HALLIBURTON COMPANY vs PEMBINA PIPELINE CORPORATION, two Oil & Gas stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in: Pembina at 24 times earnings is priced as a contracted-pipeline toll operator, Halliburton without a clean multiple (item-affected) as a cyclical services firm leveraged to drilling activity. Pembina earns 10.1% on equity against Halliburton's 14.2%, the service company's better return riding a decent activity cycle, the pipeline's steadier cash arriving contracted. Pembina nets 21.8% of revenue on midstream tolls, Halliburton 7% on completion services. Pembina runs debt-free, Halliburton carries 0.66 turns. Both pay near-2% dividends. The pair prices a midstream pipeline against an oilfield-services firm; Pembina's contracted throughput commands a premium for stability, Halliburton's activity-levered services the volatility, and the two share the sector tag and opposite risk profiles.
Comparison updated 2026-07-11.
| Metric | HAL | PBA |
|---|---|---|
| Price | $34.18 | $47.20 |
| Market cap | $28.7B | $27.4B |
| Sector | Oil & Gas | Oil & Gas |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +3.9% | -2.7% |
| P/E | — | 24.0 |
| P/B | 2.65 | 2.22 |
| P/S | 1.29 | 4.80 |
| EV/EBITDA | 9.2 | 13.2 |
| Revenue growth | -1.7% | +2.8% |
| Gross margin | — | 41.0% |
| Operating margin | 12.6% | 36.1% |
| Net margin | 7.0% | 21.8% |
| Return on equity | 14.2% | 10.1% |
| Return on assets | 6.1% | 4.8% |
| Return on invested capital | 11.4% | 12.9% |
| FCF yield | 5.8% | 8.8% |
| Dividend yield | 2.0% | — |
| Debt / equity | 0.66 | 0.00 |
| Current ratio | 2.08 | 0.61 |
| Altman Z (solvency) | 3.31 | 1.64 |
| Piotroski F (quality) | 6 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.