Halliburton Co. (HAL) intrinsic value & 10-year financials
Halliburton Co. (HAL) has a Graham intrinsic value of $2.70 per share. At $33.50 on Oct 17, 2026, the stock trades 1141% above that value. Over the last 10 fiscal years revenue grew 3.8% a year to $22.2B, with an average return on invested capital of 5.3%.
- Graham intrinsic value
- $2.70
- Share price (Oct 17, 2026)
- $33.50
- Price vs Graham value
- 1141% above
- Market cap
- $28.6B
- Revenue (FY2025)
- $22.2B
- Revenue growth (10-yr CAGR)
- 3.8%
- ROIC (10-yr avg)
- 5.3%
- Free cash flow (FY2025)
- $1.7B
HAL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $22.2B | $1.3B | — | $1.7B | 10.2% | 10.5% |
| FY2024 | $22.9B | $2.5B | — | $2.4B | 16.7% | 19.9% |
| FY2023 | $23.0B | $2.6B | — | $2.1B | 17.7% | 22.8% |
| FY2022 | $20.3B | $1.6B | — | $1.2B | 13.3% | 15.5% |
| FY2021 | $15.3B | $1.5B | — | $1.1B | 11.8% | 14.4% |
| FY2020 | $14.4B | -$2.9B | — | $1.2B | -16.9% | -15.7% |
| FY2019 | $22.4B | -$1.1B | -$1.29 | $915.0M | -2.0% | -2.6% |
| FY2018 | $24.0B | $1.7B | $1.89 | $1.1B | 10.3% | 13.0% |
| FY2017 | $20.6B | -$463.0M | -$0.53 | $1.1B | 6.6% | 3.9% |
| FY2016 | $15.9B | -$5.8B | -$6.69 | -$2.5B | -42.7% | -28.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Halliburton has demonstrated mature, steady growth, with revenue compounding at 3.8% annually over the past decade.
Halliburton has historically struggled to out-earn its cost of capital, averaging just 5.3% ROIC.
Halliburton has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Halliburton is modeled at -3.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.70 per share.