NYSE · Energy

Halliburton Company

HAL · Oil & Gas Equipment & Services

$41.98

▲ 0.33 (0.78%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Halliburton Company at $41.98.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 15.7%

Operating Margin 13.9%

Net Income Margin 5.8%

Fin. Health D

Years to Pay Off Debt 6.3 yrs

Working Capital vs Long-Term Debt -$1.3B

Working Capital $5.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.35x

Cash Flow C

Free Cash Flow $1.7B

CapEx % of Net Income 97.7%

Owner Earnings $3.7B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $35.1B

Enterprise Value $40.9B

P/E (TTM) 23.20

Dividend Yield 1.63%

Exchange NYSE

Key Margins

Gross Profit 15.7%

Operating Margin 13.9%

Net Margin 5.8%

Company Info

Sector Energy

Industry Oil & Gas Equipment & Services

Employees 46000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Halliburton Company at $41.98.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $41.98, the stock trades at a 104% premium to its Graham Number of $20.56. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Halliburton Company

Halliburton Company provides products and services to the energy industry worldwide. It operates in two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; and completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, multilateral systems, and service tools. This segment also provides electrical submersible pumps, as well as artificial lift services; production solutions comprising coiled tubing, hydraulic workover units, downhole tools, and pumping and nitrogen services; pipeline and process services, such as pre-commissioning, commissioning, maintenance, and decommissioning; and specialty chemicals and services. The Drilling and Evaluation segment offers drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; drilling systems and services; wireline and perforating services consisting of open-hole logging, and cased-hole and slickline; and drill bits and services comprising roller cone bits, fixed cutter bits, hole enlargement, and related downhole tools and services, as well as coring equipment and services. This segment also provides cloud based digital services and artificial intelligence solutions on an open architecture for subsurface insights, integrated well construction, and reservoir and production management; testing and subsea services, such as acquisition and analysis of reservoir information and optimization solutions; and project management and integrated asset management services. Halliburton Company was founded in 1919 and is based in Houston, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	15.7% ▼	18.7%	18.9%	16.3%	N/A
Operating Margin %	13.9% ▼	17.2%	17.7%	15.1%	N/A
Net Income %	5.8% ▼	10.9%	11.5%	7.7%	N/A
Diluted EPS	1.50 ▼	2.83	2.92	1.74	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$25.0B	$25.6B	$24.7B	$23.3B	N/A
Total Debt	$8.1B ↓	$8.6B	$8.8B	$8.9B	N/A
Working Capital	$5.8B ▼	$6.3B	$5.9B	$5.6B	N/A
Years to Pay Debt	6.34	3.44	3.34	5.69	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.7B ▼	$2.4B	$2.1B	$1.2B	N/A
Owner Earnings	$3.7B	$5.0B	$5.0B	$3.5B	N/A
CapEx % of Net Income	97.7%	57.7%	52.3%	64.3%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-226,800	-27,528	-50,128	-106,872
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,099,000	4,790,000	4,997,000	3,980,000
Total Unusual Items	-840,000	-124,000	-241,000	-438,000
Total Unusual Items Excluding Goodwill	-840,000	-124,000	-241,000	-438,000
Net Income From Continuing Operation Net Minority Interest	1,283,000	2,501,000	2,638,000	1,572,000
Reconciled Depreciation	1,136,000	1,079,000	998,000	940,000
Reconciled Cost Of Revenue	18,700,000	18,643,000	18,658,000	16,984,000
EBITDA	3,259,000	4,666,000	4,756,000	3,542,000
EBIT	2,123,000	3,587,000	3,758,000	2,602,000
Net Interest Income	-352,000	-353,000	-395,000	-463,000
Interest Expense	352,000	353,000	395,000	492,000
Interest Income		97,000	81,000	29,000	9,000
Normalized Income	1,896,200	2,597,472	2,828,872	1,903,128
Net Income From Continuing And Discontinued Operation	1,283,000	2,501,000	2,638,000	1,572,000
Total Expenses	19,093,000	19,006,000	18,935,000	17,224,000
Total Operating Income As Reported	2,260,000	3,822,000	4,083,000	2,707,000
Diluted Average Shares	853,000	883,000	902,000	908,000
Basic Average Shares	853,000	882,000	899,000	904,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,283,000	2,501,000	2,638,000	1,572,000
Net Income Common Stockholders	1,283,000	2,501,000	2,638,000	1,572,000
Net Income	1,283,000	2,501,000	2,638,000	1,572,000
Minority Interests	-9,000	-15,000	-24,000	-23,000
Net Income Including Noncontrolling Interests	1,292,000	2,516,000	2,662,000	1,595,000
Net Income Continuous Operations	1,292,000	2,516,000	2,662,000	1,595,000
Tax Provision	479,000	718,000	701,000	515,000
Pretax Income	1,771,000	3,234,000	3,363,000	2,110,000
Other Income Expense	-968,000	-351,000	-325,000	-500,000
Other Non Operating Income Expenses	-128,000	-227,000	-84,000	-62,000
Special Income Charges	-831,000	-116,000	0	-408,000
Other Special Charges				42,000
Write Off	193,000	4,000	0	196,000
Impairment Of Capital Assets	339,000	49,000	0	170,000
Restructuring And Mergern Acquisition	299,000	63,000	0	0
Gain On Sale Of Security	-9,000	-8,000	-241,000	-30,000
Net Non Operating Interest Income Expense	-352,000	-353,000	-395,000	-463,000
Interest Expense Non Operating	352,000	353,000	395,000	492,000
Interest Income Non Operating		97,000	81,000	29,000	9,000
Operating Income	3,091,000	3,938,000	4,083,000	3,073,000
Operating Expense	393,000	363,000	277,000	240,000
Other Operating Expenses	154,000	124,000	51,000
Depreciation Amortization Depletion Income Statement				0	36,000
Depreciation And Amortization In Income Statement				0	36,000
Depreciation Income Statement				0	36,000
Selling General And Administration	239,000	239,000	226,000	240,000
General And Administrative Expense	239,000	239,000	226,000	240,000
Other Gand A	239,000	239,000	226,000	240,000
Gross Profit	3,484,000	4,301,000	4,360,000	3,313,000
Cost Of Revenue	18,700,000	18,643,000	18,658,000	16,984,000
Total Revenue	22,184,000	22,944,000	23,018,000	20,297,000
Operating Revenue	22,184,000	22,944,000	23,018,000	20,297,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	229,000	197,000	176,000	164,000
Ordinary Shares Number	834,602	868,000	889,052	902,000
Share Issued	1,063,602	1,065,000	1,065,052	1,066,000
Net Debt	4,952,000	4,923,000	5,372,000	5,582,000
Total Debt	8,133,000	8,602,000	8,809,000	8,943,000
Tangible Book Value	7,523,000	7,668,000	6,541,000	5,119,000
Invested Capital	17,619,000	18,047,000	17,027,000	15,876,000
Working Capital	5,810,000	6,332,000	5,935,000	5,607,000
Net Tangible Assets	7,523,000	7,668,000	6,541,000	5,119,000
Capital Lease Obligations	975,000	1,061,000	1,173,000	1,015,000
Common Stock Equity	10,461,000	10,506,000	9,391,000	7,948,000
Total Capitalization	17,619,000	17,666,000	17,027,000	15,876,000
Total Equity Gross Minority Interest	10,505,000	10,548,000	9,433,000	7,977,000
Minority Interest	44,000	42,000	42,000	29,000
Stockholders Equity	10,461,000	10,506,000	9,391,000	7,948,000
Gains Losses Not Affecting Retained Earnings	-363,000	-353,000	-331,000	-230,000
Other Equity Adjustments	-363,000	-353,000	-331,000	-230,000
Treasury Stock	6,983,000	6,214,000	5,540,000	5,108,000
Retained Earnings	15,036,000	14,332,000	12,536,000	10,572,000
Additional Paid In Capital	112,000	79,000	63,000	50,000
Capital Stock	2,659,000	2,662,000	2,663,000	2,664,000
Common Stock	2,659,000	2,662,000	2,663,000	2,664,000
Total Liabilities Net Minority Interest	14,505,000	15,039,000	15,250,000	15,278,000
Total Non Current Liabilities Net Minority Interest	8,917,000	8,989,000	9,642,000	9,933,000
Other Non Current Liabilities	619,000	617,000	687,000	806,000
Employee Benefits	428,000	414,000	408,000	408,000
Long Term Debt And Capital Lease Obligation	7,870,000	7,958,000	8,547,000	8,719,000
Long Term Capital Lease Obligation	712,000	798,000	911,000	791,000
Long Term Debt	7,158,000	7,160,000	7,636,000	7,928,000
Current Liabilities	5,588,000	6,050,000	5,608,000	5,345,000
Other Current Liabilities	759,000	729,000	750,000	723,000
Current Debt And Capital Lease Obligation	263,000	644,000	262,000	224,000
Current Capital Lease Obligation	263,000	263,000	262,000	224,000
Current Debt		381,000			7,000
Other Current Borrowings		381,000			7,000
Pensionand Other Post Retirement Benefit Plans Current	767,000	711,000	689,000	634,000
Payables And Accrued Expenses	3,799,000	3,966,000	3,907,000	3,764,000
Payables	3,799,000	3,966,000	3,907,000	3,764,000
Total Tax Payable	666,000	777,000	760,000	643,000
Income Tax Payable	375,000	449,000	390,000	294,000
Accounts Payable	3,133,000	3,189,000	3,147,000	3,121,000
Total Assets	25,010,000	25,587,000	24,683,000	23,255,000
Total Non Current Assets	13,612,000	13,205,000	13,140,000	12,303,000
Other Non Current Assets	2,177,000	1,893,000	1,797,000	1,577,000
Non Current Deferred Assets	2,298,000	2,339,000	2,505,000	2,636,000
Non Current Deferred Taxes Assets	2,298,000	2,339,000	2,505,000	2,636,000
Goodwill And Other Intangible Assets	2,938,000	2,838,000	2,850,000	2,829,000
Goodwill	2,938,000	2,838,000	2,850,000	2,829,000
Net PPE	6,199,000	6,135,000	5,988,000	5,261,000
Accumulated Depreciation	-12,616,000	-12,461,000	-12,064,000	-11,660,000
Gross PPE	18,815,000	18,596,000	18,052,000	16,921,000
Other Properties	938,000	1,022,000	1,088,000	913,000
Machinery Furniture Equipment	16,076,000	15,704,000	15,121,000	14,220,000
Buildings And Improvements	1,697,000	1,751,000	1,724,000	1,671,000
Land And Improvements	104,000	119,000	119,000	117,000
Current Assets	11,398,000	12,382,000	11,543,000	10,952,000
Other Current Assets	1,274,000	1,607,000	1,193,000	1,056,000
Inventory	2,976,000	3,040,000	3,226,000	2,923,000
Finished Goods	1,968,000	1,956,000	2,069,000	1,859,000
Work In Process	124,000	132,000	136,000	111,000
Raw Materials	884,000	952,000	1,021,000	953,000
Receivables	4,942,000	5,117,000	4,860,000	4,627,000
Accounts Receivable	4,942,000	5,117,000	4,860,000	4,627,000
Allowance For Doubtful Accounts Receivable	-805,000	-754,000	-742,000	-731,000
Gross Accounts Receivable	5,747,000	5,871,000	5,602,000	5,358,000
Cash Cash Equivalents And Short Term Investments	2,206,000	2,618,000	2,264,000	2,346,000
Cash And Cash Equivalents	2,206,000	2,618,000	2,264,000	2,346,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,672,000	2,423,000	2,079,000	1,231,000
Repurchase Of Capital Stock	-1,007,000	-1,005,000	-800,000	-250,000
Repayment Of Debt	-389,000	-100,000	-305,000	-1,242,000
Issuance Of Capital Stock	98,000	105,000	136,000	229,000
Capital Expenditure	-1,254,000	-1,442,000	-1,379,000	-1,011,000
Interest Paid Supplemental Data	432,000	441,000	460,000	487,000
Income Tax Paid Supplemental Data	639,000	538,000	616,000	354,000
End Cash Position	2,206,000	2,618,000	2,264,000	2,346,000
Beginning Cash Position	2,618,000	2,264,000	2,346,000	3,044,000
Effect Of Exchange Rate Changes	-26,000	-127,000	-210,000	-175,000
Changes In Cash	-386,000	481,000	128,000	-523,000
Financing Cash Flow	-1,987,000	-1,730,000	-1,671,000	-1,798,000
Cash Flow From Continuing Financing Activities	-1,987,000	-1,730,000	-1,671,000	-1,798,000
Net Other Financing Charges	-110,000	-130,000	-126,000	-100,000
Cash Dividends Paid	-579,000	-600,000	-576,000	-435,000
Common Stock Dividend Paid	-579,000	-600,000	-576,000	-435,000
Net Common Stock Issuance	-909,000	-900,000	-664,000	-21,000
Common Stock Payments	-1,007,000	-1,005,000	-800,000	-250,000
Common Stock Issuance	98,000	105,000	136,000	229,000
Net Issuance Payments Of Debt	-389,000	-100,000	-305,000	-1,242,000
Net Long Term Debt Issuance	-389,000	-100,000	-305,000	-1,242,000
Long Term Debt Payments	-389,000	-100,000	-305,000	-1,242,000
Investing Cash Flow	-1,325,000	-1,654,000	-1,659,000	-967,000
Cash Flow From Continuing Investing Activities	-1,325,000	-1,654,000	-1,659,000	-967,000
Net Other Investing Changes	-70,000	-45,000	-101,000	-81,000
Net Investment Purchase And Sale	362,000	-224,000	-361,000	-75,000
Sale Of Investment	564,000	214,000	131,000	0
Purchase Of Investment	-202,000	-438,000	-492,000	-75,000
Net Business Purchase And Sale	-548,000	-166,000	-13,000	0
Sale Of Business			0	0	87,000
Purchase Of Business	-548,000	-166,000	-13,000
Net PPE Purchase And Sale	185,000	223,000	195,000	200,000
Sale Of PPE	185,000	223,000	195,000	200,000
Capital Expenditure Reported	-1,254,000	-1,442,000	-1,379,000	-1,011,000
Operating Cash Flow	2,926,000	3,865,000	3,458,000	2,242,000
Cash Flow From Continuing Operating Activities	2,926,000	3,865,000	3,458,000	2,242,000
Change In Working Capital	196,000	-103,000	-511,000	-941,000
Change In Payables And Accrued Expense	-72,000	62,000	49,000	852,000
Change In Payable	-72,000	62,000	49,000	852,000
Change In Account Payable	-72,000	62,000	49,000	852,000
Change In Inventory	80,000	147,000	-303,000	-642,000
Change In Receivables	188,000	-312,000	-257,000	-1,151,000
Other Non Cash Items	-552,000	109,000	113,000	212,000
Asset Impairment Charge	831,000	116,000	0	366,000
Deferred Tax	23,000	148,000	196,000	70,000
Deferred Income Tax	23,000	148,000	196,000	70,000
Depreciation Amortization Depletion	1,136,000	1,079,000	998,000	940,000
Net Income From Continuing Operations	1,292,000	2,516,000	2,662,000	1,595,000

These metrics estimate what Halliburton Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$20.56

Margin of Safety

Market Cap ÷ Company Value

1.68

P/B Ratio

3.35

Warren's Owner Earnings

$3.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$22.2B

vs > $1.5B revenue

✅ Strong Financial Condition

2.04x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.63%

vs Uninterrupted dividends

❌ Earnings Growth

-13.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

23.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.35x P/B (P/E×P/B: 77.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-3.72

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$41.11

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	97.7%	57.7%	52.3%	64.3%	N/A
Repurchase of Capital Stock	-$1.0B	-$1.0B	-$800M	-$250M	N/A
Free Cash Flow	$1.7B ▼	$2.4B ▲	$2.1B ▲	$1.2B •	N/A •
Warren's Owner Earnings	$3.7B	$5.0B	$5.0B	$3.5B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas Equipment & Services. You can manually compare HAL against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.48%

Low — management has little skin in the game

Return on Equity (ROE)

12.3%

Adequate — returns are moderate

Return on Assets (ROA)

5.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-5.5% YoY

Debt is declining — management is deleveraging

Leadership Team

Jeffrey Allen Miller CPA

Chairman of the Board, President & CEO

Age 61

Pay: $8,526,063

0.665% of net income

Eric Carre

Executive VP & CFO

Age 58

Pay: $3,189,766

0.249% of net income

Jeffrey Shannon Slocum

Executive VP, COO & Director

Age 52

Pay: $4,029,764

0.314% of net income

Jill Sharp

Senior Vice President of Internal Assurance Services

Age 54

Top Institutional Holders

Institution	% Owned	Shares
Capital Research Global Investors	13.19%	110,220,971
Vanguard Group Inc	12.09%	101,025,255
Blackrock Inc.	9.42%	78,715,172
State Street Corporation	6.08%	50,825,761
Charles Schwab Investment Management, Inc.	3.72%	31,097,164
Geode Capital Management, LLC	2.67%	22,288,010
Morgan Stanley	1.89%	15,806,168
Capital World Investors	1.55%	12,987,123

Risk Analysis

Beta (Market Risk)

0.74

Low volatility — more stable than the market

Short Interest

4.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.75x

Conservative balance sheet — low financial risk

Current Ratio

2.08x

Strong liquidity — Graham approved

52-Week Price Range

Low: $19.22 Current: $41.98 High: $42.46

Currently at 98% of 52-week range

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