Halliburton
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 3/4
| Measure | HAL | Checked against | |
|---|---|---|---|
| Owner earnings | $1.17bn | positive | ✓ |
| Return on equity | 12.3% | median 11.7% | ✓ |
| Debt to equity | 0.68x | median 0.79x | ✓ |
| Operating margin | 10.2% | median 15.0% | ✗ |
Passes 3 of 4. To be clear: Warren Buffett has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 3/4
| Measure | HAL | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.8% | median 10.1% | ✓ |
| Cash conversion | 2.28x | median 1.78x | ✓ |
| Operating margin | 10.2% | median 15.0% | ✗ |
| Debt to equity | 0.68x | median 0.79x | ✓ |
Passes 3 of 4. To be clear: Terry Smith has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 2/3
| Measure | HAL | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.8% | median 10.1% | ✓ |
| Return on equity | 12.3% | median 11.7% | ✓ |
| Operating margin | 10.2% | median 15.0% | ✗ |
Passes 2 of 3. To be clear: Charlie Munger has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 3/4
| Measure | HAL | Checked against | |
|---|---|---|---|
| Return on equity | 12.3% | median 11.7% | ✓ |
| Debt to equity | 0.68x | median 0.79x | ✓ |
| Cash conversion | 2.28x | median 1.78x | ✓ |
| Return on equity, sustained | 6 of 10 | 8 of 10 above median | ✗ |
Passes 3 of 4. To be clear: Chuck Akre has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 2/4
| Measure | HAL | Checked against | |
|---|---|---|---|
| Operating margin | 10.2% | median 15.0% | ✗ |
| Net margin | 5.8% | median 10.2% | ✗ |
| Return on capital employed | 12.8% | median 10.1% | ✓ |
| Operating margin, held or improving | 10.2% | 10-yr median 10.2% | ✓ |
Passes 2 of 4. To be clear: Philip Fisher has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 2/2
| Measure | HAL | Checked against | |
|---|---|---|---|
| Current ratio | 2.04x | median 1.25x | ✓ |
| Debt to equity | 0.68x | median 0.79x | ✓ |
Passes 2 of 2. To be clear: Walter Schloss has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 1/3
| Measure | HAL | Checked against | |
|---|---|---|---|
| Current ratio | 2.04x | 2.00x published | ✓ |
| Long-term debt to working capital | 1.23x | 1.00x published | ✗ |
| Positive earnings, ten years running | 5 yrs | 10 published | ✗ |
Passes 1 of 3. To be clear: Benjamin Graham has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | HAL | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.8% | median 10.1% | ✓ |
Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 1/2
| Measure | HAL | Checked against | |
|---|---|---|---|
| Debt to equity | 0.68x | median 0.79x | ✓ |
| Net margin | 5.8% | median 10.2% | ✗ |
Passes 1 of 2. To be clear: Peter Lynch has never said anything about Halliburton. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 45.3% | whySwings with the commodity price, not the business. |
| Operating cash flow | 19.8% | whyBefore capital spending. |
| Free cash flow | 34.6% | whyWhat producers set distributions against. Check for variable or special dividends before reading a trend. |
Spread between highest and lowest: 25.5 percentage points. Same filings, different denominators.
Coverage rating 47 / 100 — Tight. ? Peer standing 26/50Direction 10/30Stability 11/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 34.6% |
| 2024-12-31 | 24.8% |
| 2023-12-31 | 27.7% |
| 2022-12-31 | 35.3% |
| 2021-12-31 | 14.5% |
| 2020-12-31 | 24.1% |
Coverage worsened sharply this year, 24.8% to 34.6%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
52% of the 31 energy here pay out more.
The arithmetic
- GAAP earnings — dividends declared per share $0.679 ÷ diluted EPS $1.50
- Operating cash flow — dividends paid $579m ÷ operating cash flow $2,926m
- Free cash flow — dividends paid $579m ÷ (operating cash flow $2,926m − capex $1,254m)
Where the figures came from
- 10-K filed 2026-02-06 · accession 0000045012-26-000015
All public at sec.gov — you should not have to take our word for it.
Caveats on this company
- DPS derived from dividends paid ($0.68); no per-share tag filed
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: rated tight · when it files.
When this changes
Every figure above is recomputed whenever Halliburton files. The monthly letter carries what filed, what moved, and one finding computed across every company here.