Halliburton Company (HAL)
NYSE:HAL
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Halliburton
(NYSE:HAL)
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Rating:66Neutral
Price Target:
$42.00
â–²(10.53% Upside)
Action:ReiteratedDate:01/22/26
The score is held back most by weakening 2025 profitability/cash conversion and cautious 2026 guidance (near-term revenue and margin compression, especially in North America, plus SAP cost headwinds). These are partly offset by a clear technical uptrend, improved leverage versus 2020, and ongoing shareholder returns (dividend and buybacks).
Positive Factors
Digital drilling autonomy acquisition
Acquiring Sekal materially strengthens Halliburton's digital drilling and automation capabilities, accelerating integration of autonomous well construction across service lines. This enhances long-term differentiation, improves operational efficiency, and supports higher-margin, software-enabled service offerings globally.
Negative Factors
North America activity weakness
North America is a core market; sustained declines in land stimulation and stacked fleets reduce service intensity, utilization, and pricing power. Prolonged weakness here materially pressures company-wide margins and earnings given the segment's large share of revenue and historically higher-margin work.
Read all positive and negative factors
Positive Factors
Negative Factors
Digital drilling autonomy acquisition
Acquiring Sekal materially strengthens Halliburton's digital drilling and automation capabilities, accelerating integration of autonomous well construction across service lines. This enhances long-term differentiation, improves operational efficiency, and supports higher-margin, software-enabled service offerings globally.
Read all positive factors
Halliburton (HAL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.83B
Dividend Yield2.41%
Average Volume (3M)16.52M
Price to Earnings (P/E)18.5
Beta (1Y)0.84
Revenue Growth-4.06%
EPS Growth-47.41%
CountryUS
Employees48,000
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.69
Shares Outstanding837,548,340
10 Day Avg. Volume19,755,048
30 Day Avg. Volume16,516,552
Financial Highlights & Ratios
PEG Ratio-0.40
Price to Book (P/B)2.27
Price to Sales (P/S)1.07
P/FCF Ratio14.18
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue1.71
Enterprise Value/Gross Profit10.84
Enterprise Value/Ebitda11.48
Forecast
1Y Price Target
$37.67Price Target Upside-0.87% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)2.22
Revenue Forecast (FY)$21.67B
Halliburton Business Overview & Revenue Model
Company Description
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 ...
How the Company Makes Money
Halliburton makes money primarily by providing oilfield services and selling related products and technologies to oil and gas producers (and, in some cases, other well owners/operators) under service contracts and job-based work scopes. Revenue is...
Halliburton Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, highlighting where Halliburton is performing well and where it may encounter challenges or opportunities due to regional market dynamics or geopolitical factors.
Breaks down revenue across different regions, highlighting where Halliburton is performing well and where it may encounter challenges or opportunities due to regional market dynamics or geopolitical factors.
Data provided by:
The Fly
The FlyHalliburton Earnings Call Summary
Earnings Call Date:Jan 21, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 21, 2026
Earnings Call Sentiment Neutral
The call balanced strong operational and financial execution (solid Q4 margins, robust cash generation, aggressive share repurchases, international resilience, and multiple technology and power-growth initiatives) against clear near-term headwinds (North America revenue declines, Q1 guidance with margin compression, SAP costs and delays, and an uncertain commodity backdrop). Management is optimistic about medium-term rebalancing and longer-term secular tailwinds driven by technology and international growth engines, but near-term guidance and regional weaknesses temper the tone.Positive Updates
Strong Full-Year Revenue and Margins
Total company revenue of $22.2 billion for FY2025 with adjusted operating margin of 14% for the year; Q4 revenue $5.7 billion (flat Q/Q) and Q4 adjusted operating margin of 15% (adjusted operating income $829 million).
Negative Updates
North America Revenue Decline and 2026 Outlook
Full-year North America revenue $9.1 billion, down 6% YoY; Company expects North America revenue to decline high single digits in 2026 due to reduced land activity, stacked fleets, and timing of Gulf of Mexico programs.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Revenue and Margins
Total company revenue of $22.2 billion for FY2025 with adjusted operating margin of 14% for the year; Q4 revenue $5.7 billion (flat Q/Q) and Q4 adjusted operating margin of 15% (adjusted operating income $829 million).
Read all positive updates
Company Guidance
Management guided that 2026 should be a rebalancing year with North America revenue expected to decline high-single-digits while international revenue is projected to be flat to modestly up; for Q1 they forecast Completion & Production revenue down 7–9% sequentially with margins falling ~300 basis points and Drilling & Evaluation revenue down 2–4% with margins down 25–75 bps, and they expect H2 to be stronger than H1. They reiterated full‑year 2026 capital expenditures of about $1.1 billion (Q4 capex was $337 million), an effective tax rate of ~21% for Q1 and FY2026 (Q4 normalized ETR was 19.8%), and Q1 increases of roughly $5 million in corporate expense and $5 million in net interest expense (Q4 net interest was $86 million); other net expense is expected to be about $35 million in Q1. SAP migration spending will run about $40–45 million per quarter through the project (completion in Q4) with expected run‑rate savings of ~$100 million per year thereafter; cash guidance context included Q4 revenue of $5.7 billion, adjusted operating income of $829 million (15% margin), Q4 cash from operations $1.2 billion and free cash flow $875 million, and full‑year 2025 totals of $22.2 billion revenue, $2.9 billion cash from operations, $1.9 billion free cash flow, ~$1.0 billion of share repurchases (42 million shares at $23.80 avg), and a plan to exclude any Venezuela reentry capex from the $1.1 billion guidance.Halliburton Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 22.18B | 22.94B | 23.02B | 20.30B | 15.29B |
| Gross Profit | 3.50B | 4.30B | 4.36B | 3.31B | 2.02B |
| EBITDA | 3.04B | 4.76B | 4.94B | 3.54B | 2.69B |
| Net Income | 1.28B | 2.50B | 2.64B | 1.57B | 1.46B |
Balance Sheet | |||||
| Total Assets | 25.01B | 25.59B | 24.68B | 23.25B | 22.32B |
| Cash, Cash Equivalents and Short-Term Investments | 2.21B | 2.62B | 2.26B | 2.35B | 3.04B |
| Total Debt | 8.13B | 8.77B | 8.81B | 8.94B | 10.22B |
| Total Liabilities | 14.51B | 15.04B | 15.25B | 15.28B | 15.59B |
| Stockholders Equity | 10.46B | 10.51B | 9.39B | 7.95B | 6.71B |
Cash Flow | |||||
| Free Cash Flow | 1.67B | 2.42B | 2.08B | 1.23B | 1.11B |
| Operating Cash Flow | 2.93B | 3.87B | 3.46B | 2.24B | 1.91B |
| Investing Cash Flow | -1.32B | -1.65B | -1.66B | -967.00M | -534.00M |
| Financing Cash Flow | -1.99B | -1.73B | -1.67B | -1.80B | -838.00M |
Halliburton Technical Analysis
Positive
38.00
Price Trends
35.11
Positive
31.66
Positive
27.02
Positive
Market Momentum
1.32
Negative
64.03
Neutral
75.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HAL, the sentiment is Positive. The current price of 38 is above the 20-day moving average (MA) of 36.41, above the 50-day MA of 35.11, and above the 200-day MA of 27.02, indicating a bullish trend. The MACD of 1.32 indicates Negative momentum. The RSI at 64.03 is Neutral, neither overbought nor oversold. The STOCH value of 75.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HAL.
Halliburton Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $30.89B | 10.34 | 11.48% | 4.43% | -9.76% | -18.94% | |
79 Outperform | $27.92B | 19.37 | 29.62% | 0.44% | 11.73% | 45.70% | |
69 Neutral | $59.63B | 17.39 | 14.43% | 2.04% | 1.51% | 30.09% | |
69 Neutral | $74.81B | 16.85 | 14.64% | 2.98% | -2.13% | -16.76% | |
66 Neutral | $31.83B | 18.48 | 12.36% | 2.41% | -4.06% | -47.41% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $6.73B | 40.10 | 2.26% | 3.24% | -1.43% | -63.13% |
* Energy Sector Average
HAL
Halliburton
38.00
16.21
74.38%
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Halliburton Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Halliburton Reports Strong Q4 2025 Results, Highlights Technology Initiatives
Positive
Jan 21, 2026
On January 21, 2026, Halliburton reported strong fourth-quarter 2025 results, with net income surging to $589 million, or $0.70 per diluted share, compared with $18 million in the previous quarter, and adjusted net income of $576 million, or $0.69...
Business Operations and StrategyExecutive/Board Changes
Halliburton Appoints Maxwell Western Hemisphere President
Positive
Jan 14, 2026
On January 13, 2026, Halliburton’s board appointed Casey (Michael Casey) Maxwell as president, Western Hemisphere, effective February 1, 2026, succeeding Mark Richard, who will become senior advisor to chairman, president, and CEO Jeff Mille...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.