A Business at a Glance
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Baker Hughes Co
BKR
$44.9B
Mkt Cap
$57.25
+2.07%
Baker Hughes Co (BKR) has a current P/E ratio of 22.0, compared to its historical median P/E of 17.3. The stock is currently considered Fair based on its historical valuation range.
Baker Hughes Co (BKR) has a 5-year average return on invested capital (ROIC) of 9.3%. This is below average and may indicate limited pricing power.
Baker Hughes Co (BKR) has a market capitalization of $56.8B. It is classified as a large-cap stock.
Yes, Baker Hughes Co (BKR) pays a dividend with a trailing twelve-month yield of 1.60%. The company also returns capital through share buybacks, with a buyback yield of 0.35%.
Based on historical P/E analysis, Baker Hughes Co (BKR) appears fair. The current P/E of 22.0 is 27% above its historical median of 17.3. The estimated fair value CAGR (P/E method) is 45.7%.
Baker Hughes Co (BKR) operates in the Oil & Gas Field Machinery & Equipment industry, within the Industrials sector.
Baker Hughes Co (BKR) reported annual revenue of $27.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Baker Hughes is a diversified energy technology company operating across industrial and energy markets through two primary segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). OFSE designs and manufactures products and provides services for onshore and offshore oilfield operations across the asset lifecycle—from exploration through decommissioning—with offerings in well construction, completions and intervention, production solutions, and subsea and surface pressure systems, serving major integrated oil and gas companies, independents, and national oil companies. IET combines domain expertise, technologies, and services across gas technology equipment and services, industrial products, and industrial solutions, serving customers in LNG, pipeline and gas storage, refining, petrochemical, hydrogen, geothermal, carbon capture and storage, power generation, and diverse industrial verticals including pulp and paper, food and beverage, and aerospace. The company operates on a direct sales model with regional teams supported by centers of excellence, competing on technology differentiation, quality, efficiency, reliability, and service delivery across highly competitive markets. Baker Hughes generates revenue through both transactional product sales and recurring aftermarket services, with a strategic focus on expanding into adjacent markets including data centers, new energy solutions (hydrogen, CCUS, geothermal, clean power), and digital and AI-enabled offerings. The company maintains a global presence across over 120 countries and positions itself at the intersection of energy and industrial ecosystems, leveraging a century of operational experience and a portfolio of over 1,400 patents granted in 2025 to address evolving customer demands for efficiency, reliability, and lower-carbon solutions.
【Strategic portfolio transformation and margin expansion】 Management expects continued structural transformation of the global energy landscape, with sustained demand growth driven by population expansion, industrialization, and digital infrastructure proliferation, positioning Baker Hughes to benefit from diversified energy sources and integrated solutions. The company anticipates meaningful growth in natural gas demand (projected to grow over 20% by 2040) and LNG capacity expansion (expected to reach 950 MTPA by 2035), supported by strong order visibility and record backlog levels that underpin durable revenue conversion and margin progression toward the 20% EBITDA target. Data center applications represent a significant emerging opportunity, with management now expecting to book approximately $3 billion of data center-related orders between 2025 and 2027, driven by AI infrastructure spending and the need for reliable behind-the-meter power solutions. Near-term challenges persist from Middle East geopolitical disruptions and subdued upstream spending, though management remains confident in navigating short-term uncertainties through portfolio resilience and disciplined execution of the Baker Hughes business system, with expectations for modest upstream spending declines in 2026 offset by strength in gas infrastructure, power generation, and new energy markets.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Sales of goods | $12.25B | $12.24B | $15.62B | $17.81B | $18.22B | 33% |
Sales of services | $8.25B | $8.92B | $9.89B | $10.02B | $9.52B | 17% |
Gas Technology Equipment | $3.04B | $2.60B | $4.23B | $5.69B | $6.62B | 12% |
Production Solutions | $3.13B | $3.59B | $3.85B | $3.86B | $3.81B | 7% |
Completions, Intervention, and Measurements | — | $3.56B | $4.17B | $4.15B | $3.75B | 7% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 27.9B | 27.7B | 27.8B | 25.5B | 21.2B | 20.5B |
| Net Income | 3.1B | 2.6B | 3.0B | 1.9B | -601M | -219M |
| EPS | $3.15 | - | $2.98 | $1.91 | $-0.61 | $-0.27 |
| Free Cash Flow | 2.3B | 2.5B | 2.1B | 1.8B | 899M | 1.5B |
| ROIC | 0.0% | 13.7% | 14.8% | 9.2% | 4.0% | 4.6% |
| Gross Margin | - | - | 27.0% | 27.0% | 26.3% | 27.7% |
| Debt/Equity | 0.84 | 0.32 | 0.36 | 0.39 | 0.46 | 0.40 |
| Dividends/Share | $0.92 | - | $0.84 | $0.77 | $0.74 | $0.73 |
| Operating Income | 0 | 3.1B | 3.1B | 2.3B | 1.2B | 1.3B |
| Operating Margin | 0.0% | 11.0% | 11.1% | 9.1% | 5.6% | 6.4% |
| ROE | 16.1% | 14.5% | 18.5% | 13.1% | -4.1% | -1.6% |
| Shares Outstanding | 992M | - | 1,000M | 1,017M | 985M | 811M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 16.7B | 13.3B | 17.3B | 22.9B | 23.8B | 20.7B | 20.5B | 21.2B | 25.5B | 27.8B | 27.7B | 27.9B |
| Gross Margin | 44.4% | 23.7% | 17.6% | 17.4% | 18.6% | N/A | 27.7% | 26.3% | 27.0% | 27.0% | N/A | N/A |
| R&D | 408M | 352M | 501M | 700M | 687M | 595M | 492M | 552M | 651M | 643M | 600M | 587M |
| SG&A | 2.1B | 1.9B | 2.5B | 2.7B | 2.8B | 2.4B | 2.5B | 2.5B | 2.6B | 2.5B | 2.4B | 2.4B |
| EBIT | -138M | 457M | -284M | 701M | 1.1B | -16.0B | 1.3B | 1.2B | 2.3B | 3.1B | 3.1B | 0 |
| Op. Margin | -0.8% | 3.4% | -1.6% | 3.1% | 4.5% | -77.2% | 6.4% | 5.6% | 9.1% | 11.1% | 11.0% | 0.0% |
| Net Income | N/A | N/A | -103M | 195M | 128M | -9.9B | -219M | -601M | 1.9B | 3.0B | 2.6B | 3.1B |
| Net Margin | N/A | N/A | -0.6% | 0.9% | 0.5% | -48.0% | -1.1% | -2.8% | 7.6% | 10.7% | 9.3% | 11.2% |
| Non-Recurring | 2.4B | 293M | 385M | 475M | 176M | 15.3B | 138M | -255M | 354M | 337M | 237M | 237M |
| Returns on Capital | ||||||||||||
| ROIC | N/A | N/A | -0.6% | 2.5% | 2.8% | -41.5% | 4.6% | 4.0% | 9.2% | 14.8% | 13.7% | 0.0% |
| ROE | N/A | N/A | -0.7% | 1.2% | 0.6% | -57.1% | -1.6% | -4.1% | 13.1% | 18.5% | 14.5% | 16.1% |
| ROA | N/A | N/A | -0.3% | 0.4% | 0.2% | -21.8% | -0.6% | -1.7% | 5.5% | 7.9% | 6.5% | 6.1% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 1.3B | 262M | -799M | 1.8B | 2.1B | 1.3B | 2.4B | 1.9B | 3.1B | 3.3B | 3.8B | 3.6B |
| Free Cash Flow | 670M | -162M | -1.5B | 767M | 886M | 330M | 1.5B | 899M | 1.8B | 2.1B | 2.5B | 2.3B |
| Owner Earnings | 747M | -288M | -1.9B | 155M | 521M | -223M | 1.1B | 620M | 1.8B | 2.0B | 2.4B | 2.1B |
| CapEx | 607M | 424M | 665M | 995M | 1.2B | 974M | 856M | 989M | 1.2B | 1.3B | 1.3B | 1.3B |
| Maint. CapEx | 530M | 550M | 1.1B | 1.5B | 1.4B | 1.3B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.3B |
| Growth CapEx | 77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 137M | 142M | 85M | 52M |
| D&A | 530M | 550M | 1.1B | 1.5B | 1.4B | 1.3B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.3B |
| CapEx/OCF | N/A | 161.8% | N/A | 56.5% | 58.3% | 74.7% | 36.1% | 52.4% | 40.0% | 38.4% | 33.4% | 36.4% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 155M | 315M | 395M | 488M | 592M | 726M | 786M | 836M | 910M | 909M |
| Dividend Yield | N/A | N/A | 1.2% | 2.9% | 3.6% | 5.1% | 3.5% | 2.8% | 2.6% | 2.5% | N/A | 1.6% |
| Share Buybacks | 0 | 0 | 174M | 387M | 0 | 0 | 434M | 828M | 538M | 484M | 384M | 196M |
| Buyback Yield | 0.0% | N/A | 1.6% | 5.1% | N/A | N/A | 2.4% | 3.2% | 1.6% | 1.2% | 0.9% | 0.3% |
| Stock-Based Comp | N/A | N/A | 15M | 121M | 187M | 210M | 205M | 207M | 197M | 202M | 203M | 198M |
| Debt Repayment | 0 | 0 | 177M | 684M | 570M | 42M | 1.3B | 0 | 651M | 143M | 0 | 0 |
| Balance Sheet | ||||||||||||
| Net Debt | -1.4B | -705M | 270M | 3.5B | 3.4B | 4.2B | 2.0B | 4.2B | 3.4B | 2.7B | 2.4B | 1.4B |
| Cash & Equiv. | 1.4B | 981M | 7.0B | 3.7B | 3.2B | 4.1B | 3.9B | 2.5B | 2.6B | 3.4B | 3.7B | 14.8B |
| Long-Term Debt | 0 | 38M | 6.3B | 6.3B | 6.3B | 6.7B | 6.7B | 6.0B | 5.9B | 6.0B | 5.4B | 15.4B |
| Debt/Equity | N/A | 0.02 | 0.54 | 0.41 | 0.30 | 0.65 | 0.40 | 0.46 | 0.39 | 0.36 | 0.32 | 0.84 |
| Interest Coverage | -1.1 | 4.5 | -2.2 | 3.1 | 4.5 | -60.5 | 4.4 | 4.7 | 10.7 | 15.6 | 13.8 | 13.8 |
| Equity | N/A | 14.7B | 14.3B | 17.5B | 21.9B | 12.9B | 14.8B | 14.4B | 15.4B | 16.9B | 18.8B | 19.3B |
| Total Assets | N/A | 21.7B | 56.5B | 52.4B | 53.4B | 38.0B | 35.3B | 34.2B | 36.9B | 38.4B | 40.9B | 50.9B |
| Total Liabilities | N/A | 6.9B | 18.1B | 17.4B | 18.9B | 19.8B | 18.6B | 19.7B | 21.4B | 21.3B | 21.9B | 38M |
| Intangibles | N/A | 2.4B | 6.4B | 5.7B | 5.4B | 4.4B | 4.1B | 4.2B | 4.1B | 4.0B | 4.1B | 4.1B |
| Retained Earnings | N/A | 0 | -103M | 25M | 0 | -9.9B | -10.2B | -10.8B | -8.8B | -5.8B | -3.3B | -2.3B |
| Working Capital | N/A | 2.5B | 9.2B | 6.0B | 5.2B | 6.2B | 5.9B | 3.5B | 3.3B | 4.2B | 5.0B | 15.2B |
| Current Assets | N/A | 7.4B | 18.4B | 15.0B | 15.2B | 16.5B | 15.1B | 14.6B | 16.3B | 17.2B | 18.8B | 28.6B |
| Current Liabilities | N/A | 4.9B | 9.2B | 9.0B | 10.0B | 10.2B | 9.1B | 11.1B | 13.0B | 13.0B | 13.9B | 13.4B |
| Per Share Data | ||||||||||||
| EPS | N/A | N/A | -0.24 | 0.45 | 0.23 | -14.73 | -0.27 | -0.61 | 1.91 | 2.98 | N/A | 3.15 |
| Owner EPS | N/A | N/A | -4.47 | 0.36 | 0.94 | -0.33 | 1.31 | 0.63 | 1.75 | 1.99 | N/A | 2.16 |
| Book Value | N/A | N/A | 33.27 | 40.30 | 39.40 | 19.11 | 18.28 | 14.61 | 15.11 | 16.90 | N/A | 19.47 |
| Cash Flow/Share | N/A | N/A | -1.86 | 4.07 | 3.82 | 1.93 | 2.93 | 1.92 | 3.01 | 3.33 | N/A | 4.41 |
| Dividends/Share | N/A | N/A | 0.36 | 0.73 | 0.71 | 0.72 | 0.73 | 0.74 | 0.77 | 0.84 | N/A | 0.92 |
| Shares Out. | N/A | N/A | 429.2M | 433.3M | 556.5M | 674.8M | 811.1M | 985.2M | 1.0B | 999.7M | N/A | 992.1M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | 38.8 | 93.2 | N/A | N/A | N/A | 17.0 | 13.4 | 17.3 | 18.2 |
| P/FCF | N/A | N/A | N/A | 9.9 | 13.5 | 37.4 | 11.9 | 29.0 | 18.0 | 19.4 | N/A | 24.8 |
| EV/EBIT | N/A | 35.7 | N/A | 17.1 | 14.5 | N/A | 16.0 | 26.1 | 15.8 | 13.8 | 15.6 | N/A |
| Price/Book | N/A | 1.7 | 0.8 | 0.4 | 0.5 | 1.0 | 1.2 | 1.8 | 2.2 | 2.4 | 2.4 | 2.9 |
| Price/Sales | N/A | 1.4 | 0.7 | 0.5 | 0.5 | 0.5 | 0.8 | 1.2 | 1.2 | 1.2 | 1.5 | 2.0 |
| FCF Yield | N/A | -0.6% | -13.7% | 10.1% | 7.4% | 2.7% | 8.4% | 3.4% | 5.6% | 5.2% | 5.7% | 4.0% |
| Market Cap | 0 | 24.9B | 10.7B | 7.6B | 11.9B | 12.4B | 18.0B | 26.1B | 33.1B | 39.8B | 44.9B | 56.8B |
| Avg. Price | 0.00 | 26.47 | 29.64 | 24.80 | 19.73 | 14.22 | 20.64 | 26.63 | 30.28 | 33.56 | 42.88 | 57.25 |
| Year-End Price | 0.00 | 35.28 | 24.98 | 17.46 | 21.43 | 18.31 | 22.23 | 26.50 | 32.52 | 39.80 | 45.08 | 57.25 |
Baker Hughes Co passes 2 of 9 quality checks, indicating weak fundamentals.
Baker Hughes Co trades at 22.0x trailing earnings, compared to its 15-year median P/E of 17.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 22.5x vs a median of 18.0x. The company's 5-year average ROIC is 9.3% with a gross margin of 27.0%. Total shareholder yield (dividends + buybacks) is 1.9%. At current prices, the estimated annualized return to fair value is +13.6%.
Baker Hughes Co (BKR) has a net profit margin of 9.3%. This is a modest margin.
Baker Hughes Co (BKR) generated $2.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Baker Hughes Co (BKR) has a debt-to-equity ratio of 0.32. This indicates a conservatively financed balance sheet.
Baker Hughes Co (BKR) has a return on equity (ROE) of 14.5%. This indicates moderate shareholder returns.
Baker Hughes Co (BKR) has a 5-year average gross margin of 27.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 11 years of financial data for Baker Hughes Co (BKR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Based on recent SEC filings and earnings disclosures, Management expects continued structural transformation of the global energy landscape, with sustained demand growth driven by population expansion, industrialization, and digital infrastructure proliferation, positioning Baker Hughes to benefit from diversified energy sources and integrated solutions. The company anticipates meaningful growth in natural gas demand (projected to grow over 20% by 2040) and LNG capacity expansion (expected to reach 950 MTPA by 2035), supported by strong order visibility and record backlog levels that underpin durable revenue conversion and margin progression toward the 20% EBITDA target. Data center applications represent a significant emerging opportunity, with management now expecting to book approximately $3 billion of data center-related orders between 2025 and 2027, driven by AI infrastructure spending and the need for reliable behind-the-meter power solutions. Near-term challenges persist from Middle East geopolitical disruptions and subdued upstream spending, though management remains confident in navigating short-term uncertainties through portfolio resilience and disciplined execution of the Baker Hughes business system, with expectations for modest upstream spending declines in 2026 offset by strength in gas infrastructure, power generation, and new energy markets.