Price to Book Value (P/BV)
since 2005
Calculation
Halliburton Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Company shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2019 | 2.88 | = | 31.40 | ÷ | 10.91 | 10.91 | = | 9,522 | ÷ | 872,542,842 | |
| Feb 9, 2018 | 4.91 | = | 46.70 | ÷ | 9.51 | 9.51 | = | 8,322 | ÷ | 874,909,834 | |
| Feb 7, 2017 | 5.06 | = | 54.88 | ÷ | 10.85 | 10.85 | = | 9,409 | ÷ | 866,933,212 | |
| Feb 5, 2016 | 1.74 | = | 31.35 | ÷ | 18.01 | 18.01 | = | 15,462 | ÷ | 858,342,017 | |
| Feb 24, 2015 | 2.25 | = | 43.12 | ÷ | 19.15 | 19.15 | = | 16,267 | ÷ | 849,671,830 | |
| Feb 7, 2014 | 3.26 | = | 51.97 | ÷ | 15.96 | 15.96 | = | 13,581 | ÷ | 850,866,860 | |
| Feb 11, 2013 | 2.42 | = | 40.87 | ÷ | 16.92 | 16.92 | = | 15,765 | ÷ | 931,813,112 | |
| Feb 16, 2012 | 2.49 | = | 35.64 | ÷ | 14.30 | 14.30 | = | 13,198 | ÷ | 922,983,220 | |
| Feb 17, 2011 | 4.26 | = | 48.43 | ÷ | 11.36 | 11.36 | = | 10,373 | ÷ | 913,356,387 | |
| Feb 17, 2010 | 3.22 | = | 31.08 | ÷ | 9.64 | 9.64 | = | 8,728 | ÷ | 905,090,232 | |
| Feb 18, 2009 | 1.98 | = | 17.01 | ÷ | 8.61 | 8.61 | = | 7,725 | ÷ | 897,174,201 | |
| Feb 22, 2008 | 4.64 | = | 36.16 | ÷ | 7.80 | 7.80 | = | 6,866 | ÷ | 880,157,300 | |
| Feb 28, 2007 | 4.19 | = | 30.92 | ÷ | 7.38 | 7.38 | = | 7,376 | ÷ | 999,172,145 | |
| Mar 13, 2006 | 5.56 | = | 34.32 | ÷ | 6.17 | 6.17 | = | 6,372 | ÷ | 1,032,481,302 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Halliburton Co. Annual Report.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed periods. Starting at $34.32 in March 2006, it reached a low of $17.01 in February 2009, indicative of a substantial decline likely linked to market or company-specific challenges during that period. Subsequently, the share price recovered and peaked at $54.88 in February 2017. Afterward, it showed a declining trend again, falling to $31.40 by February 2019. Overall, the share price demonstrated cyclical fluctuations with periods of recovery followed by declines.
- Book Value Per Share (BVPS) Trend
- The book value per share showed a generally upward trajectory from $6.17 in March 2006 to a peak of $19.15 in February 2015, reflecting consistent growth in the company's net asset value over nearly a decade. This upward trend suggests that the company was able to enhance its equity base and retained earnings effectively during this time. However, following the peak, BVPS declined sharply to $10.85 in February 2017 before stabilizing around $10.91 by February 2019, indicating potential asset write-downs or other financial adjustments in later years.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio fluctuated significantly, initially declining from 5.56 in March 2006 to a low of 1.74 in February 2016. This drop suggests that the market price became more aligned or even undervalued relative to the company’s book value at that time. The ratio then surged to over 5.00 in February 2017 and maintained elevated levels around 4.9 in February 2018 before falling again to 2.88 by February 2019. These fluctuations indicate varying market perceptions of the company's value relative to its book equity, with periods of optimism and possible overvaluation followed by more conservative valuation assessments.
- Overall Insights
- The financial data suggests that while the company managed to increase its intrinsic book value over most of the period, the market valuation as reflected by the share price and P/BV ratio was subject to considerable variation, likely influenced by external market conditions and company-specific events. The decoupling of share price and BVPS between 2015 and 2017 highlights a period of market optimism or speculative valuation, followed by corrections. The decline in book value post-2015 points to challenges impacting net assets. This mixed performance signals a need for careful analysis of underlying operational factors driving these financial trends.
Comparison to Competitors
Halliburton Co., P/BV, long-term trends, comparison to competitors
| Halliburton Co. | Schlumberger Ltd. | |
|---|---|---|
| Feb 13, 2019 | 2.88 | 1.66 |
| Feb 9, 2018 | 4.91 | 2.94 |
| Feb 7, 2017 | 5.06 | 2.90 |
| Feb 5, 2016 | 1.74 | 2.31 |
| Feb 24, 2015 | 2.25 | 2.76 |
| Feb 7, 2014 | 3.26 | 2.90 |
| Feb 11, 2013 | 2.42 | 2.98 |
| Feb 16, 2012 | 2.49 | 3.25 |
| Feb 17, 2011 | 4.26 | 3.89 |
| Feb 17, 2010 | 3.22 | 3.88 |
| Feb 18, 2009 | 1.98 | 3.02 |
| Feb 22, 2008 | 4.64 | 6.83 |
| Feb 28, 2007 | 4.19 | 7.16 |
| Mar 13, 2006 | 5.56 | 9.22 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Halliburton Co., P/BV, long-term trends, comparison to industry (energy)
| Halliburton Co. | Energy | |
|---|---|---|
| Feb 13, 2019 | 2.88 | 1.73 |
| Feb 9, 2018 | 4.91 | 1.78 |
| Feb 7, 2017 | 5.06 | 1.89 |
| Feb 5, 2016 | 1.74 | 1.60 |
| Feb 24, 2015 | 2.25 | 1.82 |
| Feb 7, 2014 | 3.26 | 1.97 |
| Feb 11, 2013 | 2.42 | 2.04 |
| Feb 16, 2012 | 2.49 | 2.21 |
| Feb 17, 2011 | 4.26 | 2.46 |
| Feb 17, 2010 | 3.22 | 2.11 |
| Feb 18, 2009 | 1.98 | 2.04 |
| Feb 22, 2008 | 4.64 | 2.92 |
| Feb 28, 2007 | 4.19 | 2.64 |
| Mar 13, 2006 | 5.56 | 2.74 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).