Baker Hughes (BKR)
Market Price (10/9/2025): $47.84 | Market Cap: $47.3 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services
Baker Hughes (BKR)
Market Price (10/9/2025): $47.84
Market Cap: $47.3 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services
Investment Highlights
Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9% | Weak multi-year price returns 2Y Excs Rtn is -7.0% | Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 14x |
Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.4 Bil, FCF LTM is 2.2 Bil | Weak revenue growth Rev Chg QQuarterly Revenue Change % is -3.2% | |
Low stock price volatility Vol 12M is 36% |
Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9% |
Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.4 Bil, FCF LTM is 2.2 Bil |
Low stock price volatility Vol 12M is 36% |
Weak multi-year price returns 2Y Excs Rtn is -7.0% |
Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 14x |
Weak revenue growth Rev Chg QQuarterly Revenue Change % is -3.2% |
Market Valuation & Key Metrics
BKR Stock
Price Returns Compared
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
BKR Return | -15% | 19% | 26% | 19% | 23% | 19% | 123% |
Peers Return | -33% | 5% | 63% | 11% | -6% | 2% | 22% |
S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 15% | 108% |
Monthly Win Rates [3] | |||||||
BKR Win Rate | 50% | 50% | 58% | 50% | 67% | 67% | |
Peers Win Rate | 37% | 38% | 53% | 40% | 32% | 53% | |
S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 67% | |
Max Drawdowns [4] | |||||||
BKR Max Drawdown | -63% | -6% | -13% | -9% | -17% | -14% | |
Peers Max Drawdown | -59% | -13% | -1% | -17% | -18% | -18% | |
S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: SLB, HAL, FTI, NOV, HMH. See BKR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/8/2025 (YTD)
Downturns Compared
Event | BKR | S&P 500 |
---|---|---|
2022 Inflation Shock | ||
% Loss | -47.2% | -25.4% |
% Gain to Breakeven | 89.3% | 34.1% |
Time to Breakeven | 674 days | 464 days |
2020 Covid Pandemic | ||
% Loss | -63.6% | -33.9% |
% Gain to Breakeven | 174.8% | 51.3% |
Time to Breakeven | 420 days | 148 days |
2018 Correction | ||
% Loss | -64.5% | -19.8% |
% Gain to Breakeven | 181.6% | 24.7% |
Time to Breakeven | Not Fully Recovered days | 120 days |
2008 Global Financial Crisis | ||
% Loss | -73.6% | -56.8% |
% Gain to Breakeven | 279.2% | 131.3% |
Time to Breakeven | Not Fully Recovered days | 1480 days |
How Low Can It Go?
Baker Hughes's stock fell -47.2% during the 2022 Inflation Shock from a high on 3/25/2022. A -47.2% loss requires a 89.3% gain to breakeven.
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About Baker Hughes (BKR)
Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). The OFS segment offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas, and oilfield service companies. The OFE segment provides subsea and surface wellheads, pressure control and production systems and services, flexible pipe systems for offshore and onshore applications, and life-of-field solutions, including well intervention and decommissioning solutions; and services related to onshore and offshore drilling and production operations. The TPS segment provides equipment and related services for mechanical-drive, compression, and power-generation applications across the oil and gas industry. Its product portfolio includes drivers, compressors, and turnkey solutions; and pumps, valves, and compressed natural gas and small-scale liquefied natural gas solutions. This segment serves upstream, midstream, downstream, onshore, offshore, and industrial customers. The DS segment provides sensor-based process measurements, machine health and condition monitoring, asset strategy and management, control systems, as well as non-destructive testing and inspection, and pipeline integrity solutions. The company was formerly known as Baker Hughes, a GE company and changed its name to Baker Hughes Company in October 2019. Baker Hughes Company is based in Houston, Texas.
Latest Trefis Analyses
Trade Ideas
Select past trade ideas related to BKR and Oil & Gas Equipment & Services.
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
09302025 | TDW | Tidewater | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin | 1.3% | 1.3% | -1.1% |
09302025 | OKE | ONEOK | Dip Buy | DB | P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin | -0.7% | -0.7% | -0.7% |
08312025 | LEU | Centrus Energy | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run | 83.4% | 83.4% | -1.3% |
05312025 | KNTK | Kinetik | Dip Buy | DB | P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin | -9.7% | -9.7% | -11.8% |
04302025 | WHD | Cactus | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin | -3.3% | -3.3% | -3.3% |
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
09302025 | TDW | Tidewater | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin | 1.3% | 1.3% | -1.1% |
09302025 | OKE | ONEOK | Dip Buy | DB | P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin | -0.7% | -0.7% | -0.7% |
08312025 | LEU | Centrus Energy | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run | 83.4% | 83.4% | -1.3% |
05312025 | KNTK | Kinetik | Dip Buy | DB | P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin | -9.7% | -9.7% | -11.8% |
04302025 | WHD | Cactus | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin | -3.3% | -3.3% | -3.3% |
See Trefis Trade Ideas for more.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Baker Hughes
Financials
Median | |
---|---|
Name | |
Mkt Price | 33.97 |
Mkt Cap | 20.5 |
Rev LTM | 22,234 |
Op Inc LTM | 3,433 |
FCF LTM | 2,149 |
FCF 3Y Avg | 1,837 |
CFO LTM | 3,419 |
CFO 3Y Avg | 3,036 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 0.9% |
Rev Chg 3Y Avg | 13.1% |
Rev Chg Q | -3.2% |
QoQ Delta Rev Chg LTM | -0.8% |
Op Mgn LTM | 12.7% |
Op Mgn 3Y Avg | 11.3% |
QoQ Delta Op Mgn LTM | -0.4% |
CFO/Rev LTM | 16.1% |
CFO/Rev 3Y Avg | 12.4% |
FCF/Rev LTM | 10.3% |
FCF/Rev 3Y Avg | 9.4% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 20.5 |
P/S | 1.3 |
P/EBIT | 7.9 |
P/E | 11.2 |
P/CFO | 6.9 |
Total Yield | 12.0% |
Dividend Yield | 2.9% |
FCF Yield 3Y Avg | 7.0% |
D/E | 0.3 |
Net D/E | 0.2 |
Returns
Median | |
---|---|
Name | |
1M Rtn | 3.8% |
3M Rtn | 8.0% |
6M Rtn | 10.1% |
12M Rtn | -11.6% |
3Y Rtn | -14.4% |
1M Excs Rtn | 1.6% |
3M Excs Rtn | -0.1% |
6M Excs Rtn | -9.0% |
12M Excs Rtn | -31.8% |
3Y Excs Rtn | -86.8% |
Comparison Analyses
Segment Financials
Revenue by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Oilfield Services & Equipment (OFSE) | 15,361 | 13,229 | 12,028 | ||
Industrial & Energy Technology (IET) | 10,145 | 7,926 | 8,473 | ||
Digital Solutions | 2,015 | 2,492 | |||
Oilfield Equipment | 2,844 | 2,921 | |||
Oilfield Services | 10,140 | 12,889 | |||
Turbomachinery & Process Solutions | 5,705 | 5,536 | |||
Total | 25,506 | 21,155 | 20,501 | 20,704 | 23,838 |
Operating Income by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Oilfield Services & Equipment (OFSE) | 1,746 | 1,201 | 830 | ||
Industrial & Energy Technology (IET) | 1,310 | 1,135 | 1,177 | ||
Inventory impairment | -35 | -31 | 0 | -246 | |
Restructuring, impairment and other | -323 | -705 | -269 | -1,866 | -342 |
Corporate costs | -380 | -416 | -429 | -464 | -433 |
Digital Solutions | 193 | 343 | |||
Goodwill impairment | -14,773 | ||||
Oilfield Equipment | 19 | 55 | |||
Oilfield Services | 487 | 917 | |||
Separation and merger related | -134 | -184 | |||
Turbomachinery & Process Solutions | 805 | 719 | |||
Total | 2,318 | 1,184 | 1,309 | -15,979 | 1,075 |
Assets by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Oilfield Services & Equipment (OFSE) | 17,925 | ||||
Industrial & Energy Technology (IET) | 13,781 | ||||
Corporate and eliminations | 5,239 | 6,282 | 2,765 | ||
Digital Solutions | 3,948 | 3,983 | |||
Oilfield Equipment | 3,344 | 7,645 | |||
Oilfield Services | 15,482 | 30,611 | |||
Turbomachinery & Process Solutions | 8,951 | 8,365 | |||
Total | 36,945 | 38,007 | 53,369 |
Returns Analyses
Earnings Returns History
Expand for MoreForward Returns | |||
---|---|---|---|
Earnings Date | 1D Returns | 5D Returns | 21D Returns |
7/22/2025 | 11.6% | 14.3% | 7.6% |
4/22/2025 | -6.4% | -6.4% | -3.9% |
1/30/2025 | 3.5% | 5.3% | -1.8% |
10/22/2024 | 2.8% | 3.1% | 23.8% |
7/25/2024 | 5.8% | 5.8% | -0.4% |
4/23/2024 | -1.0% | -1.2% | -2.1% |
1/23/2024 | -4.7% | -6.9% | -6.7% |
10/25/2023 | 2.9% | 2.4% | 0.2% |
... | |||
SUMMARY STATS | |||
# Positive | 15 | 14 | 13 |
# Negative | 10 | 11 | 12 |
Median Positive | 3.0% | 3.2% | 7.6% |
Median Negative | -2.7% | -4.4% | -6.2% |
Max Positive | 11.6% | 14.3% | 37.9% |
Max Negative | -8.3% | -14.7% | -11.6% |
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
6302025 | 7232025 | 10-Q 6/30/2025 |
3312025 | 4232025 | 10-Q 3/31/2025 |
12312024 | 2042025 | 10-K 12/31/2024 |
9302024 | 10232024 | 10-Q 9/30/2024 |
6302024 | 7262024 | 10-Q 6/30/2024 |
3312024 | 4242024 | 10-Q 3/31/2024 |
12312023 | 2052024 | 10-K 12/31/2023 |
9302023 | 10262023 | 10-Q 9/30/2023 |
6302023 | 7192023 | 10-Q 6/30/2023 |
3312023 | 4192023 | 10-Q 3/31/2023 |
12312022 | 2142023 | 10-K 12/31/2022 |
9302022 | 10202022 | 10-Q 9/30/2022 |
6302022 | 7212022 | 10-Q 6/30/2022 |
3312022 | 4202022 | 10-Q 3/31/2022 |
12312021 | 2112022 | 10-K 12/31/2021 |
9302021 | 10222021 | 10-Q 9/30/2021 |
Insider Activity
Expand for MoreOwner | Title | Filing Date | Action | Price | Shares | Transacted Value | Value of Held Shares | Form | |
---|---|---|---|---|---|---|---|---|---|
0 | Charlton Rebecca L | SVP, Controller & CAO | 9252025 | Sell | 50.00 | 1,000 | 50,000 | 588,600 | Form |
1 | RAMASWAMY SREEGANESH | EVP, Industrial & Energy Tech | 9252025 | Sell | 50.00 | 25,000 | 1,250,000 | 2,026,000 | Form |
2 | Charlton Rebecca L | SVP, Controller & CAO | 7252025 | Sell | 45.00 | 500 | 22,500 | 574,740 | Form |
3 | Charlton Rebecca L | SVP, Controller & CAO | 6162025 | Sell | 38.74 | 6,000 | 232,440 | 514,157 | Form |
4 | BORRAS MARIA C | Chief Growth & Experience Ofcr | 6112025 | Sell | 38.24 | 54,335 | 2,077,770 | 4,460,428 | Form |
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