Halliburton CompanyHAL
NYSE•Energy•Oil & Gas Equipment & Services
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; and completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, multilateral systems, and service tools. This segment also provides electrical submersible pumps, as well as artificial lift services; production solutions comprising coiled tubing, hydraulic workover units, downhole tools, and pumping and nitrogen services; pipeline and process services, such as pre-commissioning, commissioning, maintenance, and decommissioning; and specialty chemicals and services. The Drilling and Evaluation segment offers drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; drilling systems and services; wireline and perforating services consisting of open-hole logging, and cased-hole and slickline; and drill bits and services comprising roller cone 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.
Halliburton Company (HAL) reported trailing twelve months revenue of $22.17B as of March 2026, a 1.7% decline year-over-year. Quarterly revenue reached $5.40B, reflecting a contraction in sales.
Halliburton Company generated $1.54B in TTM net income, with quarterly EBITDA of $974.00M. The operating margin expanded from 8.0% to 12.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (12.6%) and net margin (8.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 3.8% a year ago, signaling stronger bottom-line efficiency.
HAL trades at a P/E of 21.3x (in line with broad market averages) and a P/S of 1.5x. The price-to-book ratio of 3.0x reflects a moderate premium to book value.
The company generated $81.00M in free cash flow over the trailing twelve months, a 8.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $25.14B in total assets with $7.07B in long-term debt against $10.78B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~12.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 19.1% but has fluctuated — the competitive advantage may be cyclical or emerging.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 21.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 2.4x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue declined in 6 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.3% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation