Baker Hughes Co
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Baker Hughes Co AI Insights
Informational only. Not investment advice.Snapshot
- ROIC of 12.5% TTM vs industry median 3.4% - 3.6x capital efficiency advantage in capital-intensive sector[Return on Invested Capital]
- EPS 5Y CAGR of 126% vs industry 15% - margin expansion driving 8x faster earnings growth than peers[EPS Growth 5 Year]
- Goodwill of 6.1B is 33% of equity vs 26% tangible book - 1.3B impairment risk if energy cycle turns[Goodwill]
Watch Triggers
- Operating Margin: Falls below 10% — Would signal cost advantage erosion and compress 60% bull case thesis
- Goodwill: Impairment charge >500M — Would reduce equity 3%+ and signal acquisition strategy failure
- Free Cash Flow: Drops below 1.5B TTM — Would pressure dividend coverage and force capital allocation tradeoffs
Bull Case
Operating margin 12.8% TTM vs industry median 8.8% with net margin 10.4% vs 5.5% - structural cost advantage translating to 2x peer profitability
Revenue 27.7B at 8.5x industry median scale with asset turnover 0.72 vs 0.52 median - operational leverage amplifies margin gains
Bear Case
P/B of 5.9x vs tangible book 7.9B implies 39B of intangible value at risk - goodwill 6.1B vulnerable to energy downturn
Dividend payout ratio 5Y avg 151% unsustainable - 0.90/share dividend consumes 43% of 2.1B FCF, limiting reinvestment
Bull vs Bear Balance
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Forward Thesis
FCF margin expansion from 7.5% to 10%+ as capex intensity normalizes post-investment cycle
- Capex at 4.5% of revenue vs 14% industry median
- Operating margin 12.8% with room to expand
- Working capital positive at 5.1B
Valuation Context
Caveats
BKR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$62.64B | — | ||
$64.04B | — | ||
20 | — | ||
$27.89B | +0.2% | — | |
$3.13 | -11.3% | — | |
13.0% | +0.5% | — | |
11.2% | +0.7% | — | |
$2.29B | +13.9% | — | |
17.1% | -0.9% | — | |
Beta 5Y (Monthly) | unknown | — |
BKR Dividend History
2026
$0.46002025
$0.92002024
$0.84002023
$0.78002022
$0.73002021
$0.72002020
$0.72002019
$0.72002018
$0.72002017
$0.3500BKR Stock Splits
BKR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/24/26 | 03/31/26 | 10-Q | |
02/05/26 | 12/31/25 | 10-K | |
10/24/25 | 09/30/25 | 10-Q | |
07/23/25 | 06/30/25 | 10-Q | |
04/23/25 | 03/31/25 | 10-Q | |
02/04/25 | 12/31/24 | Unknown | |
10/23/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
04/24/24 | 03/31/24 | 10-Q | |
02/05/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/19/23 | 06/30/23 | 10-Q | |
04/19/23 | 03/31/23 | 10-Q | |
02/14/23 | 12/31/22 | 10-K | |
10/20/22 | 09/30/22 | 10-Q | |
07/21/22 | 06/30/22 | 10-Q | |
04/20/22 | 03/31/22 | 10-Q | |
02/11/22 | 12/31/21 | 10-K | |
10/22/21 | 09/30/21 | 10-Q | |
07/23/21 | 06/30/21 | 10-Q | |
04/23/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
10/23/20 | 09/30/20 | 10-Q | |
07/24/20 | 06/30/20 | 10-Q | |
04/24/20 | 03/31/20 | 10-Q | |
02/13/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
08/01/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
02/19/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
07/30/18 | 06/30/18 | 10-Q | |
04/27/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
10/31/17 | 09/30/17 | 10-Q | |
07/28/17 | 06/30/17 | 10-Q | |
05/30/17 | 03/31/17 | IPO-Q |