| 6-month return | -20.1% | -14.2% | 7th lowest of 20 |
| Distance from 52-week high | -27.0% | -32.1% | 9th highest of 21 |
| Revenue growth (TTM) | +1.5% | +8.1% | 7th lowest of 21 |
| Operating margin | 12.9% | 16.3% | 8th lowest of 21 |
| Forward P/E | 11.7× | 14.8× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -0.3% | 4.7% | 6th least demanding of 17 |
| Growth delivered (Del g) | +9.0% | +13.2% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | -9.2 pp | -9.9 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | +5.1 pp | -0.3 pp | 4th highest of 21 |
| EV / EBITDA | 8.0× | 8.2× | 10th cheapest of 20 |
| Net debt / EBITDA | 1.6× | 0.8× | 9th most indebted of 20 |
| Bond spread | 93 bp | 252 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Halliburton HAL | United States | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% | +9.0% |
| TechnipFMC FTI | United States | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% | +8.5% |
| Yantai Jereh Oilfield Services 002353.SZ | China | $12.2B | -42% | +13% | 19% | 24.1× | 14.8% | +14.5% |
| Subsea 7 SUBC.OL | Norway | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% | +17.7% |
| NOV NOV | United States | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% | +7.6% |
| Weatherford International WFRD | United States | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% | +5.9% |
| SBM Offshore SBMO.AS | Netherlands | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% | +11.3% |
| Archrock AROC | United States | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% | +11.2% |
| Cactus WHD | United States | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% | +25.4% |
| Solaris Energy Infrastructure SEI | United States | $4.63B | -21% | +71% | 24% | 16.8× | n/a | n/a |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
Halliburton has 8 bonds outstanding with $7.00B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.92%, a spread of 93 bp over government bonds.