What services power this energy supplier?
Halliburton provides services and products used in oil and gas exploration, development, and production. Its work spans field operations where customers need equipment, technical services, and execution support. The company operates at large scale, with a market value around USD 31.1 billion. Results are tied to activity levels in energy field work rather than one-off product sales.
Are margins holding up as revenue dips?
FundamentalsFor 2025, reported in USD, revenue was about USD 22.2 billion, with EBIT of roughly USD 2.3 billion and net income of about USD 1.3 billion. Revenue declined 3.3% versus the prior year, while the trailing operating margin was 11.31%, the net margin 6.95%, and the gross margin 15.71%.
Cash generation, based on the company’s cash flow proxy definition, was about USD 1.66 billion, with depreciation and amortization at roughly USD 1.14 billion and capital spending at about USD 1.25 billion. Total debt was USD 263 million.
Is the stock pricing in weaker scenarios?
DCF / MultiplesAt USD 37.20, the stock trades near the lower end of the DCF outcome range rather than the stronger scenarios. The pricing also comes with a trailing P/E of 20.17 and EV/EBITDA of 9.89.
Resilience Depends on Margin Strength
TakeawayThe current setup leans on margins staying resilient. Durability looks better if cash generation holds near recent levels. A prolonged revenue slide would test that resilience quickly. If margins fade, the valuation support gets thin.