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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
BKR — frequently asked questions
Is Baker Hughes Company overvalued?
In our latest published analysis dated 2026-05-20, BKR looks meaningfully overvalued. The price recorded at analysis is 66,7 USD versus our fair value of 53,3 USD; the high endpoint is presented separately as potential value of 67,6 USD. That implies roughly 20.2% downside to fair value at that date.
Our latest published report, analyzed 2026-05-20, gives BKR a fair value of 53,3 USD and a potential value of 67,6 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Baker Hughes Company's archetype; it is a dated research output, not a live price.
Should I buy BKR now?
Our latest published rating for BKR, analyzed 2026-05-20, is Sell. Baker Hughes Company looks meaningfully overvalued at the analysis-date price of 66,7 USD versus fair value of 53,3 USD; potential value is 67,6 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for BKR?
The dedicated bear-case section in our report analyzed 2026-05-20 documents Baker Hughes Company's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is BKR's rating?
Our latest published rating for BKR, analyzed 2026-05-20, is Sell, with a published moat assessment of 6.5/10 (Narrow). It reflects our fair value of 53,3 USD, the potential value of 67,6 USD, and the price recorded at analysis (66,7 USD).
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§1 Resumen ejecutivoEN
Respuesta en 30 segundosSell
Precio frente a valor
Precio
$66.73
Valor razonable
$53.27
Valor potencial
$67.58
A fecha de
Fecha de cotización no registrada
Por qué puede funcionar
Bull: Global acceleration in LNG export capacity and deep-water developments act as twin super-cycles, driving protracted top-line growth and long-term multiple expansion as BKR transitions from a legacy OFS firm to a diversified energy transition play.
Qué cambiaría nuestra opinión
Cyclical Downcycle: Commodity prices correct sharply, halting global E&P budgets and driving OFS margins back to cyclical troughs.
Baker Hughes possesses a bifurcated profile. Its traditional OFS segment is subject to intense E&P capital cyclicality, while its IET segment offers a structural growth tailwind via LNG and compression tech. At current valuations, the market is pricing in sustained execution.
Baker Hughes possesses a bifurcated profile. Its traditional OFS segment is subject to intense E&P capital cyclicality, while its IET segment offers a structural growth tailwind via LNG and compression tech. At current valuations, the market is pricing in sustained execution.
Industrial & Energy Technology (IET)
Industrial & Energy Technology (IET) segment acts as a structural differentiator with LNG and compression technology leadership.
Traditional Oilfield Services (OFS) segment
Traditional Oilfield Services (OFS) segment possesses global scale but suffers from high capital intensity and E&P cyclicality.
Cycle upside
Twin super-cycles in LNG export capacity expansion and deep-water offshore developments drive protracted top-line growth.
Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain. Its Oilfield Services & Equipment segment designs and manufactures exploration, appraisal, development, production, rejuvenation, and decommissioning products and related services for onshore and offshore oilfield operations. This segment also provides drilling services, drill bits, and drilling and completions fluids; completions, intervention, measurements, pressure pumping, and wireline services; artificial lift systems, and oilfield and industrial chemicals; subsea projects and services, flexible pipe systems, and surface pressure control systems; and integrated well services and solutions. It serves oil and natural gas companies; the United States and international independent oil and natural gas companies; national or state-owned oil companies; engineering, procurement, and construction contractors; geothermal companies; and other oilfield service companies. The company's Industrial & Energy Technology segment offers gas technology equipment, such as drivers, driven equipment, and turnkey solutions for the mechanical and electric-drive, compression, and power-generation applications; aftermarket support and uptime gas technology services; non-destructive testing technologies, software, and services; pre-commissioning and maintenance services; flow control and safety solutions; mechanical and electromechanical gear transmission systems; Cordant, a software solution to optimize assets, processes, and energy use; Bently Nevada, a sensing and protection hardware for rack-based vibrating monitoring equipment and sensors; and climate technology solutions. It serves industrial, upstream, midstream, downstream, onshore, offshore, and small-to-large scale customers. The company was formerly known as Baker Hughes, a GE company and changed its name to Baker Hughes Company in October 2019. The company was incorporated in 2016 and is based in Houston, Texas.
§2 Caso bajistaEN
A sustained dip in global commodity prices combined with delays in massive LNG project FIDs forces severe E&P spending cuts, crushing order backlogs, compressing margins, and contracting the valuation multiple back to historical OFS lows.
A sustained dip in global commodity prices combined with delays in massive LNG project FIDs forces severe E&P spending cuts, crushing order backlogs, compressing margins, and contracting the valuation multiple back to historical OFS lows.
Cómo puede fallar esta tesis
Cyclical Downcycle
35%· Medium
Commodity prices correct sharply, halting global E&P budgets and driving OFS margins back to cyclical troughs.
FV impact
$32.19 (Forward Earnings Anchor)
Trigger
12-24 Months
LNG FID Freeze
25%· Medium
Global LNG oversupply concerns cause widespread FID delays, starving the IET segment of its primary structural growth tailwind.
Señales de alerta temprana a vigilar
Los cinco acontecimientos que debilitarían nuestra tesis de inversión.
01
Industrial Energy Technology Order Intake
A trailing book-to-bill ratio below parity signals that multi-year backlog replenishment is decelerating, weakening visibility into higher-margin equipment deliveries and threatening structural long-term revenue expansion.
Actual:Revenue growth was -0.3% for the period ended 2025-12-31.
Alerta siIET segment book-to-bill ratio falls below 1.0x for two consecutive quarters.
02
§3 Foso competitivoEN
Narrow
Industrial & Energy Technology (IET) segment acts as a structural differentiator with LNG and compression technology leadership.
Traditional Oilfield Services (OFS) segment possesses global scale but suffers from high capital intensity and E&P cyclicality.
Beneficio económico
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
6.5/ 10
Narrow
Sources of advantage
01Industrial & Energy Technology (IET) segment acts as a structural differentiator — Industrial & Energy Technology (IET) segment acts as a structural differentiator with LNG and compression technology leadership.Moderate
02Traditional Oilfield Services (OFS) segment possesses global scale but suffers f — Traditional Oilfield Services (OFS) segment possesses global scale but suffers from high capital intensity and E&P cyclicality.Moderate
The highlighted base cell is anchored to valuation synthesis sensitivity reference ($53.28). It is the reference value for this grid, not a separate standalone fair-value claim.
Twin super-cycles in LNG and deep-water developments.
Long-term multiple expansion reflecting transition to diversified energy play.
Global acceleration in LNG export capacity and deep-water developments act as twin super-cycles, driving protracted top-line growth and long-term multiple expansion as BKR transitions from a legacy OFS firm to a diversified energy transition play.
If IET backlog grows >10% Y/Y, intrinsic value shifts upward and multiple expands; if OFS margins contract >200bps, cyclical downside scenarios dominate.
En línea
Hold
Disparador: In-line results
If IET backlog grows >10% Y/Y, intrinsic value shifts upward and multiple expands; if OFS margins contract >200bps, cyclical downside scenarios dominate.
Fallo
Reassess
Disparador: Downside surprise
If IET backlog grows >10% Y/Y, intrinsic value shifts upward and multiple expands; if OFS margins contract >200bps, cyclical downside scenarios dominate.
Calidad de los beneficios
If IET backlog grows >10% Y/Y, intrinsic value shifts upward and multiple expands; if OFS margins contract >200bps, cyclical downside scenarios dominate.
Métricas a vigilar antes de la publicación
01
Métrica:
Industrial Energy Technology Order Intake
ActualRevenue growth was -0.3% for the period ended 2025-12-31.
Por qué importa
Warning level: IET segment book-to-bill ratio falls below 1.0x for two consecutive quarters. A trailing book-to-bill ratio below parity signals that multi-year backlog replenishment is decelerating, weakening visibility into higher-margin equipment deliveries and threatening structural long-term revenue expansion.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
Ingresos más recientes27,7 mil MCAGR de ingresos +9,4 %
Margen operativo12,8 %4 periodos fiscales
Flujo de caja libre más reciente2537 MFY2025
Deuda neta2372 MFY2025
Desglose de la cuenta de resultadosCómo la escala del negocio se convierte en beneficio declarado.
StockMarketAgent.AI
Ingresos27,7 mil MCoste de ventas−21,2 mil MBeneficio bruto6544 MGastos operativos−2987 MBeneficio operativo3557 MPartidas no operativas e impuestos−969 MBeneficio neto2588 M
Datos del historial financiero
Ingresos
27.733.000.000
Coste de ventas
21.189.000.000
Beneficio bruto
6.544.000.000
Gastos operativos
2.987.000.000
Beneficio operativo
3.557.000.000
Partidas no operativas e impuestos
-969.000.000
Beneficio neto
2.588.000.000
Resumen del balanceCómo se mantienen y financian los activos declarados en el período seleccionado.
StockMarketAgent.AI
Composición de activosFinanciado por
Activos totales40,9 mil MEfectivo3715 MActivos corrientes18,8 mil MPasivos totales21,9 mil MPasivos corrientes13,9 mil MPatrimonio neto18,8 mil M
Datos del desglose del balance
Activos totales
40.881.000.000
Efectivo
3.715.000.000
Activos corrientes
18.828.000.000
Pasivos totales
21.871.000.000
Pasivos corrientes
13.877.000.000
Patrimonio neto
18.834.000.000
Ingresos y beneficiosCómo la escala del negocio se convierte en beneficio declarado.
Efectivo y deudaLiquidez disponible frente al endeudamiento total.
Generación de efectivoFlujo de caja operativo frente al flujo de caja libre.
RentabilidadEvolución de los márgenes bruto, operativo y neto.
Datos financieros puntuales utilizados en el análisis del 2026-05-20.
Datos del historial financiero
Período
Ingresos
EBITDA
Beneficio neto
Flujo de caja operativo
Flujo de caja libre
Capex
Depreciación y amortización
Compensación basada en acciones
Recompras de acciones
Dividendos pagados
Emisión neta de deuda
Flujo de inversión
Flujo de financiación
Efectivo inicial
Efectivo final
Efectivo e inversiones
Deuda total
Margen operativo
ROIC
WACC
Diferencial ROIC−WACC
2022-12-31
21,2 mil M
1335 M
-601 M
1888 M
899 M
989 M
1061 M
207 M
828 M
726 M
0
—
—
—
—
2488 M
6658 M
8,9 %
—
—
—
2023-12-31
25,5 mil M
3958 M
1943 M
3062 M
1838 M
1224 M
1087 M
197 M
538 M
786 M
-651 M
—
—
—
—
2646 M
6021 M
10,4 %
—
—
—
2024-12-31
27,8 mil M
4599 M
2979 M
3332 M
2054 M
1278 M
1136 M
202 M
484 M
836 M
-143 M
—
—
—
—
3364 M
6023 M
12,2 %
—
—
—
2025-12-31
27,7 mil M
4287 M
2588 M
3810 M
2537 M
1273 M
1188 M
203 M
384 M
910 M
0
—
—
—
—
3715 M
6087 M
12,8 %
—
—
—
§9 Comparación de valoración con pares
Valor razonableReport-date price
Baker Hughes CompanyBKR
Precio / valor razonable
Valor razonable53,27 US$Report-date price66,73 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión60 / 100
SLB N.V.SLB
Precio / valor razonable
Valor razonable47,18 US$Report-date price48,74 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión62 / 100
Halliburton CompanyHAL
Precio / valor razonable
Valor razonable35,9 US$Report-date price31,85 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión69 / 100
Baker Hughes CompanyBKR
Precio / valor razonable
Valor razonable53,27 US$Report-date price66,73 US$
BKR trades at 23.9x forward earnings against a peer median of 15.6x; EV/EBITDA of 13.6x against a peer median of 11.4x; 6 peers.
§10 Industria y cicloEN
Fase del ciclo
Expansion
Current phase requires steady maintenance capex (4.5% of revenue) with normalized investment, avoiding heavy growth capital while yielding robust cash conversion.
Ciclo alcista
Twin super-cycles in LNG export capacity expansion and deep-water offshore developments drive protracted top-line growth.
Ciclo bajista
Macroeconomic slowing reduces global energy demand, causing a sudden pullback in upstream E&P spending and severe backlog contraction.
Posicionamiento
Current phase requires steady maintenance capex (4.5% of revenue) with normalized investment, avoiding heavy growth capital while yielding robust cash conversion.
§11 Gestión de posiciónEN
Tamaño de posición
Underweight given the 20% downside to base fair value and extreme cyclicality of the legacy OFS segment.
Riesgo
Trim positions on transient peak-earnings rallies approaching the $70 internal valuation cross-checks.
Tramos de entrada
Nivel
Acción
Por qué
Current / pullbacks
Wait for cyclical multiple compression towards 14x terminal assumptions or price approaching the $45 downside support level.
Wait for cyclical multiple compression towards 14x terminal assumptions or price approaching the $45 downside support level.
Tramos de salida
Nivel
Acción
Thesis break
Trim positions on transient peak-earnings rallies approaching the $70 internal valuation cross-checks.
§12 Perspectivas de inversoresEN
Bull view
Buy
Upside case depends on the report valuation range and named growth catalysts.
Base view
Sell
The stock trades at a severe premium to mid-cycle intrinsic value. Forward expectations heavily capitalize near-term peak EPS and do not fully reflect cyclical compression risks.
§14 Recomendación finalEN
Acción
Vender
Sell. The current $66.73 price implies a 25% premium over our $53.27 compositefair value, relying too heavily on peak cyclical margins and uninterrupted LNG super-cycles.
Reassess the thesis against the named valuation, risk, and quarterly checkpoint evidence in this report.
§15Your notes
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
Inability to maintain 12.28% operating margins due to sticky inflation and pricing pressure in long-term OFS contracts.
FV impact
$45.00
Trigger
12 Months
Return on Capital Contraction
Erosion in economic return on capital reflects cyclical pricing pressures and sluggish capital utilization across oilfield equipment lines, undermining valuation support and forcing multiple contraction toward trough historical ranges.
Actual:ROIC was 9.8% as of the report's 2026-05-20 analysis date.
Alerta siROIC declines below 7.0% over any trailing twelve-month period.
Weakening cash generation relative to reported net income indicates that capital is becoming trapped in unbilled project inventories and receivables, constraining free cash flow available for shareholder distributions.
Project deferrals by global LNG developers compress future turbomachinery order flows, removing the primary catalyst for multi-year backlog growth and depressing medium-term equipment delivery margins.
Actual:Revenue was $27.73B for the period ended 2025-12-31.
Alerta siFiled postponement or cancellation of final investment decisions on more than two major global LNG export facilities over any twelve-month period.
This edition does not contain enough finite inputs to reproduce the lens calculation.
Terminal P/E of 14x reflects necessary cyclical conservatism.
At current valuations, the market is pricing in sustained execution and a steady energy transition cycle. Structural application of a 14x terminal P/E and a 35% probability assignment to cyclical contraction bridges the gap between peak-cycle spot estimates and mid-cycle intrinsic realities.
ROIC was 9.8% as of the report's 2026-05-20 analysis date.
Por qué importa
Warning level: ROIC declines below 7.0% over any trailing twelve-month period. Erosion in economic return on capital reflects cyclical pricing pressures and sluggish capital utilization across oilfield equipment lines, undermining valuation support and forcing multiple contraction toward trough historical ranges.
Warning level: Operating cash flow to net income ratio falls below 1.00x across any trailing twelve-month period. Weakening cash generation relative to reported net income indicates that capital is becoming trapped in unbilled project inventories and receivables, constraining free cash flow available for shareholder distributions.
04
Métrica:
Global LNG Project Sanctioning Delays
ActualRevenue was $27.73B for the period ended 2025-12-31.
Por qué importa
Warning level: Filed postponement or cancellation of final investment decisions on more than two major global LNG export facilities over any twelve-month period. Project deferrals by global LNG developers compress future turbomachinery order flows, removing the primary catalyst for multi-year backlog growth and depressing medium-term equipment delivery margins.
