Halliburton Company (HAL) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Halliburton Company stock $21.72, price $31.92, that is 32.0% below the price, quality 57 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $16.43 – $42.60 · fair‑value band $15.36 – $27.15 · the $31.92 price screens above the $21.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Halliburton Company provides products and services to the energy industry worldwide. It operates in two segments, Completion and Production, and Drilling and Evaluation.
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The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; and completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, multilateral systems, and service tools.
This segment also provides electrical submersible pumps, as well as artificial lift services; production solutions comprising coiled tubing, hydraulic workover units, downhole tools, and pumping and nitrogen services; pipeline and process services, such as pre-commissioning, commissioning, maintenance, and decommissioning; and specialty chemicals and services.
The Drilling and Evaluation segment offers drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; drilling systems and services; wireline and perforating services consisting of open-hole logging, and cased-hole and slickline; and drill bits and services comprising roller cone bits, fixed cutter bits, hole enlargement, and related downhole tools and services, as well as coring equipment and services.
This segment also provides cloud based digital services and artificial intelligence solutions on an open architecture for subsurface insights, integrated well construction, and reservoir and production management; testing and subsea services, such as acquisition and analysis of reservoir information and optimization solutions; and project management and integrated asset management services.
Halliburton Company was founded in 1919 and is based in Houston, Texas.
Stock analysis
Halliburton Company (HAL) currently trades at $31.92, while our model-based Fair Value estimate is $21.72, 32% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $29.47 per share, and 2 of the 26 models we run sit above the $31.92 price.
Bear case: the Asset-Based group reads lowest at $6.09, and 24 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $15.36 (bear) to $27.15 (bull), the price of $31.92 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Halliburton Company reported revenue of $22.2B in FY2025 versus $15.3B in FY2021, a compound +9.7%/yr. Reported net income was $1.3B in FY2025, compounding −3.1%/yr from FY2021.
Key figures
Market cap $26.3B Large · P/E ratio 13.4 · P/S ratio 1.17 · EPS (TTM) $2.38 · Dividend yield 2.1% · Net margin 8.9% · Return on equity 18.8% · Return on assets (EBIT) 12.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −24% fair-value upside, at −32%, HAL screens richer than that median.
Fair Value models
Bear$15.36Fair Value $21.72Bull$27.15
Price $31.92 · Downside -32.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.44 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $16.8M and none bought.
SaleEric CarreEVP & Chief Financial Officer2× since Jun 18, 2026: 49,555 shares, avg. $36.69$1.8MAug 31, 202610b5-1 plan
SaleJeffrey Shannon SlocumDirector, EVP and COO, Director4× since Jan 9, 2026: 98,029 shares, avg. $34.34$3.4MAug 19, 202610b5-1 plan
SaleJeffrey Allen MillerDirector, President & CEO, Director3× since Jan 23, 2026: 454,138 shares, avg. $36.73$16.7MAug 18, 202610b5-1 plan
SaleVan H. BeckwithEVP, Secretary and CLO5× since Dec 5, 2025: 298,967 shares, avg. $38.72$11.6MMay 15, 202610b5-1 plan
SaleMichael Casey MaxwellPresident - Western Hemisphere20,348 shares at $41.89$852,445May 5, 202610b5-1 plan
SaleTimothy McKeonSenior VP and Treasurer2× since Mar 6, 2026: 12,501 shares, avg. $39.65$495,697Apr 30, 202610b5-1 plan
SaleTobi M. YoungDirector6,125 shares at $41.72$255,540Apr 30, 2026
SaleMargaret Katherine BanksDirector2,600 shares at $34.18$88,868Jan 26, 2026
SaleLawrence J PopeEVP and Chief Admin Officer100,000 shares at $32.25$3.2MJan 5, 202610b5-1 plan
SaleMark RichardPresident - Western Hemisphere160,000 shares at $27.77$4.4MNov 12, 202510b5-1 plan
Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.0%
Start year 2020 (pandemic). Over 10 years: −0.6% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+0.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.3%
Dividend (yield on the price)2.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1.3% vs −9.4%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−17% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 2.2%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +4.1% a year for the price and +1.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Overseas contracts and efficiency tools such as ROCS provide limited growth signals, yet low margins together with cyclical sector exposure continue to restrict durable advantage evidence.
Main risk: AI-driven automation might reduce the labor content and pricing power of Halliburton's completion crews, squeezing margins on fracturing services.
Bull case: By leveraging its AI platforms and partnerships for data center power, Halliburton could expand into new revenue streams offsetting any margin pressure in traditional services.
Bear case: If AI automation commoditises completion services, Halliburton might face sustained lower pricing and reduced demand for its crews, eroding margins in its core business.
Halliburton expects mid-single-digit revenue growth next year from Middle East infrastructure rebuilds and international contracts, even with flat North American activity and no fracking recovery assumed. Recent first deployment of its ROCS remote control system with Petrobras in Brazil highlights efforts to simplify deepwater completions. Will those efficiency gains and overseas momentum prove durable enough to shift our models' view of overvaluation?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Equipment & Services · 166 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−32.0% · Below median
Profitability
Return on equity (12 months)18.8% · Top 25%
Return on assets5.1% · Above median
Net margin (12 months)8.9% · Above median
Operating margin (12 months)12.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)1.8% · Below median
Dividend yield (12 months)2.1% · Below median
Balance sheet
Debt / equity0.68× · Highest 25%
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
P/E (12 months)13.4× · Cheaper than median
P/B2.51× · Priciest 25%
P/S (12 months)1.17× · Cheaper than median
Price / free cash flow (fiscal year)15.7× · Pricier than median
EV/EBITDA7.6× · Cheaper than median
PEG0.70× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 26
FUTURE (revenue growth)9· sector 34
PAST (return on equity)75· sector 28
HEALTH (low debt)66· sector 92
DIVIDEND (yield)43· sector 44
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Halliburton Company Fair Value". https://www.fairvalue-calculator.com/stock/HAL
Frequently asked questions
Is Halliburton Company (HAL) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $21.72 versus a price of $31.92, about 32% lower (overvalued).
What is the fair value of HAL?
Our model-based fair value for Halliburton Company is $21.72 (as of Nov 6, 2026), built from audited fundamentals. The current price: $31.92.
What is the quality score of HAL?
Halliburton Company has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Halliburton Company (HAL)?
Our model-based price target is the fair value of $21.72 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario $15.36, optimistic scenario $27.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Halliburton Company stock forecast for 2026?
Our models put fair value at $21.72, about 32% lower versus a price of $31.92 (overvalued). Cautious scenario $15.36, optimistic scenario $27.15. The calculation is refreshed regularly with new filings.
What is the revenue of Halliburton Company (HAL)?
Halliburton Company reported trailing-twelve-month revenue of about $22.5B (latest available figure, as of Nov 6, 2026).
Does Halliburton Company pay a dividend?
Halliburton Company currently shows a dividend yield of 2.13% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Halliburton Company (HAL)?
For today's price to be fair in a discounted-cash-flow model, Halliburton Company would have to grow free cash flow by +6.5 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of HAL use?
Our models discount Halliburton Company at 8.9 %: a base by market capitalisation (large), damped by beta 0.84, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Halliburton Company that is +6.5 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Halliburton Company (HAL) delivered so far?
Over the past 5 years revenue at Halliburton Company grew +9.0 % a year. The price currently implies +6.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Halliburton Company (HAL) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into Halliburton Company (+6.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Halliburton Company (HAL)?
The free-cash-flow yield on the price is 6.25 %: that much free cash flow Halliburton Company produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Halliburton Company (HAL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Halliburton Company it is $21.72 per share (as of Nov 6, 2026), against a price of $31.92. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Halliburton Company stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HAL trades above its calculated fair value: price $31.92, fair value $21.72, a gap of about −32% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HAL?
No. The price is what the market pays today ($31.92); the fair value is what the company's own numbers justify ($21.72). For Halliburton Company the two are $10.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is Halliburton Company worth?
The market values Halliburton Company at about $26.3B (market capitalisation, as of Nov 6, 2026). Per share that is $31.92; our models calculate a fair value of $21.72 per share.
What do the bullish and bearish scenarios say about HAL?
Our models span a range for Halliburton Company: cautious scenario $15.36, base $21.72, optimistic $27.15 per share (as of Nov 6, 2026, price $31.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAL?
Halliburton Company trades at a price-to-earnings ratio of 13.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $21.72 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 13.2 (reported for FY2025: 20.9). Median P/E at fiscal year-end, 6 fiscal years (2018 to 2025), reported earnings, FY2025 ex one-offs: 13.2. Other multiples: PEG 0.7, P/B 2.5, P/S 1.2, EV/EBITDA 7.6.
What is the PEG ratio of HAL?
The PEG ratio of Halliburton Company is 0.70 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Halliburton Company (HAL)?
Balance-sheet figures for Halliburton Company (as of Nov 6, 2026): return on equity 18.8%, debt of 0.68 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is HAL from its 52-week high?
Halliburton Company trades at $31.92, about 25% below its 52-week high of $42.60 and 27% above the low of $25.11 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $21.72 is for.
Which stocks are comparable to Halliburton Company?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, Tenaris S.A, TechnipFMC plc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Halliburton Company stock attractive at the current price?
The data as of Nov 6, 2026: price $31.92, calculated fair value $21.72 (−32%), Quality Score 57/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HAL calculated?
We run Halliburton Company through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $21.72, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Halliburton Company itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Halliburton Company (HAL)?
The closing price on Nov 5, 2026 was $31.92. Our model-based fair value is $21.72, about 32% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Halliburton Company right now?
The price sits above even our optimistic bull case ($27.15). The favourable scenario is already priced in. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Halliburton Company
How large is the market capitalisation of Halliburton Company (HAL)?
The market capitalisation of Halliburton Company is $26.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Halliburton Company (HAL)?
The price-to-sales ratio of Halliburton Company is 1.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Halliburton Company (HAL)?
Earnings per share at Halliburton Company are $2.38 (price ÷ EPS = P/E 13.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Halliburton Company (HAL)?
The dividend yield of Halliburton Company is 2.1% (payout 18.0%, on adjusted earnings, reported 28.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Halliburton Company (HAL)?
The net margin of Halliburton Company is 8.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Halliburton Company (HAL)?
The return on equity (ROE) of Halliburton Company is 18.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Halliburton Company (HAL)?
On an EBIT basis the return on assets of Halliburton Company is 12.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Halliburton Company (HAL)?
The operating margin of Halliburton Company is 12.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Halliburton Company (HAL)?
Revenue at Halliburton Company is growing +1.8% versus a year earlier (3y avg +3.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Halliburton Company (HAL)?
Earnings per share at Halliburton Company are growing +24.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Halliburton Company (HAL) carry?
The net debt of Halliburton Company is $5.9B (fiscal year 2025, ≈ 3.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026