Question 1

What is Halliburton's P/FCF ratio?

Accepted Answer

Halliburton (HAL) P/FCF ratio is 16.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Halliburton?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Halliburton specifically, the relevant sector benchmark is the current sector median of 22.1×.

Question 5

Is Halliburton's P/FCF ratio high or low?

Accepted Answer

Halliburton's P/FCF ratio of 16.0× is below its own 5-year average of 18.8× and below the sector median of 22.1×. That places the current reading at the 38th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Halliburton's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Halliburton (HAL) P/FCF ratio has ranged from a low of 4.3× in 2020 to a high of 633.2× in 2005. The 5-year average is 18.8× and the 5-year median is 16.0×.

Question 7

What was Halliburton's P/FCF ratio in 2025?

Accepted Answer

Halliburton (HAL) P/FCF ratio at the end of 2025 was 14.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Halliburton's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$23.7B	$1.67B	14.2×	+4.4×	Dec 31, 2025
2024	$23.8B	$2.42B	9.8×	-5.7×	Dec 31, 2024
2023	$32.3B	$2.08B	15.5×	-13.6×	Dec 31, 2023
2022	$35.8B	$1.23B	29.1×	+10.7×	Dec 31, 2022
2021	$20.5B	$1.11B	18.4×	+3.9×	Dec 31, 2021
2020	$16.7B	$1.15B	14.5×	-9.0×	Dec 31, 2020
2019	$21.5B	$915M	23.5×	+3.0×	Dec 31, 2019
2018	$23.2B	$1.13B	20.5×	-18.5×	Dec 31, 2018
2017	$42.7B	$1.1B	39.0×	—	Dec 31, 2017
2016	$46.8B	-$2.5B	—	—	Dec 31, 2016
2015	$29.1B	$722M	40.4×	-2.5×	Dec 31, 2015
2014	$33.4B	$779M	42.8×	+14.3×	Dec 31, 2014
2013	$43.1B	$1.51B	28.5×	-337.7×	Dec 31, 2013
2012	$32.2B	$88M	366.2×	+322.7×	Dec 31, 2012
2011	$31.8B	$731M	43.5×	-216.6×	Dec 31, 2011
2010	$37.2B	$143M	260.1×	+206.3×	Dec 31, 2010
2009	$27.2B	$505M	53.8×	-28.4×	Dec 31, 2009
2008	$16.3B	$198M	82.2×	+53.2×	Dec 31, 2008
2007	$33.1B	$1.14B	29.0×	+17.8×	Dec 31, 2007
2006	$30.8B	$2.77B	11.1×	-622.1×	Dec 31, 2006
2005	$31.7B	$50M	633.2×	+577.5×	Dec 31, 2005
2004	$19.7B	$353M	55.7×	—	Dec 31, 2004
2003	$11.3B	-$1.29B	—	—	Dec 31, 2003
2002	$8.09B	$798M	10.1×	—	Dec 31, 2002


Phillips 66 (PSX)	615.5×
Targa Resources (TRGP)	205.8×
Williams Companies (WMB)	123.3×
Enbridge (ENB)	73.7×
Texas Pacific Land (TPL)	66.3×
Diamondback Energy (FANG)	35.1×
Enphase Energy (ENPH)	34.2×
Chevron (CVX)	30.6×
National Fuel Gas (NFG)	29.1×
Baker Hughes (BKR)	26.4×
ONEOK (OKE)	25.4×
EOG Resources (EOG)	18.9×
Energy Transfer LP (ET)	18.2×
Occidental Petroleum (OXY)	17.8×
SLB (SLB)	16.5×
Marathon Petroleum (MPC)	12.6×
Valero Energy (VLO)	12.4×
Devon Energy (DVN)	11.9×
ConocoPhillips (COP)	10.5×
APA (APA)	10.1×
Expand Energy (EXE)	9.2×

P/FCF Ratio for Halliburton (HAL) 2002-2026

P/FCF Ratio daily chart for Halliburton (HAL)

Historical P/FCF Ratio for Halliburton (HAL) from 2002 to 2025

About P/FCF Ratio at Halliburton (HAL)

Halliburton P/FCF Ratio by Year

Halliburton P/FCF Ratio 2025: 14.2×

Halliburton P/FCF Ratio 2024: 9.8×

Halliburton P/FCF Ratio 2023: 15.5×

Halliburton P/FCF Ratio 2022: 29.1×

Halliburton P/FCF Ratio 2021: 18.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Halliburton (HAL) Key Financials