Baker Hughes (BKR)
Market Price (7/10/2026): $57.2 | Market Cap: $56.6 BilInvestor Relations Sector: Energy | Industry: Oil & Gas Equipment & Services
Baker Hughes (BKR)
Market Price (7/10/2026): $57.2Market Cap: $56.6 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 3.6 Bil, FCF LTM is 2.3 Bil Stock buyback supportStock Buyback 3Y Total is 1.4 Bil Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US Oilfield Technologies, Show more. | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 16x Key risksBKR key risks include [1] revenue impacts from geopolitical events, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 3.6 Bil, FCF LTM is 2.3 Bil |
| Stock buyback supportStock Buyback 3Y Total is 1.4 Bil |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include US Energy Independence, Energy Transition & Decarbonization, and Hydrogen Economy. Themes include US Oilfield Technologies, Show more. |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 16x |
| Key risksBKR key risks include [1] revenue impacts from geopolitical events, Show more. |
Qualitative Assessment
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Baker Hughes (BKR) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Decline in Crude Oil Prices. Brent crude oil spot prices significantly decreased from their April 2026 peak, averaging $85 per barrel (b) in June 2026, a reduction of $32/b from April and $22/b from May. Forecasts for fiscal Q3 2026 anticipate an average of $74/b, representing a further reduction of $27/b from the previous month's outlook. This downward trend in oil prices, partly due to easing geopolitical tensions and expectations of increased supply, negatively impacts the outlook for oilfield services companies such as Baker Hughes.
2. Anticipated Weaker Fiscal Q2 2026 Earnings. Analysts are projecting a notable decline in Baker Hughes' upcoming earnings, with an expected adjusted EPS of $0.50 for fiscal Q2 2026 (ending June 30, 2026), which would represent a 20.6% decrease compared to the same quarter in the prior year. This expectation of a significant year-over-year reduction in profitability likely contributed to negative investor sentiment ahead of the earnings release scheduled for July 26, 2026.
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Baker Hughes (BKR) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Decline in Crude Oil Prices. Brent crude oil spot prices significantly decreased from their April 2026 peak, averaging $85 per barrel (b) in June 2026, a reduction of $32/b from April and $22/b from May. Forecasts for fiscal Q3 2026 anticipate an average of $74/b, representing a further reduction of $27/b from the previous month's outlook. This downward trend in oil prices, partly due to easing geopolitical tensions and expectations of increased supply, negatively impacts the outlook for oilfield services companies such as Baker Hughes.
2. Anticipated Weaker Fiscal Q2 2026 Earnings. Analysts are projecting a notable decline in Baker Hughes' upcoming earnings, with an expected adjusted EPS of $0.50 for fiscal Q2 2026 (ending June 30, 2026), which would represent a 20.6% decrease compared to the same quarter in the prior year. This expectation of a significant year-over-year reduction in profitability likely contributed to negative investor sentiment ahead of the earnings release scheduled for July 26, 2026.
3. Executive Insider Selling. Baker Hughes' CEO, Lorenzo Simonelli, sold 181,411 shares of company stock for approximately $10.6 million on June 22, 2026. This significant transaction by a key executive, even if pre-arranged under a Rule 10b5-1 trading plan, can be perceived negatively by the market and may have influenced investor confidence.
4. Fiscal Q1 2026 Revenue Miss and Middle East Disruptions. While Baker Hughes reported a strong adjusted EPS of $0.58 for fiscal Q1 2026, exceeding consensus estimates of $0.49, the company's revenue of $6.59 billion fell short of analysts' expectations of $6.71 billion. The Oilfield Services and Equipment (OFSE) segment experienced a 9% sequential revenue decline, primarily attributed to operational disruptions in the Middle East. This revenue miss and ongoing geopolitical concerns in a key operational region likely contributed to investor apprehension.
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Stock Movement Drivers
Fundamental Drivers
The -6.0% change in BKR stock from 3/31/2026 to 7/9/2026 was primarily driven by a -21.8% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7092026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.85 | 57.20 | -6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,733 | 27,893 | 0.6% |
| Net Income Margin (%) | 9.3% | 11.2% | 19.7% |
| P/E Multiple | 23.2 | 18.2 | -21.8% |
| Shares Outstanding (Mil) | 988 | 990 | -0.2% |
| Cumulative Contribution | -6.0% |
Market Drivers
3/31/2026 to 7/9/2026| Return | Correlation | |
|---|---|---|
| BKR | -6.0% | |
| Market (SPY) | 15.6% | 23.7% |
| Sector (XLE) | -10.5% | 37.9% |
Fundamental Drivers
The 26.5% change in BKR stock from 12/31/2025 to 7/9/2026 was primarily driven by a 17.8% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7092026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.22 | 57.20 | 26.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,711 | 27,893 | 0.7% |
| Net Income Margin (%) | 10.4% | 11.2% | 7.1% |
| P/E Multiple | 15.4 | 18.2 | 17.8% |
| Shares Outstanding (Mil) | 986 | 990 | -0.4% |
| Cumulative Contribution | 26.5% |
Market Drivers
12/31/2025 to 7/9/2026| Return | Correlation | |
|---|---|---|
| BKR | 26.5% | |
| Market (SPY) | 10.5% | 24.7% |
| Sector (XLE) | 23.4% | 44.1% |
Fundamental Drivers
The 51.8% change in BKR stock from 6/30/2025 to 7/9/2026 was primarily driven by a 42.2% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7092026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.69 | 57.20 | 51.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,838 | 27,893 | 0.2% |
| Net Income Margin (%) | 10.5% | 11.2% | 6.3% |
| P/E Multiple | 12.8 | 18.2 | 42.2% |
| Shares Outstanding (Mil) | 992 | 990 | 0.2% |
| Cumulative Contribution | 51.8% |
Market Drivers
6/30/2025 to 7/9/2026| Return | Correlation | |
|---|---|---|
| BKR | 51.8% | |
| Market (SPY) | 22.7% | 29.0% |
| Sector (XLE) | 32.4% | 51.8% |
Fundamental Drivers
The 93.1% change in BKR stock from 6/30/2023 to 7/9/2026 was primarily driven by a 49.6% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7092026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.62 | 57.20 | 93.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,037 | 27,893 | 26.6% |
| P/S Multiple | 1.4 | 2.0 | 49.6% |
| Shares Outstanding (Mil) | 1,010 | 990 | 2.0% |
| Cumulative Contribution | 93.1% |
Market Drivers
6/30/2023 to 7/9/2026| Return | Correlation | |
|---|---|---|
| BKR | 93.1% | |
| Market (SPY) | 75.6% | 44.8% |
| Sector (XLE) | 47.6% | 66.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BKR Return | 19% | 26% | 19% | 23% | 13% | 27% | 216% |
| Peers Return | 1501% | 80% | 30% | -11% | 18% | 27% | 4883% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| BKR Win Rate | 50% | 58% | 50% | 67% | 58% | 57% | |
| Peers Win Rate | 43% | 68% | 55% | 40% | 70% | 66% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| BKR Max Drawdown | -25% | -47% | -19% | -17% | -28% | -24% | |
| Peers Max Drawdown | -35% | -42% | -30% | -34% | -34% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 7/9/2026 (YTD)
How Low Can It Go
| Event | BKR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.4% | -18.8% |
| % Gain to Breakeven | 34.0% | 23.1% |
| Time to Breakeven | 155 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.2% | -9.5% |
| % Gain to Breakeven | 11.4% | 10.5% |
| Time to Breakeven | 204 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.5% | -6.7% |
| % Gain to Breakeven | 22.6% | 7.1% |
| Time to Breakeven | 106 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -16.7% | -24.5% |
| % Gain to Breakeven | 20.1% | 32.4% |
| Time to Breakeven | 23 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.2% | -33.7% |
| % Gain to Breakeven | 123.0% | 50.9% |
| Time to Breakeven | 246 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.6% | -19.2% |
| % Gain to Breakeven | 55.2% | 23.8% |
| Time to Breakeven | 1145 days | 105 days |
In The Past
Baker Hughes's stock fell -25.4% during the 2025 US Tariff Shock. Such a loss loss requires a 34.0% gain to breakeven.
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| Event | BKR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.4% | -18.8% |
| % Gain to Breakeven | 34.0% | 23.1% |
| Time to Breakeven | 155 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.2% | -33.7% |
| % Gain to Breakeven | 123.0% | 50.9% |
| Time to Breakeven | 246 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.6% | -19.2% |
| % Gain to Breakeven | 55.2% | 23.8% |
| Time to Breakeven | 1145 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -31.5% | -12.2% |
| % Gain to Breakeven | 46.0% | 13.9% |
| Time to Breakeven | 282 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -43.8% | -6.8% |
| % Gain to Breakeven | 77.8% | 7.3% |
| Time to Breakeven | 530 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -44.2% | -17.9% |
| % Gain to Breakeven | 79.3% | 21.8% |
| Time to Breakeven | 2100 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -33.2% | -15.4% |
| % Gain to Breakeven | 49.7% | 18.2% |
| Time to Breakeven | 183 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -68.4% | -53.4% |
| % Gain to Breakeven | 216.1% | 114.4% |
| Time to Breakeven | 960 days | 1085 days |
In The Past
Baker Hughes's stock fell -25.4% during the 2025 US Tariff Shock. Such a loss loss requires a 34.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Baker Hughes (BKR)
Baker Hughes (BKR) is a global energy technology company that provides a comprehensive portfolio of services and advanced technologies to customers across the energy and industrial value chains. The company plays a critical role in the exploration, drilling, production, and processing of oil and natural gas, while also extending its capabilities to broader industrial applications.
The company's core offerings are categorized into four segments. Its Oilfield Services (OFS) segment delivers essential solutions for the entire well lifecycle, including drilling and completion fluids, downhole tools, artificial lift technologies, and various intervention services. The Oilfield Equipment (OFE) segment focuses on critical infrastructure for well operations, supplying subsea and surface wellheads, pressure control systems, flexible pipes, and life-of-field solutions for both onshore and offshore drilling and production.
Beyond direct well operations, Baker Hughes' Turbomachinery & Process Solutions (TPS) segment provides vital equipment like compressors, turbines, pumps, and power generation solutions for midstream and downstream processes, including pipeline transportation and liquefied natural gas (LNG) facilities. Furthermore, its Digital Solutions (DS) segment offers sensor-based monitoring, control systems, and inspection technologies that enhance asset performance, integrity, and efficiency across industrial and energy assets. The company primarily serves oil and natural gas companies, oilfield service providers, and a diverse range of industrial customers across upstream, midstream, and downstream sectors globally.
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Baker Hughes can be described as:
- Caterpillar for the oil and gas industry.
- A General Electric focused on the energy sector.
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- Exploration & Drilling Services: Services, fluids, and tools for the discovery, evaluation, and drilling of oil and natural gas wells.
- Completion & Production Services: Systems, tools, and artificial lift technologies for completing wells and optimizing hydrocarbon extraction.
- Well Intervention & Decommissioning Solutions: Services and tools for maintaining, repairing, and eventually decommissioning wells over their lifespan.
- Oilfield Equipment: Includes subsea and surface wellheads, pressure control systems, and flexible pipe systems for various drilling and production operations.
- Turbomachinery & Compression Equipment: Drivers, compressors, and associated services for mechanical drive, compression, and power generation in the energy sector.
- Process Solutions & Systems: Offers pumps, valves, and specialized solutions for compressed natural gas and small-scale liquefied natural gas.
- Digital Measurement & Monitoring: Sensor-based systems for process measurement, machine health, and condition monitoring across industrial applications.
- Asset Management & Inspection: Control systems, asset strategy, non-destructive testing, and pipeline integrity solutions.
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- ExxonMobil (NYSE: XOM)
- Chevron (NYSE: CVX)
- Shell plc (NYSE: SHEL)
- BP p.l.c. (NYSE: BP)
- TotalEnergies SE (NYSE: TTE)
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Lorenzo Simonelli, Chairman, President and Chief Executive Officer
Lorenzo Simonelli has served as Chairman and CEO of Baker Hughes since its creation in 2017, overseeing the successful merger of GE Oil & Gas with Baker Hughes Inc. Prior to this role, he was President and CEO of GE Oil & Gas from 2013 to 2017, and President and CEO of GE Transportation from 2008 to 2013. Simonelli joined GE's Financial Management Program in 1994, holding various financial and leadership positions within GE, including CFO Americas for GE Consumer & Industrial. He currently serves on the Board of Iveco Group N.V. and previously served on the boards of C3.ai, Inc. (2020-2021) and CNH Industrial N.V. (2019-2021).
Ahmed Moghal, Executive Vice President and Chief Financial Officer
Ahmed Moghal was appointed Executive Vice President and Chief Financial Officer of Baker Hughes, effective February 24, 2025. Before this, he served as Senior Vice President & CFO of Baker Hughes' Industrial & Energy Technology (IET) business since 2023. Moghal started his career at GE in the Financial Management Program and Corporate Audit Staff, accumulating over two decades of global experience across various industries and business models.
Maria Claudia Borras, Chief Growth & Experience Officer and Interim Executive Vice President, Industrial & Energy Technology
Maria Claudia Borras serves as Chief Growth & Experience Officer and Interim Executive Vice President of Industrial & Energy Technology, responsible for driving enterprise growth and enhancing customer experience. With over 30 years of experience in the energy industry, she previously held roles as Executive Vice President of Oilfield Services & Equipment (2022-2024) and Executive Vice President of Oilfield Services (2017-2022) at Baker Hughes. Borras also served as Chief Commercial Officer at GE Oil & Gas from 2015 to 2017. She began her career in 1991 as a production engineer for Esso in Bogotá, Colombia, and joined Baker Hughes in 1993. She currently serves on the Board of Tyson Foods, Inc.
Jim Apostolides, Chief Infrastructure & Performance Officer
Jim Apostolides is the Chief Infrastructure & Performance Officer for Baker Hughes, responsible for Health, Safety, & Environment (HSE), Security, Digital Technology (DT), global Supply Chain Centers of Excellence (COEs), and Enterprise Shared Services. He is also accountable for the integration of a major strategic acquisition, Chart Industries. Prior to his current role, he was the Senior Vice President of Enterprise Operational Excellence for Baker Hughes since 2020. Apostolides began his career with GE in 1999, holding various managerial positions in Shop Operations, Materials, Sourcing, and Fulfillment across multiple continents.
Georgia Magno, Chief Legal Officer
Georgia Magno serves as the Chief Legal Officer for Baker Hughes.
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Key Risks to Baker Hughes (BKR)
- Volatility of Oil and Natural Gas Prices and Demand for Services: Baker Hughes' financial performance is significantly exposed to the cyclical nature of the energy sector and the volatility of oil and natural gas prices. Fluctuations in these commodity prices directly impact the activity levels and spending decisions of their customers in the oil and natural gas industry, thereby affecting demand for Baker Hughes' oilfield services and equipment.
- Uncertain Pace and Direction of the Global Energy Transition: The ongoing global shift towards a lower-carbon economy presents a strategic challenge for Baker Hughes. While the company is investing in new energy technologies and solutions (such as hydrogen, carbon capture, utilization and storage, and geothermal), there is a risk that the pace and direction of this transition may not align with their strategic investments. This could lead to a mismatch between their offerings and actual market conditions, potentially impacting revenue from both traditional oil and gas segments and emerging clean energy technologies.
- Geopolitical Risks and Trade Policy Shifts: As a company with global operations, Baker Hughes is exposed to geopolitical risks and changes in international trade policies. Uncertainties related to tariffs and trade regulations can adversely affect its global supply chain, operational costs, and overall profitability. Geopolitical tensions can also influence investment decisions in the energy sector, further impacting demand for the company's products and services.
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The global energy transition, characterized by an accelerating shift towards renewable energy sources and decarbonization efforts, poses a clear emerging threat to Baker Hughes. As governments, industries, and consumers increasingly move away from fossil fuels, the long-term demand for the oil and gas exploration, drilling, completion, production, and processing equipment and services that constitute the core of Baker Hughes' business (across its Oilfield Services, Oilfield Equipment, and Turbomachinery & Process Solutions segments) is expected to diminish. This mirrors historical disruptions where fundamental market shifts or new paradigms rendered existing business models less viable, such as Netflix's streaming model disrupting Blockbuster's physical rental business by offering a fundamentally different and preferred way to consume content.
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Baker Hughes Company (BKR) participates in several large addressable markets through its four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS).
- Oilfield Services (OFS): The global oilfield services market was valued at approximately USD 326.04 billion in 2024. This market is projected to grow to USD 594.39 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period (2026–2033). Other estimates place the global oilfield services market size at USD 133.1 billion in 2023, expected to reach USD 166.4 billion by 2030, with a CAGR of 3.4% from 2024 to 2030. North America held the largest revenue share in the oilfield services market in 2023.
- Oilfield Equipment (OFE): The global oilfield equipment market was valued at USD 126.91 billion in 2023 and is projected to reach USD 156.50 billion by 2030, growing at a CAGR of 3.1% from 2024 to 2030. Another report states the global oilfield equipment market size was USD 132.42 billion in 2025 and is projected to reach USD 177.04 billion by 2035, growing at a CAGR of 2.95% from 2026 to 2035. North America held the largest revenue share in this market in 2023 and 2025.
- Turbomachinery & Process Solutions (TPS): The global oil and gas industry turbomachinery market is estimated to be approximately USD 65 billion in 2025, with a projected CAGR of around 5.5% through 2033. Another source indicates the global oil and gas industry turbomachinery market will grow from USD 12.81 billion in 2025 to USD 16.47 billion by 2031 at a 4.28% CAGR. A broader "Turbomachinery Market" was valued at USD 27.91 billion in 2024 and is expected to reach USD 32.37 billion by 2032, growing at a CAGR of 1.87%. Asia Pacific currently holds the largest share of the broader turbomachinery market.
- Digital Solutions (DS):
- Industrial Digitalization/Software: The global industrial software market reached USD 146 billion in 2023 and is forecasted to reach USD 355 billion by the end of the decade, growing at a CAGR of 13.5%. The global industrial digitalization market size is estimated to reach USD 2,718.0 billion by 2030, growing at a CAGR of 16.2% during the forecast period 2024-2030. North America dominated the industrial software market with a 33.96% revenue share in 2023.
- Advanced Process Control (APC) / Automated Process Control Systems: The global advanced process control market size was estimated at USD 2.17 billion in 2023 and is projected to reach USD 4.55 billion by 2030, growing at a CAGR of 10.6% from 2024 to 2030. Another estimate for the global advanced process control market size is USD 2.79 billion in 2025, projected to reach USD 6.99 billion by 2034 with a CAGR of 10.75%. The global automated process control system market is estimated to be worth USD 67.49 billion in 2024 and is anticipated to reach USD 130.49 billion by 2034. North America was the largest revenue-generating market for advanced process control in 2023.
- Pipeline Integrity Management: The global pipeline integrity management market size was estimated at USD 2.27 billion in 2024 and is projected to reach USD 2.98 billion by 2030, growing at a CAGR of 4.7% from 2025 to 2030. Another valuation places the global pipeline integrity management market at USD 10.65 billion in 2025, projected to grow to USD 16.90 billion by 2034, with a CAGR of 5.27% from 2026–2034. North America held the largest revenue share in the pipeline integrity management market in 2024 and 2025.
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Baker Hughes (BKR) is strategically positioning itself for future revenue growth over the next 2-3 years by capitalizing on several key drivers, primarily focusing on its Industrial & Energy Technology (IET) segment and broader energy transition initiatives.
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Growth in Industrial & Energy Technology (IET) Segment, driven by LNG and Gas Infrastructure: The IET segment is a significant growth engine for Baker Hughes, with robust performance and a substantial backlog. The company anticipates continued strong demand for Liquefied Natural Gas (LNG) and broader gas infrastructure investments. Baker Hughes expects global LNG capacity to increase significantly by 2035 and projects over $40 billion in IET orders between 2026 and 2028 as global investments in gas infrastructure, power generation, and energy efficiency solutions continue.
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Expansion into Power Systems and Data Centers: Baker Hughes is accelerating its strategic shift towards power systems and data centers, anticipating a multi-year growth cycle in global power demand driven by electrification, EV adoption, and the increasing build-out of data centers. The company sees a market opportunity exceeding $100 billion annually by 2030 in its Power Systems segment and expects to book approximately $3 billion in data center-related orders between 2025 and 2027.
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Energy Transition and Industrial Decarbonization: A core strategic pillar for Baker Hughes is its focus on the energy transition and industrial decarbonization. This includes significant efforts in developing and commercializing technologies for the hydrogen economy, with a goal of achieving a 25% market share in hydrogen compression by 2027, and advancements in Carbon Capture, Utilization, and Storage (CCUS) solutions. These areas are expected to contribute significantly to future revenue growth as the company transforms into a diversified energy technology leader.
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Digital Solutions and AI-Driven Insights: Baker Hughes is expanding its digital solutions portfolio, providing advanced analytics and AI-driven insights to optimize customer operations across the energy value chain. Partnerships and collaborations, such as with Microsoft Azure to scale its Leucipa AI platform beyond traditional oil and gas applications into areas like mining and water management, are aimed at achieving $500 million in annual recurring software revenue by 2026.
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Strategic Acquisitions and Portfolio Optimization: Strategic acquisitions, such as the planned acquisition of Chart Industries, are designed to transform Baker Hughes' IET segment by bringing highly complementary capabilities. This move is expected to accelerate aftermarket growth through increased service penetration, enhance value-creation solutions for customers, and be accretive to growth, margins, EPS, and cash flow. These actions reinforce the company's shift towards a more industrialized, production-oriented energy solutions model with reduced cyclicality.
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Capital Allocation Decisions (2021-2025)
Share Repurchases
- In 2025, Baker Hughes repurchased and canceled 9.8 million shares of Class A common stock for a total of $384 million.
- The company returned $1.32 billion to shareholders in 2024, which included $484 million in share repurchases.
- In 2023, Baker Hughes returned a total of $1.3 billion to shareholders, with $538 million attributed to share repurchases.
Outbound Investments
- Baker Hughes entered into a definitive agreement in July 2025 to acquire all outstanding shares of Chart Industries, Inc. for $13.6 billion, including debt, to expand its presence in LNG and energy transition technologies.
- In June 2025, the company announced the creation of a joint venture with a subsidiary of Cactus, Inc., contributing its surface pressure control business as a portfolio optimization strategy.
- In 2023, Baker Hughes completed the acquisition of Altus Intervention, a provider of well intervention services, and sold its Nexus Controls business.
Capital Expenditures
- From 2021 to 2025, Baker Hughes' capital expenditures averaged $1.124 billion, peaking in 2024 at $1.278 billion.
- Capital expenditures in 2025 were $1.273 billion and $1.224 billion in 2023.
- These expenditures primarily focus on developing new products, services, and technologies across its Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments, including advanced digital solutions and technologies that support carbon footprint reduction for customers.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 52.22 |
| Mkt Cap | 28.4 |
| Rev LTM | 16,180 |
| Op Inc LTM | 2,233 |
| FCF LTM | 1,511 |
| FCF 3Y Avg | 1,619 |
| CFO LTM | 2,239 |
| CFO 3Y Avg | 2,397 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.9% |
| Rev Chg 3Y Avg | 5.6% |
| Rev Chg Q | 1.1% |
| QoQ Delta Rev Chg LTM | 0.3% |
| Op Inc Chg LTM | -18.7% |
| Op Inc Chg 3Y Avg | 12.8% |
| Op Mgn LTM | 13.7% |
| Op Mgn 3Y Avg | 14.0% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 13.3% |
| CFO/Rev 3Y Avg | 15.0% |
| FCF/Rev LTM | 9.0% |
| FCF/Rev 3Y Avg | 9.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 28.4 |
| P/S | 1.6 |
| P/Op Inc | 14.1 |
| P/EBIT | 14.9 |
| P/E | 19.9 |
| P/CFO | 10.7 |
| Total Yield | 7.1% |
| Dividend Yield | 1.8% |
| FCF Yield 3Y Avg | 7.2% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.5% |
| 3M Rtn | -9.3% |
| 6M Rtn | 7.3% |
| 12M Rtn | 48.3% |
| 3Y Rtn | 17.3% |
| 1M Excs Rtn | -15.9% |
| 3M Excs Rtn | -20.0% |
| 6M Excs Rtn | 2.5% |
| 12M Excs Rtn | 24.7% |
| 3Y Excs Rtn | -44.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Oilfield Services & Equipment (OFSE) | 14,324 | 15,628 | 15,361 | 13,229 | 12,028 |
| Industrial & Energy Technology (IET) | 13,409 | 12,201 | 10,145 | 7,926 | 8,473 |
| Total | 27,733 | 27,829 | 25,506 | 21,155 | 20,501 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Oilfield Services & Equipment (OFSE) | 1,988 | 1,746 | 1,201 | 830 | |
| Industrial & Energy Technology (IET) | 1,830 | 1,310 | 1,135 | 1,177 | |
| Inventory impairment | -73 | -35 | -31 | -246 | |
| Restructuring | -301 | -323 | -705 | -209 | -1,866 |
| Corporate costs | -363 | -380 | -416 | -429 | -464 |
| Separation and merger related | -60 | -134 | |||
| Digital Solutions | 193 | ||||
| Goodwill impairment | -14,773 | ||||
| Oilfield Equipment | 19 | ||||
| Oilfield Services | 487 | ||||
| Turbomachinery & Process Solutions | 805 | ||||
| Total | 3,081 | 2,318 | 1,184 | 1,309 | -15,979 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Oilfield Services & Equipment (OFSE) | 18,744 | 18,781 | 17,925 | 17,181 | 17,950 |
| Industrial & Energy Technology (IET) | 14,934 | 13,838 | 13,781 | 12,286 | 11,480 |
| Corporate and eliminations | 7,203 | 5,744 | 5,239 | 4,714 | 5,878 |
| Total | 40,881 | 38,363 | 36,945 | 34,181 | 35,308 |
Price Behavior
| Market Price | $57.20 | |
| Market Cap ($ Bil) | 56.6 | |
| First Trading Date | 04/07/1987 | |
| Distance from 52W High | -17.6% | |
| 50 Days | 200 Days | |
| DMA Price | $62.55 | $55.51 |
| DMA Trend | up | down |
| Distance from DMA | -8.6% | 3.0% |
| 3M | 1YR | |
| Volatility | 37.1% | 33.9% |
| Downside Capture | 121.88 | 58.48 |
| Upside Capture | 34.02 | 91.23 |
| Correlation (SPY) | 19.8% | 29.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.70 | 0.70 | 0.66 | 0.68 | 0.81 | 0.92 |
| Up Beta | -1.26 | -0.88 | 0.02 | 0.29 | 0.50 | 0.91 |
| Down Beta | 1.03 | 0.85 | 1.11 | 1.05 | 1.23 | 1.39 |
| Up Capture | 33% | 15% | 38% | 85% | 88% | 45% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 6 | 15 | 28 | 64 | 141 | 394 |
| Down Capture | 169% | 189% | 145% | 57% | 67% | 85% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 15 | 26 | 35 | 61 | 111 | 353 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKR | |
|---|---|---|---|---|
| BKR | 45.3% | 33.9% | 1.14 | - |
| Sector ETF (XLE) | 26.9% | 20.8% | 1.04 | 51.0% |
| Equity (SPY) | 22.3% | 12.5% | 1.33 | 29.0% |
| Gold (GLD) | 24.4% | 27.8% | 0.77 | 13.5% |
| Commodities (DBC) | 23.6% | 18.7% | 1.00 | 21.5% |
| Real Estate (VNQ) | 13.2% | 13.9% | 0.65 | 9.1% |
| Bitcoin (BTCUSD) | -42.8% | 42.8% | -1.18 | 12.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKR | |
|---|---|---|---|---|
| BKR | 23.1% | 35.0% | 0.66 | - |
| Sector ETF (XLE) | 19.4% | 25.9% | 0.67 | 73.1% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 41.5% |
| Gold (GLD) | 18.0% | 18.3% | 0.80 | 14.9% |
| Commodities (DBC) | 7.5% | 19.5% | 0.28 | 46.8% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.06 | 29.6% |
| Bitcoin (BTCUSD) | 12.3% | 53.5% | 0.42 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BKR | |
|---|---|---|---|---|
| BKR | 12.2% | 51.3% | 0.39 | - |
| Sector ETF (XLE) | 9.4% | 29.5% | 0.36 | 59.6% |
| Equity (SPY) | 15.8% | 17.9% | 0.75 | 38.8% |
| Gold (GLD) | 11.7% | 16.1% | 0.59 | 5.7% |
| Commodities (DBC) | 6.1% | 18.0% | 0.27 | 38.2% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 32.2% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 10.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 6.9% | 8.0% | 2.8% |
| 1/26/2026 | 4.4% | 3.9% | 20.5% |
| 10/23/2025 | -3.3% | -0.6% | 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 14 |
| # Negative | 9 | 10 | 10 |
| Median Positive | 3.0% | 3.9% | 7.1% |
| Median Negative | -3.8% | -5.4% | -4.8% |
| Max Positive | 11.6% | 14.3% | 37.9% |
| Max Negative | -8.3% | -14.7% | -11.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 6.9% | 8.0% | 2.8% |
| 1/26/2026 | 4.4% | 3.9% | 20.5% |
| 10/23/2025 | -3.3% | -0.6% | 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% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 14 |
| # Negative | 9 | 10 | 10 |
| Median Positive | 3.0% | 3.9% | 7.1% |
| Median Negative | -3.8% | -5.4% | -4.8% |
| Max Positive | 11.6% | 14.3% | 37.9% |
| Max Negative | -8.3% | -14.7% | -11.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/19/2023 | 10-Q |
| 03/31/2023 | 04/19/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/19/2023 | 10-Q |
| 03/31/2023 | 04/19/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
| 03/31/2022 | 04/20/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-K |
| 09/30/2021 | 10/22/2021 | 10-Q |
| 06/30/2021 | 07/23/2021 | 10-Q |
| 03/31/2021 | 04/23/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/23/2020 | 10-Q |
| 06/30/2020 | 07/24/2020 | 10-Q |
| 03/31/2020 | 04/24/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Gross Proceeds from Divestitures | 3.00 Bil | ||||||
Prior: Q4 2025 Earnings Reported 1/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic IET Orders | |||||||
| 2026 Organic Adjusted EBITDA Growth | 5.0% | ||||||
| 2026 IET EBITDA Margin | 20.0% | ||||||
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Borras, Maria C | Chief Growth & Experience Ofcr | Direct | Sell | 7022026 | 55.05 | 72,000 | 3,963,600 | 1,102,927 | Form |
| 2 | Simonelli, Lorenzo | Chairman, President and CEO | Direct | Sell | 6242026 | 58.43 | 181,411 | 10,599,845 | 41,102,233 | Form |
| 3 | Moghal, Ahmed Farhan | EVP, Chief Financial Officer | Direct | Sell | 6162026 | 62.38 | 20,000 | 1,247,600 | 1,308,732 | Form |
| 4 | Moghal, Ahmed Farhan | EVP, Chief Financial Officer | spouse | Sell | 6162026 | 62.38 | 3,392 | Form | ||
| 5 | Simonelli, Lorenzo | Chairman, President and CEO | Direct | Sell | 6162026 | 63.36 | 181,411 | 11,494,201 | 49,734,052 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Borras, Maria C | Chief Growth & Experience Ofcr | Direct | Sell | 7022026 | 55.05 | 72,000 | 3,963,600 | 1,102,927 | Form |
| 2 | Simonelli, Lorenzo | Chairman, President and CEO | Direct | Sell | 6242026 | 58.43 | 181,411 | 10,599,845 | 41,102,233 | Form |
| 3 | Moghal, Ahmed Farhan | EVP, Chief Financial Officer | Direct | Sell | 6162026 | 62.38 | 20,000 | 1,247,600 | 1,308,732 | Form |
| 4 | Moghal, Ahmed Farhan | EVP, Chief Financial Officer | spouse | Sell | 6162026 | 62.38 | 3,392 | Form | ||
| 5 | Simonelli, Lorenzo | Chairman, President and CEO | Direct | Sell | 6162026 | 63.36 | 181,411 | 11,494,201 | 49,734,052 | Form |
| 6 | Charlton, Rebecca L | SVP, Controller & CAO | Direct | Sell | 6032026 | 64.22 | 5,088 | 326,751 | 1,027,327 | Form |
| 7 | Apostolides, James E | Chief Infra & Performance Ofcr | Direct | Sell | 5212026 | 66.42 | 12,261 | 814,376 | 1,026,123 | Form |
| 8 | Borras, Maria C | Chief Growth & Experience Ofcr | Direct | Sell | 3182026 | 54.47 | 60,626 | 3,302,298 | 5,013,146 | Form |
| 9 | Magno, Maria Georgia | Chief Legal Officer | Direct | Sell | 3132026 | 59.04 | 5,063 | 298,920 | 918,385 | Form |
| 10 | Simonelli, Lorenzo | Chairman, President and CEO | Direct | Sell | 3132026 | 58.79 | 272,594 | 16,025,801 | 50,938,243 | Form |
| 11 | Simonelli, Lorenzo | Chairman, President and CEO | Direct | Sell | 3062026 | 61.13 | 272,593 | 16,663,610 | 41,128,875 | Form |
| 12 | Moghal, Ahmed Farhan | EVP, Chief Financial Officer | spouse | Sell | 2132026 | 61.19 | 18,102 | Form | ||
| 13 | Apostolides, James E | Chief Infra & Performance Ofcr | Direct | Sell | 2112026 | 59.74 | 25,824 | 1,542,726 | 922,923 | Form |
| 14 | Magno, Maria Georgia | Chief Legal Officer | Direct | Sell | 2112026 | 59.11 | 19,150 | 1,131,956 | 862,314 | Form |
| 15 | Borras, Maria C | Chief Growth & Experience Ofcr | Direct | Sell | 2112026 | 59.11 | 54,434 | 3,217,594 | 5,440,189 | Form |
| 16 | Beattie, William G | Cannonbury Investments Limited | Sell | 2052026 | 57.29 | 18,023 | Form | |||
| 17 | Charlton, Rebecca L | SVP, Controller & CAO | Direct | Sell | 2032026 | 56.34 | 843 | 47,495 | 789,830 | Form |
| 18 | Charlton, Rebecca L | SVP, Controller & CAO | Direct | Sell | 2032026 | 55.77 | 1,985 | 110,703 | 672,140 | Form |
| 19 | Charlton, Rebecca L | SVP, Controller & CAO | Direct | Sell | 11142025 | 47.56 | 278 | 13,222 | 590,648 | Form |
| 20 | Apostolides, James E | Chief Infra & Performance Ofcr | Direct | Sell | 9252025 | 50.00 | 6,216 | 310,800 | 1,017,450 | Form |
| 21 | Charlton, Rebecca L | SVP, Controller & CAO | Direct | Sell | 9252025 | 50.00 | 1,000 | 50,000 | 588,600 | Form |
| 22 | Ramaswamy, Sreeganesh | EVP, Industrial & Energy Tech | Direct | Sell | 9252025 | 50.00 | 25,000 | 1,250,000 | 2,026,000 | Form |
| 23 | Borras, Maria C | Chief Growth & Experience Ofcr | Direct | Sell | 9122025 | 46.89 | 50,362 | 2,361,474 | 5,469,390 | Form |
| 24 | Charlton, Rebecca L | SVP, Controller & CAO | Direct | Sell | 7252025 | 45.00 | 500 | 22,500 | 574,740 | Form |
| 25 | Simonelli, Lorenzo | Chairman, President and CEO | Direct | Sell | 7252025 | 44.42 | 526,568 | 23,390,151 | 29,654,481 | Form |
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