Detailed financial statements for Halliburton Company (HAL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Halliburton Company (HAL) is a global supplier of products and services tailored for the energy sector. Its operations are structured into two primary divisions: Completion and Production, and Drilling and Evaluation. The Completion and Production segment focuses on enhancing well output through techniques like stimulation and sand control.
Analysis Summary
Halliburton Company reported revenue of $22.18B in the most recent fiscal year, growing at a 5-year CAGR of 9.0%.
Trailing-twelve-month margins: gross margin 15.0%, operating margin 12.6%, net margin 8.9%. Free cash flow grew at 7.7% CAGR over 5 years.
At $36.17 (closing price, October 30, 2026), HAL trades at a P/E of 15.13 and an ROE of 18.46%. Market capitalisation stands at $29.9B, placing it among large-cap names.
Balance sheet quality for HAL: current ratio of 2.0, net debt of $5.93B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Long-term track record: over the past decade, HAL has compounded revenue at -0.6% annually. This decade-long view smooths out cyclical fluctuations and reveals the underlying business momentum more reliably than single-year snapshots.
Cash flow quality is strong: free cash flow of $1.67B represents 130% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.05B | $12.57B | $16.27B | $19.88B | $10.10B | $12.96B | $15.26B | $18.28B | $14.68B | $17.97B | $24.83B | $28.50B | $29.40B | $32.87B | $23.63B | $15.89B | $20.62B | $24.00B | $22.41B | $14.45B | $15.29B | $20.30B | $23.02B | $22.94B | $22.18B |
| Cost of Revenue | $11.57B | $12.38B | $15.27B | $18.75B | $7.74B | $9.43B | $11.53B | $14.05B | $12.48B | $14.73B | $19.81B | $23.77B | $24.93B | $27.33B | $21.11B | $15.02B | $18.34B | $21.01B | $20.12B | $13.40B | $13.28B | $17.05B | $18.66B | $18.64B | $18.70B |
| Gross Profit | $1.47B | $193.0M | $1.00B | $1.13B | $2.36B | $3.53B | $3.74B | $4.23B | $2.20B | $3.24B | $5.02B | $4.73B | $4.47B | $5.54B | $2.52B | $870.0M | $2.28B | $2.99B | $2.29B | $1.04B | $2.02B | $3.24B | $4.36B | $4.30B | $3.48B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $460.0M | $588.0M | $601.0M | $487.0M | $329.0M | $360.0M | $390.0M | $404.0M | $309.0M | $321.0M | $345.0M | $408.0M | $426.0M | $411.0M |
| Selling, General & Admin | $387.0M | $335.0M | $330.0M | $361.0M | $294.0M | $342.0M | $293.0M | $282.0M | $207.0M | $229.0M | $281.0M | $275.0M | $333.0M | $293.0M | $200.0M | $226.0M | $256.0M | $254.0M | $227.0M | $182.0M | $204.0M | $240.0M | $226.0M | $239.0M | $239.0M |
| Operating Expenses | $387.0M | $305.0M | $283.0M | $312.0M | $193.0M | $284.0M | $241.0M | $220.0M | $202.0M | $229.0M | $281.0M | $614.0M | $1.38B | $439.0M | $2.69B | $7.64B | $903.0M | $519.0M | $2.73B | $3.48B | $216.0M | $536.0M | $277.0M | $479.0M | $1.22B |
| Operating Income | $1.08B | -$112.0M | $720.0M | $820.0M | $2.16B | $3.25B | $3.50B | $4.01B | $1.99B | $3.01B | $4.74B | $4.46B | $4.14B | $5.10B | -$165.0M | -$6.77B | $1.37B | $2.47B | -$448.0M | -$2.44B | $1.80B | $2.71B | $4.08B | $3.82B | $2.26B |
| EBITDA | $1.61B | $393.0M | $1.24B | $1.27B | $2.61B | $3.73B | $4.20B | $4.75B | $2.90B | $4.08B | $6.08B | $6.09B | $6.04B | $7.37B | $4.16B | $2.15B | $3.58B | $4.34B | $3.11B | $1.64B | $2.65B | $3.94B | $4.94B | $5.00B | $4.12B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | $154.0M | $160.0M | $297.0M | $308.0M | $263.0M | $305.0M | $339.0M | $396.0M | $447.0M | $698.0M | $705.0M | $598.0M | $592.0M | $543.0M | $529.0M | $492.0M | $578.0M | $353.0M | $352.0M |
| Pre-tax Income | $954.0M | -$228.0M | $612.0M | $634.0M | $2.00B | $3.20B | $3.46B | $3.85B | $1.68B | $2.65B | $4.45B | $3.82B | $2.76B | $4.71B | -$936.0M | -$7.62B | $682.0M | $1.81B | -$1.12B | -$3.22B | $1.25B | $2.11B | $3.36B | $3.23B | $1.77B |
| Income Tax | $384.0M | $80.0M | $234.0M | $235.0M | -$125.0M | $1.00B | $907.0M | $1.21B | $518.0M | $853.0M | $1.44B | $1.24B | $648.0M | $1.27B | -$274.0M | -$1.86B | $1.13B | $157.0M | $7.0M | -$278.0M | -$216.0M | $515.0M | $701.0M | $718.0M | $479.0M |
| Net Income | $809.0M | -$998.0M | -$820.0M | -$979.0M | $2.36B | $2.35B | $3.50B | $2.22B | $1.15B | $1.83B | $2.84B | $2.63B | $2.12B | $3.50B | -$671.0M | -$5.76B | -$463.0M | $1.66B | -$1.13B | -$2.94B | $1.46B | $1.57B | $2.64B | $2.50B | $1.28B |
| EPS | $0.95 | $-1.16 | $-0.94 | $-1.12 | $2.33 | $2.32 | $3.83 | $1.75 | $1.27 | $2.02 | $3.09 | $2.85 | $2.37 | $4.13 | $-0.79 | $-6.69 | $-0.53 | $1.89 | $-1.29 | $-3.34 | $1.63 | $1.74 | $2.93 | $2.83 | $1.51 |
| EPS (Diluted) | $0.94 | $-1.16 | $-0.94 | $-1.11 | $2.27 | $2.23 | $3.68 | $1.70 | $1.27 | $2.01 | $3.08 | $2.84 | $2.36 | $4.11 | $-0.79 | $-6.69 | $-0.53 | $1.89 | $-1.29 | $-3.34 | $1.63 | $1.73 | $2.92 | $2.83 | $1.50 |
| Shares Outstanding (Diluted) | 860.0 M | 864.0 M | 874.0 M | 882.0 M | 1,038.0 M | 1,054.0 M | 950.0 M | 904.0 M | 902.0 M | 911.0 M | 922.0 M | 928.0 M | 902.0 M | 852.0 M | 853.0 M | 861.0 M | 870.0 M | 877.0 M | 875.0 M | 881.0 M | 892.0 M | 908.0 M | 902.0 M | 883.0 M | 840.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $5.66B | $5.40B | $5.71B | $5.70B |
| Gross Profit | $930.0M | $790.0M | $804.0M | $848.0M |
| Operating Income | $746.0M | $679.0M | $778.0M | $624.0M |
| EBITDA | $1.13B | $968.0M | $1.04B | $893.0M |
| Net Income | $589.0M | $461.0M | $534.0M | $417.0M |
| EPS | $0.70 | $0.55 | $0.64 | $0.50 |
| EPS (Diluted) | $0.70 | $0.55 | $0.64 | $0.50 |
Balance Sheet (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $290.0M | $1.11B | $1.81B | $2.81B | $2.39B | $4.38B | $1.85B | $1.12B | $2.08B | $1.40B | $2.70B | $2.48B | $2.36B | $2.29B | $10.08B | $4.01B | $2.34B | $2.01B | $2.27B | $2.56B | $3.04B | $2.35B | $2.26B | $2.62B | $2.21B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $388.0M | 0 | $1.31B | $653.0M | $150.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $4.09B | $3.26B | $3.00B | $5.75B | $4.80B | $3.45B | $3.09B | $3.79B | $2.96B | $3.92B | $5.08B | $5.79B | $6.18B | $7.56B | $5.32B | $3.92B | $5.04B | $5.23B | $4.58B | $3.07B | $3.67B | $4.63B | $4.86B | $5.12B | $4.94B |
| Inventory | $787.0M | $734.0M | $695.0M | $723.0M | $953.0M | $1.26B | $1.46B | $1.83B | $1.60B | $1.94B | $2.57B | $3.19B | $3.31B | $3.57B | $2.42B | $2.27B | $2.40B | $3.03B | $3.14B | $2.35B | $2.36B | $2.92B | $3.23B | $3.04B | $2.98B |
| Total Current Assets | $5.57B | $5.56B | $7.92B | $9.96B | $9.33B | $11.18B | $7.57B | $7.41B | $8.64B | $8.89B | $11.58B | $13.09B | $13.70B | $15.07B | $21.61B | $11.68B | $10.78B | $11.15B | $11.21B | $9.47B | $9.94B | $10.95B | $11.54B | $12.38B | $11.40B |
| Property, Plant & Equipment | $2.67B | $2.63B | $2.53B | $2.55B | $2.65B | $3.05B | $3.63B | $4.78B | $5.76B | $6.84B | $8.49B | $10.26B | $11.30B | $12.47B | $10.91B | $8.53B | $8.52B | $8.87B | $8.24B | $5.11B | $5.26B | $5.26B | $5.99B | $6.13B | $5.26B |
| Goodwill | 0 | 0 | 0 | $795.0M | $765.0M | $775.0M | $790.0M | $1.07B | $1.10B | $1.31B | $1.78B | $2.13B | $2.17B | $2.33B | $2.11B | $2.41B | $2.69B | $2.83B | $2.81B | $2.80B | $2.84B | $2.83B | $2.85B | $2.84B | $2.94B |
| Intangible Assets | $720.0M | $723.0M | $670.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $10.97B | $12.84B | $15.46B | $15.80B | $15.01B | $16.82B | $13.13B | $14.38B | $16.54B | $18.30B | $23.68B | $27.41B | $29.22B | $32.24B | $36.94B | $27.00B | $25.09B | $25.98B | $25.38B | $20.68B | $22.32B | $23.25B | $24.68B | $25.59B | $25.01B |
| Accounts Payable | $917.0M | $1.08B | $1.78B | $2.27B | $1.97B | $655.0M | $768.0M | $898.0M | $787.0M | $1.14B | $1.83B | $2.04B | $2.37B | $2.81B | $2.02B | $1.76B | $2.55B | $3.02B | $2.43B | $1.57B | $2.35B | $3.12B | $3.15B | $3.19B | $3.13B |
| Short-term Debt | $125.0M | $344.0M | $22.0M | $362.0M | $361.0M | $26.0M | $159.0M | $26.0M | $750.0M | 0 | 0 | 0 | 0 | $14.0M | $659.0M | $170.0M | $512.0M | $36.0M | $11.0M | $695.0M | $7.0M | 0 | 0 | $381.0M | 0 |
| Total Current Liabilities | $2.91B | $3.27B | $6.56B | $7.13B | $4.43B | $4.73B | $2.41B | $2.78B | $2.89B | $2.76B | $4.12B | $4.75B | $5.03B | $5.87B | $5.34B | $4.02B | $4.86B | $4.80B | $4.88B | $4.42B | $4.31B | $5.34B | $5.61B | $6.05B | $5.59B |
| Long-term Debt | $1.40B | $1.18B | $3.42B | $3.59B | $2.81B | $2.78B | $2.63B | $2.59B | $3.82B | $3.82B | $4.82B | $4.82B | $7.82B | $7.76B | $14.69B | $12.21B | $10.43B | $10.31B | $10.32B | $9.13B | $9.13B | $7.93B | $7.64B | $7.16B | $7.16B |
| Total Liabilities | $6.17B | $9.21B | $12.82B | $11.76B | $8.49B | $9.00B | $6.17B | $6.64B | $7.78B | $7.91B | $10.46B | $11.62B | $15.61B | $15.94B | $21.45B | $17.58B | $16.74B | $16.44B | $17.35B | $15.70B | $15.59B | $15.28B | $15.25B | $15.04B | $14.51B |
| Retained Earnings | $4.33B | $3.11B | $2.07B | $871.0M | $2.98B | $5.05B | $8.20B | $9.41B | $10.86B | $12.37B | $14.88B | $17.18B | $18.84B | $21.81B | $20.52B | $14.14B | $12.67B | $13.74B | $11.99B | $8.69B | $9.71B | $10.57B | $12.54B | $14.33B | $15.04B |
| Total Equity | $4.75B | $3.56B | $2.55B | $3.93B | $6.37B | $7.38B | $6.87B | $7.72B | $8.73B | $10.37B | $13.20B | $15.77B | $13.58B | $16.27B | $15.46B | $9.38B | $8.32B | $9.52B | $8.01B | $4.97B | $6.71B | $7.95B | $9.39B | $10.51B | $10.46B |
| Total Debt | $1.53B | $1.52B | $3.44B | $3.96B | $3.17B | $2.81B | $2.79B | $2.61B | $4.57B | $3.82B | $4.82B | $4.82B | $7.82B | $7.78B | $15.35B | $12.38B | $10.94B | $10.35B | $11.36B | $10.84B | $10.22B | $8.94B | $8.81B | $8.77B | $8.13B |
| Net Debt | $1.24B | $418.0M | $1.62B | $1.15B | $783.0M | -$1.57B | $551.0M | $1.49B | $1.18B | $1.77B | $1.97B | $2.34B | $5.46B | $5.49B | $5.27B | $8.38B | $8.61B | $8.34B | $9.09B | $8.27B | $7.17B | $6.60B | $6.54B | $6.15B | $5.93B |
| Working Capital | $2.67B | $2.29B | $1.35B | $2.83B | $4.90B | $6.45B | $5.16B | $4.63B | $5.75B | $6.13B | $7.46B | $8.33B | $8.68B | $9.20B | $16.27B | $7.65B | $5.92B | $6.35B | $6.33B | $5.05B | $5.64B | $5.61B | $5.93B | $6.33B | $5.81B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $2.21B | $2.00B | $2.05B | $1.84B |
| Total Assets | $25.01B | $25.14B | $25.83B | $26.07B |
| Total Liabilities | $14.51B | $14.32B | $14.78B | $14.91B |
| Total Equity | $10.46B | $10.78B | $11.01B | $11.12B |
| Total Debt | $8.13B | $8.08B | $8.20B | $8.20B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$5.77B | -$468.0M | $1.66B | -$1.13B | -$2.94B | $1.47B | $1.59B | $2.66B | $2.52B | $1.29B |
| Depreciation & Amortization | $1.50B | $1.56B | $1.61B | $1.62B | $1.06B | $904.0M | $940.0M | $998.0M | $1.08B | $1.14B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $1.23B | -$626.0M | -$384.0M | -$161.0M | $800.0M | $285.0M | -$941.0M | -$511.0M | -$103.0M | -$276.0M |
| Operating Cash Flow | -$1.70B | $2.47B | $3.16B | $2.44B | $1.88B | $1.91B | $2.24B | $3.46B | $3.87B | $2.93B |
| Capital Expenditure | -$798.0M | -$1.37B | -$2.03B | -$1.53B | -$728.0M | -$799.0M | -$1.01B | -$1.38B | -$1.44B | -$1.25B |
| Acquisitions | -$31.0M | -$628.0M | -$187.0M | 0 | 0 | $87.0M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$400.0M | -$100.0M | -$100.0M | 0 | -$250.0M | -$800.0M | -$1.00B | -$1.01B |
| Dividends Paid | -$620.0M | -$626.0M | -$630.0M | -$630.0M | -$278.0M | -$161.0M | -$435.0M | -$576.0M | -$600.0M | -$579.0M |
| Free Cash Flow | -$2.50B | $1.09B | $1.13B | $915.0M | $1.15B | $1.11B | $1.23B | $2.08B | $2.42B | $1.67B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.17B | $273.0M | $824.0M | $368.0M |
| Capital Expenditure | -$337.0M | -$192.0M | -$235.0M | -$266.0M |
| Free Cash Flow | $828.0M | $81.0M | $589.0M | $102.0M |
| Dividends Paid | -$143.0M | -$142.0M | -$143.0M | -$141.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -3.6% | +29.4% | +22.2% | -49.2% | +28.3% | +17.8% | +19.8% | -19.7% | +22.5% | +38.1% | +14.8% | +3.2% | +11.8% | -28.1% | -32.8% | +29.8% | +16.4% | -6.6% | -35.5% | +5.9% | +32.7% | +13.4% | -0.3% | -3.3% | |
| Net Income Growth (YoY) | -223.4% | +17.8% | -19.4% | +340.9% | -0.4% | +49.0% | -36.4% | -48.5% | +60.3% | +54.7% | -7.2% | -19.4% | +64.7% | -119.2% | -758.9% | +92.0% | +457.7% | -168.3% | -160.4% | +149.5% | +7.9% | +67.8% | -5.2% | -48.7% | |
| EPS Growth (YoY) | -222.1% | +19.0% | -19.1% | +308.0% | -0.4% | +65.1% | -54.3% | -27.4% | +59.1% | +53.0% | -7.8% | -16.8% | +74.3% | -119.1% | -746.8% | +92.1% | +456.6% | -168.3% | -158.9% | +148.8% | +6.7% | +68.4% | -3.4% | -46.6% | |
| Shares Change (YoY) | +0.5% | +1.2% | +0.9% | +17.7% | +1.5% | -9.9% | -4.8% | -0.2% | +1.0% | +1.2% | +0.7% | -2.8% | -5.5% | +0.1% | +0.9% | +1.0% | +0.8% | -0.2% | +0.7% | +1.2% | +1.8% | -0.7% | -2.1% | -4.9% | |
| FCF Growth (YoY) | +143.8% | +3.3% | -19.1% | +26.0% | -3.6% | +10.7% | +68.9% | +16.5% | -31.0% | ||||||||||||||||
| Gross Margin | 11.3% | 1.5% | 6.2% | 5.7% | 23.3% | 27.2% | 24.5% | 23.1% | 15.0% | 18.0% | 20.2% | 16.6% | 15.2% | 16.8% | 10.7% | 5.5% | 11.0% | 12.4% | 10.2% | 7.2% | 13.2% | 16.0% | 18.9% | 18.7% | 15.7% |
| Operating Margin | 8.3% | -0.9% | 4.4% | 4.1% | 21.4% | 25.0% | 22.9% | 21.9% | 13.6% | 16.7% | 19.1% | 15.6% | 14.1% | 15.5% | -0.7% | -42.6% | 6.7% | 10.3% | -2.0% | -16.9% | 11.8% | 13.3% | 17.7% | 16.7% | 10.2% |
| EBITDA Margin | 12.4% | 3.1% | 7.6% | 6.4% | 25.9% | 28.8% | 27.5% | 26.0% | 19.8% | 22.7% | 24.5% | 21.4% | 20.5% | 22.4% | 17.6% | 13.5% | 17.3% | 18.1% | 13.9% | 11.3% | 17.3% | 19.4% | 21.5% | 21.8% | 18.6% |
| Net Margin | 6.2% | -7.9% | -5.0% | -4.9% | 23.3% | 18.1% | 22.9% | 12.2% | 7.8% | 10.2% | 11.4% | 9.2% | 7.2% | 10.6% | -2.8% | -36.3% | -2.2% | 6.9% | -5.0% | -20.4% | 9.5% | 7.7% | 11.5% | 10.9% | 5.8% |
| FCF Margin | -15.7% | 5.3% | 4.7% | 4.1% | 8.0% | 7.3% | 6.1% | 9.0% | 10.6% | 7.5% | |||||||||||||||
| Effective Tax Rate | 40.3% | -35.1% | 38.2% | 37.1% | -6.3% | 31.4% | 26.2% | 31.5% | 30.8% | 32.1% | 32.3% | 32.3% | 23.4% | 27.1% | 29.3% | 24.4% | 165.8% | 8.7% | -0.6% | 8.6% | -17.3% | 24.4% | 20.8% | 22.2% | 27.0% |
Per-Share Data (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.90 | $1.26 | $1.29 | $1.05 | $1.31 | $1.25 | $1.36 | $2.30 | $2.74 | $1.99 | |||||||||||||||
| Dividends Per Share | $0.72 | $0.72 | $0.72 | $0.72 | $0.32 | $0.18 | $0.48 | $0.64 | $0.68 | $0.69 | |||||||||||||||
| Shares Outstanding (Basic) | 856.0 M | 864.0 M | 868.0 M | 874.0 M | 1,010.0 M | 1,014.0 M | 913.0 M | 877.0 M | 900.0 M | 908.0 M | 918.0 M | 926.0 M | 898.0 M | 848.0 M | 853.0 M | 861.0 M | 870.0 M | 875.0 M | 875.0 M | 881.0 M | 892.0 M | 904.0 M | 899.0 M | 882.0 M | 839.0 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 18.46% |
| Return on Invested Capital | 11.68% |
| Return on Assets | 7.67% |
| Gross Margin | 15.00% |
| Operating Margin | 12.58% |
| Net Margin | 8.90% |
Financial Health
| Debt / Equity | 0.74 |
| Current Ratio | 2.02 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 3.29 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -8.09 | -92.21 | 14.06 | -18.97 | -5.66 | 14.03 | 22.61 | 12.34 | 9.61 | 18.72 |
| P/B | 4.96 | 5.11 | 2.44 | 2.67 | 3.35 | 3.04 | 4.48 | 3.46 | 2.28 | 2.27 |
| P/S | 2.93 | 2.06 | 0.97 | 0.96 | 1.15 | 1.33 | 1.75 | 1.41 | 1.05 | 1.07 |
| Gross Margin | 5.5% | 11.0% | 12.4% | 10.2% | 7.2% | 13.2% | 16.0% | 18.9% | 18.7% | 15.7% |
| Operating Margin | -42.6% | 6.7% | 10.3% | -2.0% | -16.9% | 11.8% | 13.3% | 17.7% | 16.7% | 10.2% |
| Net Margin | -36.3% | -2.2% | 6.9% | -5.0% | -20.4% | 9.5% | 7.7% | 11.5% | 10.9% | 5.8% |
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