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	1,656)	(463)	(5,763)	(671)	3,500)
Net (income) loss attributable to noncontrolling interest	1)	(5)	(6)	4)	1)
Net noncash charges	1,884)	3,562)	2,834)	2,555)	1,724)
Changes in assets and liabilities	(384)	(626)	1,232)	1,018)	(1,163)
Cash flows provided by (used in) operating activities	3,157)	2,468)	(1,703)	2,906)	4,062)
Capital expenditures	(2,026)	(1,373)	(798)	(2,184)	(3,283)
Proceeds from sales of property, plant and equipment	218)	158)	222)	168)	338)
Payments on long-term borrowings	(445)	(1,641)	(3,171)	(8)	(4)
Proceeds from issuance of long-term debt, net	—)	10)	74)	7,440)	—)
Free cash flow to equity (FCFE)	904)	(378)	(5,376)	8,322)	1,113)

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
FCFE	Free cash flow to equity is the cash flow available to Halliburton Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Halliburton Co. FCFE increased from 2016 to 2017 and from 2017 to 2018.

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

No. shares of common stock outstanding	872,542,842
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	904)
FCFE per share	1.04
Current share price (P)	31.40
Valuation Ratio
P/FCFE	30.31
Benchmarks
P/FCFE, Competitors¹
Schlumberger Ltd.	20.45

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.

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	872,542,842	874,909,834	866,933,212	858,342,017	849,671,830
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	904)	(378)	(5,376)	8,322)	1,113)
FCFE per share³	1.04	-0.43	-6.20	9.70	1.31
Share price^1, 4	31.40	46.70	54.88	31.35	43.12
Valuation Ratio
P/FCFE⁵	30.31	—	—	3.23	32.92
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
= 904,000,000 ÷ 872,542,842 = 1.04

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

⁵ 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= 31.40 ÷ 1.04 = 30.31

⁶ Click competitor name to see calculations.

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Halliburton Co. (NYSE:HAL)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical