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Forensic Analysis · Oilfield Services · as of Nov 9, 2026

Halliburton Co (HAL)

A forensic read on Halliburton Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
4.8
Distress distance
Clean
Earnings quality
2
Forensic signals
12.2%
ROE
-3.3%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Halliburton Co earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.8, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

9.6%
FY2025
Return on invested capital. Return on invested capital is 9.6% in the latest fiscal year and slipping across FY2023–FY2025 from 19.2%. After-tax operating profit was $3.2B in FY2023 and $1.6B in FY2025, with operating income at 17.7% of revenue in FY2023, 16.7% in FY2024 and 10.2% in FY2025. The capital base behind it went from $16.8B in FY2023 to $17.3B in FY2025 (+3%), while the revenue it carried went from $23.0B to $22.2B.
95% of FCF
FY2025
Shareholder returns. Returned $1.6B to shareholders (buybacks + dividends) in FY2025 — 95% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 66% of free cash flow two years back — not just sitting there. Counting the $213M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 108%.

Key fundamentals

Latest Revenue$22.18B
Revenue Growth YoY-3.3%
Revenue CAGR (2yr)-1.8%
Net Margin5.8%
Free Cash Flow$1.67B
Return on Equity12.2%
Debt / Equity0.68x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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