HAL
Halliburton Company
HAL's fundamentals are mixed: it returned to profit, but free cash flow fell 15%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
HAL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Healthy |
HAL's profitability and balance sheet are currently healthy, and its revenue and cash flow are stable.
HAL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $32.76 | — |
| Current | 14x | $32.76 | — |
| Cheap | 17x | $39.93 | +22% |
| Fair | 19x | $44.90 | +37% |
| Expensive | 23x | $54.78 | +67% |
Historical ranges are pointers, not guarantees.
HAL's PE is 14x, but its earnings don't support one, so it isn't a reliable read right now.
HAL Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for HAL, with profitability improving.
HAL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.72 | +14% |
| Q1 2021 | -$1.99 | +$0.63 |
| Q4 2020 | -$3.34 | -$2.05 |
HAL has returned to profit: it earned $2.38 per share over the past year, after losing money the year before.
HAL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.7B | +1.8% |
| Q2 2026 | $5.7B | +3.7% |
| Q1 2026 | $5.4B | -0.3% |
| Q4 2025 | $5.7B | +0.8% |
| Q3 2025 | $5.6B | -1.7% |
| Q2 2025 | $5.5B | -5.5% |
| Q1 2025 | $5.4B | -6.7% |
| Q4 2024 | $5.6B | -2.2% |
HAL's revenue grew through 2023 and has held roughly level since: $5.7B last quarter, up 1.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +4.6 points |
| Q2 2026 | 14% | +0.4 points |
| Q1 2026 | 13% | +4.6 points |
| Q4 2025 | 13% | -3.4 points |
| Q3 2025 | 6.4% | -8.9 points |
| Q2 2025 | 13% | -4.5 points |
| Q1 2025 | 8% | -9.1 points |
| Q4 2024 | 17% | -1.8 points |
HAL's operating margin was 11% last quarter, up 4.6 points from the same quarter a year ago.
HAL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $102M | -55% |
| Q2 2026 | $589M | +8.7% |
| Q1 2026 | $81M | +8% |
| Q4 2025 | $828M | -20% |
| Q3 2025 | $227M | -55% |
| Q2 2025 | $542M | -26% |
| Q1 2025 | $75M | -52% |
| Q4 2024 | $1B | +1.9% |
HAL still generates free cash flow, though less than at its 2024 peak: $1.6B over the past year.
HAL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -6M shares |
| 1 year | -2.1% | -18M shares |
| 3 years | -7.8% | -70M shares |
| 5 years | -6.9% | -62M shares |
| Available history | -4.9% | -43M shares |
HAL has 832M diluted shares, down 2.1% from a year ago, with $808M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $250M |
| Q2 2026 | $208M |
| Q1 2026 | $100M |
| Q4 2025 | $250M |
| Q3 2025 | $250M |
| Q2 2025 | $257M |
| Q1 2025 | $250M |
| Q4 2024 | $309M |
HAL spent $808M buying back its own shares over the past year, down 24% from the year before.
HAL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.3x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.3x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.1x | Healthy |
HAL's net debt is about 1.3 years of its operating earnings (EBITDA), about the same as a year ago.
HAL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.9 | Neutral |
| Stochastic | 36.5 | Neutral |
HAL's weekly RSI is 46 (neutral) and its Stochastic is 37 (neutral).
HAL PE vs Energy Sector
| Metric | HAL | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 4.9% above |
| PE % | 2 | 61 | 59 pts below |
HAL is trading at 14x earnings, in line with the Energy sector's median of 13x, though its earnings don't support one.
HAL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $33.3 | 1.6% below |
| 20 week MA | $34.0 | 3.5% below |
| 50 week MA | $34.9 | 6.1% below |
| 100 week MA | $29.3 | 12% above |
| 200 week MA | $32.1 | 2% above |
HAL has slipped below its 8-, 20- and 50-week averages, though it's still 2% above its 200-week average.
HAL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $24.4 | $19.2 | -21% |
| 2021 | $19.2 | $22.7 | +18% |
| 2022 | $22.7 | $39.1 | +72% |
| 2023 | $39.1 | $36.2 | -7.5% |
| 2024 | $36.2 | $26.8 | -26% |
| 2025 | $26.8 | $28.0 | +4.4% |
| 2026 YTD | $28.0 | $32.8 | +17% |
HAL has finished lower in three of the last six years. It's up 17% so far in 2026.