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.
The financial valuation of Halliburton Co. between 2006 and 2019 is characterized by significant volatility in the Price to Book Value (P/BV) ratio, reflecting a complex relationship between market pricing and the underlying net asset value.
- Price to Book Value (P/BV) Trends
- The P/BV ratio exhibited a general downward trajectory from its 2006 peak of 5.56, reaching a cyclical low of 1.98 in 2009. While the ratio recovered to 4.26 by 2011, it remained unstable over the subsequent decade, hitting a period low of 1.74 in 2016 before spiking to 5.06 in 2017. The ratio concluded the period at 2.88 in 2019, indicating that the market continued to value the company at a premium over its book value, though at a lower multiple than seen in the mid-2000s.
- Book Value per Share (BVPS) Evolution
- A sustained growth phase in BVPS was observed from 2006 through 2015, during which the value rose from 6.17 USD to a peak of 19.15 USD. This indicates a decade of equity accumulation. However, this trend reversed sharply after 2015, with BVPS dropping to 9.51 USD by 2018. This contraction represents a significant reduction in the accounting value of the company's equity per share before a modest recovery to 10.91 USD in 2019.
- Valuation Divergence and Market Sentiment
- A notable divergence between share price and book value occurred in 2017. During this year, the P/BV ratio surged to 5.06, driven by the highest recorded share price in the series (54.88 USD) coinciding with a sharp decline in BVPS to 10.85 USD. This indicates that market valuation became decoupled from the accounting book value, with investors placing a significantly higher premium on the company despite the erosion of its net asset base.
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Comparison to Competitors
Halliburton Co., P/BV, long-term trends, comparison to competitors
| Halliburton Co. | SLB N.V. | |
|---|---|---|
| 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 | 1.69 |
| Feb 9, 2018 | 4.91 | 1.74 |
| Feb 7, 2017 | 5.06 | 1.86 |
| Feb 5, 2016 | 1.74 | 1.56 |
| Feb 24, 2015 | 2.25 | 1.83 |
| Feb 7, 2014 | 3.26 | 1.99 |
| Feb 11, 2013 | 2.42 | 2.08 |
| Feb 16, 2012 | 2.49 | 2.21 |
| Feb 17, 2011 | 4.26 | 2.45 |
| Feb 17, 2010 | 3.22 | 2.10 |
| Feb 18, 2009 | 1.98 | 2.10 |
| Feb 22, 2008 | 4.64 | 2.94 |
| Feb 28, 2007 | 4.19 | 2.69 |
| Mar 13, 2006 | 5.56 | 2.76 |
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).