Halliburton
HAL NYSE Oil & Gas Equipment & Services 金融 FY2016–FY2025
Halliburton's revenue fell 3.3% to $22.2 billion in fiscal 2025. Its operating margin was 10.2%, down from 16.7% a year earlier. Free cash flow was $1.7 billion, down 31.0%. It paid out $1.6 billion in dividends and buybacks, 95% of free cash flow. The diluted share count fell 3.4%.
关于这些数据。 Total debt is the balance sheet's long-term debt plus its current debt line.
Halliburton 的业务
Halliburton provides products and services to the energy industry. Its customers are oil and natural gas producers, from the major companies to national and independent ones. It helps them locate hydrocarbons, drill and evaluate wells, build and complete wells, and get more production from them over the life of a field. It has more than 46,000 employees in more than 70 countries.
It has two operating segments. Completion and Production covers cementing, stimulation (including hydraulic fracturing), specialty chemicals, well intervention, pressure control, artificial lift and completion products. Drilling and Evaluation covers drilling fluids, drill bits, directional drilling, wellbore placement and field and reservoir modeling and evaluation. Its revenue comes from selling these services and products to the energy industry. No single customer represented more than 10% of its consolidated revenue in any period presented.
Halliburton's total revenue decreased 3% in 2025 compared with 2024. In 2026 it plans to focus on international growth, its electric fracturing technology in North America, and digital and automation tools. It has described demand for its services as tied to the capital spending of oil and gas companies.
- 法定名称
- HALLIBURTON COMPANY
- 财年结束日
- 2025年12月31日
- 最新年报
- 10-K · 2026年2月6日
- 登记号 · CIK
- 0000045012-26-000015
0000045012
营收与利润率
Halliburton 在 2025 财年 营收为 $22.2B，同比下降 3.3%。
净利润与每股收益
亏损期间以红色显示。
资本回报率
税后营业利润占投入业务资金(债务加股东权益减现金)的比例。
现金流
2025 财年 的自由现金流为 $1.7B，占营收的 7.5%。 经营现金流减资本支出。
股息、回购与股数
Halliburton 在 2025 财年 向股东返还 $1.6B，占自由现金流的 95%。 稀释股数减少 3.4%。
自己评估 Halliburton
调整假设，查看对应的每股价值。这些是模型，不是预测或目标价，结果完全取决于你的输入。
现金流折现
每股价值
—
加上净现金 −$5.1B，再除以 853.0M 稀释股数。十年现金流加终值，折现至今天。
盈利倍数
每股价值
—
参考倍数：当前 23.3x · 同业 25.6x · 板块 16.9x。
资产负债表
现金、债务以及显示 Halliburton 承担债务能力的指标。
| 财年末 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 现金及短期投资 | $3.0B | $2.3B | $2.3B | $2.6B | $2.2B |
| 债务(含融资租赁) | $9.2B | $8.1B | $7.8B | $7.7B | $7.3B |
| 净债务 / EBITDA | 2.3x | 1.6x | 1.1x | 1.0x | 1.5x |
| 债务 / 股东权益 | 1.4x | 1.0x | 0.8x | 0.7x | 0.7x |
| 利息保障倍数 | 3.5x | 5.6x | 8.9x | 8.7x | 5.2x |
| 流动比率 | 2.3x | 2.1x | 2.1x | 2.1x | 2.0x |
| 速动比率 | 1.8x | 1.5x | 1.5x | 1.5x | 1.5x |
| 总资产 | $22.3B | $23.3B | $24.7B | $25.6B | $25.0B |
| 总负债 | $15.6B | $15.3B | $15.3B | $15.0B | $14.5B |
| 股东权益 | $6.7B | $7.9B | $9.4B | $10.5B | $10.5B |
| 净债务 (− = 净现金) | $6.2B | $5.7B | $5.5B | $5.1B | $5.1B |
内部人交易
高管、董事和持股超过 10% 的股东在公开市场的买卖，数据来自 Form 4 申报。“计划”表示依据事先制定的 Rule 10b5-1 计划进行的交易。
买入(12 个月)
$0.0M
0 名内部人士
卖出(12 个月)
$25.4M
7 名内部人士
卖出中按计划执行的比例
99%
$25.2M
| 日期 | 内部人士 | 交易 | 股数 | 股价 | 金额 | 文件 |
|---|---|---|---|---|---|---|
| 2026年8月31日 | Eric CarreEVP & Chief Financial Officer | 卖出 计划 | 24,777 | $37.50 | $0.9M | Form 4 |
| 2026年8月19日 | Jeffrey Shannon SlocumDirector, EVP and COO, Director | 卖出 计划 | 52,572 | $35.09 | $1.8M | Form 4 |
| 2026年8月18日 | Jeffrey Allen MillerDirector, President & CEO, Director | 卖出 计划 | 124,483 | $35.00 | $4.4M | Form 4 |
| 2026年8月18日 | Jeffrey Shannon SlocumDirector, EVP and COO, Director | 卖出 计划 | 16,121 | $35.08 | $0.6M | Form 4 |
| 2026年6月18日 | Eric CarreEVP & Chief Financial Officer | 卖出 计划 | 24,778 | $35.89 | $0.9M | Form 4 |
| 2026年5月15日 | Van H. BeckwithEVP, Secretary and CLO | 卖出 计划 | 198,349 | $41.29 | $8.2M | Form 4 |
| 2026年5月5日 | Michael Casey MaxwellPresident - Western Hemisphere | 卖出 计划 | 20,348 | $41.89 | $0.9M | Form 4 |
| 2026年4月30日 | Timothy McKeonSenior VP and Treasurer | 卖出 计划 | 8,655 | $42.00 | $0.4M | Form 4 |
| 2026年4月30日 | Tobi M. YoungDirector | 卖出 | 6,125 | $41.72 | $0.3M | Form 4 |
| 2026年3月27日 | Jeffrey Allen MillerDirector, President & CEO, Director | 卖出 计划 | 158,455 | $40.00 | $6.3M | Form 4 |
| 2026年3月16日 | Jeffrey Shannon SlocumDirector, EVP and COO, Director | 卖出 计划 | 5,441 | $33.82 | $0.2M | Form 4 |
| 2026年3月16日 | Van H. BeckwithEVP, Secretary and CLO | 卖出 计划 | 19,618 | $33.82 | $0.7M | Form 4 |
Piotroski F 分数
关于盈利能力、融资和效率的九项通过/未通过测试。8–9 为强，0–2 为弱。
| 测试项 | FY23 | FY24 | FY25 |
|---|---|---|---|
| 净利润为正 | ✓ | ✓ | ✓ |
| 经营现金流为正 | ✓ | ✓ | ✓ |
| 资产回报率上升 | ✓ | ✕ | ✕ |
| 经营现金流高于净利润 | ✓ | ✓ | ✓ |
| 债务相对资产下降 | ✓ | ✓ | ✓ |
| 流动比率上升 | ✓ | ✕ | ✕ |
| 股数未增加 | ✓ | ✓ | ✓ |
| 毛利率上升 | — | — | — |
| 营收相对资产上升 | ✓ | ✕ | ✕ |
| F 分数 | 8 / 8 | 5 / 8 | 5 / 8 |
| 应计比率 | −3.4% | −5.4% | −6.5% |
| Altman Z'' | 4.99 | 5.19 | 4.85 |
相似公司
各公司最近一个财年的数据。各公司财年结束月份不同，因此期间并不完全一致。
| 公司 | 市值 | 增长 | 营业利润率 | 自由现金流利润率 | ROIC | 市盈率 | F 分数 | |
|---|---|---|---|---|---|---|---|---|
| Halliburton HAL | $29.1B | −3.3% | 10.2% | 7.5% | 10.5% | — | 5 | |
| Baker Hughes BKR | — | −0.3% | — | 9.2% | 14.1% | — | — | 比较 → |
| Schlumberger SLB | $79.9B | −1.6% | — | 13.4% | 12.7% | 25.6x | 4 | 比较 → |
| TechnipFMC FTI | $28.3B | 9.4% | 14.5% | 14.6% | 37.2% | 24.3x | 8 | 比较 → |
| NOV NOV | $7.2B | −1.4% | 5.7% | 10.0% | 3.5% | 79.0x | 5 | 比较 → |
10 年数据
金额单位为 USD。将鼠标悬停在指标名称上可查看定义。
| 财年 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营收 | $15.9B | $20.6B | $24.0B | $22.4B | $14.4B | $15.3B | $20.3B | $23.0B | $22.9B | $22.2B |
| 毛利 | $12.1B | $16.5B | — | — | — | — | — | — | — | — |
| 研发支出 | $329M | $360M | $390M | $404M | $309M | $321M | $345M | $408M | $426M | $411M |
| 营业利润 | −$6.8B | $1.4B | $2.5B | −$448M | −$2.4B | $1.8B | $2.7B | $4.1B | $3.8B | $2.3B |
| 利息支出 | $659M | $594M | $556M | $534M | $509M | $517M | $487M | $460M | $441M | $432M |
| 税前利润 | −$7.6B | $682M | $1.8B | −$1.1B | −$3.2B | $1.3B | $2.1B | $3.4B | $3.2B | $1.8B |
| 所得税 | −$1.9B | $1.1B | $157M | $7.0M | −$278M | −$216M | $515M | $701M | $718M | $479M |
| 净利润 | −$5.8B | −$463M | $1.7B | −$1.1B | −$2.9B | $1.5B | $1.6B | $2.6B | $2.5B | $1.3B |
| 稀释每股收益 | −$6.69 | −$0.53 | $1.89 | −$1.29 | −$3.34 | $1.63 | $1.73 | $2.92 | $2.83 | $1.50 |
| 稀释股数 | 0.86B | 0.87B | 0.88B | 0.88B | 0.88B | 0.89B | 0.91B | 0.90B | 0.88B | 0.85B |
| 现金流 | ||||||||||
| 经营现金流 | −$1.7B | $2.5B | $3.2B | $2.4B | $1.9B | $1.9B | $2.2B | $3.5B | $3.9B | $2.9B |
| 资本支出 | $798M | $1.4B | $2.0B | $1.5B | $728M | $799M | $1.0B | $1.4B | $1.4B | $1.3B |
| 自由现金流 | −$2.5B | $1.1B | $1.1B | $915M | $1.2B | $1.1B | $1.2B | $2.1B | $2.4B | $1.7B |
| 折旧与摊销 | $1.5B | $1.6B | $1.6B | $1.6B | $1.1B | $904M | $940M | $998M | $1.1B | $1.1B |
| 收购 | $31.0M | $628M | $187M | $0.0M | $0.0M | $0.0M | $0.0M | $13.0M | $27.0M | $185M |
| 股票回购 | $0.0M | $0.0M | $400M | $100M | $100M | $0.0M | $250M | $800M | $1.0B | $1.0B |
| 已付股息 | $620M | $626M | $630M | $630M | $278M | $161M | $435M | $576M | $600M | $579M |
| 股息与回购 | $620M | $626M | $1.0B | $730M | $378M | $161M | $685M | $1.4B | $1.6B | $1.6B |
| 资产负债表 | ||||||||||
| 现金及短期投资 | $4.0B | $2.3B | $2.0B | $2.3B | $2.6B | $3.0B | $2.3B | $2.3B | $2.6B | $2.2B |
| 总债务 | $12.4B | $10.9B | $10.3B | $10.3B | $9.8B | $9.1B | $7.9B | $7.6B | $7.5B | $7.2B |
| 融资租赁负债 | $0.0M | $0.0M | $0.0M | $143M | $142M | $111M | $141M | $164M | $170M | $183M |
| 流动资产 | $11.7B | $10.8B | $11.2B | $11.2B | $9.5B | $9.9B | $11.0B | $11.5B | $12.4B | $11.4B |
| 流动负债 | $4.0B | $4.9B | $4.8B | $4.9B | $4.4B | $4.3B | $5.3B | $5.6B | $6.1B | $5.6B |
| 存货 | $2.3B | $2.4B | $3.0B | $3.1B | $2.3B | $2.4B | $2.9B | $3.2B | $3.0B | $3.0B |
| 固定资产净额 | $8.5B | $8.5B | $8.9B | $7.3B | $4.3B | $4.3B | $4.3B | $4.9B | $5.1B | $5.3B |
| 总资产 | $27.0B | $25.1B | $26.0B | $25.4B | $20.7B | $22.3B | $23.3B | $24.7B | $25.6B | $25.0B |
| 总负债 | $17.6B | $16.7B | $16.4B | $17.4B | $15.7B | $15.6B | $15.3B | $15.3B | $15.0B | $14.5B |
| 股东权益 | $9.4B | $8.3B | $9.5B | $8.0B | $5.0B | $6.7B | $7.9B | $9.4B | $10.5B | $10.5B |
| 利润率 | ||||||||||
| 毛利率 | 76.3% | 79.9% | — | — | — | — | — | — | — | — |
| 营业利润率 | −42.6% | 6.7% | 10.3% | −2.0% | −16.9% | 11.8% | 13.3% | 17.7% | 16.7% | 10.2% |
| EBITDA 利润率 | −33.2% | 14.2% | 17.0% | 5.3% | −9.5% | 17.7% | 18.0% | 22.1% | 21.4% | 15.3% |
| 净利率 | −36.3% | −2.3% | 6.9% | −5.1% | −20.4% | 9.5% | 7.7% | 11.5% | 10.9% | 5.8% |
| 自由现金流利润率 | −15.7% | 5.3% | 4.7% | 4.1% | 8.0% | 7.3% | 6.1% | 9.0% | 10.6% | 7.5% |
| 回报率 | ||||||||||
| 资本回报率 | −27.7% | 4.0% | 12.9% | −2.1% | −13.5% | 14.2% | 15.4% | 22.6% | 19.4% | 10.5% |
| 已动用资本回报率 | −24.8% | 6.4% | 11.9% | −2.2% | −13.3% | 10.5% | 15.1% | 22.1% | 19.8% | 11.6% |
| 股本回报率 | −46.3% | −5.2% | 18.6% | −12.9% | −45.4% | 24.9% | 21.4% | 30.4% | 25.1% | 12.2% |
| 资产回报率 | −18.0% | −1.8% | 6.5% | −4.4% | −12.8% | 6.8% | 6.9% | 11.0% | 10.0% | 5.1% |
| 增长 | ||||||||||
| 营收增长 | −32.8% | 29.8% | 16.4% | −6.6% | −35.5% | 5.9% | 32.7% | 13.4% | −0.3% | −3.3% |
| 净利润增长 | — | — | — | −168.3% | — | — | 7.9% | 67.8% | −5.2% | −48.7% |
| 每股收益增长 | — | — | — | −168.3% | — | — | 6.1% | 68.8% | −3.1% | −47.0% |
| 自由现金流增长 | −446.4% | — | 3.3% | −19.1% | 26.0% | −3.6% | 10.7% | 68.9% | 16.6% | −31.0% |
| 股数变化 | 0.9% | 1.1% | 0.8% | −0.2% | 0.7% | 1.3% | 1.8% | −0.7% | −2.1% | −3.4% |
| 财务健康 | ||||||||||
| 净债务 / EBITDA | — | 2.9x | 2.1x | 7.0x | — | 2.3x | 1.6x | 1.1x | 1.0x | 1.5x |
| 债务 / 股东权益 | 1.3x | 1.3x | 1.1x | 1.3x | 2.0x | 1.4x | 1.0x | 0.8x | 0.7x | 0.7x |
| 利息保障倍数 | −10.3x | 2.3x | 4.4x | −0.8x | −4.8x | 3.5x | 5.6x | 8.9x | 8.7x | 5.2x |
| 流动比率 | 2.9x | 2.2x | 2.3x | 2.3x | 2.1x | 2.3x | 2.1x | 2.1x | 2.1x | 2.0x |
| 速动比率 | 2.3x | 1.7x | 1.7x | 1.7x | 1.6x | 1.8x | 1.5x | 1.5x | 1.5x | 1.5x |
| 资本配置 | ||||||||||
| 资本支出 / 营收 | 5.0% | 6.7% | 8.4% | 6.8% | 5.0% | 5.2% | 5.0% | 6.0% | 6.3% | 5.7% |
| 股东回报 / 自由现金流 | — | 57.2% | 91.1% | 79.8% | 32.8% | 14.5% | 55.7% | 66.2% | 66.2% | 94.9% |
| 质量评分 | ||||||||||
| Piotroski F 分数 | 2.0 | 5.0 | 7.0 | 4.0 | 2.0 | 7.0 | 5.0 | 8.0 | 5.0 | 5.0 |
| Altman Z'' | 2.5 | 4.1 | 4.6 | 3.5 | 2.5 | 4.1 | 4.4 | 5.0 | 5.2 | 4.9 |
| 应计比率 | −12.7% | −11.3% | −5.9% | −13.9% | −21.0% | −2.1% | −2.9% | −3.4% | −5.4% | −6.5% |
来源：SEC EDGAR XBRL 文件 (CIK 0000045012). 数据更新于 2026年10月23日。 第四季度数据为全年减去前九个月。 仅供参考，不构成投资建议。依赖任何数字前，请核对原始文件。