MeritValue

Baker Hughes Co

BKRdata completeness 88%11 fiscal years on file
The thesis, from the filings

Baker Hughes Co earns about 10% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$20.5B1$21.2B2$25.5B3$27.8B3$27.7B3
Net income−$219M4−$601M5$1.94B6$2.98B6$2.59B6
Operating cash flow$2.37B7$1.89B8$3.06B9$3.33B9$3.81B9
Capital expenditure$856M10$989M11$1.22B12$1.28B12$1.27B12
Free cash flow (derived)$1.52B7$899M8$1.84B9$2.05B9$2.54B9
Total debt$40M13$677M14$148M15$53M16$689M16
Cash & equivalents$3.85B17$2.49B18$2.65B18$3.36B18$3.72B18
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 1%FY22 -1%FY23 14%FY24 21%FY25 15%

It earned an average 10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 1623% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001701605-24-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001701605-25-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001701605-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001701605-24-000033 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001701605-25-000035 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001701605-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001701605-24-000033 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001701605-25-000035 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001701605-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001701605-24-000033 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001701605-25-000035 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001701605-26-000007 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001701605-23-000044 (DebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001701605-24-000033 (DebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001701605-25-000035 (DebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001701605-26-000007 (DebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001701605-25-000035 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001701605-26-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)