Halliburton Co (HAL) is fairly valued and NOV Inc (NOV) is overvalued.
Against our estimates of intrinsic value, HAL trades at the wider discount: a margin of safety of +1%, against -83% for NOV.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.6% (average of 3 methods) values the shares at $33.10; the price of $32.85 is 1% below that value, and 77% of that value comes from beyond year five.
Leak Score 64/100 on 10 of 12 signals
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $11.05; the price of $20.18 is 83% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 3 of 12 signals
| Metric | HAL | NOV |
|---|---|---|
| Verdict | Fairly valued | Overvalued |
| Price | $32.85 | $20.18 |
| Intrinsic value | $33.10 | $11.05 |
| Margin of safety | +1% | -83% |
| Leak Score | 64/100 (10/12) | 0/100 (3/12) |
| Market cap | $27.4B | $7.2B |
| Revenue growth, 5 years | 9.0% | 7.6% |
| Operating margin | 13.1% | 6.9% |
| Net margin | 7.2% | 1.1% |
| Return on equity | 14.9% | 1.5% |
| Debt to equity | 0.74 | 0.37 |
| P/E | 17.2x | 77.5x |
| Forward P/E | 11.4x | 15.9x |
| P/B | 2.5x | 1.2x |
| Dividend yield | 2.1% | 2.2% |