Recent News
On July 20, 2026, Halliburton announced a contract award from Basra Oil Company to provide Integrated Field Management Services and EPCM for the Bin Umar and Sindbad fields in southern Iraq. On July 9, 2026, Halliburton reported deployment of LOGIX automation and remote operations on a deepwater exploration well with Eni offshore Indonesia.
Technical Analysis
ADX sits at 21.55, indicating an emerging trend strength rather than an established directional move; this frames near-term price action as trend-capable but not yet strong.
Directional indicators show DI+ at 26.44 with a peak-and-reversal, which registers as a bearish signal, while DI‑ at 21.10 trends downward, a bullish signal. The combination signals short-term conflict between directional pressure and requires confirmation from momentum measures.
MACD currently reads 0.15 with the MACD line above the signal line (signal = -0.29) and MACD_trend increasing; that crossover constitutes a bullish momentum signal and supports upward bias in the coming weeks.
MRO stands at 27.47 and is increasing; the positive MRO indicates price sits above the modeled target and therefore carries mean-reversion risk that could cap rallies unless underlying fundamentals absorb the premium.
RSI at 45.78 and rising indicates improving buying pressure without overbought conditions, allowing room for further upside before typical overbought thresholds appear.
Price dynamics favor the short-term bulls: the close at $35.34 sits above the 12-day EMA ($34.26), 20-day average ($33.72), 50-day average ($34.18) and 200-day average ($34.18), with the 12-day EMA rising—this alignment supports continued short-term appreciation so long as the price holds above the short-term averages. The Ichimoku Tenkan and Kijun (33.76 and 33.53) remain below price, while the Senkou cloud leading span A at 35.71 lies just above the close, placing the stock near the cloud boundary and implying the market requires confirmation to clear higher resistance. SuperTrend lower support registers near $33.49, providing an observable technical floor for short-term consolidation.
Fundamental Analysis
Revenue reached $5,714,000,000 for the period ending 2026-06-30, with operating income of $683,000,000 and EBIT of $768,000,000; WMDST values the stock as under-valued based on these and other metrics. The company reported adjusted EPS of $0.55 versus an estimate of $0.54, a $0.01 beat representing a 1.85% surprise.
Margins present a mixed but improving picture: EBIT margin stands at 13.44% (EBIT $768M), rising 7.89 percentage points quarter-over-quarter and 2.72 percentage points year-over-year; that places the company below the industry peer mean of 27.66% and the industry peer median of 19.75%, but it shows internal improvement on both quarterly and annual comparatives. Operating margin measures 11.95% but declined by 4.90 percentage points QoQ and by 9.41 percentage points YoY, indicating variability between EBIT and operating income drivers this quarter.
Cash generation remains healthy: operating cash flow totaled $824,000,000 and free cash flow reached $589,000,000, producing a free cash flow yield of 1.92%, which exceeds the industry peer mean free cash flow yield of 1.02%. Free cash flow growth shows positive YoY movement, though quarterly comparisons show some volatility. Net debt of $5,113,000,000 yields a debt-to-EBITDA of 7.71 and a debt-to-equity ratio of 0.7447; interest coverage remains comfortable at 7.38x.
Balance-sheet liquidity reads well: total current assets of $11,882,000,000 against total current liabilities of $5,887,000,000 deliver a current ratio of 2.02 and a quick ratio of 1.50. The cash conversion cycle sits at 78.17 days, modestly better than the industry peer mean of 63.32 days but within the reported industry peer range, showing working-capital dynamics that remain serviceable given scale of operations.
Valuation multiples show a mixed signal set: trailing P/E near 66.67 and forward P/E at about 51.71, with a price-to-book of 2.78 and an enterprise multiple of 34.57. The consensus price target mean sits at $40.17 with a high at $56.38 and low at $23.25; WMDST’s assessment labels the current valuation as under-valued, acknowledging the multiple compression relative to historical highs and the company’s cash generation profile. Recent contract awards and automation deployments reported in July provide operational catalysts that tie directly to revenue visibility and backlog.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-21 |
| NEXT REPORT DATE: | 2026-10-20 |
| CASH FLOW | Begin Period Cash Flow | $ 2.0 B |
| Operating Cash Flow | $ 824.0 M | |
| Capital Expenditures | $ -235.00 M | |
| Change In Working Capital | $ 65.0 M | |
| Dividends Paid | $ -143.00 M | |
| Cash Flow Delta | $ 45.0 M | |
| End Period Cash Flow | $ 2.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 5.7 B | |
| Forward Revenue | $ 1.6 B | |
| COSTS | ||
| Cost Of Revenue | $ 4.9 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 5.0 B | |
| PROFITABILITY | ||
| Gross Profit | $ 804.0 M | |
| EBITDA | $ 1.1 B | |
| EBIT | $ 768.0 M | |
| Operating Income | $ 683.0 M | |
| Interest Income | $ 21.0 M | |
| Interest Expense | $ 104.0 M | |
| Net Interest Income | $ -83.00 M | |
| Income Before Tax | $ 664.0 M | |
| Tax Provision | $ 126.0 M | |
| Tax Rate | 19.0 % | |
| Net Income | $ 534.0 M | |
| Net Income From Continuing Operations | $ 538.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.54 | |
| EPS Actual | $ 0.55 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 1.852 % | |
| Forward EPS | $ 0.73 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 25.8 B | |
| Intangible Assets | $ 3.0 B | |
| Net Tangible Assets | $ 8.0 B | |
| Total Current Assets | $ 11.9 B | |
| Cash and Short-Term Investments | $ 2.0 B | |
| Cash | $ 2.0 B | |
| Net Receivables | $ 5.3 B | |
| Inventory | $ 3.1 B | |
| Long-Term Investments | $ 2.4 B | |
| LIABILITIES | ||
| Accounts Payable | $ 3.5 B | |
| Short-Term Debt | $ 90.0 M | |
| Total Current Liabilities | $ 5.9 B | |
| Net Debt | $ 5.1 B | |
| Total Debt | $ 8.2 B | |
| Total Liabilities | $ 14.8 B | |
| EQUITY | ||
| Total Equity | $ 11.0 B | |
| Retained Earnings | $ 15.7 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 13.18 | |
| Shares Outstanding | 834.000 M | |
| Revenue Per-Share | $ 6.84 | |
| VALUATION | Market Capitalization | $ 30.6 B |
| Enterprise Value | $ 36.8 B | |
| Enterprise Multiple | 34.57 | |
| Enterprise Multiple QoQ | -6.241 % | |
| Enterprise Multiple YoY | 38.657 % | |
| Enterprise Multiple IPRWA | high: 107.267 median: 44.843 mean: 43.845 HAL: 34.57 low: -39.564 |
|
| EV/R | 6.437 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.346 | |
| Asset To Liability | 1.748 | |
| Debt To Capital | 0.427 | |
| Debt To Assets | 0.317 | |
| Debt To Assets QoQ | -1.232 % | |
| Debt To Assets YoY | -5.899 % | |
| Debt To Assets IPRWA | high: 0.865 mean: 0.345 HAL: 0.317 median: 0.309 low: 0.0 |
|
| Debt To Equity | 0.745 | |
| Debt To Equity QoQ | -0.659 % | |
| Debt To Equity YoY | -8.621 % | |
| Debt To Equity IPRWA | high: 4.75 mean: 1.207 HAL: 0.745 median: 0.706 low: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.782 | |
| Price To Book QoQ | 1.277 % | |
| Price To Book YoY | 57.694 % | |
| Price To Book IPRWA | high: 11.468 mean: 4.883 median: 3.71 HAL: 2.782 low: -0.296 |
|
| Price To Earnings (P/E) | 66.667 | |
| Price To Earnings QoQ | 3.389 % | |
| Price To Earnings YoY | 69.662 % | |
| Price To Earnings IPRWA | high: 302.331 median: 81.141 mean: 72.851 HAL: 66.667 low: -202.033 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 5.361 | |
| Price To Sales QoQ | -2.21 % | |
| Price To Sales YoY | 59.374 % | |
| Price To Sales IPRWA | high: 25.655 mean: 11.483 median: 9.965 HAL: 5.361 low: 0.524 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 51.711 | |
| Forward PE/G | — | |
| Forward P/S | 18.854 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.444 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.224 | |
| Asset Turnover Ratio QoQ | 4.076 % | |
| Asset Turnover Ratio YoY | 2.858 % | |
| Asset Turnover Ratio IPRWA | high: 0.57 HAL: 0.224 mean: 0.144 median: 0.13 low: 0.03 |
|
| Receivables Turnover | 1.086 | |
| Receivables Turnover Ratio QoQ | 1.926 % | |
| Receivables Turnover Ratio YoY | 0.273 % | |
| Receivables Turnover Ratio IPRWA | high: 3.739 mean: 1.873 median: 1.561 HAL: 1.086 low: 0.585 |
|
| Inventory Turnover | 1.616 | |
| Inventory Turnover Ratio QoQ | 4.9 % | |
| Inventory Turnover Ratio YoY | 5.358 % | |
| Inventory Turnover Ratio IPRWA | high: 14.393 mean: 2.767 HAL: 1.616 median: 1.487 low: 0.4 |
|
| Days Sales Outstanding (DSO) | 84.016 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 78.168 | |
| Cash Conversion Cycle Days QoQ | -4.98 % | |
| Cash Conversion Cycle Days YoY | -3.958 % | |
| Cash Conversion Cycle Days IPRWA | high: 289.787 HAL: 78.168 median: 68.329 mean: 63.317 low: -88.914 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.953 | |
| CapEx To Revenue | -0.041 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 18.1 B | |
| Net Invested Capital | $ 18.2 B | |
| Invested Capital | $ 18.2 B | |
| Net Tangible Assets | $ 8.0 B | |
| Net Working Capital | $ 6.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.348 | |
| Current Ratio | 2.018 | |
| Current Ratio QoQ | -3.116 % | |
| Current Ratio YoY | 1.065 % | |
| Current Ratio IPRWA | high: 6.932 HAL: 2.018 mean: 2.018 median: 1.986 low: 0.162 |
|
| Quick Ratio | 1.499 | |
| Quick Ratio QoQ | -2.521 % | |
| Quick Ratio YoY | 1.879 % | |
| Quick Ratio IPRWA | high: 5.317 median: 1.692 HAL: 1.499 mean: 1.45 low: 0.148 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.706 | |
| Cost Of Debt | 1.046 % | |
| Interest Coverage Ratio | 7.385 | |
| Interest Coverage Ratio QoQ | 14.116 % | |
| Interest Coverage Ratio YoY | 12.664 % | |
| Interest Coverage Ratio IPRWA | high: 25.702 mean: 8.764 HAL: 7.385 median: 5.247 low: -1.804 |
|
| Operating Cash Flow Ratio | 0.104 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 65.854 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.734 | |
| Dividend Payout Ratio | 0.268 | |
| Dividend Rate | $ 0.17 | |
| Dividend Yield | 0.005 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.729 % | |
| Revenue Growth | 5.776 % | |
| Revenue Growth QoQ | -228.128 % | |
| Revenue Growth YoY | 236.401 % | |
| Revenue Growth IPRWA | high: 41.85 % HAL: 5.776 % mean: 3.279 % median: 2.315 % low: -24.034 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 238.462 % median: 10.345 % HAL: 0.0 % mean: -1.764 % low: -255.556 % |
|
| MARGINS | ||
| Gross Margin | 14.071 % | |
| Gross Margin QoQ | -2.925 % | |
| Gross Margin YoY | -5.335 % | |
| Gross Margin IPRWA | high: 86.321 % mean: 38.642 % median: 33.191 % HAL: 14.071 % low: -5.561 % |
|
| EBIT Margin | 13.441 % | |
| EBIT Margin QoQ | 7.891 % | |
| EBIT Margin YoY | 2.721 % | |
| EBIT Margin IPRWA | high: 78.229 % mean: 27.66 % median: 19.752 % HAL: 13.441 % low: -54.293 % |
|
| Return On Sales (ROS) | 11.953 % | |
| Return On Sales QoQ | -4.901 % | |
| Return On Sales YoY | -9.406 % | |
| Return On Sales IPRWA | high: 74.843 % mean: 27.173 % median: 17.723 % HAL: 11.953 % low: -28.155 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 589.0 M | |
| Free Cash Flow Yield | 1.923 % | |
| Free Cash Flow Yield QoQ | 601.825 % | |
| Free Cash Flow Yield YoY | -34.234 % | |
| Free Cash Flow Yield IPRWA | high: 8.358 % HAL: 1.923 % mean: 1.022 % median: 0.763 % low: -12.123 % |
|
| Free Cash Growth | 627.16 % | |
| Free Cash Growth QoQ | -795.168 % | |
| Free Cash Growth YoY | 0.722 % | |
| Free Cash Growth IPRWA | HAL: 627.16 % high: 597.044 % mean: 14.199 % median: -13.198 % low: -604.506 % |
|
| Free Cash To Net Income | 1.103 | |
| Cash Flow Margin | 10.746 % | |
| Cash Flow To Earnings | 1.15 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.095 % | |
| Return On Assets QoQ | 13.983 % | |
| Return On Assets YoY | 12.212 % | |
| Return On Assets IPRWA | high: 7.329 % median: 2.337 % mean: 2.304 % HAL: 2.095 % low: -3.517 % |
|
| Return On Capital Employed (ROCE) | 3.851 % | |
| Return On Equity (ROE) | 0.049 | |
| Return On Equity QoQ | 13.424 % | |
| Return On Equity YoY | 7.946 % | |
| Return On Equity IPRWA | high: 0.209 mean: 0.068 HAL: 0.049 median: 0.034 low: -0.147 |
|
| DuPont ROE | 4.901 % | |
| Return On Invested Capital (ROIC) | 3.423 % | |
| Return On Invested Capital QoQ | 11.899 % | |
| Return On Invested Capital YoY | 9.082 % | |
| Return On Invested Capital IPRWA | high: 11.567 % HAL: 3.423 % mean: 3.094 % median: 2.91 % low: -3.654 % |
|