---
title: Halliburton (HAL) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/hal
ticker: HAL
as_of: 2026-10-17
sector: Energy
industry: Oil & Gas Equipment & Services
---
# Halliburton (HAL)

Halliburton (HAL) closed at $33.50 on Oct 16, 2026, undervalued by 22% vs its model value of $43.16 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $33.50 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $43.16 |
| Price vs model | undervalued by 22% vs model |
| Range of that model | $26.91 – $99.98 |
| Market value | $27.9B |
| P/E (fiscal 2025) | — |
| Net margin (fiscal 2025) | 5.8% |
| Free cash flow (fiscal 2025) | $1.7B |
| Dividend yield (trailing twelve months) | 2.03% |
| Beta | 0.84 |
| Cost of capital (WACC) | 7.89% |
| Business classification | Cyclical (Revenue declining (~-2% recent), Moderate margins (6% net margin), Pays dividends, Highly cyclical earnings, Strong FCF yield (6.0%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.03% |
| Dividends per share, last 12 months | $0.68 |
| Dividends / free cash flow (fiscal 2025) | 34.6% |
| Raised | — |
| Growth over 5 years | 30.5% a year |
| Latest payment | $0.17, ex-date Sep 2, 2026, paid Sep 23, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 31, 2021 | $0.18 |
| To Sep 6, 2022 | $0.41 |
| To Sep 5, 2023 | $0.60 |
| To Sep 4, 2024 | $0.67 |
| To Sep 3, 2025 | $0.68 |
| Trailing twelve months (to Sep 2, 2026) | $0.68 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $43.16 | $26.91 | $99.98 |
| DCF · Perpetuity growth · 10y | cross check | $47.20 | $30.21 | $105.79 |
| DCF · EBITDA exit · 5y | cross check | $46.48 | $27.30 | $69.21 |
| DCF · EBITDA exit · 10y | cross check | $49.75 | $30.36 | $76.04 |
| P/E · peers | cross check | $27.19 | $26.14 | $29.14 |
| P/E · own history | cross check | $34.69 | $19.67 | $43.17 |
| PEG | sanity check | $57.24 | $57.24 | $57.24 |
| EV/EBITDA · peers | cross check | $34.12 | $21.98 | $39.16 |
| EV/Revenue · peers | cross check | $22.02 | $8.62 | $36.39 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $18.68 | $12.90 | $27.84 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 4 open-market sales ($7.7M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | Smith Maurice S | Director | Grant / award | 1,162.045 | — |
| Aug 31, 2026 | Carre Eric | EVP & Chief Financial Officer | Open-market sell (10b5-1 plan) | 24,777 | $929,137.5 |
| Aug 19, 2026 | Slocum Jeffrey Shannon | Director, EVP and COO | Open-market sell (10b5-1 plan) | 52,572 | $1.8M |
| Aug 18, 2026 | Slocum Jeffrey Shannon | Director, EVP and COO | Open-market sell (10b5-1 plan) | 16,121 | $565,573 |
| Aug 18, 2026 | Miller Jeffrey Allen | Director, President & CEO | Open-market sell (10b5-1 plan) | 124,483 | $4.4M |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 15, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/45012/000004501226000069/hal-20261015.htm |
| Sep 16, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/45012/000004501226000064/hal-20260915.htm |
| Jul 24, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/45012/000004501226000061/hal-20260630.htm |
| Jul 21, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/45012/000004501226000057/hal-20260721.htm |
| Jun 29, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/45012/000004501226000055/hal-20260624.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Richard Pzena | 2026-06-30 | 3,925,702 | $133.3M |
| Bridgewater | 2026-06-30 | 1,590,285 | $54.0M |

2 tracked managers in all.

## About

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 elect…

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Source: https://sweetvaluelab.com/stocks/hal (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.