HALHALLIBURTON CO

Oil & Gas Field Services, NEC

Revenue: $22.2B; 3.3% YoY
Operating margin: 10.2%; 39% YoY
EBITDA: $3.4B; 31% YoY
Market cap: $30.2B
Employees: 46,000; $482K revenue each
Net debt / EBITDA: 1.6×; $5.3B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
228% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
54% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$482K · 18th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$30.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$43M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$15.3B	$20.3B	$23.0B	$22.9B	$22.2B	3.3%
Operating income	$1.8B	$2.7B	$4.1B	$3.8B	$2.3B	41%
Net income	$1.5B	$1.6B	$2.6B	$2.5B	$1.3B	49%
Operating cash flow	$1.9B	$2.2B	$3.5B	$3.9B	$2.9B	24%
Capex	$799M	$1.0B	$1.4B	$1.4B	$1.3B	13%
Buybacks	$0	$250M	$800M	$1.0B	$1.0B	0.2%
Dividends	$161M	$435M	$576M	$600M	$579M	3.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $43M · 23
Net: −$43M

Pay vs performance

No pay-versus-performance disclosure yet.