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what it is
Halliburton helps oil and gas companies drill wells, finish them, and keep production flowing in 70 countries.
how it gets paid
Last year Halliburton made $22.2B in revenue. North America was the main engine at $9.3B, or 42% of sales.
why growth slowed
Revenue fell 3.3% last year. The 15% EPS beat mattered most because it showed Halliburton can still out-execute even while crude prices and North America demand stay weak.
what just happened
Halliburton reported $0.69 EPS, beating the $0.60 estimate by 15%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
14.2x trailing p/e — the market's not buying it — or you found a deal
2.3% dividend yield — cash in your pocket every quarter
19.5% return on capital — strong for a cyclical oilfield name
xvary composite: 73/100 — average
What they do
Halliburton helps oil and gas companies drill wells, finish them, and keep production flowing in 70 countries.
Halliburton works in 70 countries with about 47,000 employees. That scale matters when your drilling schedule is late and the equipment cannot be. Completion and Production is 58% of sales and 63% of segment operating income, so the biggest unit is also the most profitable.
How they make money
$22.2B
annual revenue · their business grew -3.3% last year
North America
$9.3B
8.0%
Middle East/Asia
$6.0B
+6.0%
Latin America
$4.0B
+6.0%
Europe/Africa/CIS
$2.9B
+6.0%
The products that matter
well completion and production services
Completion and Production
part of the $22.2B revenue base
this is the work of getting wells finished and flowing. the page doesn't break out the segment, but across the full $22.2B business halliburton still produced a 20% return on equity.
core activity
drilling services
Drilling
inside the same $22.2B business
drilling demand rises and falls with customer budgets. that is why a 50/100 predictability score matters — earnings here are tied to activity levels, not subscriptions.
cycle exposed
well evaluation and subsurface analysis
Evaluation
supports ~13.6% net margin
producers pay to know what they drilled into before they spend more money. on a company-wide basis, that work sits inside a business that kept about a 13.6% net profit margin last year.
technical edge
Key numbers
19.5%
capital returns
Return on capital → profit generated on each dollar invested → so what: Halliburton turns every $1 it puts into the business into about $0.20 of profit.
$7.2B
long debt
Long-term debt → money owed over many years → so what: the load is real, but at 21% of capital it is not crushing the balance sheet.
2.3%
dividend yield
Dividend yield → cash paid to shareholders each year as a percent of the stock price → so what: you get paid to wait, but this is not an income stock first.
14.2x
trailing p/e
Trailing P/E → price divided by the last 12 months of earnings → so what: the stock is priced like a cyclical business, not a premium compounder.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $7.2B (21% of capital)
- net profit margin 13.6% — keeps 14 cents of every dollar in revenue
- return on equity 28% — $0.28 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in HAL 3 years ago → it's now worth $8,100.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Halliburton reported $0.69 EPS, beating the $0.60 estimate by 15%.
That beat matters because full-year EPS still fell from $2.99 in 2024 to $2.25 in 2025. Quarter revenue should sit near ~¼ of ~$22.2B FY (order-of-magnitude ~$5–6B). One good quarter does not erase a softer cycle.
~$5.6B
revenue (Q · approx.)
$0.69
eps (Q)
10.2%
operating margin (Q)
the number that mattered
The 15% EPS beat mattered most because it showed Halliburton can still out-execute even while crude prices and North America demand stay weak.
-
like its fellow competitors, halliburton is subject to broader oilfield services market conditions.
-
at this time, crude oil prices remain at unfavorable levels.major producers of this commodity in the middle east are keeping their output at high levels, stressing prices. disruptions to global trade, caused by president trump’s import duties, have not helped; near-term oil demand uncertainty persists. many of halliburton’s customers, especially those in north america, have pulled back on exploration & production (e&p) activity to preserve their profitability. too, while mideast producers’ output is elevated, they are not presently developing substantial new capacity. on a positive note, world requirements for natural gas are still keen, shoring up overall drilling activity. on balance, we expect the houston-based services provider to continue to endure soft revenues and earnings in the first half of this year.
-
management has been proactively adjusting to the recent demand environment.fortunately for the company, it has an extensive geographic reach, limiting any significant stress in a particular region.
-
that said, management is not sitting idly by.
-
efforts to enhance the appeal of services and products are ongoing.
source: company earnings report, 2026
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What could go wrong
the top risk is north american customer pullbacks when crude prices stay weak.
high
north american spending slowdown
the page already tells you customers have pulled back on exploration activity. if that continues, it hits the core service lines directly.
this pressure runs through essentially all $22.2B of revenue.
med
securities litigation settlement
the company has reached an agreement to settle class action securities lawsuits, with most lead plaintiffs agreeing to terms.
any cash outflow lands on a balance sheet already carrying $7.2B in long-term debt.
med
oil price and geopolitics whiplash
middle east tensions and trade disruptions keep commodity prices moving around. that volatility flows into customer budgets fast.
when producer confidence drops, EPS estimates like the current $2.50 can come down with it.
low
the stock is already above the street midpoint
the current price is $31.90 versus a $29 midpoint target. when the stock outruns expectations in a cyclical name, there is less room for disappointment.
you need earnings to hold up, not just the multiple to stay cheap.
the combined risk picture is simple: weaker producer spending would pressure the full $22.2B revenue base, while legal and commodity volatility make that earnings stream less stable than the 14.2x multiple suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
fy2026 EPS estimate
it's $2.50 right now. if that starts falling toward the $2.25 FY2025 result, the "cheap stock" story gets weaker fast.
earnings
next quarterly report
the sequence of $0.60, $0.55, $0.58, and $0.52 needs to stabilize. you want cleaner evidence that customer activity is no longer slipping.
risk
north american customer budgets
management already flagged pullbacks in exploration activity. that's the spending signal that matters most for this business.
trend
price versus target midpoint
the stock trades at $31.90 against a $29 midpoint target. if estimates soften while the share price stays elevated, sentiment can flip quickly.
Analyst rankings
short-term outlook
top 5%
momentum score 1 — the highest rating. in human-speak, analysts think HAL has better one-year upside than most stocks.
risk profile
average
stability score 3 — middle of the pack. not a bunker stock, not chaos either.
chart momentum
below average
technical score 4 — the tape is less enthusiastic than the short-term outlook ranking. that split usually means conviction is thin.
earnings predictability
50 / 100
earnings can swing with customer budgets and commodity prices. you should expect variance, not clockwork.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 439 buyers vs. 419 sellers in 3q2025. total institutional holdings: 0.7B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$15
$42
$32
current price
$29
target midpoint · 9% from current · 3-5yr high: $60 (+90% · 19% ann'l return)
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