Baker Hughes
BKR Nasdaq Oil & Gas Equipment & Services Financials FY2016–FY2025
Baker Hughes' revenue fell 0.3% to $27.7 billion in fiscal 2025. Its net margin was 9.3%, down from 10.7% a year earlier. Free cash flow was $2.5 billion, up 23.5%. It paid out $1.3 billion in dividends and buybacks, 51% of free cash flow.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line. Baker Hughes tags its share count only for its Class A shares, which the SEC's structured data leaves out, so share counts and the measures built on them are blank. Baker Hughes' 2025 filing doesn't tag operating income or earnings per share in the SEC's structured data, so operating margin and earnings per share are blank for 2025.
What Baker Hughes does
Baker Hughes sells equipment, technology and services to energy and industrial companies in more than 120 countries. Oil and gas producers use its drilling tools, well equipment, pumps and chemicals. Gas plants, pipelines, power producers and factories use its turbines, compressors, inspection and sensor products and software.
It has two segments. Oilfield Services & Equipment (OFSE) serves oil and gas operators from exploration through production. Industrial & Energy Technology (IET) covers gas turbines and compressors, aftermarket service, testing and monitoring products, and newer lower-carbon work such as carbon capture and geothermal. In 2025 OFSE booked $14.7 billion of new orders and IET booked $14.9 billion. It names SLB, Halliburton, NOV, Weatherford and TechnipFMC as OFSE competitors, and Siemens Energy and Mitsubishi Heavy Industry among IET's.
Baker Hughes has agreed to buy Chart Industries, a maker of equipment for handling gases and liquids, and expects to close in the second quarter of 2026. It has also sold its sensor business and put its surface pressure control business into a joint venture with Cactus, both completed on January 1, 2026.
- Legal name
- Baker Hughes Company
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 5, 2026
- Accession · CIK
- 0001701605-26-000007
0001701605
Revenue and margins
Baker Hughes had $27.7B of revenue in fiscal 2025, down 0.3% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.5B in fiscal 2025, 9.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Baker Hughes returned $1.3B to shareholders in fiscal 2025, 51% of free cash flow. The diluted share count rose 0.0%.
Value Baker Hughes yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.4B and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Baker Hughes can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.9B | $2.5B | $2.6B | $3.4B | $3.7B |
| Debt incl. finance leases | $6.7B | $6.7B | $6.0B | $6.0B | $6.1B |
| Net debt / EBITDA | 1.2x | 1.9x | 1.0x | 0.6x | 0.5x |
| Debt / equity | 0.5x | 0.5x | 0.4x | 0.4x | 0.3x |
| Interest coverage | 4.3x | 4.1x | 7.5x | 10.3x | 10.8x |
| Current ratio | 1.7x | 1.3x | 1.3x | 1.3x | 1.4x |
| Quick ratio | 1.2x | 0.9x | 0.9x | 0.9x | 1.0x |
| Total assets | $35.3B | $34.2B | $36.9B | $38.4B | $40.9B |
| Total liabilities | $18.6B | $19.7B | $21.4B | $21.3B | $21.9B |
| Shareholders' equity | $14.8B | $14.4B | $15.4B | $16.9B | $18.8B |
| Net debt (− = net cash) | $2.9B | $4.2B | $3.4B | $2.7B | $2.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$67.6M
6 insiders
Of sales under plans
100%
$67.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 1, 2026 | Maria C BorrasChief Growth & Experience Ofcr | Sold plan | 72,000 | $55.05 | $4.0M | Form 4 |
| Jun 22, 2026 | Lorenzo SimonelliChairman, President and CEO, Director | Sold plan | 181,411 | $58.43 | $10.6M | Form 4 |
| Jun 15, 2026 | Ahmed Farhan MoghalEVP, Chief Financial Officer | Sold plan | 23,392 | $62.38 | $1.5M | Form 4 |
| Jun 12, 2026 | Lorenzo SimonelliChairman, President and CEO, Director | Sold plan | 181,411 | $63.36 | $11.5M | Form 4 |
| Jun 3, 2026 | Rebecca L CharltonSVP, Controller & CAO | Sold plan | 5,088 | $64.22 | $0.3M | Form 4 |
| May 19, 2026 | James E ApostolidesChief Infra & Performance Ofcr | Sold plan | 12,261 | $66.42 | $0.8M | Form 4 |
| Mar 16, 2026 | Maria C BorrasChief Growth & Experience Ofcr | Sold plan | 60,626 | $54.47 | $3.3M | Form 4 |
| Mar 11, 2026 | Lorenzo SimonelliChairman, President and CEO, Director | Sold plan | 272,594 | $58.79 | $16.0M | Form 4 |
| Mar 11, 2026 | Maria Georgia MagnoChief Legal Officer | Sold plan | 5,063 | $59.04 | $0.3M | Form 4 |
| Mar 4, 2026 | Lorenzo SimonelliChairman, President and CEO, Director | Sold plan | 272,593 | $61.13 | $16.7M | Form 4 |
| Feb 12, 2026 | Ahmed Farhan MoghalEVP, Chief Financial Officer | Sold plan | 18,102 | $61.19 | $1.1M | Form 4 |
| Feb 10, 2026 | James E ApostolidesChief Infra & Performance Ofcr | Sold plan | 25,824 | $59.74 | $1.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.2% | −0.9% | −3.1% |
| Altman Z'' | 0.99 | 1.61 | 1.97 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Baker Hughes BKR | — | −0.3% | — | 9.2% | 14.1% | — | — | |
| Halliburton HAL | $29.1B | −3.3% | 10.2% | 7.5% | 10.5% | — | 5 | Compare → |
| Schlumberger SLB | $79.9B | −1.6% | — | 13.4% | 12.7% | 25.6x | 4 | Compare → |
| TechnipFMC FTI | $28.3B | 9.4% | 14.5% | 14.6% | 37.2% | 24.3x | 8 | Compare → |
| NOV NOV | $7.2B | −1.4% | 5.7% | 10.0% | 3.5% | 79.0x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $13.1B | $17.2B | $22.9B | $23.8B | $20.7B | $20.5B | $21.2B | $25.5B | $27.8B | $27.7B |
| Gross profit | $3.1B | $3.0B | $4.0B | $4.4B | — | — | — | — | — | — |
| Research and development | $352M | $501M | $700M | $687M | $595M | $492M | $552M | $651M | $643M | $600M |
| Operating income | $457M | −$284M | $701M | $1.1B | −$16.0B | $1.3B | $1.2B | $2.3B | $3.1B | — |
| Interest expense | $55.0M | $109M | $301M | $285M | $289M | $305M | $291M | $309M | $298M | $294M |
| Pretax income | $358M | −$346M | $541M | $753M | −$15.2B | $428M | $22.0M | $2.7B | $3.3B | $2.9B |
| Income tax | $173M | $45.0M | $258M | $482M | $559M | $758M | $600M | $685M | $257M | $253M |
| Net income | $0.0M | −$103M | $195M | $128M | −$9.9B | −$219M | −$601M | $1.9B | $3.0B | $2.6B |
| Diluted EPS | — | −$0.24 | $0.45 | $0.23 | −$14.73 | −$0.27 | −$0.61 | $1.91 | $2.98 | — |
| Cash flow | ||||||||||
| Cash from operations | $262M | −$799M | $1.8B | $2.1B | $1.3B | $2.4B | $1.9B | $3.1B | $3.3B | $3.8B |
| Capital expenditure | $424M | $665M | $995M | $1.2B | $974M | $856M | $989M | $1.2B | $1.3B | $1.3B |
| Free cash flow | −$162M | −$1.5B | $767M | $886M | $330M | $1.5B | $899M | $1.8B | $2.1B | $2.5B |
| Depreciation and amortization | $550M | $1.1B | $1.5B | $1.4B | $1.3B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Stock-based compensation | — | — | — | — | $210M | $205M | $207M | $197M | $202M | $203M |
| Acquisitions | $1.0M | $3.4B | $89.0M | $0.0M | $0.0M | $87.0M | $767M | $301M | $0.0M | $830M |
| Share buybacks | $0.0M | $174M | $387M | $0.0M | $0.0M | $434M | $828M | $538M | $484M | $384M |
| Dividends paid | $0.0M | $155M | $315M | $395M | $488M | $592M | $726M | $786M | $836M | $910M |
| Dividends and buybacks | $0.0M | $329M | $702M | $395M | $488M | $1.0B | $1.6B | $1.3B | $1.3B | $1.3B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $981M | $7.0B | $3.7B | $3.2B | $4.1B | $3.9B | $2.5B | $2.6B | $3.4B | $3.7B |
| Total debt | $277M | $8.3B | $7.2B | $6.6B | $7.6B | $6.7B | $6.7B | $6.0B | $6.0B | $6.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $7.4B | $18.4B | $15.0B | $15.2B | $16.5B | $15.1B | $14.6B | $16.3B | $17.2B | $18.8B |
| Current liabilities | $4.9B | $9.2B | $9.0B | $10.0B | $10.2B | $9.1B | $11.1B | $13.0B | $13.0B | $13.9B |
| Inventory | $3.2B | $4.5B | $4.6B | $4.6B | $4.4B | $4.0B | $4.6B | $5.1B | $5.0B | $5.0B |
| Property and equipment, net | $2.3B | $7.0B | $6.2B | $6.2B | $5.4B | $4.9B | $4.5B | $4.9B | $5.1B | $5.3B |
| Total assets | $21.7B | $56.5B | $52.4B | $53.4B | $38.0B | $35.3B | $34.2B | $36.9B | $38.4B | $40.9B |
| Total liabilities | $7.4B | $18.1B | $17.4B | $18.9B | $19.8B | $18.6B | $19.7B | $21.4B | $21.3B | $21.9B |
| Shareholders' equity | $14.7B | $14.3B | $17.5B | $21.9B | $12.9B | $14.8B | $14.4B | $15.4B | $16.9B | $18.8B |
| Margins | ||||||||||
| Gross margin | 24.1% | 17.7% | 17.4% | 18.6% | — | — | — | — | — | — |
| Operating margin | 3.5% | −1.7% | 3.1% | 4.5% | −77.2% | 6.4% | 5.6% | 9.1% | 11.1% | — |
| EBITDA margin | 7.7% | 4.8% | 9.6% | 10.5% | −70.8% | 11.8% | 10.6% | 13.4% | 15.2% | 15.7% |
| Net margin | 0.0% | −0.6% | 0.9% | 0.5% | −48.0% | −1.1% | −2.8% | 7.6% | 10.7% | 9.3% |
| FCF margin | −1.2% | −8.5% | 3.4% | 3.7% | 1.6% | 7.4% | 4.3% | 7.2% | 7.4% | 9.2% |
| Returns | ||||||||||
| Return on capital | — | −0.8% | 0.9% | 1.4% | −42.4% | 3.2% | 3.1% | 9.2% | 14.7% | 14.1% |
| Return on capital employed | — | −0.9% | 1.6% | 2.5% | −44.9% | 4.9% | 4.8% | 9.9% | 12.5% | 12.1% |
| Return on equity | — | −0.7% | 1.2% | 0.7% | −57.1% | −1.6% | −4.1% | 13.1% | 18.5% | 14.5% |
| Return on assets | — | −0.3% | 0.4% | 0.2% | −21.8% | −0.6% | −1.7% | 5.5% | 7.9% | 6.5% |
| Growth | ||||||||||
| Revenue growth | −21.6% | 31.3% | 33.2% | 4.2% | −13.1% | −1.0% | 3.2% | 20.6% | 9.1% | −0.3% |
| Net income growth | — | — | — | −34.4% | −7,865.6% | — | — | — | 53.3% | −13.1% |
| EPS growth | — | — | — | −48.9% | −6,504.4% | — | — | — | 56.0% | — |
| FCF growth | −124.2% | — | — | 15.5% | −62.8% | 360.0% | −40.8% | 104.5% | 11.8% | 23.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.7x | 1.6x | 1.6x | 1.4x | — | 1.2x | 1.9x | 1.0x | 0.6x | 0.5x |
| Debt / equity | 0.0x | 0.6x | 0.4x | 0.3x | 0.6x | 0.5x | 0.5x | 0.4x | 0.4x | 0.3x |
| Interest coverage | 8.3x | −2.6x | 2.3x | 3.8x | −55.3x | 4.3x | 4.1x | 7.5x | 10.3x | 10.8x |
| Current ratio | 1.5x | 2.0x | 1.7x | 1.5x | 1.6x | 1.7x | 1.3x | 1.3x | 1.3x | 1.4x |
| Quick ratio | 0.9x | 1.5x | 1.2x | 1.1x | 1.2x | 1.2x | 0.9x | 0.9x | 0.9x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.2% | 3.9% | 4.4% | 5.2% | 4.7% | 4.2% | 4.7% | 4.8% | 4.6% | 4.6% |
| Stock comp / revenue | — | — | — | — | 1.0% | 1.0% | 1.0% | 0.8% | 0.7% | 0.7% |
| Payouts / FCF | — | — | 91.5% | 44.6% | 147.9% | 67.6% | 172.9% | 72.0% | 64.3% | 51.0% |
| Quality scores | ||||||||||
| Altman Z'' | 2.9 | 3.3 | 3.0 | 2.7 | −1.6 | 1.4 | 0.7 | 1.0 | 1.6 | 2.0 |
| Accruals ratio | — | 1.8% | −2.9% | −3.8% | −24.6% | −7.1% | −7.2% | −3.2% | −0.9% | −3.1% |
Source: SEC EDGAR XBRL filings (CIK 0001701605). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.