# Baker Hughes Company (BKR)

> Source: Nexqual · https://nexqual.com/BKR · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Baker Hughes Company (BKR), nexqual.com/BKR" · informational, not investment advice.

**Price:** USD 54.66 (-7.36% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 59 · day 54.55–58.21 · 52w 44.26–70.41 · market cap $54.3B · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $28.7B, net income $2.90B (10.1% margin), free cash flow $3.23B (SEC filings).
- Valuation: P/E 18.7x, net debt $14.2B.
- 2 of 80 tracked superinvestors hold BKR (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $28.7M; 0 not under a Rule 10b5-1 plan ($0K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.04 on a 1–5 scale) (25 analysts), mean target USD 70.63 (range 51–85).
- Total return with dividends: 1Y +14.9% vs S&P 500 +13.6%; 5Y +144.4% vs S&P 500 +79.8%.
- Next earnings: 2027-01-25, EPS estimate USD 0.7, revenue estimate $8.35B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $20.5B | $21.2B | $25.5B | $27.8B | $27.7B | $28.7B |
| Operating income | $1.31B | $1.19B | $2.32B | $3.08B | — | — |
| Net income | -$219M | -$601M | $1.94B | $2.98B | $2.59B | $2.90B |
| EPS (diluted) | -$0.27 | -$0.61 | $1.91 | $2.98 | — | — |
| Free cash flow | $1.52B | $899M | $1.84B | $2.05B | $2.54B | $3.23B |
| Operating margin | 6.4% | 5.6% | 9.1% | 11.1% | — | — |
| Net margin | -1.1% | -2.8% | 7.6% | 10.7% | 9.3% | 10.1% |
| Revenue growth | -1.0% | +3.2% | +20.6% | +9.1% | -0.3% | — |
| Cash + short-term investments | $3.85B | $2.49B | $2.65B | $3.36B | $3.71B | — |
| Total debt | $6.73B | $6.66B | $6.02B | $6.02B | $6.09B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 18.7x · P/S 1.9x · EV/Sales 2.4x · P/FCF 16.8x · P/B 2.7x · FCF yield 5.95% · Earnings yield 5.34% · Dividend yield (paid, TTM) 1.68% · Buyback yield (TTM) 0.00% · Net debt $14.2B · EV $68.5B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold BKR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 1.01% | $1.93B | Reduced -2.8% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.2M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-01 | Borras Maria C | Chief Growth & Experience Ofcr | 72,000 | $4.0M | 78.2% | Yes (adopted March 12, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Simonelli Lorenzo | Chairman, President and CEO | 181,411 | $10.6M | 20.5% | Yes (adopted March 11, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Moghal Ahmed Farhan | EVP, Chief Financial Officer | 23,392 | $1.5M | 52.7% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12 | Simonelli Lorenzo | Chairman, President and CEO | 181,411 | $11.5M | 18.8% | Yes (adopted March 11, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-03 | Charlton Rebecca L | SVP, Controller & CAO | 5,088 | $327K | 24.1% | Yes (adopted February 24, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19 | Apostolides James E | Chief Infra & Performance Ofcr | 12,261 | $814K | 44.2% | Yes (adopted November 10, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.04 on a 1–5 scale), 25 analysts; mean target USD 70.63 (low 51, high 85).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Citigroup | Target lowered | Buy | $75 → $72 |
| 2026-09-30 | UBS | Target lowered | Neutral | $72 → $69 |
| 2026-09-29 | Jefferies | Target lowered | Buy | $80 → $77 |
| 2026-09-14 | UBS | Target raised | Neutral | $70 → $72 |
| 2026-09-10 | Susquehanna | Target raised | Positive | $72 → $75 |
| 2026-09-10 | UBS | Target lowered | Neutral | $71 → $70 |
| 2026-08-25 | RBC Capital | Target raised | Outperform | $71 → $76 |
| 2026-07-28 | UBS | Target lowered | Neutral | $73 → $71 |
| 2026-07-28 | TD Cowen | Target raised | Buy | $77 → $78 |
| 2026-07-28 | Piper Sandler | Target raised | Overweight | $71 → $73 |
| 2026-07-28 | Stifel | Target raised | Buy | $74 → $75 |
| 2026-07-28 | Susquehanna | Target raised | Positive | $70 → $72 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +14.9% | +144.4% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +14.9% | +19.5% |
| Volatility (annualized) | 34.2% | 35.5% |
| Max drawdown | -24.0% (Apr 2026→Jul 2026) | -45.2% (Mar 2022→Sep 2022) |

## Peers (Oil & Gas Equipment & Services)
SLB (SLB Limited) USD 53.75 -0.61% · TS (Tenaris S.A.) USD 60.39 +0.12% · HAL (Halliburton Company) USD 35.76 +0.39% · FTI (TechnipFMC plc) USD 71.4 +0.03% · SEI (Solaris Energy Infrastructure, ) USD 68.97 +5.57% · NOV (NOV Inc.) USD 19.27 -6.23%

## More
Full page: https://nexqual.com/BKR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BKR's own 10-K filed 2026-02-05 (https://www.sec.gov/Archives/edgar/data/1701605/000170160526000007/bkr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | GE Vernova (GEV) | "In particular, Baker Hughes has: i) an intellectual property cross-license agreement with GE Aerospace, GE Vernova, and GE HealthCare that allows all parties to have continued rights to commercially utilize certain intel…" |
| Supplier | GE Aerospace (GE) | "In particular, Baker Hughes has: i) an intellectual property cross-license agreement with GE Aerospace, GE Vernova, and GE HealthCare that allows all parties to have continued rights to commercially utilize certain intel…" |
| Partner | Cactus, Inc. (WHD) | "In June 2025, the Company announced the creation of a joint venture with a subsidiary of Cactus, Inc. ("Cactus"), to which Baker Hughes will contribute its surface pressure control business." |
| Partner | Chart Industries | "On July 28, 2025, we entered into a merger agreement with Chart, which sets forth the terms of our proposed transaction." |
| Competitor | Siemens | "IET main competitors include Siemens Energy, Solar (a Caterpillar company), Mitsubishi Heavy Industry, Sulzer, Flowserve, and Emerson." |
| Competitor | Caterpillar (CAT) | "IET main competitors include Siemens Energy, Solar (a Caterpillar company), Mitsubishi Heavy Industry, Sulzer, Flowserve, and Emerson." |

## Company outlook (8-K filed 2026-10-27)

- "Broad-based demand across data centers, space, LNG and gas infrastructure, together with ongoing capacity expansions, reinforces our long-term growth outlook and supports raising our full-year IET order guidance and Horizon 2 (1) IET order outlook to $50 billion plus."
- "(2) Searah North Ganal Limited is a subsidiary of Searah Limited, a joint venture between Eni and PETRONAS. 3 Baker Hughes Company News Release Baker Hughes Company Announces Third-Quarter 2026 Results • Received a significant integrated Well Construction award from Eni for the Baleine Phase 3 project in Côte d'Ivoire."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.70 | $0.72 | -3.9% | $8.35B | 15 |
| Next quarter (ends 2027-03-31) | $0.64 | $0.69 | -8.0% | $7.72B | 10 |
| Current fiscal year (ends 2026-12-31) | $2.55 | $2.56 | -0.4% | $29.42B | 16 |
| Next fiscal year (ends 2027-12-31) | $2.94 | $3.18 | -7.5% | $32.56B | 18 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | $0.70 | $0.61 | Beat +14.8% | — |
| — | Quarter ended Jun 30, 2026 | $0.64 | $0.49 | Beat +30.6% | — |
| — | Quarter ended Mar 31, 2026 | $0.58 | $0.49 | Beat +18.4% | — |
| — | Quarter ended Dec 31, 2025 | $0.78 | $0.67 | Beat +16.4% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1701605/000170160526000035/0001701605-26-000035-index.htm |
| 2026-10-27 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1701605/000170160526000033/0001701605-26-000033-index.htm |
| 2026-10-01 | 8-K/A | Current report | https://www.sec.gov/Archives/edgar/data/1701605/000170160526000029/0001701605-26-000029-index.htm |
| 2026-09-09 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1701605/000119312526385823/0001193125-26-385823-index.htm |
| 2026-07-27 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1701605/000170160526000023/0001701605-26-000023-index.htm |
| 2026-07-27 | Schedule 13G/A | JPMORGAN CHASE &amp; CO.: 6.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1701605/000001961726000308/0000019617-26-000308-index.htm |
| 2026-07-27 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1701605/000170160526000021/0001701605-26-000021-index.htm |
| 2026-07-16 | 8-K | Entered a material agreement; Ended a material agreement; Completed an acquisition or sale of assets; New debt or off-balance-sheet obligation; Regulation FD disclosure — “On July 15, 2026, Baker Hughes Holdings LLC ("BHH"), as borrower, and Baker Hughes, as parent guarantor, entered into (i) a term loan credit agreement (the "Bank of America Term Loan Credit Agreement") with the lenders party thereto (the "Bank of America Lenders") and Bank of America, N.A., as administrative agent, with aggregate lending commitments of $1.0 billion for a senior, unsecured term loan facility and (ii) a term loan credit agreement (the "UniCredit Term Loan Credit Agreement," and, together with the…” | https://www.sec.gov/Archives/edgar/data/1701605/000119312526305477/0001193125-26-305477-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.