Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

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Free Cash Flow to Equity (FCFE)

Halliburton Co., FCFE 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
	Net (income) loss attributable to noncontrolling interest
	Net noncash charges
	Changes in assets and liabilities
	Cash flows provided by (used in) operating activities
	Capital expenditures
	Proceeds from sales of property, plant and equipment
	Payments on long-term borrowings
	Proceeds from issuance of long-term debt, net
	Free cash flow to equity (FCFE)

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).

Operating Activities Cash Flow: The cash flows provided by operating activities show a fluctuating trend over the five-year period. Starting at $4,062 million in 2014, there is a noticeable decline to $2,906 million in 2015, followed by a significant negative cash flow of -$1,703 million in 2016. After this downturn, the cash flows recover in 2017 and 2018, reaching $2,468 million and $3,157 million respectively. This indicates a period of financial difficulty or operational challenges around 2016, with subsequent improvement in the following years.
Free Cash Flow to Equity (FCFE): The FCFE follows an inconsistent pattern during the timeline. It notably spikes to a substantial high of $8,322 million in 2015, deviating markedly from its 2014 level of $1,113 million. However, this is followed by steep declines in the next two years, dropping to negative values of -$5,376 million in 2016 and -$378 million in 2017. In 2018, the FCFE rebounds to a positive $904 million, reflecting some recovery though still below earlier levels. This volatility suggests significant fluctuations in the company's ability to generate cash available to equity shareholders, possibly due to changes in investment, financing activities, or operational efficiency over the years.
Overall Financial Insights: The data reveals considerable volatility in both operating cash flows and free cash flow to equity, with the most challenging year appearing to be 2016. The recovery observed in 2017 and 2018 points to improvements in financial management or operational performance. Nonetheless, the FCFE remains far below the peak observed in 2015, indicating ongoing variability in equity cash generation capacity. The patterns suggest that the company experienced periods of financial strain but managed to regain stability towards the end of the period analyzed.

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Price to FCFE Ratio, Current

Halliburton Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Valuation Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors¹
Schlumberger Ltd.

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

¹ Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Halliburton Co., historical P/FCFE calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share³
	Share price^1, 4
	Valuation Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors⁶
	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 Data adjusted for splits and stock dividends.

² See details »

³ 2018 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =

⁴ Closing price as at the filing date of Halliburton Co. Annual Report.

⁵ 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =

⁶ Click competitor name to see calculations.

Share Price Trend: The share price experienced significant fluctuations across the five-year period. It started at $43.12 in 2014, declined to $31.35 in 2015, peaked at $54.88 in 2016, then decreased to $46.7 in 2017, and further declined to $31.4 in 2018. This indicates a volatile market valuation with no consistent upward or downward trend.
FCFE Per Share Trend: The Free Cash Flow to Equity (FCFE) per share showed considerable variability. It increased markedly from $1.31 in 2014 to $9.70 in 2015, reflecting strong cash flow generation. However, it turned negative in 2016 (-$6.20) and remained negative, although less so, in 2017 (-$0.43). In 2018, FCFE per share recovered to a positive $1.04, indicating a partial recovery in cash flow generation.
P/FCFE Ratio Analysis: The Price to FCFE ratio, where available, reveals a sharp decline from 32.92 in 2014 to 3.23 in 2015, suggesting the market priced the company very favorably relative to its cash flows in 2015. The ratio data is missing for 2016 and 2017, likely due to negative or zero FCFE, making the ratio undefined or unreliable. In 2018, the ratio rebounded to 30.31, aligning more closely with the initial 2014 level and reflecting improved market valuation relative to cash flows.
Overall Insights: The financial data demonstrates considerable volatility in both market valuation and cash flow generation. The sharp rise and subsequent plunge in FCFE per share suggest operational or financial challenges during 2016 and 2017. The recovery in 2018, although moderate, indicates stabilization. The share price movements correlate with FCFE fluctuations, confirming investor sensitivity to cash flow performance. The P/FCFE ratio behavior further underscores the impact of cash flow variability on market valuation metrics.