Baker Hughes Co Dossier - Source-backed chat

Baker Hughes Co

BKRNASDAQ

SectorEnergy

IndustryOil & Gas Equipment & Services

Beta (adjusted)0.98

Intrinsic Value $58.31median of 6 methods · middle span $39-$124based on filings through 30 Jun 2026

Market Price $54.90Price as of 30 Sep 2026

Near fair valueIntrinsic value is 6% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

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Market Cap $54.5B

Enterprise Value $54.2B

Shares Outstanding 992.7M diluted

Moat Rating Wide

Next Earnings Date22 Oct 2026

Last ex-dividend7 Aug 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Baker Hughes enters the second half of 2026 with exceptional IET commercial momentum: second-quarter IET orders reached $7.088 billion and IET remaining performance obligations reached a record $37.1 billion. The completed Chart acquisition adds thermal-management, air-and-gas-handling and lifecycle-service capabilities, but it also introduces material integration and deleveraging execution requirements.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets23 analysts · as of 18 Aug 2026

Low · most bearish analyst$51.00

Mean target$71.52

High · most bullish analyst$85.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$51.0020%

IET order conversion slows, Middle East disruption or softer oilfield activity pressures OFSE, and Chart integration costs or execution delays cause synergy realization and deleveraging to fall behind the company's stated objectives.

Base CaseCentral scenario

$71.5255%

Matches the consensus mean

IET backlog supports durable execution, OFSE remains resilient despite regional disruption, and Chart integration progresses toward the announced synergy and leverage objectives.

Bull CaseUpside scenario

$85.0025%

IET demand remains broad across LNG, power generation, data-center infrastructure and gas technology; the record backlog converts efficiently; and Chart integration delivers at least the announced annualized cost-synergy target while expanding recurring aftermarket activity.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Second-quarter IET orders more than doubled year over year to $7.088 billion, while IET remaining performance obligations rose to a record $37.1 billion.
Chart broadens Baker Hughes' industrial and lifecycle-service portfolio, with management targeting $325 million of annualized cost synergies within three years.

Key Investment Risks

The Chart transaction creates integration risk and requires execution against a 1.0x-1.5x net-leverage target within 24 months.
Middle East uncertainty remains an operating headwind; second-quarter OFSE revenue was down 5% and OFSE EBITDA was down 11% year over year.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.