Halliburton Company

HAL

Oil & Gas Equipment & Services · Energy

Price

$35.22

+0.18 (+0.51%)

Market Cap

$29.42B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−5.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 892.0M (2021) → 840.0M (2025)

Halliburton helps oil and gas companies find and extract oil and natural gas from the ground. It provides services like drilling wells, cementing them in place, and using pressure pumping to crack open rock so fuel can flow out — a process called hydraulic fracturing, or "fracking." It is one of the two largest oilfield services companies in the world, alongside Schlumberger (SLB).

Halliburton makes money by charging energy companies for its equipment, labor, and technical services on a project basis. It operates in over 70 countries, with especially strong business in North America, the Middle East, and Latin America, and generated roughly $23 billion in revenue in 2024. Its main competitive advantage is its scale and deep expertise in completion services, but its biggest risk is that demand for its services falls sharply when oil prices drop and energy companies cut their drilling budgets.

Winston Score History

Politician Trades

7 trades / 12mo

4 Congressional buys and 3 sells on HAL in the last 12 months.

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Score breakdown

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Quality

Gross Margin

14.6%

Thin — 14.6% gross margin

Operating Margin

12.6%

Healthy — 12.6% operating margin

ROCE

3.8%

Weak — 3.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-1.7%

Shrinking sales (-1.7% YoY)

EPS YoY

-23.8%

Earnings shrinking (-23.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

183%

Turns 183% of profit into real cash

FCF Margin

7.6%

Modest free cash flow (7.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.66

Moderate — manageable debt (0.66)

Interest Cover

7.76x

Adequate interest coverage (7.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

19.3x

Fair value — P/E 19.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+9.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.3 → 9.8)

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Dividends

Dividend Yield

2.06%

Moderate income — 2.06% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+0.0%

Dividend flat

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