Is Halliburton Co. overvalued or undervalued?

As of 7 July 2025, Halliburton Co. has moved from an expensive to a fair valuation grade. The company is currently fairly valued based on its metrics, with a P/E ratio of 9, a Price to Book Value of 2.04, and an EV to EBITDA ratio of 5.62. In comparison to its peer TechnipFMC plc, which has a P/E of 17.85 and is considered very expensive, Halliburton appears more attractively priced.
Despite its fair valuation, Halliburton's stock has underperformed relative to the S&P 500, with a year-to-date return of -17.76% compared to the S&P 500's 12.22%. This trend continues over longer periods, with a 3-year return of -20.68% versus the S&P 500's 70.41%. Overall, Halliburton's valuation metrics suggest it is fairly valued, but recent performance indicates challenges in the market.