Baker Hughes Company (BKR)
POSITIVEファンダメンタル
69
株価
$62.33
時価総額
$61.53B
パート1 · 企業の価値
概要
Baker Hughes sells the equipment and services that oil and gas companies use to drill wells and produce hydrocarbons — drill bits, pumps, well-completion tools and field services — through its Oilfield Services & Equipment unit. Its Industrial & Energy Technology unit makes gas turbines, compressors and related equipment used across the broader energy industry, including new gas-fired power plants and liquefied natural gas facilities, plus industrial pumps and valves sold well beyond oil and gas.
収益の仕組み
OFSE revenue tracks the drilling and production spending of oil and gas operators, split between equipment sales and ongoing service contracts tied to how much a well produces. IET revenue is more project-based: large turbines and compression trains are sold under multi-year contracts booked into backlog well before delivery, plus recurring aftermarket parts and service revenue on equipment already installed. That mix gives Baker Hughes more revenue visibility than a pure oilfield-services company, but exposes it to long project execution risk.
セグメント別売上高
Equipment and field services for drilling, completing and producing oil and gas wells, priced on both equipment sales and well output.
Gas turbines, compressors, LNG equipment and industrial pumps and valves, sold under multi-year contracts plus recurring aftermarket service.
競争優位性（moat）
特許・ライセンス · 狭いDecades of engineering know-how in drilling tools and large rotating equipment like gas turbines are hard for a new entrant to replicate, and installed equipment locks in recurring aftermarket service revenue. But Baker Hughes competes against similarly capable rivals — SLB and Halliburton in oilfield services, GE Vernova and Siemens Energy in turbines — so its technical edge is real but not exclusive.
需要を左右する要因
景気循環型OFSE revenue rises and falls with how much oil and gas companies choose to spend on drilling, which itself follows oil and gas prices closely. IET is somewhat steadier, supported by a multi-year order backlog and demand tied to LNG and power infrastructure buildouts, but its large project bookings can still swing sharply from year to year.
主なリスク
- Oil and gas price cyclicality — OFSE demand depends on customers' drilling and production budgets, which expand and contract with oil and gas prices. A sustained downturn quickly cuts equipment orders and service activity.
- National oil company exposure — National oil companies control much of the world's reserves and often require local partnerships or content requirements; failing to meet those terms, or a change in a host government's policy, can restrict access to major projects.
- Large project execution risk — IET's growth relies on delivering large, multi-year turbine and LNG equipment contracts on time and on budget; cost overruns or delays on any major project can erode the margin built into the backlog.
- Energy transition uncertainty — A long-term shift away from fossil fuels would reduce demand for OFSE's core products over time, even as IET tries to offset that with gas, LNG and lower-carbon technology.
顧客集中度
Baker Hughes serves a broad mix of international oil majors, independents and national oil companies; no single customer is disclosed as representing a material share of revenue.
強気材料
Buyers argue that Industrial & Energy Technology's record backlog in gas turbines and LNG equipment gives Baker Hughes years of visible revenue tied to global power and gas infrastructure buildouts, diversifying it away from the pure oil-price cyclicality of its oilfield services business.
弱気材料
Sellers fear that OFSE remains hostage to volatile oil and gas prices, that IET's large multi-year projects carry real execution and cost-overrun risk, and that the long-term energy transition away from fossil fuels erodes the core oilfield business faster than new energy technology can replace it.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$27.73B
直近12か月（2026/6/30まで）
純利益
$3.10B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$2.54B
自己資本合計
$18.83B
負債合計
$21.87B
流動比率
2.09
利払い倍率
-
負債/EBITDA
3.36
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$59.25
現在株価
$62.33
安全マージン
-5.2%
適正価値レンジ
$45.36 - $73.14
推定方法
バリュエーション指標
P/E レシオ
20.35
ROE
13.7%
P/B レシオ
3.09
P/FCF
19.67
粗利益率
-
ROIC
-
収益性レーダー
Value Creation (Economic Moat)
ROIC
-
WACC
8.3%
ROIC − WACC
-
ファンダメンタル分析基準
合格（14）
- EPS shows upward trend
- P/FCF 19.67
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- ROE 16.3%
- Revenue Growth 5Y 6.0%
- Analyst Consensus 79% Buy
- Earnings Surprise avg 16.7%
- Earnings Quality (OCF/NI) 1.43
- Net Margin Trend 11.2% vs 11.0%
- Piotroski F-Score 5/9
不合格（5）
- Price CAGR -0.41%
- P/B Ratio 3.09
- CapEx intensity
- Low reliance on intangibles
- DCF valuation (Overvalued)
データなし（8）
- ROIC NaN%
- Gross Margin NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Lorenzo Simonelli | Chairman, President & CEO | 52 |
| Mr. Ahmed Moghal | Executive VP & CFO | 43 |
| Ms. Georgia M. Magno | Chief Legal Officer | 46 |
| Ms. Maria Claudia Borras | Chief Growth & Experience Officer and Interim EVP of Industrial & Energy Technology | 56 |
| Mr. Amerino Gatti | Executive Vice President of Oilfield Services & Equipment | 53 |
| Ms. Rebecca L. Charlton | Senior VP, Controller & Chief Accounting Officer | 46 |
| Mr. Chase Mulvehill | Vice President of Investor Relations | - |
| Mr. Fernando Contreras | VP, Chief Compliance Officer & Corporate Secretary | - |
| Adrienne M.. Lynch | Vice President of Brand & External Communications | - |
| Mr. Muzzamil Khider Ahmed | Chief People & Culture Officer | - |
監査リスク
3
取締役会リスク
6
報酬リスク
8
株主権利リスク
2
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for BKR, sourced from Markets Gazette.
- 4/24/2026POSITIVEBaker Hughes | Outlook Despite Middle East Disruption
Baker Hughes reported earnings that surpassed analyst expectations, with CEO Lorenzo Simonelli affirming that the company's fundamental business outlook remains stable. This resilience is noted despite ongoing disruptions in the Middle East. The company's ability to maintain its forecast suggests strong operational execution and diversified revenue streams. Investors may find this reassuring, indicating that Baker Hughes is well-positioned to navigate geopolitical uncertainties and continue delivering value.
- 4/23/2026NEGATIVEBaker Hughes Likely To Report Lower Q1 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Baker Hughes is poised to report Q1 earnings on April 23rd, with analysts forecasting a decrease in earnings per share to $0.49 from $0.51 in the prior year. This projected decline, coupled with the recent $1.45 billion sale of Waygate Technologies, suggests potential headwinds or strategic shifts impacting profitability. Despite a 3.8% stock gain on Wednesday, the downward revision in earnings expectations presents a cautionary signal for investors ahead of the earnings call.
- 4/13/2026POSITIVEBaker Hughes Dumps Non-Core Unit In $1.45 Billion Deal
Baker Hughes has agreed to sell its Waygate Technologies division to Hexagon AB for $1.45 billion in cash. This strategic divestiture allows Baker Hughes to streamline its energy technology portfolio, focusing on its core oilfield services and equipment businesses. The deal is expected to strengthen Baker Hughes' balance sheet and enhance its operational efficiency. Investors may view this move positively as it signals a commitment to core competencies and improved financial flexibility, potentially leading to increased shareholder value.
- 4/7/2026POSITIVEBaker Hughes Expands in South America with Gas Project Win
Baker Hughes has secured a significant contract in Argentina for a natural gas project, underscoring the increasing global demand for efficient gas compression technology and robust energy security. This win is expected to boost Baker Hughes' revenue streams and solidify its position in the South American energy market. The deal highlights the company's strategic importance in facilitating energy infrastructure development and meeting growing energy needs in emerging markets. Investors may view this as a positive indicator of future growth and operational success for Baker Hughes.
- 3/4/2026NEUTRALBaker Hughes Seeks to Sell $10 Billion in Cross-Border Bond Sale
Baker Hughes Co. is planning a cross-border bond sale of approximately $10 billion to fund its acquisition of Chart Industries Inc. While a significant transaction, this falls under standard corporate finance activities aimed at supporting strategic growth. The impact on Baker Hughes' stock will depend on the successful integration of Chart Industries and synergy generation, but the bond issuance itself is neutral news for the equity market, focusing on debt.
via Markets Gazette