Latest Ratios: P/E Ratio 22.5x · EV/EBITDA 10.1x · ROE 12.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.2B | $23.7B | $24.0B | $32.6B | $35.7B | $20.4B | $16.7B | $21.4B | $23.3B | $42.5B | $46.6B |
| Enterprise Value | $34.2B | $29.7B | $30.2B | $39.2B | $42.3B | $27.6B | $24.9B | $30.5B | $31.7B | $51.1B | $54.9B |
| P/E Ratio → | 22.53 | 18.84 | 9.61 | 12.38 | 22.75 | 14.03 | — | — | 14.06 | — | — |
| P/S Ratio | 1.27 | 1.07 | 1.05 | 1.42 | 1.76 | 1.33 | 1.15 | 0.96 | 0.97 | 2.06 | 2.93 |
| P/B Ratio | 2.70 | 2.26 | 2.28 | 3.46 | 4.48 | 3.03 | 3.34 | 2.67 | 2.44 | 5.09 | 4.94 |
| P/FCF | 16.88 | 14.20 | 9.91 | 15.68 | 29.03 | 18.35 | 14.44 | 23.40 | 20.61 | 38.83 | — |
| P/OCF | 9.65 | 8.11 | 6.21 | 9.43 | 15.94 | 10.68 | 8.85 | 8.76 | 7.38 | 17.23 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.34 | 1.31 | 1.70 | 2.09 | 1.80 | 1.73 | 1.36 | 1.32 | 2.48 | 3.46 |
| EV / EBITDA | 10.06 | 8.74 | 6.15 | 7.71 | 11.61 | 10.20 | — | 25.92 | 7.77 | 17.45 | — |
| EV / EBIT | 15.11 | 9.94 | 7.68 | 9.93 | 14.09 | 15.84 | 43.20 | 20.60 | 11.59 | 25.30 | 85.32 |
| EV / FCF | — | 17.74 | 12.45 | 18.83 | 34.38 | 24.80 | 21.62 | 33.34 | 27.98 | 46.69 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.7% | 15.7% | 18.7% | 18.9% | 16.0% | 13.2% | 7.2% | 10.2% | 12.4% | 11.0% | 5.5% |
| Operating Margin | 10.2% | 10.2% | 16.7% | 17.7% | 13.3% | 11.8% | -16.9% | -2.0% | 10.3% | 6.7% | -42.6% |
| Net Profit Margin | 5.8% | 5.8% | 10.9% | 11.5% | 7.7% | 9.5% | -20.4% | -5.0% | 6.9% | -2.2% | -36.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 12.2% | 25.0% | 30.3% | 21.4% | 24.9% | -45.3% | -12.9% | 18.5% | -5.2% | -46.3% |
| ROA | 5.1% | 5.1% | 10.0% | 11.0% | 6.9% | 6.8% | -12.8% | -4.4% | 6.5% | -1.8% | -18.0% |
| ROIC | 10.2% | 10.2% | 17.5% | 20.0% | 14.3% | 9.9% | -12.0% | -1.9% | 10.6% | 5.9% | -26.3% |
| ROCE | 11.6% | 11.6% | 19.8% | 22.1% | 15.1% | 10.5% | -13.3% | -2.1% | 11.9% | 6.4% | -24.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 0.83 | 0.93 | 1.12 | 1.52 | 2.17 | 1.42 | 1.08 | 1.31 | 1.31 |
| Debt / EBITDA | 2.39 | 2.39 | 1.79 | 1.73 | 2.45 | 3.78 | — | 9.65 | 2.54 | 3.73 | — |
| Net Debt / Equity | — | 0.56 | 0.58 | 0.69 | 0.83 | 1.07 | 1.66 | 1.13 | 0.87 | 1.03 | 0.89 |
| Net Debt / EBITDA | 1.75 | 1.75 | 1.26 | 1.29 | 1.81 | 2.65 | — | 7.72 | 2.05 | 2.94 | — |
| Debt / FCF | — | 3.54 | 2.54 | 3.15 | 5.36 | 6.45 | 7.18 | 9.94 | 7.37 | 7.86 | — |
| Interest Coverage | 8.48 | 8.48 | 11.12 | 6.82 | 6.10 | 3.29 | 1.06 | 2.50 | 4.57 | 2.87 | 0.92 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.04 | 2.04 | 2.05 | 2.06 | 2.05 | 2.31 | 2.14 | 2.30 | 2.32 | 2.22 | 2.90 |
| Quick Ratio | 1.51 | 1.51 | 1.54 | 1.48 | 1.50 | 1.76 | 1.61 | 1.65 | 1.69 | 1.72 | 2.34 |
| Cash Ratio | 0.39 | 0.39 | 0.43 | 0.40 | 0.44 | 0.71 | 0.58 | 0.46 | 0.42 | 0.48 | 1.00 |
| Asset Turnover | — | 0.89 | 0.90 | 0.93 | 0.87 | 0.69 | 0.70 | 0.88 | 0.92 | 0.82 | 0.59 |
| Inventory Turnover | 6.28 | 6.28 | 6.13 | 5.78 | 5.83 | 5.62 | 5.71 | 6.41 | 6.94 | 7.66 | 6.60 |
| Days Sales Outstanding | — | 81.31 | 81.40 | 77.07 | 83.21 | 87.49 | 77.60 | 74.55 | 79.62 | 89.14 | 90.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.0% | 2.4% | 2.5% | 1.8% | 1.2% | 0.8% | 1.7% | 2.9% | 2.7% | 1.5% | 1.3% |
| Payout Ratio | 45.1% | 45.1% | 24.0% | 21.8% | 27.7% | 11.1% | — | — | 38.0% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 5.3% | 10.4% | 8.1% | 4.4% | 7.1% | — | — | 7.1% | — | — |
| FCF Yield | 5.9% | 7.0% | 10.1% | 6.4% | 3.4% | 5.5% | 6.9% | 4.3% | 4.9% | 2.6% | — |
| Buyback Yield | 3.6% | 4.2% | 4.2% | 2.5% | 0.7% | 0.0% | 0.6% | 0.5% | 1.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.6% | 6.7% | 6.7% | 4.2% | 1.9% | 0.8% | 2.3% | 3.4% | 4.4% | 1.5% | 1.3% |
| Shares Outstanding | — | $840M | $883M | $902M | $908M | $892M | $881M | $875M | $877M | $870M | $861M |
Cyclical demand and pricing
Based on current market data, Halliburton trades at a forward P/E of 14.51, which appears to discount the volatility of its North American completions business compared to the more diversified, international-heavy valuation multiples commanded by peers like SLB and Baker Hughes in the current energy cycle.
The valuation gap suggests that investors remain cautious regarding the sustainability of margins in a consolidated E&P landscape. While the forward multiple is lower than the trailing P/E of 22.81, this implies an expectation of earnings recovery that may be overly optimistic given the stagnant rig count and pricing pressure.
As reported in financial statements, Halliburton's ROIC has trended downward from 5.0% in 2023Q4 to 3.0% in 2026Q1, indicating that the company is struggling to generate returns above its cost of capital in the current, highly competitive North American oilfield services environment.
The decay in ROIC highlights the difficulty of maintaining high-margin returns when the underlying asset base requires constant, heavy reinvestment to remain operational. This trend warrants investigation into whether the company's capital allocation strategy is effectively prioritizing high-margin digital software over commoditized pressure pumping hardware.
According to quarterly data, Halliburton's cash conversion cycle has remained elevated, averaging approximately 82 days over the last ten quarters, which suggests that the company faces persistent challenges in managing its receivables and inventory turnover amidst shifting customer payment terms and supply chain logistics.
The stability of the CCC at these levels indicates that working capital efficiency is not improving, which places additional strain on free cash flow generation. Investors should monitor whether the company can optimize its DSO, which has hovered around 84 days, to better align with the cash-intensive nature of its service contracts.
Based on reported figures, Halliburton has successfully reduced its debt-to-equity ratio from 0.93 in 2023Q4 to 0.74 in 2026Q1, reflecting a disciplined approach to balance sheet management that appears intended to mitigate the risks associated with the sector's inherent revenue and margin volatility.
While the reduction in leverage is a positive signal for credit quality, the interest coverage ratio remains sensitive to quarterly earnings swings, as evidenced by the fluctuation between 6.49 and 42.15. This volatility suggests that the company's ability to service debt is heavily dependent on maintaining operational efficiency during cyclical troughs.
The P/E ratio is frequently misapplied to Halliburton, as it obscures the significant impact of non-cash depreciation charges and lumpy project-based revenue recognition that often distort the company's true earnings power in the eyes of market participants who ignore the underlying cash flow dynamics.
Analysts should instead prioritize EV/EBITDA or free cash flow yield to better assess the company's ability to generate cash after accounting for the high maintenance capex required by its fleet. Relying solely on P/E risks misinterpreting the company's valuation by failing to account for the capital-intensive nature of the oilfield services business model.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HAL stock.
Halliburton Company's current P/E ratio is 22.5x. The historical average is 17.9x. This places it at the 71th percentile of its historical range.
Halliburton Company's current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.0x.
Halliburton Company's return on equity (ROE) is 12.2%. The historical average is 10.3%.
Based on historical data, Halliburton Company is trading at a P/E of 22.5x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Halliburton Company's current dividend yield is 2.04% with a payout ratio of 45.1%.
Halliburton Company has 15.7% gross margin and 10.2% operating margin. Operating margin between 10-20% is typical for established companies.
Halliburton Company's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.