Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Halliburton Co., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
- Price to earnings (P/E) ratio
- The P/E ratio exhibits significant volatility throughout the observed periods. Initially, data is missing until March 31, 2015, when the ratio begins at 10.47 and increases steadily to 130.06 by December 31, 2015. Following this peak, data again becomes unavailable for several quarters. In 2017 and 2018, the P/E shows marked fluctuation, reaching an extreme high of 375.3 in September 2018 before sharply declining to 16.54 by December 31, 2018. This indicates periods of high market valuation relative to earnings, followed by rapid adjustments.
- Price to operating profit (P/OP) ratio
- The P/OP ratio, available from March 31, 2015, shows an increasing trend from 7.19 to a peak of 32.02 by the end of 2015. Subsequent data gaps obscure continuous assessment until early 2017, where another surge is observed with a peak of 70.6, followed by a steady decline to 11.11 at the end of 2018. This pattern suggests fluctuating investor confidence relative to operating profitability, with notable overvaluation phases corrected over time.
- Price to sales (P/S) ratio
- The P/S ratio begins at 1.11 in March 31, 2015, and gradually increases, peaking at 2.99 by December 31, 2016. Following that peak, it declines moderately over the next two years, ending at 1.14 by December 31, 2018, which nearly returns it to its initial value. The initial rise followed by a tapering indicates periods of increasing valuation relative to sales, followed by normalization or valuation correction.
- Price to book value (P/BV) ratio
- The P/BV ratio is recorded across the entire timeframe and demonstrates notable shifts. Starting from 3.87 in March 31, 2014, it declines steadily to 1.74 by December 31, 2015, reflecting a decreasing market valuation relative to book value. Thereafter, it reverses to climb steadily, peaking at 5.53 in March 31, 2018, before once again declining to 2.88 by December 31, 2018. This cyclical trend mirrors changes in market perception of the company's net asset value.
Price to Earnings (P/E)
Halliburton Co., historical P/E calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (loss) attributable to company (in millions) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Schlumberger Ltd. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2018 Calculation
EPS
= (Net income (loss) attributable to companyQ4 2018
+ Net income (loss) attributable to companyQ3 2018
+ Net income (loss) attributable to companyQ2 2018
+ Net income (loss) attributable to companyQ1 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Halliburton Co. Quarterly or Annual Report.
4 Q4 2018 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibits significant volatility over the analyzed period. Initially, it peaked at $73.41 in June 2014 but then followed a downward trajectory, reaching a low of $31.35 by December 2015. After this low point, there was a moderate recovery with prices rising to $54.88 by December 2016. Subsequently, the price again declined, hitting $31.40 by the last recorded quarter in December 2018. This pattern indicates a challenging market environment with intermittent recoveries but an overall declining trend from the first to the last period analyzed.
- Earnings Per Share (EPS) Patterns
- EPS data is unavailable for the initial quarters but starts being reported from March 31, 2015. Early on, EPS showed a significant decline from a positive 4.12 to negative figures starting in March 2016. The negative earnings persisted for multiple quarters, reaching a nadir around September 2016 (-6.62). There is a gradual improvement toward the end of the dataset, with EPS returning to small positive values in the last two quarters, indicating a possible recovery phase in profitability.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio is initially recorded as relatively low and stable, around 10.47 in March 2015, increasing to a peak of 130.06 by December 2015. Data for subsequent quarters is incomplete, but notable high values reoccur by March 2017 (174.63) and again in late 2018, reaching 375.3. Such sporadic spikes in P/E ratio highlight periods where share prices were high relative to earnings, likely influenced by low or negative EPS values, reflecting investor uncertainty or expectations of future turnaround.
- Overall Financial Performance Insights
- The combined analysis of share price, EPS, and P/E ratios shows a company facing significant financial challenges beginning around early 2016, marked by substantial losses and a declining share price. Despite these difficulties, there are signs of gradual improvement in earnings toward the end of 2018, though the share price did not fully recover to prior highs. The volatile and elevated P/E ratios further suggest periods of market uncertainty and fluctuating investor confidence throughout the time frame.
Price to Operating Profit (P/OP)
Halliburton Co., historical P/OP calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Schlumberger Ltd. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2018 Calculation
Operating profit per share
= (Operating income (loss)Q4 2018
+ Operating income (loss)Q3 2018
+ Operating income (loss)Q2 2018
+ Operating income (loss)Q1 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Halliburton Co. Quarterly or Annual Report.
4 Q4 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable volatility over the analyzed periods. Starting at $62.86 in March 2014, it rose to a peak of $73.41 by June 2014 before declining sharply to $31.35 by December 2015. A recovery followed in 2016, with the price climbing back to $54.88 by December 2016. Subsequent quarters saw fluctuations, with a notable dip to $31.40 by December 2018. Overall, the share price trend indicates cyclical fluctuations with periods of both recovery and decline.
- Operating Profit per Share (OPPS)
- Operating profit per share data begins from March 2015. Initially, OPPS was positive but relatively low, at $6 in March 2015 and declining to $1.22 by December 2015. The company experienced a significant downturn in 2016 with negative operating profit per share values reaching approximately -$7.93 in September 2016 and remaining negative through 2016. Starting in 2017, a recovery is observed, with OPPS returning to positive territory and gradually increasing to $2.83 by December 2018, reflecting a recovery in operating profitability.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio reflects the market valuation relative to operating profit per share. Data is incomplete for earlier periods but becomes available from March 2015. Initially, P/OP was relatively low at 7.19 in March 2015 but rose sharply to above 30 by December 2015, correlating with decreasing OPPS and share price movements. The ratio is not reported through most of 2016, likely due to negative operating profits. From 2017 onward, the ratio shows very high values initially (70.6 in March 2017), then declines consistently to 11.11 by December 2018. This indicates that the market valuation became more aligned with improving operating profits over this period.
- Summary of Financial Position Over Time
- The financial indicators demonstrate a challenging period during 2015 and 2016, with declining share prices and negative operating profits. The subsequent recovery phase beginning in 2017 is marked by gradual improvements in operating profit per share and stabilization of the share price, although the price remains below the earlier peak levels observed in 2014. The decreasing P/OP ratio during the recovery suggests improved market perception of the company’s profitability. Overall, the data reflect a cycle of decline and recovery in the quarterly periods analyzed.
Price to Sales (P/S)
Halliburton Co., historical P/S calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Revenue (in millions) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Schlumberger Ltd. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2018 Calculation
Sales per share
= (RevenueQ4 2018
+ RevenueQ3 2018
+ RevenueQ2 2018
+ RevenueQ1 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Halliburton Co. Quarterly or Annual Report.
4 Q4 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the examined periods.
- Share Price
- The share price exhibited considerable volatility throughout the quarters. Initially, it peaked at $73.41 in June 2014, then experienced a steady decline reaching a low of $31.35 by December 2015. After that, the share price showed a modest recovery, rising to $54.88 by December 2016. Subsequently, it fluctuated downward again, with values decreasing to $31.40 by December 2018. Overall, the share price showed a downward trajectory from mid-2014 to the end of 2018, with occasional rebounds.
- Sales Per Share
- Sales per share data is available from March 2015 onwards. It shows a consistent decrease from $38.69 in March 2015 to $18.33 in December 2016, indicating a weakening sales performance on a per-share basis. Following this, there was a gradual recovery, with sales per share increasing to $27.50 by December 2018. This suggests a partial restoration of sales efficiency in the latter periods.
- Price-to-Sales (P/S) Ratio
- The P/S ratio started at 1.11 in March 2015 and generally trended upward, reaching a peak of 2.99 in December 2016. This rise suggests that the market valuation relative to sales increased substantially during this time, reflecting either improved market sentiment or investor expectations despite declining sales per share. However, after the peak, the P/S ratio declined consistently to 1.14 by December 2018, aligning with the falling share prices and modest sales improvements in the later periods.
In summary, the data points to a period of significant share price depreciation correlating with declining sales per share up to late 2016, followed by a modest sales recovery while market valuation, as reflected by the P/S ratio, diminished towards the end of the period. The observed patterns highlight fluctuations in investor confidence and company performance, with a challenging environment impacting financial metrics over the analyzed quarters.
Price to Book Value (P/BV)
Halliburton Co., historical P/BV calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Company shareholders’ equity (in millions) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Schlumberger Ltd. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2018 Calculation
BVPS = Company shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Halliburton Co. Quarterly or Annual Report.
4 Q4 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed period. Initially, between March 2014 and December 2014, the share price declined sharply from $62.86 to $43.12. This downtrend continued into 2015, reaching a low of $31.35 by December 2015. A recovery phase occurred from early 2016 through the end of 2016, with the share price rising to a peak of $54.88. However, since early 2017, the price generally decreased again, settling around $31.40 by the end of 2018. The price fluctuations indicate sensitivity to external market or operational factors during the period.
- Book Value Per Share (BVPS) Trend
- Book value per share showed a gradual increase in the first year, growing from $16.25 in March 2014 to a peak of $19.15 in December 2014. Following this peak, BVPS stabilized around the $18 level through the end of 2015. From 2016 onwards, there was a noticeable decline in BVPS, dropping to approximately $9.51 by December 2017. After this trough, the book value per share showed minor improvements, ending at approximately $10.91 in December 2018. This decline and partial recovery in BVPS may reflect asset devaluations or write-downs, coupled with effort to stabilize capital structure.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio mirrored the patterns observed in share price but with additional volatility. Initially high at 3.87 in March 2014, it increased briefly to 4.29 by June 2014, then dropped substantially to a low of 1.74 by December 2015, reflecting that the market price was trading close to book value during this period. In 2016, the ratio surged to over 5.0, reaching a peak of 5.06 by December 2016, signaling that shares were strongly valued relative to book value at that time. During 2017 and 2018, the ratio trended downward from near 5.5 to 2.88 by the end of 2018. The fluctuations in the P/BV ratio suggest changing market perceptions regarding the company’s growth prospects or risk profile, with higher ratios indicating periods of greater investor optimism or expectations of future profitability.
- Overall Insights
- The data reveals that the company went through a turbulent period with significant declines in share price and book value through mid-2010s, followed by phases of partial recovery and renewed price pressure. The steep declines in both market price and book value during 2014-2017 indicate challenges impacting both investor confidence and underlying asset values. The wide swings in the P/BV ratio suggest fluctuating investor sentiment relative to fundamental value. Despite some recovery attempts, by the end of 2018, the company’s shares were trading at relatively modest premiums over book value, reflecting subdued market optimism.