Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Halliburton Co., EBITDA 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)
Add: Net income attributable to noncontrolling interest	1)	(5)	(6)	4)	1)
Less: Income (loss) from discontinued operations, net	—)	(19)	(2)	(5)	64)
Add: Income tax expense	157)	1,131)	(1,858)	(274)	1,275)
Earnings before tax (EBT)	1,814)	682)	(7,625)	(936)	4,712)
Add: Interest expense	598)	705)	698)	463)	396)
Earnings before interest and tax (EBIT)	2,412)	1,387)	(6,927)	(473)	5,108)
Add: Depreciation, depletion and amortization	1,606)	1,556)	1,503)	1,835)	2,126)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,018)	2,943)	(5,424)	1,362)	7,234)

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
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Halliburton Co. EBITDA increased from 2016 to 2017 and from 2017 to 2018.

Enterprise Value to EBITDA Ratio, Current

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	35,869)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,018)
Valuation Ratio
EV/EBITDA	8.93
Benchmarks
EV/EBITDA, Competitors¹
Schlumberger Ltd.	9.80

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

¹ Click competitor name to see calculations.

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

Enterprise Value to EBITDA Ratio, Historical

Halliburton Co., historical EV/EBITDA 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)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	4,018)	2,943)	(5,424)	1,362)	7,234)
Valuation Ratio
EV/EBITDA³	8.93	16.82	—	23.65	5.84
Benchmarks
EV/EBITDA, Competitors⁴
Schlumberger Ltd.	—	—	—	—	—