Halliburton CoHAL -0.41%74 ROC (Joel Greenblatt) % is 26.30% as of Mar. 2026, which is 34% above its 10-year median of 19.67. GuruFocus rates HAL with a GF Score™ of 74/100 and a GF Value™ of $33.38 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,000 Oil & Gas companies, Halliburton Co ranks better than 79.5% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Halliburton Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 26.30%.
The historical rank and industry rank for Halliburton Co's ROC (Joel Greenblatt) % or its related term are showing as below:
HAL'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -46.52 Med: 19.67 Max: 40.26
Current: 22.75
During the past 13 years, Halliburton Co's highest ROC (Joel Greenblatt) % was 40.26%. The lowest was -46.52%. And the median was 19.67%.
HAL's ROC (Joel Greenblatt) % is ranked better than 79.5% of 1000
companies
in the Oil & Gas industry
Industry Median: 8.415
vs HAL: 22.75
Halliburton Co's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Halliburton Co (NYSE:HAL) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Halliburton Co ROC (Joel Greenblatt) % Related Terms
Halliburton Co ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Halliburton Co's ROC (Joel Greenblatt) % 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.
HAL vs FTI, KGS, AROC: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Equipment & Services subindustry, Halliburton Co's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Halliburton Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Halliburton Co's ROC (Joel Greenblatt) % falls into.
Halliburton Co ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 26.30% mean?
Halliburton Co (HAL) has a ROC (Joel Greenblatt) % of 26.30% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Halliburton Co and its competitors. This is 34% above median its historical median of 19.67. According to the industry distribution chart, Halliburton Co ranks #205 out of 1000 companies in the Oil & Gas industry, placing it in the top 20.5%.
Is Halliburton Co's ROC (Joel Greenblatt) % too high?
Halliburton Co's current ROC (Joel Greenblatt) % of 26.30% is 34% above median its 10-year median of 19.67. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.42. Halliburton Co's value of 26.30% is 212.5% above this industry median. Based on the distribution chart, Halliburton Co ranks #205 out of 1000 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Halliburton Co has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Halliburton Co's ROC (Joel Greenblatt) % compare to FTI and KGS?
According to the Oil & Gas industry distribution chart, Halliburton Co ranks #205 out of 1000 companies for ROC (Joel Greenblatt) %. This places Halliburton Co in the top 21% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 8.42. Halliburton Co's value of 26.30% is 212.5% above this benchmark. While the company's 10-year median is 19.67 vs. the industry median of 8.42, Halliburton Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.42, based on 1,000 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Halliburton Co's current ROC (Joel Greenblatt) % of 26.30% is 212.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Halliburton Co and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Halliburton Co's current ROC (Joel Greenblatt) % is 26.30%, which is 34% above median its own 10-year median of 19.67. 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?
Based on GuruFocus' analysis, Halliburton Co (HAL) is currently considered Fairly Valued. The stock's GF Value™ is $33.38, compared to a current price of $33.95 — trading 1.7% above its estimated fair value. The current ROC (Joel Greenblatt) % is 26.30%, which is 34% above median its 10-year median of 19.67 and 212.5% above the Oil & Gas industry median of 8.42. Halliburton Co's overall GF Score™ is 74/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Halliburton Co (HAL), the current ROC (Joel Greenblatt) % is 26.30% as of Mar. 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.
Is Halliburton Co (HAL) Overvalued in 2026?
Based on GuruFocus' analysis, Halliburton Co stock appears to be overvalued.
The current stock price of $33.95 is trading 1.7% above its estimated GF Value™ of $33.38.
GuruFocus considers Halliburton Co to be Fairly Valued.
Key valuation signals for HAL:
ROC (Joel Greenblatt) %: 26.30% (34% above median its 10-year median of 19.67)
GF Value™: $33.38 vs. price of $33.95 (1.7% above fair value)
Industry Position: 212.5% above the Oil & Gas median (#205 of 1000)
No single metric tells the full story. See the HAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
74GF Score
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