Baker Hughes Co - Ordinary Shares - Class A
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+ FollowMarket Cap$49.52B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Q3 results: strong profitability + cash despite integration/financing
- Adjusted EBITDA: $1.42B (+14% YoY), margin 17.6% (broadly flat YoY).
- Revenue: ~$8.0B (+14% YoY); acquisitions/divestitures added ~9% net.
- EPS: GAAP diluted $0.41 vs adjusted diluted $0.70 (+2% YoY); higher interest expense pressured results, but IET strength offset.
- Free cash flow (FCF): $769M (+10% YoY) even after ~$200M integration restructuring/transaction cash costs tied to Chart/Chase integration.
- Leverage: increased to ~2.5x (debt used for the Chase acquisition).
Orders/book-to-bill: very strong momentum, especially IET (equipment)
- Company orders (Q3): $10.8B; YTD book-to-bill 1.4x.
- IET orders (Q3): $5.9B, book-to-bill 1.7x (incl. $1B LNG equipment and $2.2B power systems).
- IET RPO: record $39.4B (+6% sequential, +23% YoY) → improved revenue visibility.
- Guidance (IET orders full-year): raised to $21.5B–$23.5B.
- Surprising/positive: management now expects IET orders to exceed $50B over “Horizon 2” (meaningful step-up from prior target).
Forecast/outlook (Q4 + full-year 2026): improving EBITDA midpoint and FCF conversion
- Q4 (midpoint assumptions):
- Revenue: ~$8.25B
- Adjusted EBITDA: ~$1.46B (margin expansion expected)
- Segment expectations:
- IET: $3.55B revenue / $715M EBITDA (includes ~1 month Waygate contribution)
- OFSE: $3.6B revenue / $640M EBITDA (sequential decline expected due to lower Middle East + North America activity)
- Chart: ~$1.1B revenue / ~$195M EBITDA (in line with the previously stated ~$350M 2H Chart EBITDA path)
- Full-year 2026: EBITDA midpoint increased to ~$5.265B.
- FCF: $2.1B YTD → expects 45%–50% FCF conversion for the full year (strong conversion even with Chart closing costs + incremental interest).
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$56.73
13.8% upside
Current Fair Value
13.8% upsideUndervalued by 13.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $49.52 Billion |
|---|---|
| Enterprise Value | $56.64 Billion |
| Annual dividend | $0.92 |
| Dividend yield | 1.67% |
| Earnings per Share | $2.62 |
| Beta | 1.04 |
| Outstanding Shares | 993,000,000 |
Return
| Return on Equity | 14.92% |
|---|---|
| Return on Assets | 5.65% |
| Return on Invested Capital | 8.03% |
Valuation & Multiples
| P/E Ratio | 18.85 |
|---|---|
| PEG | -57.98 |
| Price to Sales | 1.78 |
| Price to Book Ratio | 2.49 |
| Enterprise Value to Revenue | 1.97 |
| Enterprise Value to EBIT | 18.56 |
| Enterprise Value to Net Income | 19 |
| Total Debt to Enterprise | 0.4 |
| Debt to Equity | 1.15 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$0.58
Consensus analyst estimateRevenue Estimate
$7.08 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 25, 2027
EPS Estimate
$0.67
Consensus analyst estimateRevenue Estimate
$8.32 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 94.49% |
|---|---|
| Total Calls | 1,829▼ 99.95% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.93%▼ 94.31% |
|---|---|
| Total Invested | $2.15B▼ 96.04% |
| Investors Holding | 396▼ 806.00% |
About Baker Hughes Co
56,000 employees
CEO: Martin Craighead
Baker Hughes Company (0RR8.L) is a global provider of advanced technologies and integrated services for the energy and industrial value chains. The enterprise operates through four distinct segments: Oilfield Services (OFS), Oilfield Equ...