Halliburton Co (HAL) is fairly valued and SLB Ltd (SLB) is fairly valued.
Against our estimates of intrinsic value, HAL trades at the wider discount: a margin of safety of +1%, against -0% for SLB.
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 8.9% (average of 3 methods) values the shares at $52.04; the price of $52.12 sits right on that value, and 77% of that value comes from beyond year five.
Leak Score 46/100 on 9 of 12 signals
| Metric | HAL | SLB |
|---|---|---|
| Verdict | Fairly valued | Fairly valued |
| Price | $32.85 | $52.12 |
| Intrinsic value | $33.10 | $52.04 |
| Margin of safety | +1% | -0% |
| Leak Score | 64/100 (10/12) | 46/100 (9/12) |
| Market cap | $27.4B | $77.4B |
| Revenue growth, 5 years | 9.0% | 8.6% |
| Operating margin | 13.1% | 14.0% |
| Net margin | 7.2% | 8.5% |
| Return on equity | 14.9% | 13.4% |
| Debt to equity | 0.74 | 0.49 |
| P/E | 17.2x | 25.3x |
| Forward P/E | 11.4x | 16.4x |
| P/B | 2.5x | 3.0x |
| Dividend yield | 2.1% | 2.3% |