Halliburton (HAL)
Market Price (3/31/2026): $39.31 | Market Cap: $33.1 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Halliburton (HAL)
Market Price (3/31/2026): $39.31Market Cap: $33.1 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 5.1% | Trading close to highsDist 52W High is -2.9%, Dist 3Y High is -3.7% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 11x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 2.9 Bil | Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -18% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3% |
| Low stock price volatilityVol 12M is 44% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% | |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Carbon Capture & Storage, Show more. | Key risksHAL key risks include [1] a significant vulnerability to the weakening North American market due to its heavy revenue reliance on the region and [2] operational disruptions and financial losses from cybersecurity incidents, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 5.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 2.9 Bil |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Carbon Capture & Storage, Show more. |
| Trading close to highsDist 52W High is -2.9%, Dist 3Y High is -3.7% |
| Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -18% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 11x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% |
| Key risksHAL key risks include [1] a significant vulnerability to the weakening North American market due to its heavy revenue reliance on the region and [2] operational disruptions and financial losses from cybersecurity incidents, Show more. |
Qualitative Assessment
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Halliburton (HAL) stock has gained about 50% since 11/30/2025 because of the following key factors:
1. Strong Q4 2025 Earnings Beat and Shareholder Returns. Halliburton significantly surpassed analyst expectations for its fourth quarter 2025 earnings, reporting an adjusted EPS of $0.69 against a consensus estimate of $0.55, marking a 25.45% beat. Quarterly revenue of $5.7 billion also exceeded the $5.39 billion consensus. This strong financial performance was coupled with aggressive shareholder returns, including $1 billion in share repurchases for the full year 2025 and a commitment to return 85% of free cash flow to shareholders.
2. Surging Crude Oil Prices and Favorable Energy Market Outlook. A significant macroeconomic driver was the substantial increase in crude oil prices during the period. Brent crude oil rose to $101.18 per barrel by March 27, 2026, reflecting a 42.05% increase in the preceding month alone. This surge, partly influenced by geopolitical tensions and supply disruptions, created a highly favorable pricing environment for oilfield services companies, boosting revenue and profit potential.
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1. Strong Q4 2025 Earnings Beat and Shareholder Returns. Halliburton significantly surpassed analyst expectations for its fourth quarter 2025 earnings, reporting an adjusted EPS of $0.69 against a consensus estimate of $0.55, marking a 25.45% beat. Quarterly revenue of $5.7 billion also exceeded the $5.39 billion consensus. This strong financial performance was coupled with aggressive shareholder returns, including $1 billion in share repurchases for the full year 2025 and a commitment to return 85% of free cash flow to shareholders.
2. Surging Crude Oil Prices and Favorable Energy Market Outlook. A significant macroeconomic driver was the substantial increase in crude oil prices during the period. Brent crude oil rose to $101.18 per barrel by March 27, 2026, reflecting a 42.05% increase in the preceding month alone. This surge, partly influenced by geopolitical tensions and supply disruptions, created a highly favorable pricing environment for oilfield services companies, boosting revenue and profit potential.
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Stock Movement Drivers
Fundamental Drivers
The 51.4% change in HAL stock from 11/30/2025 to 3/30/2026 was primarily driven by a 53.0% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.93 | 39.26 | 51.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,137 | 22,184 | 0.2% |
| Net Income Margin (%) | 5.9% | 5.8% | -2.2% |
| P/E Multiple | 16.8 | 25.7 | 53.0% |
| Shares Outstanding (Mil) | 849 | 841 | 1.0% |
| Cumulative Contribution | 51.4% |
Market Drivers
11/30/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| HAL | 51.4% | |
| Market (SPY) | -5.3% | 31.2% |
| Sector (XLE) | 38.2% | 71.0% |
Fundamental Drivers
The 76.0% change in HAL stock from 8/31/2025 to 3/30/2026 was primarily driven by a 150.6% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.31 | 39.26 | 76.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,234 | 22,184 | -0.2% |
| Net Income Margin (%) | 8.4% | 5.8% | -30.9% |
| P/E Multiple | 10.3 | 25.7 | 150.6% |
| Shares Outstanding (Mil) | 857 | 841 | 1.9% |
| Cumulative Contribution | 76.0% |
Market Drivers
8/31/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| HAL | 76.0% | |
| Market (SPY) | 0.6% | 26.1% |
| Sector (XLE) | 39.4% | 67.8% |
Fundamental Drivers
The 54.0% change in HAL stock from 2/28/2025 to 3/30/2026 was primarily driven by a 189.3% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.49 | 39.26 | 54.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,944 | 22,184 | -3.3% |
| Net Income Margin (%) | 10.9% | 5.8% | -46.9% |
| P/E Multiple | 8.9 | 25.7 | 189.3% |
| Shares Outstanding (Mil) | 873 | 841 | 3.8% |
| Cumulative Contribution | 54.0% |
Market Drivers
2/28/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| HAL | 54.0% | |
| Market (SPY) | 9.8% | 53.4% |
| Sector (XLE) | 40.7% | 79.9% |
Fundamental Drivers
The 16.1% change in HAL stock from 2/28/2023 to 3/30/2026 was primarily driven by a 32.3% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.83 | 39.26 | 16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,297 | 22,184 | 9.3% |
| Net Income Margin (%) | 7.7% | 5.8% | -25.3% |
| P/E Multiple | 19.5 | 25.7 | 32.3% |
| Shares Outstanding (Mil) | 904 | 841 | 7.5% |
| Cumulative Contribution | 16.1% |
Market Drivers
2/28/2023 to 3/30/2026| Return | Correlation | |
|---|---|---|
| HAL | 16.1% | |
| Market (SPY) | 69.4% | 44.2% |
| Sector (XLE) | 63.9% | 82.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HAL Return | 22% | 74% | -6% | -23% | 7% | 44% | 135% |
| Peers Return | 1521% | 70% | 15% | -15% | 3% | 44% | 3880% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -7% | 70% |
Monthly Win Rates [3] | |||||||
| HAL Win Rate | 50% | 67% | 42% | 25% | 58% | 100% | |
| Peers Win Rate | 45% | 65% | 47% | 48% | 62% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| HAL Max Drawdown | -9% | 0% | -29% | -27% | -29% | 0% | |
| Peers Max Drawdown | -4% | -10% | -22% | -27% | -27% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SLB, BKR, NOV, WFRD, PTEN. See HAL 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] 2026 data is for the year up to 3/30/2026 (YTD)
How Low Can It Go
| Event | HAL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.8% | -25.4% |
| % Gain to Breakeven | 84.3% | 34.1% |
| Time to Breakeven | 386 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -81.8% | -33.9% |
| % Gain to Breakeven | 450.8% | 51.3% |
| Time to Breakeven | 576 days | 148 days |
| 2018 Correction | ||
| % Loss | -70.3% | -19.8% |
| % Gain to Breakeven | 236.3% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -75.0% | -56.8% |
| % Gain to Breakeven | 300.5% | 131.3% |
| Time to Breakeven | 959 days | 1,480 days |
Compare to SLB, BKR, NOV, WFRD, PTEN
In The Past
Halliburton's stock fell -45.8% during the 2022 Inflation Shock from a high on 6/8/2022. A -45.8% loss requires a 84.3% gain to breakeven.
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About Halliburton (HAL)
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; completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, and service tools, as well as liner hanger, sand control, and multilateral systems; production solutions comprising coiled tubing, hydraulic workover units, downhole tools, and pumping and nitrogen services; and pipeline and process services, such as pre-commissioning, commissioning, maintenance, and decommissioning. This segment also provides electrical submersible pumps, as well as artificial lift services. The Drilling and Evaluation segment offers drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; oilfield completion, production, and downstream water and process treatment chemicals and services; drilling systems and services; wireline and perforating services consists of open-hole logging, and cased-hole and slickline; and drill bits and services comprising roller cone rock 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.
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Here are 1-3 brief analogies to describe Halliburton:
Caterpillar for the oil and gas industry.
Honeywell for the oilfield.
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Completion and Production Segment Services:
- Production Enhancement Services: Includes stimulation and sand control services to improve well output.
- Cementing Services: Provides well bonding and casing services for well integrity.
- Completion Tools: Offers downhole solutions, intelligent well completions, and various service tools for well functionality.
- Production Solutions: Delivers services such as coiled tubing, hydraulic workover units, and pumping to maintain production.
- Pipeline and Process Services: Manages pre-commissioning, commissioning, maintenance, and decommissioning of pipelines and processes.
- Electrical Submersible Pumps: Provides pumps and artificial lift services to enhance fluid recovery from wells.
Drilling and Evaluation Segment Services:
- Drilling Fluid Systems: Offers comprehensive fluid solutions including drilling fluids, additives, and waste management for drilling operations.
- Oilfield Water and Process Treatment Chemicals: Supplies chemicals and services for water and process treatment in oilfield operations.
- Drilling Systems and Services: Provides advanced systems and services for efficient well drilling.
- Wireline and Perforating Services: Includes open-hole logging, cased-hole, and slickline services for subsurface evaluation.
- Drill Bits and Services: Offers a range of drill bits and related tools for wellbore creation and enlargement.
- Digital Services and AI Solutions: Provides cloud-based digital platforms and AI for subsurface insights, well construction, and reservoir management.
- Testing and Subsea Services: Focuses on acquiring and analyzing reservoir information and optimizing subsea operations.
- Project Management and Integrated Asset Management Services: Offers comprehensive management for drilling and production projects.
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Halliburton Company (HAL) provides a wide range of products and services primarily to the upstream energy industry, which encompasses oil and gas exploration, drilling, completion, and production. Therefore, its major customers are other companies involved in these activities.
Halliburton sells primarily to other companies. Its customer base is diverse and global, including:
- Major Integrated Oil Companies: These are large, multinational companies involved in all aspects of the oil and gas industry, from exploration to refining and marketing.
- Independent Exploration and Production (E&P) Companies: These companies focus solely on finding and extracting oil and natural gas.
- National Oil Companies (NOCs): State-owned or state-controlled oil and gas companies that often manage their nation's hydrocarbon resources.
While Halliburton serves numerous companies worldwide and generally does not disclose specific customer names unless a single customer accounts for a significant portion of its revenue, prominent examples of public companies that would typically utilize Halliburton's services include:
- ExxonMobil (XOM)
- Chevron (CVX)
- Shell plc (SHEL)
- BP p.l.c. (BP)
- ConocoPhillips (COP)
- Occidental Petroleum (OXY)
These examples represent the types of major global players in the oil and gas industry that contract with oilfield service providers like Halliburton for critical services across their drilling and production operations.
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Jeffrey Miller, Chairman of the Board, President, and Chief Executive Officer
Jeffrey Miller joined Halliburton in 1997 and has served in various leadership roles of increasing responsibility, including Chief Operating Officer, Senior Vice President of Business Development, Regional Vice President of Gulf of Mexico, and Operations Vice President of Angola and Indonesia. He was named President in 2014, Chief Executive Officer in 2017, and Chairman of the Board on January 1, 2019. Prior to joining Halliburton, Mr. Miller worked as a certified public accountant at Arthur Andersen. He holds a Bachelor of Science in agriculture and business from McNeese State University and a Master of Business Administration from Texas A&M University.
Eric Carre, Executive Vice President and Chief Financial Officer
Eric Carre leads Halliburton's financial strategy and functions. He began his career with Halliburton in 1991 as a Project Engineer and Manager of Technology. Mr. Carre has held multiple operational roles in the Middle East, Asia Pacific, and Europe/Africa regions, as well as leadership positions including Vice President of Drill Bits & Services, Vice President of Baroid, and Senior Vice President of the Drilling & Evaluation Division. He most recently served as Executive Vice President of Global Business Lines and Chief Health, Safety and Environment (HSE) Officer before assuming the CFO role in May 2022. Mr. Carre holds a master's degree in mechanical engineering from Université Libre de Bruxelles in Belgium and an MBA in finance from the University of Wisconsin in Madison. He was also the founder and Chief Technology Officer of Amazing Food Creations LLC from 2005 to 2010.
J. Shannon Slocum, Executive Vice President and Chief Operating Officer
Shannon Slocum is responsible for Halliburton's global operations, business development, health, safety and environment, and global technology. He joined Halliburton in 2005 and has served in leadership roles across global operations, technology, and business development. Previously, he served as President, Eastern Hemisphere. Mr. Slocum holds a Bachelor of Science degree in industrial technology from Lamar University.
Lawrence Pope, Executive Vice President and Chief Administrative Officer
Lawrence Pope has global leadership responsibilities for Supply Chain, Information Technology, Human Resources, Real Estate Services, Corporate Aviation, and Security. He previously served as Vice President of Human Resources and Operational Excellence for Halliburton. Before joining Halliburton, Mr. Pope was Senior Vice President of Administration for Kellogg, Brown & Root. He holds a bachelor's degree in economics from the University of Texas at Austin and an MBA from the Jesse H. Jones Graduate School of Business at Rice University.
Van Beckwith, Executive Vice President, Secretary and Chief Legal Officer
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Here are the key risks to Halliburton's business:1. Market Volatility and Dependence on the Energy Sector
Halliburton's business is heavily reliant on the cyclical nature of the energy industry, making it susceptible to significant fluctuations in oil and natural gas prices. Trends in these commodity prices directly influence the level of exploration, development, and production activities undertaken by its customers, which in turn impacts the demand for Halliburton's products and services. Recent forecasts indicate a sharper decline in global oil producer spending, driven by factors like tariffs and weakening crude demand, leading to diminished demand for oilfield services. This dependence on the energy sector can result in instability in earnings and investments for the company.2. Geopolitical Instability and International Operations
Operating in numerous countries exposes Halliburton to various geopolitical risks, including political unrest, economic sanctions, and potential terrorism. Tensions in oil-producing regions can lead to sudden fluctuations in oil prices, complicating financial planning and impacting markets globally. Such instability and supply chain disruptions can disrupt operations and adversely affect the company's financial performance.3. Cybersecurity Vulnerabilities
Halliburton's increasing reliance on digital technologies makes it vulnerable to cybersecurity threats and attacks. The company has experienced material cybersecurity incidents in the past, involving unauthorized access and data exfiltration, which resulted in operational disruptions and significant costs. These incidents pose ongoing risks of regulatory actions, litigation, and potential harm to the company's reputation and financial condition.AI Analysis | Feedback
The accelerating global transition to renewable energy sources and decarbonization efforts, which is steadily diminishing the long-term demand for fossil fuel exploration, drilling, and production services. This fundamental shift in the global energy landscape directly threatens the core business model of Halliburton, which is predicated on supporting hydrocarbon extraction.
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Halliburton Company (HAL) operates within several significant addressable markets globally, providing a wide array of products and services to the energy industry. The estimated sizes of these markets are as follows:
- Global Oilfield Services Market: This broad market, encompassing various services throughout a well's lifecycle, was valued at approximately USD 326.04 billion in 2024. It is projected to grow to USD 594.39 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 6.9% from 2026 to 2033. Another report estimates the market at USD 126.32 billion in 2025, reaching USD 167.69 billion by 2030 with a CAGR of 5.83%.
- Global Drilling Services Market: The global market for drilling services is projected to expand from USD 155.473 billion in 2025 to USD 214.698 billion by 2033, at a CAGR of 4.117%. North America held a significant share, accounting for 36.45% of the global market revenue in 2025. Other estimates place the market size at USD 89.98 billion in 2025, growing to USD 123.08 billion by 2031 at a 5.36% CAGR.
- Global Well Completion Equipment and Services Market: This market was valued at USD 25.61 billion in 2025 and is projected to reach USD 40.19 billion by 2034, with a CAGR of 5.11%. North America dominated this market with a 34.71% share in 2025.
- Global Well Cementing Services Market: In 2024, the global well cementing services market was valued at USD 13.13 billion and is expected to reach USD 23.42 billion by 2032, growing at a CAGR of 7.50%. Another report indicates a market size of USD 11.02 billion in 2025, growing to USD 14.98 billion by 2031 with a CAGR of 5.25%.
- Global Drill Bit Market: The global drill bit market is estimated to be valued at USD 17.8 billion in 2025 and is projected to reach USD 29.0 billion by 2035, exhibiting a CAGR of 5.0%. North America held a 41% share in the drill bit industry in 2024.
- Global Artificial Lift Systems Market: This market is calculated at USD 25.57 billion in 2025 and is predicted to increase to approximately USD 42.19 billion by 2034, expanding at a CAGR of 5.72% from 2025 to 2034. North America dominated the global artificial lift systems market, holding a 37% market share in 2024.
- Global Wireline Services Market: The wireline services market was valued at USD 25.61 billion in 2024 and is poised to grow from USD 27.32 billion in 2025 to USD 45.9 billion by 2033, growing at a CAGR of 6.7%.
- Global Digital Oilfield Market: The global digital oilfield market size is calculated at USD 34.74 billion in 2025 and is predicted to increase from USD 37.14 billion in 2026 to approximately USD 67.24 billion by 2035, expanding at a CAGR of 6.83% from 2026 to 2035. North America led this market with the highest share of 35% in 2025.
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Here are the expected drivers of future revenue growth for Halliburton (HAL) over the next 2-3 years:- Expansion of International Operations and Increased Activity: Halliburton anticipates continued growth in its international business, which has shown strong performance, offsetting some softness in North America. This growth is driven by higher completion tool sales globally, improved cementing activity in various regions like the Western Hemisphere and Africa, and increased well intervention services internationally. The company's strategic focus for 2026 explicitly includes expanding international growth. Opportunities are also emerging in unconventional plays in the Middle East and North Africa, with strategic contracts already secured in areas like Brazil deepwater and Norway.
- Growth in Digital Technologies, AI Solutions, and Software Sales: Halliburton is strategically leveraging digital technologies and artificial intelligence (AI) to enhance operational efficiencies and offer advanced solutions. The company has seen increased year-end software sales, particularly in Latin America and the Middle East/Asia regions. The adoption of its Zeus IQ platform is growing, and Halliburton is collaborating on intelligent hydraulic fracturing processes that utilize this technology, showcasing a commitment to innovative, AI-driven tools for optimizing oilfield operations.
- Re-entry and Ramp-up of Operations in Previously Constrained Markets (e.g., Venezuela): Halliburton is optimistic about future opportunities in Venezuela and has plans to re-enter the market once commercial and legal terms are resolved. The company maintained its physical assets in Venezuela, allowing for potential remobilization within weeks once approvals are secured, giving it an advantage over competitors. This strategic re-entry into a resource-rich market is expected to be a significant revenue diversification imperative.
- Sustained Demand for Completion Tools and Production Enhancement Services: The Completion and Production segment is a core driver, with higher year-end completion tool sales globally significantly contributing to revenue improvements in Q4 2025. This segment, which includes stimulation, cementing, and well completion products, has demonstrated resilience and generated strong margins, indicating ongoing demand for these critical services in the energy industry.
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Share Repurchases
- Halliburton repurchased $1.007 billion of its common stock in 2025.
- The company repurchased $1.005 billion of its common stock in 2024.
- In 2023, Halliburton repurchased $800 million of its common stock.
- As of December 31, 2025, Halliburton had approximately $2.0 billion remaining under its share repurchase authorization.
Share Issuance
- Halliburton's shares outstanding declined by 3.4% in 2025, 2.11% in 2024, and 0.66% in 2023, indicating a net reduction in shares rather than issuance for capital raising.
Outbound Investments
- Halliburton acquired Optime Subsea in December 2024.
- The company acquired Resoptima in June 2023.
- Halliburton entered the lithium market in June 2025 through a commercial contract with GeoFrame Energy, applying its expertise to well planning and design for Direct Lithium Extraction (DLE) projects.
- In January 2026, Halliburton and VoltaGrid signed a strategic collaboration agreement to provide distributed power generation solutions for data centers, with Halliburton holding approximately 20% ownership in VoltaGrid.
Capital Expenditures
- Halliburton's capital expenditures were $1.254 billion in 2025, $1.442 billion in 2024, and $1.379 billion in 2023.
- Capital spending is projected to decrease by almost 30% to approximately $1 billion in 2026.
- The company maintains capital expenditures at about 6% of revenue, demonstrating improved capital efficiency compared to historical levels.
- A primary focus of capital expenditures includes advancing digital and automation technologies, such as ZEUS electric fleets, and investing in new energy sectors.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 82.3% | 82.3% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 23.6% | 23.6% | -6.5% |
| 12122025 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 56.9% | 56.9% | -7.0% |
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 31.6% | 31.6% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 41.7% | 41.7% | 0.0% |
| 10102025 | HAL | Halliburton | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 64.9% | 64.9% | -0.7% |
| 12312024 | HAL | Halliburton | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -20.8% | 7.0% | -28.7% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 45.39 |
| Mkt Cap | 19.9 |
| Rev LTM | 15,464 |
| Op Inc LTM | 1,902 |
| FCF LTM | 1,274 |
| FCF 3Y Avg | 1,310 |
| CFO LTM | 2,088 |
| CFO 3Y Avg | 2,224 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.5% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | -0.3% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Mgn LTM | 13.4% |
| Op Mgn 3Y Avg | 14.0% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 14.9% |
| FCF/Rev LTM | 9.1% |
| FCF/Rev 3Y Avg | 8.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 19.9 |
| P/S | 1.4 |
| P/EBIT | 15.1 |
| P/E | 23.0 |
| P/CFO | 10.5 |
| Total Yield | 5.7% |
| Dividend Yield | 1.6% |
| FCF Yield 3Y Avg | 8.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.3% |
| 3M Rtn | 35.5% |
| 6M Rtn | 45.1% |
| 12M Rtn | 43.1% |
| 3Y Rtn | 23.1% |
| 1M Excs Rtn | 4.5% |
| 3M Excs Rtn | 44.3% |
| 6M Excs Rtn | 47.6% |
| 12M Excs Rtn | 29.1% |
| 3Y Excs Rtn | -28.0% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $39.26 | |
| Market Cap ($ Bil) | 33.0 | |
| First Trading Date | 06/01/1972 | |
| Distance from 52W High | -2.9% | |
| 50 Days | 200 Days | |
| DMA Price | $34.98 | $26.93 |
| DMA Trend | up | up |
| Distance from DMA | 12.3% | 45.8% |
| 3M | 1YR | |
| Volatility | 37.1% | 44.5% |
| Downside Capture | -0.25 | 0.34 |
| Upside Capture | 160.14 | 89.79 |
| Correlation (SPY) | 31.0% | 52.6% |
HAL Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.53 | 0.92 | 0.86 | 0.80 | 1.24 | 1.07 |
| Up Beta | 2.11 | 2.10 | 1.53 | 0.98 | 1.23 | 1.08 |
| Down Beta | 1.64 | 1.45 | 1.00 | 1.91 | 1.92 | 1.62 |
| Up Capture | 29% | 143% | 174% | 93% | 81% | 38% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 12 | 24 | 36 | 69 | 135 | 390 |
| Down Capture | -86% | -90% | -50% | -49% | 72% | 95% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 17 | 25 | 55 | 113 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HAL | |
|---|---|---|---|---|
| HAL | 59.5% | 44.4% | 1.17 | - |
| Sector ETF (XLE) | 37.0% | 24.9% | 1.22 | 80.0% |
| Equity (SPY) | 14.8% | 19.0% | 0.60 | 52.8% |
| Gold (GLD) | 48.2% | 27.7% | 1.42 | 4.2% |
| Commodities (DBC) | 17.5% | 17.6% | 0.83 | 56.1% |
| Real Estate (VNQ) | 1.1% | 16.4% | -0.11 | 39.5% |
| Bitcoin (BTCUSD) | -24.0% | 44.3% | -0.49 | 16.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HAL | |
|---|---|---|---|---|
| HAL | 15.7% | 40.3% | 0.48 | - |
| Sector ETF (XLE) | 25.4% | 26.1% | 0.87 | 85.9% |
| Equity (SPY) | 12.0% | 17.0% | 0.55 | 40.9% |
| Gold (GLD) | 20.9% | 17.7% | 0.97 | 11.6% |
| Commodities (DBC) | 12.2% | 18.8% | 0.53 | 60.9% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 29.0% |
| Bitcoin (BTCUSD) | 3.9% | 56.6% | 0.29 | 14.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HAL | |
|---|---|---|---|---|
| HAL | 2.7% | 45.9% | 0.23 | - |
| Sector ETF (XLE) | 11.3% | 29.5% | 0.42 | 87.0% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 52.6% |
| Gold (GLD) | 13.4% | 15.8% | 0.70 | 6.9% |
| Commodities (DBC) | 8.2% | 17.6% | 0.38 | 58.3% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 40.7% |
| Bitcoin (BTCUSD) | 66.2% | 66.9% | 1.06 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/21/2026 | 4.1% | 6.9% | 10.3% |
| 10/21/2025 | 11.6% | 18.5% | 18.4% |
| 7/22/2025 | 1.0% | 7.8% | -0.3% |
| 4/22/2025 | -5.6% | -5.8% | -6.6% |
| 1/22/2025 | -3.6% | -9.8% | -8.6% |
| 11/7/2024 | -3.1% | -1.0% | -5.1% |
| 7/19/2024 | -5.6% | -6.3% | -13.9% |
| 4/23/2024 | -0.3% | 0.4% | -2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 6 | 4 |
| # Negative | 8 | 6 | 8 |
| Median Positive | 3.3% | 7.3% | 6.7% |
| Median Negative | -3.5% | -5.7% | -7.4% |
| Max Positive | 11.6% | 18.5% | 18.4% |
| Max Negative | -5.6% | -9.8% | -13.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/06/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/22/2022 | 10-Q |
| 03/31/2022 | 04/22/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Modular natural gas power systems delivery | 400 | ||||||
Prior: Q3 2025 Earnings Reported 10/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Estimated Savings | 100.00 Mil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pope, Lawrence J | EVP and Chief Admin Officer | Direct | Sell | 1062026 | 32.25 | 100,000 | 3,225,000 | 13,538,540 | Form |
| 2 | Beckwith, Van H | EVP, Secretary and CLO | Direct | Sell | 12082025 | 27.89 | 8,854 | 246,938 | 9,302,110 | Form |
| 3 | Richard, Mark | President - Western Hemisphere | Direct | Sell | 11132025 | 27.77 | 160,000 | 4,443,200 | 12,562,415 | Form |
| 4 | Weiss, Janet L | Direct | Buy | 5302025 | 19.79 | 8,550 | 169,162 | 371,342 | Form | |
| 5 | Carre, Eric | EVP & Chief Financial Officer | Direct | Sell | 3172025 | 25.00 | 51,179 | 1,279,475 | 3,177,534 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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