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Halliburton Company — Intrinsic Value & Fair Price

HAL
NYSEEnergyOil & Gas Equipment & ServicesCIK 0000045012halliburton.comAbout HAL
Last close · Oct 16, 202633.50+0.61 (+1.85%)
Market cap$27.9B
Model value · DCF · Perpetuity growth · 5y
43.16
Halliburton closed at $33.50 — undervalued by 22% vs model.
26.91the model's range99.98

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
18.68 – 57.24
Wall St. target
42.00 20% below
Below model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.03%
Past 2 years
low 1.58%high 3.53%
Dividends per share, a year at a time
$0.18Aug ’21$0.41Sep ’22$0.60Sep ’23$0.67Sep ’24$0.68Sep ’25$0.68TTM
Dividends / free cash flow, FY2025
34.6%
Raised
—
Growth, 5 yrs
30.5% a year
Last change
+6.3% · Mar 2024
Every payment, with ex-dates · latest $0.17, paid Sep 23, 2026

Research on HAL

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How it is valued

Valued asCyclical
Revenue declining (~-2% recent)Moderate margins (6% net margin)Pays dividendsHighly cyclical earningsStrong FCF yield (6.0%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies
P/E
—
EV / EBITDA
8.0×
FCF yield
5.9%
Dividend yield, TTM
2.03%
Beta
0.84
Cost of capital (WACC)
7.89%
Full financials

Analyst actions

third-party, quoted
09-14UBS · target42.00
07-27UBS · target39.00
07-23Argus Research · target40.00
07-22Freedom Broker · “Hold” from “Sell”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
Side by side:vs SLB

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just HAL. No account.

About Halliburton

Halliburton Company (HAL) is a global supplier of products and services tailored for the energy sector. Its operations are structured into two primary divisions: Completion and Production, and Drilling and Evaluation. The Completion and Production segment focuses on enhancing well output through techniques like stimulation and sand control. It provides cementing services for well integrity, including casing and bonding, alongside a range of specialized downhole completion tools such as intelligent well systems, liner hangers, and multilateral solutions. This segment also supports production with offerings like coiled tubing, hydraulic workover units, pumping, and nitrogen services, in addition to managing pipeline and process services from initial setup (pre-commissioning, commissioning) through ongoing maintenance and eventual retirement (decommissioning). Furthermore, it supplies electrical submersible pumps and delivers artificial lift solutions. The Drilling and Evaluation segment offers a comprehensive suite of drilling fluids, including systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services. It also provides chemicals and associated services for oilfield completion, production, and downstream water and process treatment. This division includes advanced drilling systems, wireline and perforating services encompassing open-hole logging and cased-hole slickline operations, and a variety of drill bits (e.g., roller cone, fixed cutter), hole enlargement tools, and coring services. Moreover, it leverages cloud-based digital services and artificial intelligence on an open architecture to deliver subsurface insights, streamline well construction, and optimize reservoir and production management. Specialized testing and subsea services are also offered for reservoir information analysis and optimization strategies, alongside project management and integrated asset management services. Founded in 1919, Halliburton Company maintains its headquarters in Houston, Texas.

CEO
Jeffrey Allen Miller
Headquarters
Houston, TX
Employees
46,000
IPO
1972-06-01
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.