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Baker Hughes Company

BKR Energy Oil & Gas Equipment & Services

Baker Hughes Company’s revenue for fiscal 2025 (year ended December 2025) was $27.7 billion, roughly unchanged from fiscal 2024.

Revenue
+14.5%
EPS
−31.5%
Free cash flow
+10.0%
Total debt
+201.6%

Quarter to September 2026, against a year earlier

46.29 3.58 −7.18%
Market cap
$45.9B
P/E
15.7×
Fwd P/E
20.2×
Dividend yield
1.49%
F-score
7/9
Altman Z
2.22
Beneish M
−2.67
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Bought, $m 0.53
Sold, $m 73.14
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — 1
Sell — — 6 4 — 1 4 1 — — — —
Insider Ownership 0.27%

Capital & Financial Ratios $m

Size
Market Cap 45,880.00
Revenue ttm 28,740.00
Net income ttm 2,929.00
Free cash flow ttm 3,429.00
Net debt Q 14,196.00
Valuation
P/E 15.72
Forward P/E 20.20
Price / sales 1.60
Forward P/S Powerpack
Price / FCF 13.41
Price / book 2.24
Financial health
Current ratio Q 1.24
Debt / equity Q 0.89
Interest coverage Q 3.93
Growth
Revenue growth Q +14.48% (above 0%: growing)
Operating income growth Q −20.64% (below 0%: shrinking)
EPS, this year +2.08%
EPS, next year A +9.40%
Revenue, next year A +7.00%
EPS, past 5 yrs —
EPS, next 5 yrs A +11.53%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.1×, against a ten-year median of 1.4×; over the ten years it ranged from 0.4× in 2020 to 2.5× in 2026.
P/E against its own 10 years 16.52%
10-year low 10-year high
P/S against its own 10 years 78.36%
10-year low 10-year high
P/B against its own 10 years 79.17%
10-year low 10-year high
EV/Sales against its own 10 years 93.36%
10-year low 10-year high
EV/FCF against its own 10 years 36.40%
10-year low 10-year high

Dividends

Yield
1.49%
Annual rate
0.69
Payout ratio
23.7%
Growth, 2018–26
+3.11%/yr
  1. 0.72 ’18
  2. 0.72 ’19 +0
  3. 0.72 ’20 +0
  4. 0.72 ’21 +0
  5. 0.73 ’22 +1
  6. 0.78 ’23 +7
  7. 0.84 ’24 +8
  8. 0.92 ’25 +10
  9. 0.92 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,646 3,364 3,715 4,068
Receivables 7,075 7,122 6,641 7,871
Inventory 5,094 4,954 4,954 5,975
Other 1,486 1,771 3,518 3,726
16,301 17,211 18,828 21,640
2023 2024 2025 Q'26
Payables 4,471 4,542 4,579 5,200
ST’ Debt 148 53 689 788
Other 8,372 8,396 8,609 11,487
12,991 12,991 13,877 17,475

Compound Annual Growth %

10y 5y 3y
Sales 5.21% 6.02% 9.44%
Cash Flow 11.55% 23.92% 26.37%
Earnings 0.00% 0.00% 0.00%
Book Value 1.50% 0.83% 9.38%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.63 Actual 0.70

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.67 0.78 Beat by 0.11
Q1 FY26 0.50 0.58 Beat by 0.08
Q2 FY26 0.51 0.64 Beat by 0.13
Q3 FY26 0.63 0.70 Beat by 0.07
Q4 FY26 0.67 — Reports 25 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.93 0.68 0.42 — —
’25 0.40 0.71 0.61 0.88 2.60
’24 0.45 0.58 0.77 1.18 2.98
’23 0.57 0.40 0.51 0.43 1.91
’22 0.08 (0.84) (0.02) 0.18 (0.61)
’21 (0.61) (0.08) 0.01 0.32 (0.27)
’20 (15.64) (0.31) (0.25) 0.91 (14.73)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,587 6,742 8,025 — —
’25 6,427 6,910 7,010 7,386 27,733
’24 6,418 7,139 6,908 7,364 27,829
’23 5,716 6,315 6,641 6,834 25,506
’22 4,835 5,047 5,369 5,905 21,156
’21 4,782 5,142 5,093 5,485 20,502
’20 5,425 4,736 5,049 5,495 20,705
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 500 1,345 1,005 — —
’25 709 510 929 1,662 3,810
’24 784 348 1,010 1,190 3,332
’23 461 859 810 932 3,062
’22 72 321 597 898 1,888
’21 678 506 416 774 2,374
’20 478 230 219 377 1,304
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 210 1,109 769 — —
’25 454 238 699 1,341 2,732
’24 502 106 754 895 2,257
’23 197 623 592 634 2,046
’22 (105) 147 417 657 1,116
’21 498 385 305 645 1,833
’20 153 62 52 250 517
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.8% a year for ten years. It grew 26.4% a year over the last ten.

Implied
4.8%
10 years, reported
26.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,082 17,179 22,877 23,838 20,705 20,502 21,156 25,506 27,829 27,733 28,740 +8.7% 29,673 32,680 34,579 +7.6%
Gross margin, % 22.41 17.67 17.42 18.59 15.45 19.75 20.80 23.14 23.30 23.60 23.53 +1.2 pt
EBT 358 (335) 680 753 (15,202) 428 22 2,655 3,265 2,877 3,213 +26.1%
EBT margin, % 2.74 (1.95) 2.97 3.16 (73.42) 2.09 0.10 10.41 11.73 10.37 11.18 +7.6 pt
Net income (2,738) (391) 283 271 (15,761) (330) (578) 1,970 3,008 2,624 2,929 n/m
Per share, $
Per share, $ Revenue 30.14 40.23 53.58 42.95 30.67 24.88 21.43 25.30 28.00 28.07 28.94 (0.8%)
Earnings (6.31) (0.31) 0.46 0.23 (14.73) (0.27) (0.61) 1.93 3.00 2.62 2.95 n/m
Cash flow 0.60 (1.87) 4.13 3.83 1.93 2.88 1.91 3.04 3.35 3.86 4.54 +22.9%
Capex (0.93) (1.15) (1.26) (1.76) (1.17) (0.66) (0.78) (1.01) (1.08) (1.09) (1.09) +1.8%
Free cash flow (0.33) (3.03) 2.87 2.07 0.77 2.22 1.13 2.03 2.27 2.77 3.45 n/m
Book value 34.23 89.95 82.00 62.16 27.03 20.32 14.72 15.40 17.16 19.24 20.71 (6.2%)
Shares, m 434 427 427 555 675 824 987 1,008 994 988 991 +9.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 50.00 116.50 0.00 0.00 0.00 17.58 13.67 17.32 15.72 21.5
P/S 2.13 0.80 0.40 0.60 0.68 0.97 1.34 1.34 1.47 1.62 1.60 1.1
P/B 1.87 0.36 0.26 0.41 0.77 1.18 1.95 2.20 2.39 2.37 2.24 1.4
EV/Sales 2.07 0.88 0.55 0.74 0.85 1.11 1.54 1.47 1.56 1.71 2.09 1.2
EV/FCF (191.05) (11.67) 10.35 15.30 33.99 12.38 29.16 18.37 19.24 17.34 17.55 (4.7)
Cash, $m
Cash, $m Operating cash flow 262 (799) 1,762 2,126 1,304 2,374 1,888 3,062 3,332 3,810 4,512 +34.6%
Capex (404) (493) (537) (976) (787) (541) (772) (1,016) (1,075) (1,078) (1,083) +11.5%
Free cash flow (142) (1,292) 1,225 1,150 517 1,833 1,116 2,046 2,257 2,732 3,429 n/m
Balance, $m
Balance, $m Working capital 2,467 9,197 5,951 5,208 6,228 5,937 3,517 3,310 4,220 4,951 4,165 +8.0%
Net debt (704) 1,319 3,504 3,373 3,501 2,874 4,169 3,374 2,659 2,372 14,196 n/m
Shareholders’ equity 14,855 38,410 35,013 34,499 18,242 16,746 14,525 15,519 17,055 19,010 20,561 +2.8%
Returns, %
Returns, % ROA 0.00 (0.26) 0.36 0.24 (21.76) (0.60) (1.73) 5.46 7.91 6.53 5.90 +6.5 pt
ROIC 2.02 (0.45) 1.14 1.77 (45.93) 4.17 3.96 7.70 9.90 9.77 6.92 +7.8 pt
ROE 0.00 (0.39) 0.53 0.37 (37.69) (1.25) (3.84) 12.93 18.29 14.35 14.90 +14.4 pt
People
People Employees 33,000 64,000 66,000 68,000 55,000 54,000 55,000 58,000 57,000 56,000 — +6.1%
Revenue/emp, $m 0.40 0.27 0.35 0.35 0.38 0.38 0.38 0.44 0.49 0.50 — +2.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Baker Hughes is an energy technology company that sells equipment, services and software to oil and gas operators and other industrial customers. Founded in 1908 and headquartered in Houston, it operates in over 120 countries. Its work ranges from helping customers drill and produce oil and gas to supplying equipment that compresses natural gas or generates power.

The company has two operating segments. Oilfield Services & Equipment supports onshore and offshore oilfield operations throughout an asset’s life, from exploration and drilling through production and eventual decommissioning. Its offerings include drilling tools, well services, production equipment and subsea systems.

Baker Hughes Company vs peers in Oil & Gas Equipment & Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SLB SLB Limited $73.3B 24.0× 23.3× +5.84% (above 0%: growing) 0.00% −20.71% (below 0%: shrinking) 16.57% 11.47% Compare
BKR Baker Hughes Company $45.9B 15.7× 20.2× +14.48% (above 0%: growing) −31.45% (below 0%: shrinking) +10.01% (above 0%: growing) 24.02% 8.67%
TS Tenaris S.A. $28.5B 15.1× — −3.86% (below 0%: shrinking) −4.04% (below 0%: shrinking) −33.29% (below 0%: shrinking) 33.19% 16.65% Compare
HAL Halliburton Company $26.4B 13.4× 15.6× +1.84% (above 0%: growing) +2,400.00% (above 0%: growing) −43.48% (below 0%: shrinking) 14.73% 10.94% Compare
FTI TechnipFMC plc $24.0B 19.1× 21.7× +9.39% (above 0%: growing) +40.79% (above 0%: growing) +4.89% (above 0%: growing) 25.16% 17.80% Compare
NOV NOV Inc. $6.2B 41.9× 21.5× +2.30% (above 0%: growing) +141.91% (above 0%: growing) −116.25% (below 0%: shrinking) 19.72% 6.38% Compare
WFRD Weatherford International PLC $6.0B 14.7× 16.0× −7.22% (below 0%: shrinking) +46.90% (above 0%: growing) +56.57% (above 0%: growing) 32.72% 13.39% Compare
AROC Archrock, Inc. $4.7B 13.8× 18.4× −3.04% (below 0%: shrinking) +21.00% (above 0%: growing) +28.48% (above 0%: growing) 66.83% 39.53% Compare
WHD Cactus, Inc. $4.4B 37.6× 23.4× +63.24% (above 0%: growing) +45.90% (above 0%: growing) −95.60% (below 0%: shrinking) 36.40% 21.83% Compare
Median of peers $15.1B 17.1× 21.5× +2.07% +43.35% −27.00% 28.94% 15.02%

All 48 Oil & Gas Equipment & Services stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Holder Shares Stake Change
Vanguard 124.33m — +1.15m
BlackRock 99.12m — +1.59m
JPMorgan Chase 69.94m — +11.74m
Capital Group 69.59m — −3.06m
State Street 64.58m — −374.40k
Invesco 35.34m — −85.71k
Dodge & Cox 34.85m — −1.02m
Geode Capital Management 27.33m — +486.78k
Norges Bank 20.40m — +20.40m
DZ Bank 17.74m — +4.01m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Baker Hughes Company (BKR) Latest News

2 Nov

Impact 3 · · GlobeNewswire

1 Nov

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · StockStory
Impact 3 · · StockStory

29 Oct

Impact 4 · · TIKR
Impact 4 · · Zacks earnings
Impact 4 · · MT Newswires
Impact 4 · · Zacks
Impact 3 · · MT Newswires

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Simply Wall St.
Impact 4 · · Moby
Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press
Impact 3 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 4 · · Oilprice.com
Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 4 · · GlobeNewswire earnings
Impact 4 · · GlobeNewswire
Impact 4 · · Zacks

26 Oct

Impact 3 · · Trefis
Impact 3 · · StockStory

23 Oct

Impact 3 · · oaoa.com
Impact 3 · · Zacks

21 Oct

Impact 4 · · Zacks

20 Oct

Impact 3 · · Zacks

BKR metrics, ten years each

stockrow.com/BKR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com