Tearsheet

Baker Hughes (BKR)

Market Price (12/23/2025): $45.56 | Market Cap: $44.9 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Baker Hughes (BKR)

Market Price (12/23/2025): $45.56
Market Cap: $44.9 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%	Weak multi-year price returns 2Y Excs Rtn is -5.0%, 3Y Excs Rtn is -8.2%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 13x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.3 Bil, FCF LTM is 2.1 Bil		Key risks BKR key risks include [1] revenue impacts from geopolitical events, Show more.
2	Low stock price volatility Vol 12M is 36%
3	Megatrend and thematic drivers Megatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US Oilfield Technologies, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.3 Bil, FCF LTM is 2.1 Bil
2	Low stock price volatility Vol 12M is 36%
3	Megatrend and thematic drivers Megatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US Oilfield Technologies, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -5.0%, 3Y Excs Rtn is -8.2%
5	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 13x
6	Key risks BKR key risks include [1] revenue impacts from geopolitical events, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$45.56	$40.16	$32.62	$27.51	$21.84
Market Cap CYE ($ Bil)	44.9	39.7	32.7	27.5	19.6
Total Debt ($ Bil)	6.1	6.0	6.0	6.7	6.7
Total Cash ($ Bil)	2.7	3.4	2.6	2.5	3.9
Enterprise Value ($ Bil)	48.3	45.7	38.7	34.2	26.3
Valuation Ratios
P/S TTM	1.6	1.5	1.4	1.4	1.0
P/EBIT TTM	13.4	11.8	12.0	106.4	27.3
P/E TTM	15.5	13.7	17.7	-48.5	-90.5
P/FCF TTM	21.5	19.9	18.7	32.4	13.1
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	7.5	6.7	5.6	4.0	4.4
P/E TTM (Sector)	11.0	10.3	8.3	5.2	4.1
P/FCF TTM (Sector)	6.9	6.9	7.3	4.8	5.2

	12/23/25	2024	2023
Share Price CYE	$45.56	$40.16	$32.62
Market Cap CYE ($ Bil)	44.9	39.7	32.7
Total Debt ($ Bil)	6.1	6.0	6.0
Total Cash ($ Bil)	2.7	3.4	2.6
Enterprise Value ($ Bil)	48.3	45.7	38.7
Valuation Ratios
P/S TTM	1.6	1.5	1.4
P/EBIT TTM	13.4	11.8	12.0
P/E TTM	15.5	13.7	17.7
P/FCF TTM	21.5	19.9	18.7
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	7.5	6.7	5.6
P/E TTM (Sector)	11.0	10.3	8.3
P/FCF TTM (Sector)	6.9	6.9	7.3

	BKR	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	27.7
Rev Chg Q	1.5%	7.3%
Rev Chg LTM	1.5%	6.0%
Rev Chg 3Y Avg	10.4%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	3.5
CFO LTM ($ Bil)	3.3
Net Inc LTM ($ Bil)	2.9
Op Mgn LTM	12.8%	18.8%
CFO/Rev LTM	12.0%	20.4%
Net Inc Mgn	10.4%	13.1%
VALUATION	MODERATE
P/S	1.6	3.2
P/CFO	13.5	15.5
P/FCF	21.5	20.7
P/E	15.5	23.5
STABILITY	GOOD
Debt/Equity	0.13	0.21
Cash/Assets	0.07	0.07

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Metric	Value	Date	Source
Total Orders	8.2 billion USD	9302025	Link
Industrial & Energy Technology (IET) Orders	4.1 billion USD	9302025	Link
Oilfield Services & Equipment (OFSE) Orders	4.068 billion USD	9302025	Link
Remaining Performance Obligations (RPO)	35.3 billion USD	9302025	Link
Industrial & Energy Technology (IET) RPO	32.1 billion USD	9302025	Link
Oilfield Services & Equipment (OFSE) RPO	3.2 billion USD	9302025	Link
Total Company Book-to-Bill Ratio	1.2	9302025	Link
Industrial & Energy Technology (IET) Book-to-Bill Ratio	1.2	9302025	Link
New Energy Orders (Year-to-Date)	1.6 billion USD	9302025	Link

Upcoming
1/29/2026	Earnings Release	Rev: $7.0 Bil (E) EPS: $0.66 (E)
4/20/2026	Earnings Release	Rev: - EPS: -

BKR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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For the approximate time period from August 31, 2025, to December 23, 2025, Baker Hughes (BKR) stock experienced a 0.8% movement, influenced by a combination of market factors.

1. Baker Hughes' Third-Quarter 2025 Financial Results and Management Guidance. The company reported Q3 2025 earnings per share (EPS) of $0.68, surpassing the forecast of $0.62, and revenue reached $7 billion, exceeding the expected $6.82 billion. Despite these beats, the stock initially fell by 3.94% post-earnings, which could indicate that some positive outcomes were already priced in or that other market concerns overshadowed the strong results. Management also raised its full-year adjusted EBITDA guidance to over $4.7 billion and aimed for over $40 billion in Industrial & Energy Technology (IET) orders by 2028, reflecting confidence in future performance.

2. Ongoing Decline in U.S. Oil and Gas Rig Count. Throughout the period, reports from Baker Hughes indicated a continued slowdown in drilling activity in the U.S. For example, in the week ending December 19, 2025, the U.S. oil and gas rig count decreased to 542, the lowest since September. This trend, showing a reduction in operational rigs, suggests caution from energy companies prioritizing shareholder returns and debt reduction over aggressive production growth, which can exert downward pressure on oilfield services companies like Baker Hughes.

Show more For the approximate time period from August 31, 2025, to December 23, 2025, Baker Hughes (BKR) stock experienced a 0.8% movement, influenced by a combination of market factors.

1. Baker Hughes' Third-Quarter 2025 Financial Results and Management Guidance. The company reported Q3 2025 earnings per share (EPS) of $0.68, surpassing the forecast of $0.62, and revenue reached $7 billion, exceeding the expected $6.82 billion. Despite these beats, the stock initially fell by 3.94% post-earnings, which could indicate that some positive outcomes were already priced in or that other market concerns overshadowed the strong results. Management also raised its full-year adjusted EBITDA guidance to over $4.7 billion and aimed for over $40 billion in Industrial & Energy Technology (IET) orders by 2028, reflecting confidence in future performance.

2. Ongoing Decline in U.S. Oil and Gas Rig Count. Throughout the period, reports from Baker Hughes indicated a continued slowdown in drilling activity in the U.S. For example, in the week ending December 19, 2025, the U.S. oil and gas rig count decreased to 542, the lowest since September. This trend, showing a reduction in operational rigs, suggests caution from energy companies prioritizing shareholder returns and debt reduction over aggressive production growth, which can exert downward pressure on oilfield services companies like Baker Hughes.

3. Positive Analyst Sentiment and Price Targets. Despite fluctuating market conditions, analysts maintained generally positive ratings for Baker Hughes. In December 2025, several analysts reiterated "Strong Buy" or "Moderate Buy" ratings, with average price targets suggesting a notable upside potential for the stock. For instance, a UBS analyst set a price target of $54.00 on December 12, 2025, anticipating a rise within 12 months. This sustained positive outlook from the analytical community likely provided some support to the stock price.

4. Strategic Focus on Liquefied Natural Gas (LNG) and New Energy. Baker Hughes management continued to highlight the long-term growth potential in natural gas, particularly LNG, with expectations for significant demand increases by 2040. The company's strong performance in LNG equipment orders and power generation was emphasized during the Q3 2025 earnings call, along with a strategic aim to achieve high total company margins by 2028. This long-term strategic positioning in growing energy segments could have contributed to investor confidence.

5. Macroeconomic Pressures and Industry Outlook. General macroeconomic uncertainties and geopolitical risks were noted by Baker Hughes' management in early 2024 as factors that could affect upstream spending. While the Q3 2025 results showed strength, the broader industry environment, including potential for weaker-than-anticipated oil demand and decelerating drilling and completion spending in North America, could create headwinds for the stock, influencing overall market sentiment and contributing to the modest movement. Show less

Stock Movement Drivers

Fundamental Drivers

The -4.0% change in BKR stock from 9/22/2025 to 12/22/2025 was primarily driven by a -5.5% change in the company's Net Income Margin (%).

	9222025	12222025	Change
Stock Price ($)	47.44	45.56	-3.97%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	27609.00	27711.00	0.37%
Net Income Margin (%)	11.04%	10.43%	-5.50%
P/E Multiple	15.38	15.54	1.04%
Shares Outstanding (Mil)	988.00	986.00	0.20%
Cumulative Contribution			-3.97%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
BKR	-4.0%
Market (SPY)	2.7%	35.7%
Sector (XLE)	0.9%	68.1%

Fundamental Drivers

The 21.6% change in BKR stock from 6/23/2025 to 12/22/2025 was primarily driven by a 22.4% change in the company's P/E Multiple.

	6232025	12222025	Change
Stock Price ($)	37.45	45.56	21.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	27838.00	27711.00	-0.46%
Net Income Margin (%)	10.51%	10.43%	-0.74%
P/E Multiple	12.70	15.54	22.37%
Shares Outstanding (Mil)	992.00	986.00	0.60%
Cumulative Contribution			21.64%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
BKR	21.6%
Market (SPY)	14.4%	36.3%
Sector (XLE)	3.7%	64.3%

Fundamental Drivers

The 15.4% change in BKR stock from 12/22/2024 to 12/22/2025 was primarily driven by a 27.1% change in the company's Net Income Margin (%).

	12222024	12222025	Change
Stock Price ($)	39.48	45.56	15.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	27300.00	27711.00	1.51%
Net Income Margin (%)	8.21%	10.43%	27.15%
P/E Multiple	17.50	15.54	-11.21%
Shares Outstanding (Mil)	993.00	986.00	0.70%
Cumulative Contribution			15.41%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
BKR	15.4%
Market (SPY)	16.9%	60.8%
Sector (XLE)	8.6%	75.5%

Fundamental Drivers

The 68.1% change in BKR stock from 12/23/2022 to 12/22/2025 was primarily driven by a 33.6% change in the company's Total Revenues ($ Mil).

	12232022	12222025	Change
Stock Price ($)	27.11	45.56	68.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	20736.00	27711.00	33.64%
P/S Multiple	1.32	1.62	23.01%
Shares Outstanding (Mil)	1008.00	986.00	2.18%
Cumulative Contribution			67.98%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
BKR	39.9%
Market (SPY)	47.7%	52.3%
Sector (XLE)	10.2%	73.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BKR Return	-15%	19%	26%	19%	23%	11%	107%
Peers Return	-33%	1501%	80%	30%	-11%	17%	2512%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
BKR Win Rate	50%	50%	58%	50%	67%	58%
Peers Win Rate	37%	43%	68%	55%	40%	70%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BKR Max Drawdown	-63%	-6%	-13%	-9%	-17%	-14%
Peers Max Drawdown	-59%	-13%	-8%	-19%	-25%	-27%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: SLB, HAL, FTI, NOV, WFRD. See BKR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	BKR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-47.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	89.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	674 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-63.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	174.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	420 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-64.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	181.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-73.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	279.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to

In The Past

Baker Hughes's stock fell -47.2% during the 2022 Inflation Shock from a high on 3/25/2022. A -47.2% loss requires a 89.3% gain to breakeven.

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About Baker Hughes (BKR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). The OFS segment offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas, and oilfield service companies. The OFE segment provides subsea and surface wellheads, pressure control and production systems and services, flexible pipe systems for offshore and onshore applications, and life-of-field solutions, including well intervention and decommissioning solutions; and services related to onshore and offshore drilling and production operations. The TPS segment provides equipment and related services for mechanical-drive, compression, and power-generation applications across the oil and gas industry. Its product portfolio includes drivers, compressors, and turnkey solutions; and pumps, valves, and compressed natural gas and small-scale liquefied natural gas solutions. This segment serves upstream, midstream, downstream, onshore, offshore, and industrial customers. The DS segment provides sensor-based process measurements, machine health and condition monitoring, asset strategy and management, control systems, as well as non-destructive testing and inspection, and pipeline integrity solutions. The company was formerly known as Baker Hughes, a GE company and changed its name to Baker Hughes Company in October 2019. Baker Hughes Company is based in Houston, Texas.

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Here are a few analogies for Baker Hughes (BKR):

Caterpillar for the oil and gas industry: Just as Caterpillar provides heavy equipment and services for construction and mining, Baker Hughes supplies essential equipment, technology, and services for oil and gas exploration, drilling, and production.
IBM for energy infrastructure and services: Similar to how IBM offers comprehensive technology solutions, software, and services to enterprises, Baker Hughes provides specialized industrial technology, digital solutions, and operational services for energy companies' infrastructure.
General Electric for the energy sector: Akin to General Electric's role as a broad industrial technology and power generation provider, Baker Hughes supplies advanced turbomachinery, process solutions, and digital services across the energy value chain, including traditional and new energy applications.

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Oilfield Services: Provides a comprehensive range of services for drilling, evaluating, completing, and producing oil and gas wells.
Oilfield Equipment: Supplies systems and equipment for subsea and land-based well construction and production operations.
Turbomachinery & Process Solutions: Manufactures and services gas turbines, compressors, and pumps for power generation and industrial applications.
Digital Solutions: Offers advanced sensors, inspection technologies, and software for industrial asset performance management and integrity.
New Energy Solutions: Develops and provides technologies for cleaner energy, including hydrogen production, carbon capture, and geothermal energy.

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Baker Hughes (BKR) operates primarily as a business-to-business (B2B) company, providing a broad range of products, services, and digital solutions to the energy and industrial sectors worldwide. Its major customers are global oil and gas exploration and production companies, including international oil companies (IOCs), national oil companies (NOCs), and large independent operators.

While Baker Hughes's 10-K filings indicate that no single customer accounted for more than 10% of its consolidated revenues in recent years, demonstrating a diversified customer base, its services are crucial to the operations of the world's largest energy producers. Representative examples of the types of major customer companies that utilize Baker Hughes's offerings include:

ExxonMobil (Symbol: XOM)
Chevron (Symbol: CVX)
Shell plc (Symbol: SHEL)
Saudi Aramco (Symbol: 2222.SR)
Petrobras (Symbol: PBR)
ConocoPhillips (Symbol: COP)

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Lorenzo Simonelli, Chairman, President and Chief Executive Officer

Lorenzo Simonelli has served as Chairman and Chief Executive Officer of Baker Hughes since the company's creation in 2017, overseeing the successful merger of GE Oil & Gas with Baker Hughes Inc.. He was named Chairman of the Board in October 2017. Prior to this, he was President and CEO of GE Oil & Gas starting in 2013. Simonelli previously held the position of President and CEO of GE Transportation for five years, where he focused on advanced technology manufacturing, intelligent control systems, and diversified propulsion solutions. His career at GE began in 1994 within the Financial Management Program, and he subsequently served as CFO Americas for GE Consumer & Industrial, and General Manager, Product Management for GE Appliances, Lighting, Electrical Distribution and Motors.

Ahmed Moghal, Executive Vice President and Chief Financial Officer

Ahmed Moghal was appointed Chief Financial Officer of Baker Hughes in February 2025. Before becoming CFO, he was the Senior Vice President and CFO of the Industrial & Energy Technology (IET) business of Baker Hughes since 2023. Moghal played a key role as the financial planning & analysis leader during the merger of Baker Hughes and GE Oil & Gas in 2017. He began his career at GE in the Financial Management Program and later served on the Corporate Audit Staff, accumulating over two decades of finance experience across various industries globally.

Maria Claudia Borras, Chief Growth & Experience Officer and interim Executive Vice President of Industrial & Energy Technology

Maria Claudia Borras serves as Baker Hughes' Chief Growth & Experience Officer, responsible for driving enterprise growth and enhancing customer experience. She also holds the interim role of Executive Vice President of Industrial & Energy Technology. Her extensive career at Baker Hughes includes previous roles as Executive Vice President of Oilfield Services & Equipment (2022-2024) and Executive Vice President of Oilfield Services (2017-2022). Borras was Chief Commercial Officer at GE Oil & Gas from 2015 to 2017, having joined GE from Baker Hughes in January 2015. She originally joined Baker Hughes in 1993, after starting her career in the oil and gas industry in 1991 as a production engineer for Esso in Bogotá, Colombia.

Georgia Magno, Chief Legal Officer

Georgia Magno has been the Chief Legal Officer of Baker Hughes since January 2024. Prior to this, she served as General Counsel for Baker Hughes' Industrial and Energy Technology Business Segment. She also held the position of General Counsel for Global Supply Chain within the company. Magno currently serves as the Vice Chairwoman at Nuovo Pignone Holding.

Jim Ross, Executive Vice President of Global Operations

Jim Ross is the Executive Vice President of Global Operations at Baker Hughes. Before assuming this role, he was the Senior Vice President and Chief Financial Officer of Baker Hughes Inc. (BHI) prior to its merger with GE Oil & Gas. His career at Baker Hughes has included leadership in global operations.

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The key risks to Baker Hughes' (BKR) business include its significant exposure to the volatile oil and natural gas market, the impact of geopolitical tensions and global trade policies coupled with cost inflation, and intense competition along with supply chain disruptions.

Market Volatility and Dependence on the Oil and Natural Gas Industry
Baker Hughes' financial performance is highly susceptible to the cyclical nature of the oil and natural gas industry. Fluctuations in oil and gas prices directly influence the activity levels and capital expenditure of its customers, which can lead to volatility in the company's revenue and profitability. The Oilfield Services & Equipment (OFSE) segment, in particular, faces near-term margin pressure due to these market conditions. A global economic downturn or trade conflicts could further exacerbate this risk by reducing spending from energy companies and tightening their cash flow.
Geopolitical Tensions, Global Trade Policy Shifts, and Cost Inflation
Geopolitical events and shifts in global trade policies pose significant threats by disrupting supply chains and affecting customer demand. For instance, the suspension of Russian contracts impacted the company's turbomachinery and process solutions revenue. Furthermore, ongoing cost inflation, encompassing rising expenses for procurement and operations, is identified as a near-term headwind that can pressure operating margins.
Intense Competition and Supply Chain Disruptions
Baker Hughes operates within a highly competitive landscape against major players such as Schlumberger and Halliburton. This competitive pressure can limit pricing power, impact market share, and make it challenging to negotiate favorable contract terms. Additionally, the company faces risks from supply chain disruptions, including shortages of critical components like computer chips and electronic parts, which can impair productivity and contribute to increased costs.

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The accelerating global energy transition away from fossil fuels. This trend, driven by evolving climate policies, technological advancements in renewable energy solutions, and shifting investor priorities, directly threatens the long-term demand for Baker Hughes's core Oilfield Services and Equipment (OFSE) offerings. While Baker Hughes is actively expanding its Industrial & Energy Technology (IET) segment into new energy solutions such as hydrogen, carbon capture, utilization and storage (CCUS), and renewables, the speed and scale of the decline in capital expenditure by its traditional oil and gas customers could outpace the growth of its new energy ventures, thereby impacting overall revenue and profitability.

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Baker Hughes (BKR) operates primarily in two main segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). The company also provides various chemical solutions.

Oilfield Services & Equipment (OFSE)

The global Oilfield Services and Equipment (OFSE) market is estimated at $150 billion in 2025. It is projected to expand at a compound annual growth rate (CAGR) of 5% over the forecast period (2025-2033), reaching approximately $230 billion by 2033.

Industrial & Energy Technology (IET)

This segment encompasses a range of products and services, including turbomachinery, climate technology solutions, and industrial solutions.

Turbomachinery (Oil & Gas Industry): The global turbomachinery market within the oil and gas industry is estimated at $50 billion in 2025. This market is projected to grow at a CAGR of 6% between 2025 and 2033, reaching approximately $80 billion by 2033.

Chemicals

Oilfield Chemicals: The global oilfield chemicals market is estimated to be valued at USD 30.40 billion in 2025. It is expected to reach USD 38.70 billion by 2032, exhibiting a CAGR of 3.5% from 2025 to 2032.
Water Treatment Chemicals: The global water treatment chemicals market size is calculated at USD 40.48 billion in 2025. It is expected to surpass approximately USD 58.16 billion by 2034, growing at a CAGR of 4.11% from 2025 to 2034.

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Baker Hughes (BKR) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

Growth in Industrial & Energy Technology (IET) Segment, especially LNG and Gas Technology Services: The company anticipates continued strong order momentum and robust backlog conversion within its IET segment. This is largely fueled by increasing global demand for liquefied natural gas (LNG), significant investments in new LNG projects such as the Rio Grande LNG facility (Trains 4-8), and the expansion of global gas infrastructure. The IET segment also benefits from long-term structural growth in gas technology services.
Expansion into New Energy Technologies and Decarbonization Solutions: Baker Hughes is strategically pivoting towards energy transition technologies. Future revenue growth is expected from new energy orders, including climate technology solutions like zero-emissions ICL technology, geothermal initiatives, hydrogen, and broader decarbonization strategies. The acquisition of Chart Industries is a key part of this strategy to capitalize on these emerging markets.
Leveraging Digital Solutions and AI-driven Demand: The company is expanding its digital footprint by deploying solutions such as the Cordant™ Asset Health platform for enhanced equipment monitoring and diagnostics. Furthermore, Baker Hughes is positioning its power solutions portfolio to meet the increasing power demand from AI and data centers, presenting a significant growth opportunity.
International Project Wins and Market Expansion: Baker Hughes continues to secure major contracts and strengthen its presence in international markets. Recent examples include additional FPSO orders, a major contract for TotalEnergies' Kaminho FSO project in Angola, strengthened relationships with Petrobras in Brazil's Santos Basin, and significant projects in Türkiye and Brazil for its Oilfield Services and Equipment (OFSE) subsea, surface, and pressure systems. Investments in manufacturing and R&D in regions like Italy also aim to meet growing global energy demand.
Strategic Pricing and Operational Efficiency: Higher pricing across both the IET and OFSE segments, combined with structural cost-out initiatives and productivity gains, are contributing to revenue growth and margin expansion. This focus on operational efficiency and optimized pricing strategies supports overall financial performance.

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Share Repurchases

Baker Hughes repurchased $828 million in shares in 2022, $538 million in 2023, and $484 million in 2024.
In the first half of 2025, the company reported $188 million in share repurchases in Q1 and $196 million in Q2.
As of December 31, 2024, approximately $1.7 billion remained authorized for future share repurchases.

Share Issuance

Share issuances for employee stock plans and vesting of restricted stock units occurred, with 4.975 million shares issued upon vesting of restricted stock units in 2024 and 1.814 million shares issued for the employee stock purchase plan in 2024.
Similarly, in 2023, 5.738 million shares were issued upon vesting of restricted stock units and 1.846 million for the employee stock purchase plan.

Outbound Investments

In July 2025, Baker Hughes acquired Chart Industries for $13.6 billion to expand its portfolio in clean energy hardware, LNG technology, and industrial cooling solutions.
The company completed the acquisition of Continental Disc Corporation for $540 million in cash in August 2025, enhancing its flow control product line.
Baker Hughes made a second strategic investment in Baseload Capital, a geothermal-focused entity, in 2023.

Capital Expenditures

Capital expenditures were $974 million in 2020, $856 million in 2021, $989 million in 2022, $1.224 billion in 2023, and $1.278 billion in 2024.
For the first two quarters of 2025, capital expenditures were $255 million in Q1 and $271 million in Q2.
A significant focus for capital expenditures is on energy infrastructure, data centers, hydrogen, and clean power markets.

Better Bets than Baker Hughes (BKR)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKR: 10.4% | 1.6x)

OII (12.4% | 0.9x)

Oceaneering International

EFXT (39.9% | 0.7x)

Enerflex

XPRO (11.1% | 0.9x)

Expro

NESR (13.5% | 1.2x)

National Energy Services Reunited

AESI (43.6% | 1.0x)

Atlas Energy Solutions

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKR: 10.4% | 12.7x)

AROC (20.8% | 8.6x)

Archrock

WHD (22.9% | 12.1x)

Cactus

TDW (36.0% | 8.8x)

Tidewater

OII (12.4% | 7.8x)

Oceaneering International

EFXT (39.9% | 6.2x)

Enerflex

Higher Rev Chg LTM (Value for BKR: 1.5%)

AROC (31.9%)

Archrock

KGS (19.4%)

Kodiak Gas Services

FTI (11.2%)

TechnipFMC

OII (8.7%)

Oceaneering International

TDW (4.4%)

Tidewater

Higher Rev Chg 3Y Avg (Value for BKR: 10.4%)

TDW (36.0%)

Tidewater

WHD (22.9%)

Cactus

AROC (20.8%)

Archrock

FTI (14.5%)

TechnipFMC

OII (12.4%)

Oceaneering International

Higher Op Mgn LTM (Value for BKR: 12.8%)

AROC (36.3%)

Archrock

KGS (30.9%)

Kodiak Gas Services

WFRD (14.6%)

Weatherford International

HAL (14.4%)

Halliburton

FTI (13.2%)

TechnipFMC

Higher CFO/Rev LTM (Value for BKR: 12.0%)

AROC (37.0%)

Archrock

FTI (19.3%)

TechnipFMC

HAL (14.5%)

Halliburton

NOV (14.5%)

NOV

WFRD (13.2%)

Weatherford International

Higher FCF/Rev LTM (Value for BKR: 7.5%)

FTI (15.8%)

TechnipFMC

KGS (14.6%)

Kodiak Gas Services

NOV (10.0%)

NOV

HAL (8.5%)

Halliburton

WFRD (7.7%)

Weatherford International

Higher Total Yield (Value for BKR: 8.4%)

VTOL (13.5%)

Bristow

NOV (9.8%)

NOV

OII (9.3%)

Oceaneering International

AESI (9.1%)

Atlas Energy Solutions

AROC (9.0%)

Archrock

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKR: 10.4% | 1.6x)

OKE (16.4% | 1.5x)

ONEOK

CHRD (18.1% | 1.0x)

Chord Energy

CNR (26.2% | 1.2x)

Core Natural Resources

NE (59.6% | 1.3x)

Noble

RIG (14.6% | 1.0x)

Transocean

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKR: 10.4% | 12.7x)

OKE (16.4% | 7.8x)

ONEOK

FANG (20.8% | 7.7x)

Diamondback Energy

PR (48.7% | 4.9x)

Permian Resources

VNOM (14.4% | 8.9x)

Viper Energy

CHRD (18.1% | 5.7x)

Chord Energy

Higher Rev Chg LTM (Value for BKR: 1.5%)

ENB (32.3%)

Enbridge

WMB (9.0%)

Williams Companies

KMI (8.3%)

Kinder Morgan

CNQ (8.3%)

Canadian Natural Resources

COP (8.2%)

ConocoPhillips

Higher Rev Chg 3Y Avg (Value for BKR: 10.4%)

PR (48.7%)

Permian Resources

CCJ (24.2%)

Cameco

FANG (20.8%)

Diamondback Energy

OKE (16.4%)

ONEOK

FTI (14.5%)

TechnipFMC

Higher Op Mgn LTM (Value for BKR: 12.8%)

WMB (34.3%)

Williams Companies

KMI (27.2%)

Kinder Morgan

COP (21.0%)

ConocoPhillips

CNQ (20.3%)

Canadian Natural Resources

ENB (17.4%)

Enbridge

Higher CFO/Rev LTM (Value for BKR: 12.0%)

WMB (48.2%)

Williams Companies

COP (33.3%)

ConocoPhillips

ENB (20.0%)

Enbridge

CVX (17.0%)

Chevron

XOM (15.9%)

Exxon Mobil

Higher FCF/Rev LTM (Value for BKR: 7.5%)

CNQ (18.2%)

Canadian Natural Resources

KMI (16.8%)

Kinder Morgan

WMB (15.0%)

Williams Companies

COP (11.9%)

ConocoPhillips

CVX (8.2%)

Chevron

Higher Total Yield (Value for BKR: 8.4%)

CNQ (16.9%)

Canadian Natural Resources

ENB (13.9%)

Enbridge

COP (10.9%)

ConocoPhillips

XOM (9.3%)

Exxon Mobil

CVX (8.6%)

Chevron

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKR: 10.4% | 1.6x)

UNH (11.4% | 0.7x)

UnitedHealth

PGR (20.6% | 1.6x)

Progressive

MCK (12.6% | 0.3x)

McKesson

CI (13.6% | 0.3x)

Cigna

COR (10.4% | 0.2x)

Cencora

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKR: 10.4% | 12.7x)

UNH (11.4% | 11.2x)

UnitedHealth

NEM (23.9% | 12.3x)

Newmont

APO (89.3% | 10.9x)

Apollo Asset Management

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

DAL (10.8% | 7.7x)

Delta Air Lines

Higher Rev Chg LTM (Value for BKR: 1.5%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for BKR: 10.4%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for BKR: 12.8%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for BKR: 12.0%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for BKR: 7.5%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for BKR: 8.4%)

T (12.8%)

AT&T

MRK (10.4%)

Merck

WFC (8.8%)

Wells Fargo

UNH (8.6%)

UnitedHealth

RY (8.5%)

Royal Bank of Canada

		Best Bets In Energy Sector
	BKR	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	EOG	CRC
What You Pay
P/E	15.5	14.6	17.8	11.8	11.1	30.1	11.8	18.3	18.8	10.1	9.5
P/EBIT	13.4	11.9	10.1	8.7	9.4	16.9	8.7	12.3	10.7	7.7	5.8
What You Get
Rev Chg Q	1.5%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	-2.3%	-11.9%
Rev Chg LTM	1.5%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	-5.0%	33.9%
Rev Chg 3Y Avg	10.4%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	-7.6%	5.3%
FCF/Rev 3Y Avg	7.3%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.1%	22.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Baker Hughes Earnings Notes
2	Baker Hughes vs Archrock: Which Stock Could Rally?	Counter-Intuitive Comparisons
3	Day 6 of Gains Streak for Baker Hughes Stock with 9.9% Return (vs. 21% YTD) [10/23/2025]	Notification
4	Baker Hughes Stock Drop Looks Sharp, But How Deep Can It Go?	Return
5	Day 8 of Gains Streak for Baker Hughes Stock with 8.8% Return (vs. 25% YTD) [9/29/2025]	Notification
6	Day 7 of Gains Streak for Baker Hughes Stock with 8.7% Return (vs. 25% YTD) [9/26/2025]	Notification
7	Baker Hughes vs Cheniere Energy: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	Baker Hughes vs Archrock: Which Is A Better Investment?	Counter-Intuitive Comparisons
9	How Does Baker Hughes Stock Stack Up Against Its Peers?	Peer Comparison
10	Better Bet Than BKR Stock: Pay Less Than Baker Hughes To Get More From CCL, BAH
11	ARTICLES
12	Archrock vs Baker Hughes: Which Is the Stronger Buy Today?		November 5th, 2025
13	Baker Hughes Stock 6-Day Winning Spree: Stock Climbs 9.9%		October 24th, 2025
14	BKR Stock Up 8.8% after 8-Day Win Streak		September 30th, 2025
15	BKR Stock Up 8.7% after 7-Day Win Streak		September 27th, 2025
16	BKR Stock Up 20% after 8-Day Win Streak		July 29th, 2025

	Title
0	DASHBOARDS
1	Baker Hughes Earnings Notes
2	Baker Hughes vs Archrock: Which Stock Could Rally?
3	Day 6 of Gains Streak for Baker Hughes Stock with 9.9% Return (vs. 21% YTD) [10/23/2025]
4	Baker Hughes Stock Drop Looks Sharp, But How Deep Can It Go?
5	Day 8 of Gains Streak for Baker Hughes Stock with 8.8% Return (vs. 25% YTD) [9/29/2025]
6	Day 7 of Gains Streak for Baker Hughes Stock with 8.7% Return (vs. 25% YTD) [9/26/2025]
7	Baker Hughes vs Cheniere Energy: Which Is A Better Investment?
8	Baker Hughes vs Archrock: Which Is A Better Investment?
9	How Does Baker Hughes Stock Stack Up Against Its Peers?
10	Better Bet Than BKR Stock: Pay Less Than Baker Hughes To Get More From CCL, BAH
11	ARTICLES
12	Archrock vs Baker Hughes: Which Is the Stronger Buy Today?
13	Baker Hughes Stock 6-Day Winning Spree: Stock Climbs 9.9%
14	BKR Stock Up 8.8% after 8-Day Win Streak
15	BKR Stock Up 8.7% after 7-Day Win Streak
16	BKR Stock Up 20% after 8-Day Win Streak

Trade Ideas

Select ideas related to BKR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	11.2%	11.2%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.7%	4.7%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.9%	5.9%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	27.0%	27.0%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.5%	-5.5%	-7.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Baker Hughes

Peers to compare with:

Financials

	BKR	SLB	HAL	FTI	NOV	WFRD	Median
Name	Baker Hu.	SLB	Hallibur.	TechnipF.	NOV	Weatherf.
Mkt Price	45.56	38.33	28.19	44.96	15.80	80.47	41.64
Mkt Cap	44.9	0.1	23.9	18.4	5.8	5.8	12.1
Rev LTM	27,711	35,248	22,137	9,783	8,775	4,970	15,960
Op Inc LTM	3,535	5,688	3,194	1,292	609	725	2,243
FCF LTM	2,089	3,862	1,874	1,541	877	382	1,708
FCF 3Y Avg	1,924	4,059	2,053	913	435	498	1,419
CFO LTM	3,338	5,874	3,217	1,890	1,269	657	2,553
CFO 3Y Avg	3,147	6,112	3,416	1,177	760	742	2,162

Growth & Margins

	BKR	SLB	HAL	FTI	NOV	WFRD	Median
Name	Baker Hu.	SLB	Hallibur.	TechnipF.	NOV	Weatherf.
Rev Chg LTM	1.5%	-2.1%	-4.1%	11.2%	-1.5%	-10.2%	-1.8%
Rev Chg 3Y Avg	10.4%	10.5%	5.7%	14.5%	10.0%	7.6%	10.2%
Rev Chg Q	1.5%	-2.5%	-1.7%	12.7%	-0.7%	-12.6%	-1.2%
QoQ Delta Rev Chg LTM	0.4%	-0.7%	-0.4%	3.2%	-0.2%	-3.4%	-0.3%
Op Mgn LTM	12.8%	16.1%	14.4%	13.2%	6.9%	14.6%	13.8%
Op Mgn 3Y Avg	11.6%	16.6%	16.7%	9.7%	8.0%	15.8%	13.7%
QoQ Delta Op Mgn LTM	0.0%	-0.8%	-1.0%	0.8%	-1.0%	-0.8%	-0.8%
CFO/Rev LTM	12.0%	16.7%	14.5%	19.3%	14.5%	13.2%	14.5%
CFO/Rev 3Y Avg	11.9%	17.7%	15.0%	13.0%	8.6%	14.3%	13.7%
FCF/Rev LTM	7.5%	11.0%	8.5%	15.8%	10.0%	7.7%	9.2%
FCF/Rev 3Y Avg	7.3%	11.7%	9.0%	10.0%	4.8%	9.6%	9.3%

Valuation

	BKR	SLB	HAL	FTI	NOV	WFRD	Median
Name	Baker Hu.	SLB	Hallibur.	TechnipF.	NOV	Weatherf.
Mkt Cap	44.9	0.1	23.9	18.4	5.8	5.8	12.1
P/S	1.6	0.0	1.1	1.9	0.7	1.2	1.1
P/EBIT	13.4	0.0	10.1	14.3	9.8	7.8	9.9
P/E	15.5	0.0	18.3	19.5	15.3	14.3	15.4
P/CFO	13.5	0.0	7.4	9.7	4.6	8.8	8.1
Total Yield	8.4%	9,240.3%	7.9%	5.6%	9.8%	8.2%	8.3%
Dividend Yield	2.0%	2,775.6%	2.4%	0.5%	3.3%	1.2%	2.2%
FCF Yield 3Y Avg	4.9%	5,432.6%	7.8%	7.0%	8.7%	8.4%	8.1%
D/E	0.1	226.4	0.4	0.1	0.4	0.3	0.3
Net D/E	0.1	162.8	0.3	0.0	0.2	0.1	0.2

Returns

	BKR	SLB	HAL	FTI	NOV	WFRD	Median
Name	Baker Hu.	SLB	Hallibur.	TechnipF.	NOV	Weatherf.
1M Rtn	-6.8%	6.8%	9.9%	1.9%	6.2%	9.8%	6.5%
3M Rtn	-4.0%	13.9%	25.5%	16.1%	26.0%	25.4%	20.7%
6M Rtn	21.6%	15.5%	37.6%	32.0%	20.7%	72.3%	26.8%
12M Rtn	15.4%	7.4%	11.8%	56.6%	16.8%	22.0%	16.1%
3Y Rtn	68.1%	-22.0%	-22.8%	278.0%	-18.5%	64.1%	22.8%
1M Excs Rtn	-10.4%	4.6%	5.5%	-1.8%	5.2%	9.8%	4.9%
3M Excs Rtn	-9.8%	8.7%	13.6%	9.7%	18.1%	16.6%	11.6%
6M Excs Rtn	8.3%	3.3%	24.6%	19.5%	9.1%	54.8%	14.3%
12M Excs Rtn	-0.9%	-11.2%	-6.1%	39.6%	-1.4%	0.0%	-1.1%
3Y Excs Rtn	-8.2%	-94.1%	-94.3%	218.0%	-93.4%	10.5%	-50.8%

Comparison Analyses

	Title
0	How Does Baker Hughes Stock Stack Up Against Its Peers?
1	Baker Hughes vs. Schlumberger: With Return Forecast Of 51%, Schlumberger Is A Better Bet
2	With 16% Gains On The Table, BKR May Outshine HAL
3	With 22% Gains On The Table, NOV May Outshine BKR
4	NWE or BKR - With 16% Return Forecast, BKR Probably Deserves Your Money
5	Baker Hughes vs. Fidelity National Information Services: With Return Forecast Of 113%, Baker Hughes Is A Better Bet
6	Baker Hughes vs. Chipotle Mexican Grill: With Return Forecast Of 113%, Baker Hughes Is A Better Bet
7	Baker Hughes vs. MSCI: With Return Forecast Of 113%, Baker Hughes Is A Better Bet
8	Baker Hughes vs. McDonald's: With Return Forecast Of 123%, Baker Hughes Is A Better Bet
9	Baker Hughes vs. Mastercard: With Return Forecast Of 123%, Baker Hughes Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/24/2025	2/4/2025	2/5/2024	2/14/2023	2/11/2022	2/25/2021	2/13/2020
Key Financials
Total Revenue	27,711	27,829	25,506	21,156	20,502	20,705	23,838
EBITDA	4,510	4,599	3,958	1,335	1,832	-13,621	2,408
Operating Income	3,535	3,382	2,640	1,890	1,579	795	1,600
Net Income	2,891	2,979	1,943	-601	-219	-9,940	128
EPS	2.93	3.00	1.93	-0.61	-0.27	-14.73	0.23
Growth Rates
Total Revenue Growth	1.5%	9.1%	20.6%	3.2%	-1.0%	-13.1%	4.2%
EBITDA Growth	4.8%	16.2%	196.5%	-27.1%	113.4%	-665.7%	7.0%
Operating Income Growth	8.8%	28.1%	39.7%	19.7%	98.6%	-50.3%	24.3%
Net Income Growth	29.1%	53.3%	423.3%	-174.4%	97.8%	-7865.6%	-34.4%
Margins
EBITDA Margin	16.3%	16.5%	15.5%	6.3%	8.9%	-65.8%	10.1%
Operating Income Margin	12.8%	12.2%	10.4%	8.9%	7.7%	3.8%	6.7%
Net Income Margin	10.4%	10.7%	7.6%	-2.8%	-1.1%	-48.0%	0.5%
Cash & Debt
Total Cash	2,693	3,364	2,646	2,488	3,853	4,132	3,249
Total Debt	6,056	6,023	6,021	6,658	6,727	7,633	6,622
Net Debt / (Cash)	3,363	2,659	3,375	4,170	2,874	3,501	3,373
Cash Flows
Net Cash from Operations	3,338	3,332	3,062	1,888	2,374	1,304	2,126
Free Cash from Operations	2,089	2,054	1,838	899	1,518	330	886
Returns to Shareholders
Dividends	891	836	786	726	749	744	745
Share Repurchases	392	484	538	828	434	-0	250

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/24/2025	7/23/2025	4/23/2025	2/4/2025	10/23/2024	7/26/2024	4/24/2024	2/5/2024	10/26/2023	7/19/2023	4/19/2023	2/14/2023
Key Financials Quarterly
Total Revenue	7,010	6,910	6,427	7,364	6,908	7,139	6,418	6,835	6,641	6,315	5,716	5,905
Ebitda	1,159	1,315	897	1,139	1,342	1,154	965	841	1,076	948	1,093	664
Operating Income	948	887	752	948	930	845	660	813	716	616	494	692
Net Income	609	701	402	1,179	766	579	455	440	518	410	576	182
EPS	0.62	0.71	0.41	1.19	0.77	0.58	0.46	0.44	0.51	0.41	0.57	0.18
Key Financials TTM
Total Revenue TTM	27,711	27,609	27,838	27,829	27,300	27,033	26,209	25,507	24,577	23,305	22,037	21,156
Ebitda TTM	4,510	4,693	4,532	4,600	4,302	4,036	3,830	3,958	3,781	3,169	1,900	1,335
Operating Income TTM	3,535	3,517	3,475	3,383	3,248	3,034	2,805	2,639	2,518	2,306	2,036	1,891
Net Income TTM	2,891	3,048	2,926	2,979	2,240	1,992	1,823	1,944	1,686	1,151	-98	-602
Growth Rates Quarterly
Total Revenue Growth	1.5%	-3.2%	0.1%	7.7%	4.0%	13.0%	12.3%	15.7%	23.7%	25.1%	18.2%	7.7%
EBITDA Growth	-13.6%	14.0%	-7.0%	35.4%	24.7%	21.7%	-11.7%	26.7%	131.9%	395.3%	107.0%	-37.1%
Operating Income Growth	1.9%	5.0%	13.9%	16.6%	29.9%	37.2%	33.6%	17.5%	42.1%	78.0%	41.5%	21.2%
Net Income Growth	-20.5%	21.1%	-11.6%	168.0%	47.9%	41.2%	-21.0%	141.8%	3147.1%	148.9%	700.0%	-37.9%
Margins Quarterly
EBITDA Margin	16.5%	19.0%	14.0%	15.5%	19.4%	16.2%	15.0%	12.3%	16.2%	15.0%	19.1%	11.2%
Operating Income Margin	13.5%	12.8%	11.7%	12.9%	13.5%	11.8%	10.3%	11.9%	10.8%	9.8%	8.6%	11.7%
Net Income Margin	8.7%	10.1%	6.3%	16.0%	11.1%	8.1%	7.1%	6.4%	7.8%	6.5%	10.1%	3.1%
Cash & Debt
Total Cash	2,693	3,087	3,277	3,364	2,664	2,284	2,717	2,646	3,201	2,805	2,415	2,488
Total Debt	6,056	6,034	6,024	6,023	6,036	5,895	6,005	6,021	6,659	6,644	6,659	6,658
Net Debt / (Cash)	3,363	2,947	2,747	2,659	3,372	3,611	3,288	3,375	3,458	3,839	4,244	4,170
Cash Flows Quarterly
FCF from Operations	929	510	709	1,190	1,010	348	784	932	810	859	461	898
Cash Flows TTM
FCF from Operations TTM	3,338	3,419	3,257	3,332	3,074	2,874	3,385	3,062	3,028	2,815	2,277	1,888
Returns to Shareholders Quarterly
Dividends	227	227	229	208	209	209	210	200	202	192	192	190
Share Repurchases	-0	196	188	8	152	166	158	319	120	99	-0	101
Return on Invested Capital (ROIC) Quarterly
ROIC	11.1%	10.3%	8.7%	14.9%	10.7%	8.8%	7.1%	10.2%	7.1%	5.8%	5.2%	5.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	12.8%	12.8%	12.8%	12.3%	9.3%	8.3%	7.6%	7.1%	6.2%	5.1%	7.0%	6.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Oilfield Services & Equipment (OFSE)	15,361	13,229	12,028
Industrial & Energy Technology (IET)	10,145	7,926	8,473
Digital Solutions				2,015	2,492
Oilfield Equipment				2,844	2,921
Oilfield Services				10,140	12,889
Turbomachinery & Process Solutions				5,705	5,536
Total	25,506	21,155	20,501	20,704	23,838

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Oilfield Services & Equipment (OFSE)	1,746	1,201	830
Industrial & Energy Technology (IET)	1,310	1,135	1,177
Inventory impairment	-35	-31		-246
Restructuring, impairment and other	-323	-705	-209	-1,866	-342
Corporate costs	-380	-416	-429	-464	-433
Separation and merger related			-60	-134	-184
Digital Solutions				193	343
Goodwill impairment				-14,773
Oilfield Equipment				19	55
Oilfield Services				487	917
Turbomachinery & Process Solutions				805	719
Total	2,318	1,184	1,309	-15,979	1,075

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Oilfield Services & Equipment (OFSE)	17,925	17,181	17,950
Industrial & Energy Technology (IET)	13,781	12,286	11,480
Corporate and eliminations	5,239	4,714	5,878	6,282	2,765
Digital Solutions				3,948	3,983
Oilfield Equipment				3,344	7,645
Oilfield Services				15,482	30,611
Turbomachinery & Process Solutions				8,951	8,365
Total	36,945	34,181	35,308	38,007	53,369

Price Behavior

Price Behavior

Market Price	$45.56
Market Cap ($ Bil)	44.9
First Trading Date	04/07/1987
Distance from 52W High	-10.0%
	50 Days	200 Days
DMA Price	$47.52	$42.79
DMA Trend	up	indeterminate
Distance from DMA	-4.1%	6.5%
	3M	1YR
Volatility	30.7%	36.0%
Downside Capture	72.67	88.43
Upside Capture	43.42	88.91
Correlation (SPY)	35.1%	60.8%

BKR Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.97	1.01	0.91	0.92	1.11	0.99
Up Beta	1.12	0.40	0.55	0.66	0.94	0.97
Down Beta	2.16	1.96	1.79	1.49	1.71	1.42
Up Capture	93%	80%	77%	104%	82%	60%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	13	27	40	76	135	398
Down Capture	68%	78%	49%	49%	90%	92%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	6	14	22	49	113	347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of BKR With Other Asset Classes (Last 1Y)
	BKR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.4%	5.5%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	35.9%	24.6%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	0.39	0.17	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		75.7%	61.2%	11.9%	53.5%	44.2%	25.0%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of BKR With Other Asset Classes (Last 5Y)
	BKR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	19.0%	22.0%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	35.3%	26.7%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.58	0.75	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		76.0%	42.0%	15.1%	50.5%	30.8%	15.8%

Based On 10-Year Data

		Comparison of BKR With Other Asset Classes (Last 10Y)
	BKR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.8%	8.1%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	51.7%	29.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.34	0.32	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		60.7%	39.9%	3.2%	40.6%	32.7%	9.8%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	33,266,638
Short Interest: % Change Since 11152025	12.5%
Average Daily Volume	6,839,921
Days-to-Cover Short Interest	4.86
Basic Shares Quantity	986,000,000
Short % of Basic Shares	3.4%

Returns Analyses

	Title
0	Baker Hughes Stock Drop Looks Sharp, But How Deep Can It Go?
1	BKR YTD Stock Return Of -6.4% Outperforms HAL by 16% and Underperforms FTI by -24%
2	Baker Hughes Stock Return Comparison
3	[10/1/2021] Baker Michael) (BKR) Stock Price Forecast: AI Forecasts BKR Stock Price To Be Around $25.8 In A Month (Up 2.6%)
4	Baker Hughes Total Shareholder Return (TSR): 25.8% in 2022 and 8.0% 3-yr returns (below peer average)

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/23/2025	-3.3%	-0.2%	0.5%
7/22/2025	11.6%	14.3%	7.6%
4/22/2025	-6.4%	-6.4%	-3.9%
1/30/2025	3.5%	5.3%	-1.8%
10/22/2024	2.8%	3.1%	23.8%
7/25/2024	5.8%	5.8%	-0.4%
4/23/2024	-1.0%	-1.2%	-2.1%
1/23/2024	-4.7%	-6.9%	-6.7%
...
SUMMARY STATS
# Positive	14	14	14
# Negative	11	11	11
Median Positive	3.0%	3.2%	7.1%
Median Negative	-3.3%	-4.4%	-5.7%
Max Positive	11.6%	14.3%	37.9%
Max Negative	-8.3%	-14.7%	-11.6%

	Forward Returns
10/23/2025	-3.3%	-0.2%	0.5%
7/22/2025	11.6%	14.3%	7.6%
4/22/2025	-6.4%	-6.4%	-3.9%
1/30/2025	3.5%	5.3%	-1.8%
10/22/2024	2.8%	3.1%	23.8%
7/25/2024	5.8%	5.8%	-0.4%
4/23/2024	-1.0%	-1.2%	-2.1%
1/23/2024	-4.7%	-6.9%	-6.7%
10/25/2023	2.9%	2.4%	0.2%
7/19/2023	0.5%	2.0%	0.4%
4/19/2023	3.6%	-0.7%	-6.8%
1/23/2023	-1.5%	0.7%	-2.4%
10/19/2022	6.1%	7.9%	25.9%
7/20/2022	-8.3%	-13.9%	-11.6%
4/20/2022	-3.8%	-14.7%	-5.7%
1/20/2022	1.6%	4.7%	12.7%
10/20/2021	-5.7%	-4.4%	-8.8%
7/21/2021	0.9%	3.1%	6.6%
4/21/2021	0.2%	2.1%	29.3%
1/21/2021	-1.5%	-10.8%	3.1%
10/21/2020	3.0%	4.0%	37.9%
7/22/2020	0.9%	-2.7%	1.2%
4/13/2020	3.3%	1.3%	13.7%
1/22/2020	-0.2%	-3.7%	-8.4%
10/30/2019	-1.3%	3.3%	3.8%
SUMMARY STATS
# Positive	14	14	14
# Negative	11	11	11
Median Positive	3.0%	3.2%	7.1%
Median Negative	-3.3%	-4.4%	-5.7%
Max Positive	11.6%	14.3%	37.9%
Max Negative	-8.3%	-14.7%	-11.6%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10242025	10-Q 9/30/2025
6302025	7232025	10-Q 6/30/2025
3312025	4232025	10-Q 3/31/2025
12312024	2042025	10-K 12/31/2024
9302024	10232024	10-Q 9/30/2024
6302024	7262024	10-Q 6/30/2024
3312024	4242024	10-Q 3/31/2024
12312023	2052024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7192023	10-Q 6/30/2023
3312023	4192023	10-Q 3/31/2023
12312022	2142023	10-K 12/31/2022
9302022	10202022	10-Q 9/30/2022
6302022	7212022	10-Q 6/30/2022
3312022	4202022	10-Q 3/31/2022
12312021	2112022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Baker Hughes (BKR)

Market Price (12/23/2025): $45.56 | Market Cap: $44.9 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Baker Hughes (BKR)

Market Price (12/23/2025): $45.56Market Cap: $44.9 BilSector: EnergyIndustry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

BKR Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Baker Hughes (BKR)

Oilfield Services & Equipment (OFSE)

Industrial & Energy Technology (IET)

Chemicals

Interactive Breakdown

Better Bets than Baker Hughes (BKR)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKR: 10.4% | 1.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKR: 10.4% | 12.7x)

Higher Rev Chg LTM (Value for BKR: 1.5%)

Higher Rev Chg 3Y Avg (Value for BKR: 10.4%)

Higher Op Mgn LTM (Value for BKR: 12.8%)

Higher CFO/Rev LTM (Value for BKR: 12.0%)

Higher FCF/Rev LTM (Value for BKR: 7.5%)

Higher Total Yield (Value for BKR: 8.4%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKR: 10.4% | 1.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKR: 10.4% | 12.7x)

Higher Rev Chg LTM (Value for BKR: 1.5%)

Higher Rev Chg 3Y Avg (Value for BKR: 10.4%)

Higher Op Mgn LTM (Value for BKR: 12.8%)

Higher CFO/Rev LTM (Value for BKR: 12.0%)

Higher FCF/Rev LTM (Value for BKR: 7.5%)

Higher Total Yield (Value for BKR: 8.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BKR: 10.4% | 1.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BKR: 10.4% | 12.7x)

Higher Rev Chg LTM (Value for BKR: 1.5%)

Higher Rev Chg 3Y Avg (Value for BKR: 10.4%)

Higher Op Mgn LTM (Value for BKR: 12.8%)

Higher CFO/Rev LTM (Value for BKR: 12.0%)

Higher FCF/Rev LTM (Value for BKR: 7.5%)

Higher Total Yield (Value for BKR: 8.4%)

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Market Price (12/23/2025): $45.56 | Market Cap: $44.9 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Market Price (12/23/2025): $45.56
Market Cap: $44.9 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services