Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin12.8%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin7.3%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt19.7 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$944M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$6.1B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book2.37x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$102M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income63.8%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$979M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Halliburton Company at $31.84.
The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.
At $31.84, the stock trades at a 159% premium to its Graham Number of $12.30. 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.
Showing Key Metrics
Income Highlights
Metric
Q3 2026
Q4 2025
Gross Profit %
14.7%▼
16.4%
Operating Margin %
12.8%▼
14.7%
Net Income %
7.3%▼
10.4%
Diluted EPS
0.50▼
0.70
Balance Sheet Highlights
Metric
Q3 2026
Q4 2025
Total Assets
$26.1B
$25.0B
Total Debt
$8.2B▲
$8.1B
Working Capital
$6.1B▲
$5.8B
Years to Pay Debt
19.66
13.81
Cash Flow Highlights
Metric
Q3 2026
Q4 2025
Free Cash Flow
$102M▼
$828M
Owner Earnings
$979M
$1.2B
CapEx % of Net Income
63.8%
57.2%
Income Statement
2026
2025
Tax Effect Of Unusual Items
-19,581
-6,665
Tax Rate For Calcs
0
0
Normalized EBITDA
1,018,000
1,037,000
Total Unusual Items
-107,000
-92,000
Total Unusual Items Excluding Goodwill
-107,000
-92,000
Net Income From Continuing Operation Net Minority Interest
417,000
589,000
Reconciled Depreciation
296,000
290,000
Reconciled Cost Of Revenue
4,863,000
4,727,000
EBITDA
911,000
945,000
EBIT
615,000
655,000
Net Interest Income
-84,000
-86,000
Interest Expense
102,000
20,000
Interest Income
18,000
Normalized Income
504,419
674,335
Net Income From Continuing And Discontinued Operation
417,000
589,000
Total Expenses
4,972,000
4,828,000
Total Operating Income As Reported
624,000
746,000
Diluted Average Shares
832,000
840,000
Basic Average Shares
831,000
839,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
417,000
589,000
Net Income Common Stockholders
417,000
589,000
Net Income
417,000
589,000
Minority Interests
-2,000
0
Net Income Including Noncontrolling Interests
419,000
589,000
Net Income Continuous Operations
419,000
589,000
Tax Provision
94,000
46,000
Pretax Income
513,000
635,000
Other Income Expense
-134,000
-108,000
Other Non Operating Income Expenses
-27,000
-16,000
Special Income Charges
-107,000
-83,000
Gain On Sale Of Business
0
Write Off
-39,000
-111,000
Impairment Of Capital Assets
39,000
171,000
Restructuring And Mergern Acquisition
107,000
23,000
Gain On Sale Of Security
Net Non Operating Interest Income Expense
-84,000
-86,000
Interest Expense Non Operating
102,000
20,000
Interest Income Non Operating
18,000
Operating Income
731,000
829,000
Operating Expense
109,000
101,000
Other Operating Expenses
42,000
42,000
Selling General And Administration
67,000
59,000
General And Administrative Expense
67,000
59,000
Other Gand A
67,000
59,000
Gross Profit
840,000
930,000
Cost Of Revenue
4,863,000
4,727,000
Total Revenue
5,703,000
5,657,000
Operating Revenue
5,703,000
5,657,000
Balance Sheet
2026
2025
Treasury Shares Number
229,000
Ordinary Shares Number
827,000
834,602
Share Issued
827,000
1,063,602
Net Debt
5,319,000
4,952,000
Total Debt
8,198,000
8,133,000
Tangible Book Value
8,097,000
7,523,000
Invested Capital
18,280,000
17,619,000
Working Capital
6,128,000
5,810,000
Net Tangible Assets
8,097,000
7,523,000
Capital Lease Obligations
1,036,000
975,000
Common Stock Equity
11,118,000
10,461,000
Total Capitalization
18,190,000
17,619,000
Total Equity Gross Minority Interest
11,161,000
10,505,000
Minority Interest
43,000
44,000
Stockholders Equity
11,118,000
10,461,000
Gains Losses Not Affecting Retained Earnings
-342,000
-363,000
Other Equity Adjustments
-342,000
-363,000
Treasury Stock
7,260,000
6,983,000
Retained Earnings
15,999,000
15,036,000
Additional Paid In Capital
63,000
112,000
Capital Stock
2,658,000
2,659,000
Common Stock
2,658,000
2,659,000
Total Liabilities Net Minority Interest
14,912,000
14,505,000
Total Non Current Liabilities Net Minority Interest
8,900,000
8,917,000
Other Non Current Liabilities
637,000
619,000
Employee Benefits
431,000
428,000
Long Term Debt And Capital Lease Obligation
7,832,000
7,870,000
Long Term Capital Lease Obligation
760,000
712,000
Long Term Debt
7,072,000
7,158,000
Current Liabilities
6,012,000
5,588,000
Other Current Liabilities
681,000
759,000
Current Debt And Capital Lease Obligation
366,000
263,000
Current Capital Lease Obligation
276,000
263,000
Current Debt
90,000
Other Current Borrowings
90,000
Pensionand Other Post Retirement Benefit Plans Current
788,000
767,000
Payables And Accrued Expenses
4,177,000
3,799,000
Payables
4,177,000
3,799,000
Total Tax Payable
642,000
666,000
Income Tax Payable
348,000
375,000
Accounts Payable
3,535,000
3,133,000
Total Assets
26,073,000
25,010,000
Total Non Current Assets
13,933,000
13,612,000
Other Non Current Assets
2,365,000
2,177,000
Non Current Deferred Assets
2,377,000
2,298,000
Non Current Deferred Taxes Assets
2,377,000
2,298,000
Goodwill And Other Intangible Assets
3,021,000
2,938,000
Goodwill
3,021,000
2,938,000
Net PPE
6,170,000
6,199,000
Accumulated Depreciation
-12,979,000
-12,616,000
Gross PPE
19,149,000
18,815,000
Other Properties
19,149,000
938,000
Machinery Furniture Equipment
16,076,000
Buildings And Improvements
1,697,000
Land And Improvements
104,000
Current Assets
12,140,000
11,398,000
Other Current Assets
1,517,000
1,274,000
Inventory
3,265,000
2,976,000
Finished Goods
2,250,000
1,968,000
Work In Process
169,000
124,000
Raw Materials
846,000
884,000
Receivables
5,515,000
4,942,000
Accounts Receivable
5,515,000
4,942,000
Allowance For Doubtful Accounts Receivable
-788,000
-805,000
Gross Accounts Receivable
6,303,000
5,747,000
Cash Cash Equivalents And Short Term Investments
1,843,000
2,206,000
Cash And Cash Equivalents
1,843,000
2,206,000
Cash Flow
2026
2025
Free Cash Flow
102,000
828,000
Repurchase Of Capital Stock
-250,000
-250,000
Capital Expenditure
-266,000
-337,000
Interest Paid Supplemental Data
112,000
102,000
Income Tax Paid Supplemental Data
112,000
121,000
End Cash Position
1,843,000
2,206,000
Beginning Cash Position
2,048,000
2,026,000
Effect Of Exchange Rate Changes
-12,000
-15,000
Changes In Cash
-193,000
195,000
Financing Cash Flow
-417,000
-771,000
Cash Flow From Continuing Financing Activities
-417,000
-771,000
Net Other Financing Charges
-26,000
-87,000
Cash Dividends Paid
-141,000
-143,000
Common Stock Dividend Paid
-141,000
-143,000
Net Common Stock Issuance
-250,000
-152,000
Common Stock Payments
-250,000
-250,000
Investing Cash Flow
-144,000
-199,000
Cash Flow From Continuing Investing Activities
-144,000
-199,000
Net Other Investing Changes
20,000
-21,000
Net Investment Purchase And Sale
99,000
262,000
Sale Of Investment
16,000
336,000
Purchase Of Investment
83,000
-74,000
Net Business Purchase And Sale
-51,000
-150,000
Purchase Of Business
-101,000
-30,000
Net PPE Purchase And Sale
54,000
47,000
Sale Of PPE
54,000
47,000
Capital Expenditure Reported
-266,000
-337,000
Operating Cash Flow
368,000
1,165,000
Cash Flow From Continuing Operating Activities
368,000
1,165,000
Change In Working Capital
-330,000
307,000
Change In Payables And Accrued Expense
75,000
-12,000
Change In Payable
75,000
-12,000
Change In Account Payable
75,000
-12,000
Change In Inventory
-224,000
118,000
Change In Receivables
-181,000
201,000
Other Non Cash Items
-124,000
-127,000
Asset Impairment Charge
107,000
83,000
Depreciation Amortization Depletion
296,000
290,000
Net Income From Continuing Operations
419,000
589,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $5.6B▲ $5.7B+1.8%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 15.3%▼ 14.7%-0.6pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 13.1%▼ 12.8%-0.2pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 0.3%▲ 7.3%+7.0pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$5.7B/qtr (≈$22.8B ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
2.02x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$102M
vs Positive
Operating Cash Flow
$368M
Latest quarter · Buffett's cash reality check
ROIC
2.9%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
2.4x
Net Assets: $11.2B
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
0.40%
Low — management has little skin in the game
Return on Equity (ROE)
3.8%
Weak — poor returns on equity
Return on Assets (ROA)
1.6%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$1.0B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-0.0% 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
2.045% of net income
Eric Carre
Executive VP & CFO
Age 58
Pay: $3,189,766
0.765% of net income
Jeffrey Shannon Slocum
Executive VP, COO & Director
Age 52
Pay: $4,029,764
0.966% of net income
Jill Sharp
Senior Vice President of Internal Assurance Services
Age 54
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
10.02%
82,837,333
State Street Corporation
6.88%
56,870,444
Vanguard Capital Management LLC
6.27%
51,872,053
Vanguard Portfolio Management LLC
4.85%
40,080,854
Geode Capital Management, LLC
2.72%
22,485,453
Morgan Stanley
2.01%
16,656,929
AQR Capital Management, LLC
1.44%
11,869,743
Citigroup Inc.
1.41%
11,642,118
Risk Analysis
Beta (Market Risk)
0.75
Low volatility — more stable than the market
Short Interest
5.4% of float
Moderate short interest
Debt-to-Equity
0.73x
Conservative balance sheet — low financial risk
Current Ratio
2.02x
Strong liquidity — Graham approved
52-Week Price Range
Low: $24.92Current: $31.84High: $43.59
Currently at 37% of 52-week range
Halliburton Company (HAL) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $12.30. Margin of safety: 0%. Gross profit margin: 14.7%. Operating margin: 12.8%. Net margin: 7.3%. Market cap: $26.3B. Sector: Energy. Industry: Oil & Gas Equipment & Services. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.