NASDAQ: BKR
Baker Hughes
Energy · Oil & Gas Field Machinery & Equipment
52-week range
$44.26$70.41
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$54.5B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.50K |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | $29.9B |
| FY2023, ended Dec 31, 2023 | $34.2B |
| FY2024, ended Dec 31, 2024 | $40.6B |
| FY2025, ended Dec 31, 2025 | $45.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $54.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$28.7B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.3B |
| FY2017, ended Dec 31, 2017 | $17.3B |
| FY2018, ended Dec 31, 2018 | $22.9B |
| FY2019, ended Dec 31, 2019 | $23.8B |
| FY2020, ended Dec 31, 2020 | $20.7B |
| FY2021, ended Dec 31, 2021 | $20.5B |
| FY2022, ended Dec 31, 2022 | $21.2B |
| FY2023, ended Dec 31, 2023 | $25.5B |
| FY2024, ended Dec 31, 2024 | $27.8B |
| FY2025, ended Dec 31, 2025 | $27.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $28.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | −$162M |
| FY2017, ended Dec 31, 2017 | −$103M | −$1.46B |
| FY2018, ended Dec 31, 2018 | $195M | $767M |
| FY2019, ended Dec 31, 2019 | $128M | $886M |
| FY2020, ended Dec 31, 2020 | −$9.94B | $330M |
| FY2021, ended Dec 31, 2021 | −$219M | $1.52B |
| FY2022, ended Dec 31, 2022 | −$601M | $899M |
| FY2023, ended Dec 31, 2023 | $1.94B | $1.84B |
| FY2024, ended Dec 31, 2024 | $2.98B | $2.05B |
| FY2025, ended Dec 31, 2025 | $2.59B | $2.54B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.90B | $3.23B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.07B
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $981M |
| FY2017, ended Dec 31, 2017 | $7.03B |
| FY2018, ended Dec 31, 2018 | $3.72B |
| FY2019, ended Dec 31, 2019 | $3.25B |
| FY2020, ended Dec 31, 2020 | $4.13B |
| FY2021, ended Dec 31, 2021 | $3.85B |
| FY2022, ended Dec 31, 2022 | $2.49B |
| FY2023, ended Dec 31, 2023 | $2.65B |
| FY2024, ended Dec 31, 2024 | $3.36B |
| FY2025, ended Dec 31, 2025 | $3.71B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.07B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$18.3B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $242M |
| FY2017, ended Dec 31, 2017 | $8.35B |
| FY2018, ended Dec 31, 2018 | $7.23B |
| FY2019, ended Dec 31, 2019 | $6.62B |
| FY2020, ended Dec 31, 2020 | $7.63B |
| FY2021, ended Dec 31, 2021 | $6.73B |
| FY2022, ended Dec 31, 2022 | $6.66B |
| FY2023, ended Dec 31, 2023 | $6.02B |
| FY2024, ended Dec 31, 2024 | $6.02B |
| FY2025, ended Dec 31, 2025 | $6.09B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $18.3B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 993,078,373% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.993M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 100 |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | 1.01B |
| FY2023, ended Dec 31, 2023 | 1.00B |
| FY2024, ended Dec 31, 2024 | 990M |
| FY2025, ended Dec 31, 2025 | 988M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 993M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $209M more issued than bought back
Show tableHide table
| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | — |
| FY2017, ended Dec 31, 2017 | $174M | — |
| FY2018, ended Dec 31, 2018 | $387M | — |
| FY2019, ended Dec 31, 2019 | $0 | — |
| FY2020, ended Dec 31, 2020 | $0 | $210M |
| FY2021, ended Dec 31, 2021 | $434M | $205M |
| FY2022, ended Dec 31, 2022 | $828M | $207M |
| FY2023, ended Dec 31, 2023 | $538M | $197M |
| FY2024, ended Dec 31, 2024 | $484M | $202M |
| FY2025, ended Dec 31, 2025 | $384M | $203M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $0 | $209M |
Revenue (TTM)
$28.7B
+3.7% YoY
Net income (TTM)
$2.90B
+0.2% YoY
Cash
$4.07B
+51.1% YoY
Total debt
$18.3B
+202% YoY
Valuation
At current price- Market Cap
- $54.8B
- P/E
- 18.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.9×
- Price / Book
- 2.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $28.7B
- Revenue Growth YoY
- 3.7%
- Revenue CAGR 3Y
- 9.4%
- Revenue CAGR 5Y
- 6.0%
- EPS Growth YoY
- —. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- 0.2%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 10.1%
- FCF Margin
- 11.2%
- Return on Equity
- 15.1%
Earnings
Trailing 12 months- Net Income
- $2.90B
- EPS (diluted)
- —
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $4.07B
- Total Debt
- $18.3B
- Net Debt
- $14.2B
- Total Assets
- $59.1B
- Total Liabilities
- $38.5B
- Shareholders' Equity
- $20.1B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.51B
- Capital Expenditure
- $1.28B
- Free Cash Flow
- $3.23B
Dividends and risk
Last 12 months- Dividend Yield
- 1.7%
- Dividend / Share
- $0.92
- Beta (5Y)
- 1.04
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $28.7B.
Note
Net margin of 10.1% over the last 12 months.
Watch
Carries $14.2B of net debt without positive EBITDA.
Note
Free cash flow of $3.23B, 11.2% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K49Some concerns
49Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 5, 2026 · Read the filing on EDGAR
- Revenue was essentially flat at $27.7 billion. Net income fell 13% to $2.6 billion as oilfield services shrank while the gas technology business grew.
- Orders rose 5% to $29.6 billion and the backlog of unfilled work grew to $35.9 billion, mostly in the gas and energy technology segment (IET).
- The company agreed to buy Chart for about $13.6 billion in total value, using new debt. It expects the deal to close in the second quarter of 2026.
- Management expects oilfield markets to stay soft through most of 2026, with continued strength in LNG, gas infrastructure and data-center power.
Business momentum
Weakening
“Net income was $2.6 billion, a decrease of $0.4 billion, or 13%, compared to 2024”
Outlook
Cautious
“We expect continued soft market conditions through most of 2026, reflecting customer caution amid oil price uncertainty, with the potential for modest improvement later in the year”
Financial stress
Low
“At December 31, 2025, we had cash and cash equivalents of $3.7 billion, compared to $3.4 billion at December 31, 2024.”
Tone against the previous report
About the same
Red flags
- Minor
Other
“we paid $258 million for the termination fee and the reimbursement of certain expenses on behalf of Chart to Flowserve Corporation”
Positives
Gas and energy technology segment (IET) growing strongly
“IET segment EBITDA of $2,482 million increased $432 million, or 21%, in 2025 compared to 2024.”
Record orders and a larger backlog
“As of December 31, 2025, RPO totaled $35.9 billion, of which OFSE totaled $3.5 billion and IET totaled $32.4 billion.”
Higher operating cash flow
“Cash flows provided by operating activities were $3,810 million, $3,332 million, and $3,062 million for the years ended December 31, 2025, 2024, and 2023, respectively.”
Concerns
Oilfield services revenue fell in every region
“OFSE revenue decreased $1.3 billion, or 8%, driven by a decline in revenue in all regions.”
Swing to a loss on equity investments, plus deal costs
“we recorded other expense of $243 million in 2025, which included $107 million of transaction costs related to business acquisition and disposal activities and a net loss of $103 million”
Profit still helped by one-time tax benefits
“the net impact of $308 million and $664 million reversal of valuation allowances in 2025 and 2024, respectively”
New risks since the previous report
Large Chart acquisition funded with new debt
“The incurrence of new indebtedness would increase our leverage and debt service requirements, which could impact our future financial condition and results of operations.”
Slower energy transition could hurt clean-energy investments
“Recent developments indicate a potential slowdown in energy transition efforts, with sustained or increased demand for traditional oil and gas in certain markets.”
Higher US tariffs on imported goods
“Recent changes in U.S. administrative policy have led to significant increases in tariffs on goods imported into the U.S., particularly tariffs on products manufactured in Europe, Mexico and China.”
Exposure to political instability in Venezuela
“instability, such as in the Middle East and the current political situation in Venezuela, have had and may continue to have the effect of heightening many other risks”
Biggest risks named
- Oil price swings and lower customer drilling spending
- Completing, financing and integrating the Chart acquisition
- Tariffs and trade policy changes
- Geopolitical conflict, including Russia-Ukraine, Middle East and Venezuela
- Supply chain tightness and dependence on GE Vernova and GE Aerospace
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 49 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 5, 2026 | 49 | Weakening | 1 minor | |
| 10-K | Feb 4, 2025 | 68 | Strong improvement | None | |
| 10-K | Feb 5, 2024 | 75 | Strong improvement | None | |
| 10-K | Feb 14, 2023 | 53 | Mixed | 2 medium | |
| 10-K | Feb 11, 2022 | 67 | Improving | 1 medium | |
| 10-K | Feb 25, 2021 | 34 | Sharp deterioration | 2 medium | |
| 10-K | Feb 13, 2020 | 62 | Improving | None | |
| 10-K | Feb 19, 2019 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 23, 2018 | 36 | Sharp deterioration | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR