Baker Hughes Company

Oil & Gas Field Machinery & Equipment

BKRMixed8 of 11 basics passed

$56.70

+0.71%

Market cap $56.3B

$56.70

+0.71%

Market cap $56.3B

Following a 2022 reorganization, Baker Hughes operates in two segments: oilfield services and equipment, and industrial and energy technology.

It is a $56.3B industrial company. Revenue grew 0.4% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~0.8 years of free cash flow. It trades at 18.2× earnings — around the middle of its own history.

Website: bakerhughes.com
Location: Houston, TX
Employees: 54 000
Sector: Industrials
Founded: 1972

Share price · 3 years

$34.90 → $56.70+62.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $27.7B
Profit: keeps 11¢ of every $1 sold; $3.10B
Free cash flow: cash left after running the business; $3.13B
Net debt: debt minus cash on hand; $2.37B
P/E: years of profit in the price; 18.2
EPS: earnings per share, TTM; $3.11
Dividend: pays out 29% of profit · 29% of FCF; 1.62%
Shares: up 48% since 2020 — dilution; 995.4M
Volatility: beta vs the market — under 1 swings less; 1.08

Revenue, last 9 years

52-week range

Low $44.47$56.70High $69.67

Today's price is 49% of the way from the year's low to its high.

P/E vs its history5y

18.2×median 20.2×

Higher than 34% of past days — around the middle of its own history.

Valuation vs own history

P/E

18.2×

66%

P/S

2.0×

23%

EV/EBITDA

18.4×

58%

P/B

2.8×

13%

FCF yield

5.6%

85%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Industrials

Size$56.3Btop 23%
Revenue growth+9%top 25%
Net margin11%top 43%
Return on equity16%top 59%
P/E18.2×top 25%
Dividend yield1.62%top 33%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth and Moat lag behind.

Valuation80

P/E vs own history34th pct · 20/25
FCF yield5.6% · 20/25
P/S2.0x · 20/25
EV/EBITDA11.0x · 20/25

Growth12

Revenue CAGR7.8% · 12/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth-8.7% · 0/25

Profitability64

ROIC12.2% · 12/25
ROE16.3% · 20/25
Net margin11.2% · 20/25
Operating margin14.0% · 12/25

Health63

Altman Zn/a · 0/25
Current ratio2.09 · 25/25
Interest coverage9.9x · 18/25
Net cash / debtD/A 6% · 20/25

Quality65

Piotroski F6/9 · 15/25
Beneish M-2.64 · 25/25
FCF conversion101% · 25/25
Margin stabilityσ 59.3% · 0/25

Moat24

ROIC >12% years1/9 yrs · 0/25
Median gross margin20.7% · 6/25
FCF-positive years8/9 yrs · 18/25
Worst-year net marginworst -48.0% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2025Acquisition
Chart Industries (2025) In July 2025, Baker Hughes announced they were acquiring Chart Industries for $13.6 billion…
FY2024Financial
Best year on record
$2.98B net income
FY2018Financial
Turned profitable
$195M net income after a loss year
FY2018Financial
Positive free cash flow every year since
8-year streak
FY2017Financial
Revenue already above $10B
$17.3B in first reported year
2001Product
The company introduced the largest fracking proppants vessel for deepwater work in the Gulf of Mexico
1990IPO
The company sold a 71% stake in BJ Services via an initial public offering
1987Acquisition
Baker Hughes traces its roots to the 1987 merger of Hughes Tool Company and Baker Oil Tool Company and the company…
1978Acquisition
Christensen Diamond Products was acquired by Norton Co
1972Founded
Teleco Oilfield Services was founded in 1972 and introduced the world's first MWD tool in 1978
1963Acquisition
The company acquired Aquaness, and in 1964 the combination became Milchem
1960Product
After collecting data from thousands of bit runs, Hughes introduced the first comprehensive guides to efficient…
1942Acquisition
Oil Base Inc. (OBI), founded by George Miller in 1942, was acquired by Hughes Tool Company in 1979
1929Product
Brown in 1929 in Houston and patented the first liner hanger in 1937

Achievements

Verifiable track record, straight from the reported numbers.

#31 largest of 130 Industrials companies by market cap

$10 000 invested in 2021 would be worth ~$23 247 today — price return only

$27.7B revenue in FY2025

Profitable 3 years in a row

Positive free cash flow 8 years in a row

54 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 9.9× by operating earnings

Watch-outs

Loss-making in 4 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+0.4% YoY
Profitable — makes more than it spends$3.10B TTM
Profit growing — earnings are higher than last year-13.1% YoY
Generates cash — cash left after running and investing$3.13B TTM
Debt under control — could handle its obligations~0.8y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$56.3B market cap
Not printing shares — share count not ballooning — you keep your slice+47.5% shares over ~5y
Proven track record — years of profitability behind it5/9 profitable years
Financially stable — balance sheet not near distresshealth score 43/100
Pays a dividend — returns cash to shareholdersyield 1.62%
Valuation not extreme — price not wildly above earningsP/E 18.2

Peer comparisonBaker Hughes Company vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
BKR this company	$56.3B	18.2	+0.4%	11.2%	Mixed
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: BKR vs LRCX · BKR vs CAT · BKR vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 15Hold 5Sell 1

Appendix · Financial records

The full statements behind this CV, FY2017–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $27.7B · net income $3.10B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$27.7B

YoY 0.4%

Net income (TTM)

$3.10B

Margin 11.2%

Gross margin

23.6%

Operating margin

14.0%

P/E ratio

18.2

Dividend yield

1.62%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	20.7	20.5	21.2	25.5	27.8	27.7
Gross profit	—	4.0	4.4	5.3	5.8	6.5
Operating income (EBIT)	-16.0	1.3	1.2	2.3	3.1	2.9
Net income	-9.9	-0.2	-0.6	1.9	3.0	2.6
EPS (diluted)	-14.73	-0.27	—	—	—	2.60

Cash flowFree cash flow $3.13B · operating cash flow $4.44B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$3.13B

Margin 11.3%

Operating cash flow (TTM)

$4.44B

FCF margin

11.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.3	2.4	1.9	3.1	3.3	3.8
Capital expenditure	-1.0	-0.9	-1.0	-1.2	-1.3	-1.3
Free cash flow	0.3	1.5	0.9	1.8	2.1	2.5
FCF margin	1.6%	7.4%	4.2%	7.2%	7.4%	9.1%

Balance sheetAssets $40.9B · net debt $2.37B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $40.9B of assets is financed

54%

46%

Liabilities $22.0B — borrowed moneyEquity $18.8B — owners' stake

Cash vs debt

Total debt $6.09B − cash $3.71B = net debt $2.37B

Cash on hand covers 61% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

9.9x

EBIT ÷ interest expense

ROE

16.3%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	4.1	3.9	2.5	2.6	3.4	3.7
Total assets	38.0	35.3	34.2	36.9	38.4	40.9
Total liabilities	25.1	20.5	19.8	21.6	21.5	22.0
Total debt	7.6	6.7	6.7	6.0	6.0	6.1
Equity	12.9	14.8	14.4	15.4	16.9	18.8
Net debt	3.5	2.9	4.2	3.4	2.7	2.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of BKR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $56.70 · market cap $56.3B.