What is Halliburton Co worth?
With the base-case assumptions below, a discounted cash flow model on Halliburton Co's reported free cash flow gives $39.58 per share. The share price was $31.84 on November 10, 2026, 20% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 4.0% | 10.0% | $21.87 | -31% |
| Base | 9.0% | 9.0% | $39.58 | +24% |
| Bull | 14.0% | 8.0% | $72.60 | +128% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $52.55 | $56.54 | $61.42 | $67.52 | $75.36 |
| 8.0% | $42.84 | $45.43 | $48.49 | $52.16 | $56.65 |
| 9.0% | $35.76 | $37.53 | $39.58 | $41.96 | $44.77 |
| 10.0% | $30.38 | $31.64 | $33.06 | $34.69 | $36.57 |
| 11.0% | $26.15 | $27.07 | $28.10 | $29.26 | $30.58 |
Where the presets come from
Base: years 1 to 5 grow at Halliburton Co's revenue growth rate over the last 5 fiscal years (9.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions