Halliburton vs NOV
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The short version
- Halliburton is the larger business, with $22.2B of revenue in fiscal 2025 against $8.7B for NOV, about 2.5 times as much.
- NOV grew revenue faster (−1.4%, against −3.3%).
- Halliburton kept more of each dollar of sales as operating profit (10.2% operating margin, against 5.7%).
- NOV turned more of its sales into free cash flow (10.0% FCF margin, against 7.5%).
- Halliburton earned a higher return on the capital invested in it (10.5%, against 3.5%).
| Latest fiscal year | HAL · FY25 | NOV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.1B | $7.2B |
| Revenue | $22.2B | $8.7B |
| Free cash flow | $1.7B | $876M |
| Net income | $1.3B | $145M |
| Growth | ||
| Revenue growth | −3.3% | −1.4% |
| 5-year growth | 9.0% | 7.5% |
| Share count change | −3.4% | −5.3% |
| Profitability | ||
| Gross margin | — | 20.2% |
| Operating margin | 10.2% | 5.7% |
| Net margin | 5.8% | 1.7% |
| FCF margin | 7.5% | 10.0% |
| Return on capital | 10.5% | 3.5% |
| Return on equity | 12.2% | 2.3% |
| Balance sheet | ||
| Net debt | $5.1B | $428M |
| Net debt / EBITDA | 1.5x | 0.5x |
| Dividends and buybacks | $1.6B | $505M |
| Valuation & quality | ||
| P/E | — | 79.0x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
HAL $15.9B
NOV $7.3B
FY17
HAL $20.6B
NOV $7.3B
FY18
HAL $24.0B
NOV $8.5B
FY19
HAL $22.4B
NOV $8.5B
FY20
HAL $14.4B
NOV $6.1B
FY21
HAL $15.3B
NOV $5.5B
FY22
HAL $20.3B
NOV $7.2B
FY23
HAL $23.0B
NOV $8.6B
FY24
HAL $22.9B
NOV $8.9B
FY25
HAL $22.2B
NOV $8.7B
HAL
NOV
Operating margin
FY16
HAL −42.6%
NOV −33.3%
FY17
HAL 6.7%
NOV −3.8%
FY18
HAL 10.3%
NOV 2.5%
FY19
HAL −2.0%
NOV −74.1%
FY20
HAL −16.9%
NOV −39.8%
FY21
HAL 11.8%
NOV −2.4%
FY22
HAL 13.3%
NOV 3.7%
FY23
HAL 17.7%
NOV 7.6%
FY24
HAL 16.7%
NOV 9.9%
FY25
HAL 10.2%
NOV 5.7%
HAL
NOV
Free cash flow
FY16
HAL −$2.5B
NOV $676M
FY17
HAL $1.1B
NOV $640M
FY18
HAL $1.1B
NOV $277M
FY19
HAL $915M
NOV $481M
FY20
HAL $1.2B
NOV $700M
FY21
HAL $1.1B
NOV $90.0M
FY22
HAL $1.2B
NOV −$393M
FY23
HAL $2.1B
NOV −$140M
FY24
HAL $2.4B
NOV $953M
FY25
HAL $1.7B
NOV $876M
HAL
NOV
Return on capital
FY16
HAL −27.7%
NOV −11.2%
FY17
HAL 4.0%
NOV −1.4%
FY18
HAL 12.9%
NOV 0.7%
FY19
HAL −2.1%
NOV −40.8%
FY20
HAL −13.5%
NOV −26.2%
FY21
HAL 14.2%
NOV −1.9%
FY22
HAL 15.4%
NOV 3.0%
FY23
HAL 22.6%
NOV 9.7%
FY24
HAL 19.4%
NOV 9.2%
FY25
HAL 10.5%
NOV 3.5%
HAL
NOV
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.