Upside case
Bull case
$135+224.5%
HAL would need investors to value it at roughly 58x earnings — about 40x more generous than today's 18x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 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
44 bullish · 3 bearish · 64 covering HAL
Strong Buy
1
Buy
43
Hold
17
Sell
3
Strong Sell
0
Consensus Target
$37
-11.1% vs today
Scenario Range
— – $135
Model bear to bull value window
Coverage
64
Published analyst ratings
Valuation Context
18.0x
Forward P/E · Market cap $34.8B
HAL price targets
Three scenarios for where HAL stock could go
Current
~$42
Confidence
43 / 100
Updated
May 1, 2026
Where we are now
Current · $42
Base
$70
Bull
$135
Market caseClosest to today
Base case
$70+67.5%
At 30x 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
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
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
$34.8B
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
$22.2B
+0.3% YoY
FY2
$22.9B
+3.2% YoY
EPS Outlook
FY1
$2.20
+20.0% YoY
FY2
$2.51
+14.1% YoY
Trailing FCF (TTM)$1.7B
FCF Margin: 7.6%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
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
Slightly Undervalued
Fair value est. $47 — implies +11.6% from today's price.
Upside to Fair Value
11.6%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
HAL
27.8x
vs
S&P 500
25.1x
+11% premium
vs Energy Trailing P/E
HAL
27.8x
vs
Energy
17.1x
+63% premium
vs HAL 5Y Avg P/E
Today
27.8x
vs
5Y Average
15.5x
+79% premium
Forward PE
18.0x
S&P 500
19.1x
-6%
Energy
13.9x
+29%
5Y Avg
—
—
Trailing PE
27.8x
S&P 500
25.1x
+11%
Energy
17.1x
+63%
5Y Avg
15.5x
+79%
PEG Ratio
—
S&P 500
1.72x
—
Energy
0.53x
—
5Y Avg
—
—
EV/EBITDA
12.0x
S&P 500
15.2x
-21%
Energy
8.0x
+49%
5Y Avg
8.9x
+35%
Price/FCF
20.8x
S&P 500
21.1x
-1%
Energy
13.8x
+51%
5Y Avg
17.4x
+20%
Price/Sales
1.6x
S&P 500
3.1x
-50%
Energy
1.6x
-5%
5Y Avg
1.3x
+18%
Dividend Yield
1.65%
S&P 500
1.87%
-12%
Energy
2.73%
-39%
5Y Avg
1.74%
-5%
| Metric | HAL | S&P 500 | Energy | 5Y Avg HAL |
|---|---|---|---|---|
| Forward PE | 18.0x | 19.1x | 13.9x+29% | — |
| Trailing PE | 27.8x | 25.1x+11% | 17.1x+63% | 15.5x+79% |
| PEG Ratio | — | 1.72x | 0.53x | — |
| EV/EBITDA | 12.0x | 15.2x-21% | 8.0x+49% | 8.9x+35% |
| Price/FCF | 20.8x | 21.1x | 13.8x+51% | 17.4x+20% |
| Price/Sales | 1.6x | 3.1x-50% | 1.6x | 1.3x+18% |
| Dividend Yield | 1.65% | 1.87% | 2.73% | 1.74% |
HAL trades above S&P 500 benchmarks on 1 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 4.5% 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
4.5%
Dividend
1.7%
Buyback
2.9%
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 April 11, 2026
High Risk
Fluctuating Oil & Gas Prices
Halliburton’s revenue is tightly linked to the capital spending of oil and gas companies, which is directly driven by oil and natural gas prices. Historically volatile, sustained declines in these prices can sharply reduce exploration, development, and production activity, cutting demand for Halliburton’s services.
High Risk
Customer Capital Spending Reductions
The company’s earnings depend on the capital expenditures of its energy‑sector customers. Lower commodity prices or economic downturns often trigger cutbacks in these capex budgets, materially affecting Halliburton’s results and financial condition.
Medium
Regulatory & Environmental Concerns
Halliburton operates under numerous environmental, legal, and regulatory requirements worldwide. Changes or increased scrutiny can raise operational costs, delay project timelines, and erode profitability.
Medium
Geopolitical Tensions & Economic Downturns
Global demand for energy exposes Halliburton to economic recessions and geopolitical events that can disrupt supply chains and shift energy markets, impacting the company’s revenue streams.
Lower
Cybersecurity Incidents
Operational disruptions and financial losses can arise from cybersecurity breaches, as evidenced by a significant data breach that occurred in 2024.
Lower
Energy Transition & Decarbonization
Accelerated decarbonization efforts and the shift toward renewable energy could limit long‑term oilfield spending, posing a risk to Halliburton’s future business prospects.
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 April 11, 2026
Dominant North American Market Position
Halliburton holds the leading position in the North American oilfield services market, especially in hydraulic fracturing and completions. Its market capitalization of approximately $31.61 billion underscores its stability and strong sector presence.
Automation & Digital Tools Boost Margins
The company is expanding the use of automation, digital tools, and advanced services in international markets, which is expected to lift margins and generate more recurring revenue.
Strong Free Cash Flow & Capital Returns
Halliburton demonstrates robust liquidity with a current ratio of 2.04 and is projected to generate $1.8 billion in free cash flow in 2026, a 6% year‑over‑year increase. The firm also returns capital to shareholders through dividends and share buybacks.
Geopolitical Tailwinds in Middle East
Tensions in the Middle East and potential fossil‑fuel shortages make petroleum‑related stocks attractive, positioning Halliburton favorably within the energy services sector.
International Expansion & Recurring Revenue
The focus on international growth, coupled with advanced service offerings, is poised to enhance recurring revenue streams and support long‑term profitability.
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
$41.72
52W Range Position
97%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$19.22
+117.0% from the low
52-Week High
$42.46
-1.8% from the high
1 Month
+10.30%
3 Month
+23.27%
YTD
+40.9%
1 Year
+110.0%
3Y CAGR
+11.8%
5Y CAGR
+13.7%
10Y CAGR
+0.4%
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
18.0x
vs 20.9x median
-14% below peer median
Revenue Growth
+0.3%
vs +2.9% median
-90% 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 | $34.8B | 18.0x | +0.3% | 6.9% | Buy | -11.1% |
SLB SLB SLB N.V. | $84.1B | 20.9x | +2.9% | 9.4% | Buy | +1.7% |
BKR BKR Baker Hughes Company | $67.2B | 28.3x | +1.9% | 11.2% | Buy | +6.2% |
WFR WFRD Weatherford International plc | $7.8B | 19.0x | -2.7% | 9.5% | Buy | -24.5% |
RES RES RPC, Inc. | $1.7B | 37.8x | +10.8% | 2.0% | Hold | -23.1% |
NCS NCSM NCS Multistage Holdings, Inc. | $109M | 9.1x | +10.2% | 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 (2.9% buyback yield), with a modest 1.65% dividend — combining for 4.5% total shareholder yield.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
4.5%
Dividend + buyback return per year
Buyback Yield
2.9%
Dividend Yield
1.65%
Payout Ratio
45.1%
How HAL Splits Its Return
Div 1.65%
Buyback 2.9%
Dividend 1.65%Buybacks 2.9%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.69
Growth Streak
Consecutive years of dividend increases
4Y
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
24M
Approx. Share Reduction
2.9%
Shares Outstanding
Current diluted share count from the screening snapshot
835M
At 2.9%/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 | $0.17 | — | — | — |
| 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, 44 rate it Buy or Strong Buy, 17 rate it Hold, and 3 rate it Sell or Strong Sell. The consensus 12-month price target is $37, implying -11.1% from the current price of $42.
02What is the HAL stock price target for 2026?
The Wall Street consensus price target for HAL is $37 based on 64 analyst estimates. The high-end target is $47 (+12.7% from today), and the low-end target is $29 (-30.5%). The base case model target is $70.
03Is Halliburton Company (HAL) stock overvalued in 2026?
HAL trades at 18.0x 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 slightly undervalued. 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) Fluctuating Oil & Gas Prices — Halliburton’s revenue is tightly linked to the capital spending of oil and gas companies, which is directly driven by oil and natural gas prices. (2) Customer Capital Spending Reductions — The company’s earnings depend on the capital expenditures of its energy‑sector customers. (3) Regulatory & Environmental Concerns — Halliburton operates under numerous environmental, legal, and regulatory requirements worldwide. 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 $22.2B (+0.3% year-over-year) and EPS of $2.20 (+20.0% year-over-year) for the upcoming fiscal year. The following year, analysts project $22.9B in revenue.
06When does Halliburton Company (HAL) report its next earnings?
A confirmed upcoming earnings date for HAL is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
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 (1.7% yield) and share repurchases ($1.0B TTM).