Halliburton Co., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Net income (loss) attributable to company	1,656)	(463)	(5,763)	(671)	3,500)
Net (income) loss attributable to noncontrolling interest	1)	(5)	(6)	4)	1)
Net noncash charges	1,884)	3,562)	2,834)	2,555)	1,724)
Changes in assets and liabilities	(384)	(626)	1,232)	1,018)	(1,163)
Cash flows provided by (used in) operating activities	3,157)	2,468)	(1,703)	2,906)	4,062)
Cash payments during the period for interest, net of tax¹	493)	280)	498)	269)	280)
Capital expenditures	(2,026)	(1,373)	(798)	(2,184)	(3,283)
Proceeds from sales of property, plant and equipment	218)	158)	222)	168)	338)
Free cash flow to the firm (FCFF)	1,842)	1,533)	(1,781)	1,159)	1,397)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Halliburton Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Halliburton Co. FCFF increased from 2016 to 2017 and from 2017 to 2018.

Halliburton Co., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Effective Income Tax Rate (EITR)
EITR¹	11.30%	52.80%	24.40%	29.30%	27.10%
Interest Paid, Net of Tax
Cash payments during the period for interest, before tax	556)	594)	659)	380)	384)
Less: Cash payments during the period for interest, tax²	63)	314)	161)	111)	104)
Cash payments during the period for interest, net of tax	493)	280)	498)	269)	280)

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).

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² 2018 Calculation
Cash payments during the period for interest, tax = Cash payments during the period for interest × EITR
= 556 × 11.30% = 63

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Halliburton Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	35,869)
Free cash flow to the firm (FCFF)	1,842)
Valuation Ratio
EV/FCFF	19.47
Benchmarks
EV/FCFF, Competitors¹
Schlumberger Ltd.	13.76

Based on: 10-K (reporting date: 2018-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Halliburton Co., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	35,869)	49,490)	55,991)	32,211)	42,232)
Free cash flow to the firm (FCFF)²	1,842)	1,533)	(1,781)	1,159)	1,397)
Valuation Ratio
EV/FCFF³	19.47	32.28	—	27.80	30.23
Benchmarks
EV/FCFF, Competitors⁴
Schlumberger Ltd.	—	—	—	—	—

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).

¹ See details »

² See details »

³ 2018 Calculation
EV/FCFF = EV ÷ FCFF
= 35,869 ÷ 1,842 = 19.47

⁴ Click competitor name to see calculations.

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Halliburton Co. (NYSE:HAL)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical