Discounted Cash Flow

Halliburton Co.

HAL · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $15.9b $-5.8b $-2.5b -36.3% $-6.69
2017 $20.6b (29.8%) $-463.0m (92.0%) $1.1b (143.8%) -2.2% (93.8%) $-0.53 (92.1%)
2018 $24.0b (16.4%) $1.7b (457.7%) $1.1b (3.3%) 6.9% (407.4%) $1.89 (456.6%)
2019 $22.4b (-6.6%) $-1.1b (-168.3%) $915.0m (-19.1%) -5.0% (-173.1%) $-1.29 (-168.3%)
2020 $14.4b (-35.5%) $-2.9b (-160.4%) $1.2b (26.0%) -20.4% (-303.9%) $-3.34 (-158.9%)
2021 $15.3b (5.9%) $1.5b (149.5%) $1.1b (-3.6%) 9.5% (146.7%) $1.63 (148.8%)
2022 $20.3b (32.7%) $1.6b (7.9%) $1.2b (10.7%) 7.7% (-18.7%)
2023 $23.0b (13.4%) $2.6b (67.8%) $2.1b (68.9%) 11.5% (48.0%)
2024 $22.9b (-0.3%) $2.5b (-5.2%) $2.4b (16.5%) 10.9% (-4.9%)
2025 $22.2b (-3.3%) $1.3b (-48.7%) $1.7b (-31.0%) 5.8% (-46.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model