Halliburton is priced for shrinking margins just as fracking capacity tightens. Revenue has been roughly flat since 2023 while operating margin fell from 17.7% to 13.1% and EPS from $3.13 to $2.37, so it trades at 15.3x expected earnings versus about 22x for SLB and Baker Hughes. Years of underinvestment have left less North American frac equipment, and management says its fracking schedule is fully booked. Each one-point margin gain adds about $0.20 of EPS. x.com