What is Halliburton Company (HAL) DCF Fair Value and Intrinsic Value in 2026?

Halliburton Company (HAL) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is Halliburton Company's historical Return on Invested Capital (ROIC) and Moat Rating?

Halliburton Company operates in the Energy sector (Oil & Gas Equipment & Services) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is Halliburton Company's financial health rating and Piotroski F-Score?

Halliburton Company's balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor Halliburton Company (HAL) for quarterly SEC filing thesis breaks?

LocalAlpha audits Halliburton Company's 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksHAL

HAL

Halliburton CompanyEnergy / Oil & Gas Equipment & ServicesINTACT

Halliburton Company provides products and services to the energy industry worldwide. It operates in two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment offers production enhancement services that include stimulation and sand control services; cementing services, such as well bonding and casing, and casing equipment; and completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, multilateral systems, and service tools. This segment also provides electrical submersible pumps, as well as artificial lift services; production solutions comprising coiled tubing, hydraulic workover units, downhole tools, and pumping and nitrogen services; pipeline and process services, such as pre-commissioning, commissioning, maintenance, and decommissioning; and specialty chemicals and services. The Drilling and Evaluation segment offers drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; drilling systems and services; wireline and perforating services consisting of open-hole logging, and cased-hole and slickline; and drill bits and services comprising roller cone bits, fixed cutter bits, hole enlargement, and related downhole tools and services, as well as coring equipment and services. This segment also provides cloud based digital services and artificial intelligence solutions on an open architecture for subsurface insights, integrated well construction, and reservoir and production management; testing and subsea services, such as acquisition and analysis of reservoir information and optimization solutions; and project management and integrated asset management services. Halliburton Company was founded in 1919 and is based in Houston, Texas.

Share Price

$35.84

52W: $21.46 - $43.59

DCF Fair Value

$41.48

+13.6%

Thesis Hub

P/E (TTM)

18.9x

ROIC

9.6%

Operating Margin

12.8%

FCF Yield

6.9%

Debt / Equity

0.74x

Piotroski Score

8/9

Altman Z-Score

4.25

Market Cap

$29.9B

Price vs. Intrinsic Value Corridor

Modest Value ($35.84 vs $41.48 DCF)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$41.48

MOS Buy Target (-25%)

$31.11

Valuation Overlays: DCF Fair Value ($41.48) 25% MOS Buy Target ($31.11) Revised Graham ($31.52) Graham Number ($23.76)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$35.84

DCF Fair Value

$41.44

+13.5%

Starting Free Cash Flow ($M)$2,052M

$100M$2,052M (Reported)$50,000M

Stage 1 Growth (Years 1-5)6.4%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)$6,200M

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$17.6B

PV of Terminal Value

$23.2B

Implied Enterprise Value

$40.8B

Implied Equity Value

$34.6B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$2,183	$2,323	$2,472	$2,630	$2,798	$2,924	$3,056	$3,193	$3,337	$3,487
Present Value (PV)	$2,003	$1,955	$1,909	$1,863	$1,819	$1,744	$1,672	$1,603	$1,536	$1,473

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-50.9% Premium

$23.75

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $1.90BVPS: $13.20

Revised Graham Formula-13.7% Premium

$31.52

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings6.5% Yield

$2.33 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $1.9BYield: 6.5%

Reverse DCF: Market Growth Expectation

EXTREMELY LOW BARRIER

1.5% CAGR (Next 10 Yrs)

At the current price of $35.84, the market is assuming the business will compound Free Cash Flow at 1.5% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

✓ Low market hurdle: Easy for a wide-moat compounder to beat.

Autonomous Thesis Underwriting

Surveil HAL with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Halliburton Company. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 12.8% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: Halliburton Company (HAL) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Halliburton Company.

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Halliburton Company has an estimated DCF intrinsic fair value of $41.48 per share compared to its current market price of $35.84. This represents an estimated 13.6% margin of safety (trading below fair value). Additionally, its classic Benjamin Graham Number stands at $23.76.