Latest Ratios: P/E Ratio 22.0x · EV/EBITDA 9.9x · 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 | $27.6B | $23.7B | $24.0B | $32.6B | $35.7B | $20.4B | $16.7B | $21.4B | $23.3B | $42.5B | $46.6B |
| Enterprise Value | $33.5B | $29.7B | $30.2B | $39.2B | $42.3B | $27.6B | $24.9B | $30.5B | $31.7B | $51.1B | $54.9B |
| P/E Ratio → | 22.01 | 18.84 | 9.61 | 12.38 | 22.75 | 14.03 | — | — | 14.06 | — | — |
| P/S Ratio | 1.24 | 1.07 | 1.05 | 1.42 | 1.76 | 1.33 | 1.15 | 0.96 | 0.97 | 2.06 | 2.93 |
| P/B Ratio | 2.64 | 2.26 | 2.28 | 3.46 | 4.48 | 3.03 | 3.34 | 2.67 | 2.44 | 5.09 | 4.94 |
| P/FCF | 16.49 | 14.20 | 9.91 | 15.68 | 29.03 | 18.35 | 14.44 | 23.40 | 20.61 | 38.83 | — |
| P/OCF | 9.42 | 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 | 9.87 | 8.74 | 6.15 | 7.71 | 11.61 | 10.20 | — | 25.92 | 7.77 | 17.45 | — |
| EV / EBIT | 14.82 | 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 | 2.1% | 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 | 4.5% | 5.3% | 10.4% | 8.1% | 4.4% | 7.1% | — | — | 7.1% | — | — |
| FCF Yield | 6.1% | 7.0% | 10.1% | 6.4% | 3.4% | 5.5% | 6.9% | 4.3% | 4.9% | 2.6% | — |
| Buyback Yield | 3.7% | 4.2% | 4.2% | 2.5% | 0.7% | 0.0% | 0.6% | 0.5% | 1.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.7% | 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 |
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 22.0x. The historical average is 17.9x. This places it at the 71th percentile of its historical range.
Halliburton Company's current EV/EBITDA is 9.9x. 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 22.0x. 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 2.09% 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.
Key Metrics
Top Statement Risk
Margin compression from pricing pressure
Metrics are mathematically derived from official filings.
Margin Erosion Signals Pricing Weakness
Gross margin fell 520 basis points to 14.1% by Q2 2026 from 19.3% in Q2 2024, per reported financials, while operating margin compressed to 13.6%, indicating persistent pricing pressure.
The sequential recovery from the Q3 2025 trough (operating margin 6.4%) to 13.6% in Q2 2026 appears fragile, as gross margin remains near multi-year lows. Net margin at 9.3% in Q2 2026 is still below the 12.2% peak in Q2 2024, suggesting that cost discipline has not fully offset revenue mix and pricing headwinds. Investors should monitor whether the recent stabilization in margins is sustainable or merely a function of one-off items.
Return on Capital Stuck in Low Single Digits
ROIC has hovered between 1.6% and 4.7% over the past ten quarters, with Q2 2026 at 3.4%, as per financial statements, indicating a capital-intensive model that is not compounding efficiently.
ROE and ROA similarly remain subdued, with Q2 2026 ROE at 4.9% and ROA at 2.1%, well below peer levels (SLB ROE 11.3%, BKR 16.1%). The low returns appear driven by margin compression rather than asset turnover, which has been stable at 0.22. This suggests that Halliburton's asset base is not generating sufficient incremental returns, and the recent deleveraging has not yet translated into improved shareholder returns.
Working Capital Cycle Lengthens Slightly
Cash conversion cycle extended to 78 days in Q2 2026 from 80 days a year earlier, per reported data, as DSO rose to 84 days while DPO remained at 62 days, indicating modest working capital drag.
The slight lengthening of the CCC is driven by slower collections (DSO up from 78 to 84 days since Q1 2024) and stable inventory days, while payables have not expanded to offset. This suggests that Halliburton is extending credit to customers in a competitive environment, which may be a strategic move to win orders but could pressure cash flow if receivables quality deteriorates. Asset turnover remains flat at 0.22, indicating no improvement in overall asset efficiency.
Deleveraging Improves Coverage but Debt Remains High
Debt-to-equity improved to 0.74 in Q2 2026 from 0.91 in Q1 2024, while D/EBITDA fell to 7.63 from 8.30, as per balance sheet data, yet interest coverage remains thin at 9.0x.
The reduction in leverage is a positive sign, but D/EBITDA of 7.63 is still elevated compared to peers (SLB 12.05, BKR 14.13, though those are EV/EBITDA). Interest coverage of 9.0x in Q2 2026 is comfortable but has been volatile, dipping to 6.26 in Q1 2025. The company's ability to service debt appears adequate, but the high absolute debt level ($8.2B) relative to equity ($11.0B) warrants monitoring, especially if margins continue to compress.
Liquidity Buffer Remains Comfortable
Current ratio stands at 2.02 and quick ratio at 1.50 as of Q2 2026, per reported figures, providing a solid cushion against short-term obligations despite operational volatility.
The liquidity position appears stable, with cash around $2.0B and current assets covering current liabilities twice over. However, the quick ratio of 1.50 indicates that inventory is not a major liquidity concern. Under a severe downcycle scenario, the current ratio could compress if receivables become uncollectible, but the current buffer seems adequate to absorb near-term shocks. Investors should note that the company's FCF margin has been volatile, so liquidity could tighten if cash conversion deteriorates.
EV/EBITDA Misleads in Cyclical Downturn
EV/EBITDA of 10.02 appears reasonable, but with EBITDA near cycle lows, this multiple may overstate value; a normalized EV/EBITDA or EV/EBIT is more appropriate, per financial data.
The most commonly misapplied ratio for Halliburton is EV/EBITDA, because EBITDA is currently depressed due to margin compression. Using a forward EV/EBITDA of 7.24 assumes a recovery that may not materialize if pricing pressure persists. A better approach is to use EV/EBIT or EV/EBITDA on normalized mid-cycle earnings, which would better reflect the company's earning power. Additionally, given the capital-intensive nature, EV/IC or ROIC should be considered to assess value creation.