Upside case
Bull case
$63+81.2%
HAL would need investors to value it at roughly 27x earnings — about 12x more generous than today's 15x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Halliburton Company (HAL) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
64
analysts
45 bullish · 3 bearish · 64 covering HAL
Strong Buy
1
Buy
44
Hold
16
Sell
3
Strong Sell
0
Consensus Target
$40
+13.5% vs today
Scenario Range
$30 – $63
Model bear to bull value window
Coverage
64
Published analyst ratings
Valuation Context
14.8x
Forward P/E · Market cap $29.2B
HAL price targets
Three scenarios for where HAL stock could go
Current
~$35
Confidence
52 / 100
Updated
Jun 18, 2026
Where we are now
Current · $35
Bear
$30
Base
$48
Bull
$63
Market caseClosest to today
Base case
$48+37.6%
At 20x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$30-13.3%
If investor confidence fades or macro conditions deteriorate, a 2x multiple contraction could push HAL down roughly 13% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Halliburton Company
HAL · NYSEEnergyOil & Gas Equipment & ServicesDecember year-end
Halliburton is a leading oilfield services company that provides specialized equipment, technology, and expertise for oil and gas exploration and production. It generates revenue primarily through two segments—Completion & Production (~60% of revenue) and Drilling & Evaluation (~40%)—charging for services like hydraulic fracturing, well cementing, drilling fluids, and formation evaluation. The company's competitive advantage lies in its integrated technology portfolio—particularly in complex completions and digital solutions—and its long-standing relationships with major energy producers worldwide.
Market Cap
$29.2B
Revenue TTM
$22.2B
Net Income TTM
$1.5B
Net Margin
6.9%
HAL Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
50%Exceptional
vs consensus estimates
Avg EPS Surprise
+5.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.55/$0.55
Revenue
$5.5B/$5.4B
Q4 2025
EPS
$0.58/$0.50
Revenue
$5.6B/$5.4B
Q1 2026
EPS
$0.69/$0.55
Revenue
$5.7B/$5.4B
Q2 2026
EPS
$0.55/$0.50
Revenue
$5.4B/$5.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.55/$0.55 | -0.4% | $5.5B/$5.4B | +1.9% |
| Q4 2025 | $0.58/$0.50 | +16.3% | $5.6B/$5.4B | +3.9% |
| Q1 2026 | $0.69/$0.55 | +25.2% | $5.7B/$5.4B | +4.6% |
| Q2 2026 | $0.55/$0.50 | +10.3% | $5.4B/$5.3B | +1.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$22.4B
+1.2% YoY
FY2
$23.1B
+3.0% YoY
EPS Outlook
FY1
$2.25
+22.3% YoY
FY2
$2.67
+18.9% YoY
Trailing FCF (TTM)$1.7B
FCF Margin: 7.6%
Next Earnings
July 28, 2026
Expected EPS
$0.54
Expected Revenue
$5.5B
HAL beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
HAL Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $22.2B
Product Mix
Latest annual revenue by segment or product family
Completion And Production
57.6%
-3.5% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
North America
40.9%
-5.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
Completion And Production is the largest disclosed segment at 57.6% of FY 2025 revenue, down 3.5% YoY.
North America is the largest reported region at 40.9%, down 5.8% YoY.
HAL Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fair versus peers
Fair value est. $33 — implies -4.5% from today's price.
Premium to Fair Value
4.5%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
HAL
23.3x
vs
S&P 500
24.4x
In line with benchmark
vs Energy Trailing P/E
HAL
23.3x
vs
Energy
15.5x
+51% premium
vs HAL 5Y Avg P/E
Today
23.3x
vs
5Y Average
15.5x
+50% premium
Forward PE
14.8x
S&P 500
18.8x
-21%
Energy
12.5x
+19%
5Y Avg
—
—
Trailing PE
23.3x
S&P 500
24.4x
-5%
Energy
15.5x
+51%
5Y Avg
15.5x
+50%
PEG Ratio
—
S&P 500
1.66x
—
Energy
0.52x
—
5Y Avg
—
—
EV/EBITDA
10.3x
S&P 500
15.2x
-32%
Energy
7.8x
+32%
5Y Avg
8.9x
+16%
Price/FCF
17.4x
S&P 500
20.7x
-16%
Energy
13.8x
+26%
5Y Avg
17.4x
+0%
Price/Sales
1.3x
S&P 500
3.1x
-57%
Energy
1.4x
-7%
5Y Avg
1.3x
-1%
Dividend Yield
1.97%
S&P 500
1.91%
+3%
Energy
3.47%
-43%
5Y Avg
1.74%
+13%
| Metric | HAL | S&P 500 | Energy | 5Y Avg HAL |
|---|---|---|---|---|
| Forward PE | 14.8x | 18.8x-21% | 12.5x+19% | — |
| Trailing PE | 23.3x | 24.4x | 15.5x+51% | 15.5x+50% |
| PEG Ratio | — | 1.66x | 0.52x | — |
| EV/EBITDA | 10.3x | 15.2x-32% | 7.8x+32% | 8.9x+16% |
| Price/FCF | 17.4x | 20.7x-16% | 13.8x+26% | 17.4x |
| Price/Sales | 1.3x | 3.1x-57% | 1.4x | 1.3x |
| Dividend Yield | 1.97% | 1.91% | 3.47% | 1.74% |
HAL trades above S&P 500 benchmarks on 0 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolHAL Financial Health
Verdict
Strong
HAL 10.2% ROIC signals a durable competitive advantage — returns 5.4% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$22.2B
Revenue Growth
TTM vs prior year
-1.7%
Gross Margin
Gross profit as a share of revenue
15.3%
Operating Margin
Operating income divided by revenue
11.3%
Net Margin
Net income divided by revenue
6.9%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.84
Free Cash Flow (TTM)
Cash generation after capex
$1.7B
FCF Margin
FCF as share of revenue — the primary cash quality signal
7.6%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
10.2%
ROA
Return on assets, trailing twelve months
6.1%
Cash & Equivalents
Liquid assets on the balance sheet
$2.2B
Net Debt
Total debt minus cash
$5.9B
Debt Serviceability
Net debt as a multiple of annual free cash flow
3.5× FCF
~3.5 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
14.6%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
5.4%
Dividend
2.0%
Buyback
3.5%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1.0B
Dividend / Share
Annualized trailing dividend per share
$0.69
Payout Ratio
Share of earnings distributed as dividends
45.1%
Shares Outstanding
Declining as buybacks retire shares
835M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageHAL Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 18, 2026
Medium
Cost pressures
Concerns about rising costs impacting profitability, as highlighted by broader market factors.
Medium
Debt load
Potential risks associated with the company's debt levels affecting financial flexibility.
Medium
Leadership transition risks
Uncertainty due to leadership changes, which could impact strategic direction.
Lower
Market sentiment
Bearish stock movement influenced by broader market concerns and sector outlook.
Medium
Energy sector volatility
Exposure to fluctuations in the upstream oil industry and petroleum exploration trends.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why HAL Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 18, 2026
Innovative technology leadership
Halliburton has a history of pioneering technologies like the cement jet mixer and continues to drive innovation in oilfield services.
Strong institutional ownership
Vanguard Group holds a significant 12.38% stake, indicating institutional confidence in Halliburton's long-term prospects.
Contrarian smart-money interest
Michael Burry's Scion Asset Management has built a $96M position, marking his largest energy bet since 2018.
Global energy industry leadership
As one of the world's largest providers to the upstream oil industry, Halliburton benefits from its scale and worldwide operations.
Proven operational longevity
With operations dating back to 1919, Halliburton has demonstrated resilience through multiple energy cycles.
Comprehensive service offerings
The company provides end-to-end solutions that maximize asset value for customers across the energy value chain.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
HAL Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$34.93
52W Range Position
63%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$20.09
+73.9% from the low
52-Week High
$43.59
-19.9% from the high
1 Month
-18.35%
3 Month
-3.56%
YTD
+18.0%
1 Year
+56.8%
3Y CAGR
+3.5%
5Y CAGR
+9.7%
10Y CAGR
-2.2%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
HAL vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
14.8x
vs 18.6x median
-20% below peer median
Revenue Growth
+1.2%
vs +3.3% median
-63% below peer median
Net Margin
6.9%
vs 9.5% median
-27% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
HAL HAL Halliburton Company | $29.2B | 14.8x | +1.2% | 6.9% | Buy | +13.5% |
SLB SLB SLB N.V. | $72.2B | 18.6x | +3.3% | 9.4% | Buy | +25.7% |
BKR BKR Baker Hughes Company | $57.9B | 24.5x | +2.5% | 11.2% | Buy | +25.3% |
WFR WFRD Weatherford International plc | $6.6B | 15.5x | +2.7% | 9.5% | Buy | +70.2% |
RES RES RPC, Inc. | $1.5B | 33.9x | +9.3% | 1.2% | Hold | +14.0% |
NCS NCSM NCS Multistage Holdings, Inc. | $130M | 14.5x | +8.4% | 10.8% | — | — |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
HAL Dividend and Capital Return
HAL returns capital mainly through $1.0B/year in buybacks (3.5% buyback yield), with a modest 1.97% dividend — combining for 5.4% total shareholder yield.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
5.4%
Dividend + buyback return per year
Buyback Yield
3.5%
Dividend Yield
1.97%
Payout Ratio
45.1%
How HAL Splits Its Return
Div 1.97%
Buyback 3.5%
Dividend 1.97%Buybacks 3.5%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.69
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
12.3%
5Y Div CAGR
16.6%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1.0B
Estimated Shares Retired
29M
Approx. Share Reduction
3.5%
Shares Outstanding
Current diluted share count from the screening snapshot
835M
At 3.5%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.34 | — | — | — |
| 2025 | $0.68 | 0.0% | 4.2% | 6.7% |
| 2024 | $0.68 | +6.3% | 4.2% | 6.7% |
| 2023 | $0.64 | +33.3% | 2.5% | 4.2% |
| 2022 | $0.48 | +166.7% | 0.7% | 1.9% |
FAQ
7 questionsHAL Investor Questions
Common questions answered from live analyst data and company financials.
01Is Halliburton Company (HAL) stock a buy or sell in 2026?
Halliburton Company (HAL) is rated Buy by Wall Street analysts as of 2026. Of 64 analysts covering the stock, 45 rate it Buy or Strong Buy, 16 rate it Hold, and 3 rate it Sell or Strong Sell. The consensus 12-month price target is $40, implying +13.5% from the current price of $35. The bear case scenario is $30 and the bull case is $63.
02What is the HAL stock price target for 2026?
The Wall Street consensus price target for HAL is $40 based on 64 analyst estimates. The high-end target is $55 (+57.5% from today), and the low-end target is $30 (-14.1%). The base case model target is $48.
03Is Halliburton Company (HAL) stock overvalued in 2026?
HAL trades at 14.8x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals fair versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Halliburton Company (HAL) stock in 2026?
The primary risks for HAL in 2026 are: (1) Cost pressures — Concerns about rising costs impacting profitability, as highlighted by broader market factors. (2) Debt load — Potential risks associated with the company's debt levels affecting financial flexibility. (3) Leadership transition risks — Uncertainty due to leadership changes, which could impact strategic direction. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Halliburton Company's revenue and earnings forecast?
Analyst consensus estimates HAL will report consensus revenue of $22.4B (+1.2% year-over-year) and EPS of $2.25 (+22.3% year-over-year) for the upcoming fiscal year. The following year, analysts project $23.1B in revenue.
06When does Halliburton Company (HAL) report its next earnings?
Halliburton Company is expected to report its next earnings on approximately 2026-07-28. Consensus expects EPS of $0.54 and revenue of $5.5B. Over recent quarters, HAL has beaten EPS estimates 58% of the time.
07How much free cash flow does Halliburton Company generate?
Halliburton Company (HAL) generated $1.7B in free cash flow over the trailing twelve months — a free cash flow margin of 7.6%. HAL returns capital to shareholders through dividends (2.0% yield) and share repurchases ($1.0B TTM).