Halliburton Co (BUE:HAL) Beneish M-Score: -2.50 (As of Jun. 27, 2026)

What is Halliburton Co Beneish M-Score?

Halliburton Co BUE:HAL 73 Beneish M-Score is -2.50 as of Jun. 27, 2026. GuruFocus rates BUE:HAL with a GF Score™ of 73/100. The stock has 2 warning signs investors should review. Among 822 Oil & Gas companies, Halliburton Co ranks worse than 60.83% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Halliburton Co's Beneish M-Score or its related term are showing as below:

BUE:HAL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.61 Max: -0.97
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Halliburton Co was -0.97. The lowest was -3.13. And the median was -2.61.

Halliburton Co Beneish M-Score Related Terms

Halliburton Co Beneish M-Score Historical Data

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The historical data trend for Halliburton Co's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Halliburton Co Beneish M-Score Chart

Halliburton Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.44

-2.36

-2.56

-2.63

-2.51

Halliburton Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.62	-2.66	-2.61	-2.51	-2.50

BUE:HAL vs FTI, WFRD, NOV: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, Halliburton Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Halliburton Co Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Halliburton Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Halliburton Co's Beneish M-Score falls into.

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Halliburton Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Halliburton Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9669

0.528 * 1.1821

0.404 * 1.0032

0.892 * 1.3547

0.115 * 0.9096

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0103

4.679 * -0.025361

0.327 * 0.9675

-2.22

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ARS7,266,679.74 Mil.
Revenue was 7553319.979 + 8211073.206 + 7604869.452 + 6541654.967 = ARS29,910,917.60 Mil.
Gross Profit was 1094825.906 + 1349884.759 + 1162458.616 + 972343.996 = ARS4,579,513.28 Mil.
Total Current Assets was ARS16,128,757.12 Mil.
Total Assets was ARS35,154,678.07 Mil.
Property, Plant and Equipment(Net PPE) was ARS8,497,135.42 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,557,621.88 Mil.
Selling, General, & Admin. Expense(SGA) was ARS322,327.76 Mil.
Total Current Liabilities was ARS7,742,083.07 Mil.
Long-Term Debt & Capital Lease Obligation was ARS10,833,602.96 Mil.
Net Income was 644590.987 + 854927.014 + 24444.223 + 560374.073 = ARS2,084,336.30 Mil.
Non Operating Income was -39150.863 + -156760.811 + -598883.469 + -28493.597 = ARS-823,288.74 Mil.
Cash Flow from Operations was 381720.91 + 1690984.671 + 662710.052 + 1063760.953 = ARS3,799,176.59 Mil.

Total Receivables was ARS5,547,656.22 Mil.
Revenue was 5774722.09 + 5666100.057 + 5414998.262 + 5223451.425 = ARS22,079,271.83 Mil.
Gross Profit was 937046.468 + 1036260.01 + 1017034.955 + 1005646.486 = ARS3,995,987.92 Mil.
Total Current Assets was ARS12,290,339.85 Mil.
Total Assets was ARS26,841,744.05 Mil.
Property, Plant and Equipment(Net PPE) was ARS6,538,004.54 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,072,357.72 Mil.
Selling, General, & Admin. Expense(SGA) was ARS235,502.79 Mil.
Total Current Liabilities was ARS6,207,533.09 Mil.
Long-Term Debt & Capital Lease Obligation was ARS8,452,606.88 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(7266679.736 / 29910917.604)	/	(5547656.222 / 22079271.834)
	=	0.242944	/	0.251261
	=	0.9669

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(3995987.919 / 22079271.834)	/	(4579513.277 / 29910917.604)
	=	0.180984	/	0.153105
	=	1.1821

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (16128757.12 + 8497135.415) / 35154678.067)	/	(1 - (12290339.85 + 6538004.537) / 26841744.045)
	=	0.299499	/	0.298542
	=	1.0032

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	29910917.604	/	22079271.834
	=	1.3547

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(1072357.721 / (1072357.721 + 6538004.537))	/	(1557621.875 / (1557621.875 + 8497135.415))
	=	0.140908	/	0.154914
	=	0.9096

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(322327.757 / 29910917.604)	/	(235502.788 / 22079271.834)
	=	0.010776	/	0.010666
	=	1.0103

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((10833602.962 + 7742083.066) / 35154678.067)	/	((8452606.876 + 6207533.086) / 26841744.045)
	=	0.528399	/	0.546169
	=	0.9675

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(2084336.297 - -823288.74	-	3799176.586)	/	35154678.067
	=	-0.025361

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Halliburton Co has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.50 mean?

Halliburton Co (BUE:HAL) has a Beneish M-Score of -2.50 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Halliburton Co and its competitors. According to the industry distribution chart, Halliburton Co ranks #500 out of 822 companies in the Oil & Gas industry, placing it in the top 60.8%.

Is Halliburton Co's Beneish M-Score too high?

Halliburton Co's current Beneish M-Score is -2.50. Based on the distribution chart, Halliburton Co ranks #500 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Halliburton Co has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.

How does Halliburton Co's Beneish M-Score compare to FTI and WFRD?

According to the Oil & Gas industry distribution chart, Halliburton Co ranks #500 out of 822 companies for Beneish M-Score. This places Halliburton Co in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Halliburton Co and its competitors. Halliburton Co's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Halliburton Co stock overvalued right now?

Halliburton Co (BUE:HAL) has a current Beneish M-Score of -2.50. The current Beneish M-Score is -2.50. Halliburton Co's overall GF Score™ is 73/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Halliburton Co (BUE:HAL), the current Beneish M-Score is -2.50 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Halliburton Co Business Description

Industry Energy Oil & Gas

Comparable Companies FTI WFRD NOV KGS AROC LBRT SEI WHD USAC OII SLB BKR MIL:TEN SZSE:002353 OSL:SUBC MIL:SPM XPAR:GTT SHSE:601808 XPAR:TE XAMS:SBMO

Other Exchanges HAL:USA HAL:Mexico 1HAL:Italy 0R23:UK HAL:Germany HAL:Chile HAL:Switzerland HALI34:Brazil

Address 3000 North Sam Houston Parkway East, Houston, TX, USA, 77032

Website https://www.halliburton.com

Halliburton is North America's largest oilfield-services company as measured by market share. Despite industry fragmentation, it holds a leading position in the hydraulic fracturing and completions market, which makes up nearly half of its revenue. It also holds strong positions in other service offerings like drilling and completions fluids, which leverages its expertise in material science, as well as the directional drilling market. While we consider SLB the global leader in reservoir evaluation, we think Halliburton leads in any activity from the reservoir to the wellbore. Halliburton's innovations have helped multiple producers lower their development costs per barrel of oil equivalent, with techniques that have been honed over a century of operations.