A Business at a Glance
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SLB LIMITED/NV
SLB
$75.3B
Mkt Cap
$52.42
+11.01%
SLB LIMITED/NV (SLB) has a current P/E ratio of 22.3, compared to its historical median P/E of 18.2. The stock is currently considered Expensive based on its historical valuation range.
SLB LIMITED/NV (SLB) has a 5-year average return on invested capital (ROIC) of 15.4%. This indicates strong capital allocation and a potential competitive advantage.
SLB LIMITED/NV (SLB) has a market capitalization of $78.4B. It is classified as a large-cap stock.
Yes, SLB LIMITED/NV (SLB) pays a dividend with a trailing twelve-month yield of 2.10%. The company also returns capital through share buybacks, with a buyback yield of 0.72%.
Based on historical P/E analysis, SLB LIMITED/NV (SLB) appears expensive. The current P/E of 22.3 is 23% above its historical median of 18.2. The estimated fair value CAGR (P/E method) is 27.6%.
SLB LIMITED/NV (SLB) operates in the Oil & Gas Field Services, Nec industry, within the Energy sector.
SLB LIMITED/NV (SLB) reported annual revenue of $35.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
SLB is a global technology company operating across four primary divisions—Digital, Reservoir Performance, Well Construction, and Production Systems—that serve the energy industry's exploration, drilling, production, and recovery workflows. The Digital division generates revenue from cloud-based platforms (Delfi and Lumi), domain-focused applications (Petrel, Techlog), digital operations services combining oilfield expertise with advanced technologies, exploration data libraries, and professional services supporting customer digital transformations. Reservoir Performance provides evaluation, stimulation, and intervention services to optimize reservoir productivity; Well Construction offers measurements, drilling fluids, equipment, drill bits, and integrated well construction solutions; and Production Systems delivers subsea systems through the 70%-owned OneSubsea joint venture, artificial lift, completions, surface production systems, process technologies, production chemicals, and valves. The company operates through five geographic basins—North America Land, Americas, Europe and Africa, Middle East and North Africa, and Asia—configured around regional characteristics to deploy fit-for-purpose technologies and services. SLB's business model combines capital-light software and services revenue streams with equipment and project-based offerings, supported by a global R&D network and enhanced by the 2025 acquisition of ChampionX, which strengthened its production and recovery capabilities. The company serves oil and gas operators, drilling contractors, and industrial customers globally, with a strategic focus on three growth engines: Core (traditional oil and gas services), Digital (software and AI-driven solutions), and New Horizons of Growth (carbon capture, geothermal, critical minerals, and data center solutions).
【International rebound driving growth】 Management expects a constructive macro environment for upstream investment over the coming years, with near-term recovery led by Middle East production restoration efforts and gradual strengthening of short-cycle activity in North America and Latin America. Long-cycle developments in offshore and deepwater markets are anticipated to accelerate, supported by improved FID certainty and exploration activity, with the subsea market expected to award more than 500 subsea trees across 2026 and 2027, approximately 20% higher than 2025 run rates. Digital is positioned to become an increasingly important growth lever both as a standalone business and as an enabler across the broader portfolio, with management expecting continued adoption of digital solutions and AI technologies to drive efficiency gains for customers. OneSubsea margins are expected to normalize and expand over the remainder of the year and into 2027 as backlog execution accelerates and the offshore cycle develops at scale, with cumulative bookings expected to exceed $9 billion over the next two years. The company expects to achieve full-year Digital adjusted EBITDA margin at least equivalent to 2025 levels and anticipates strong free cash flow generation to support shareholder returns exceeding $4 billion in 2026.
| Metric | Target | Period |
|---|---|---|
| Revenue | $36.9 billion–$37.7 billion | FY2026 |
| Adjusted EBITDA | $8.6 billion–$9.1 billion | FY2026 |
| Capital Investments | approximately $2.5 billion | FY2026 |
| Stock Repurchases | minimum of $2.4 billion | FY2026 |
| Shareholder Returns | more than $4 billion | FY2026 |
| Data Center Solutions Revenue Run Rate | $1 billion | FY2026 exit |
| OneSubsea Cumulative Bookings | exceeding $9 billion | 2026–2027 |
| ChampionX Synergies Achievement | approximately half of $400 million | by end of 2026 |
Revenue (FY2026): “For the full year, assuming oil price remains rangebound in the high 50s to low 60s range, we expect 2026 revenue to be between $36.9 billion-$37.7 billion.”
Adjusted EBITDA (FY2026): “This revenue outlook translates into Adjusted EBITDA between $8.6 billion-$9.1 billion, with margins remaining in line with full year 2025 levels.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 35.9B | 35.7B | 36.3B | 33.1B | 28.1B | 22.9B |
| Net Income | 3.3B | 3.4B | 4.5B | 4.2B | 3.4B | 1.9B |
| EPS | $2.30 | $2.35 | $3.11 | $2.91 | $2.39 | $1.32 |
| Free Cash Flow | 4.7B | 4.8B | 4.7B | 4.7B | 2.1B | 3.5B |
| ROIC | 0.0% | 13.0% | 18.0% | 19.5% | 16.0% | 10.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.37 | 0.37 | 0.52 | 0.54 | 0.60 | 0.88 |
| Dividends/Share | $1.10 | $1.12 | $1.07 | $0.91 | $0.59 | $0.49 |
| Operating Income | 0 | 4.8B | 6.1B | 6.5B | 5.0B | 3.4B |
| Operating Margin | 0.0% | 13.4% | 16.7% | 19.7% | 17.8% | 14.7% |
| ROE | 12.7% | 14.3% | 21.6% | 22.2% | 21.1% | 13.9% |
| Shares Outstanding | 1,495M | 1,436M | 1,434M | 1,444M | 1,440M | 1,425M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 48.6B | 35.5B | 27.8B | 30.4B | 32.8B | 32.9B | 23.6B | 22.9B | 28.1B | 33.1B | 36.3B | 35.7B | 35.9B |
| Gross Margin | 23.0% | 20.2% | 74.6% | 72.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | 1.2B | 1.1B | 1.0B | 787M | 702M | 717M | 580M | 554M | 634M | 711M | 749M | 709M | 701M |
| SG&A | 475M | 494M | 403M | 432M | 444M | 474M | 365M | 339M | 376M | 364M | 385M | 340M | 341M |
| EBIT | 10.6B | 6.5B | 3.3B | 3.9B | 4.2B | 4.0B | 2.4B | 3.4B | 5.0B | 6.5B | 6.1B | 4.8B | 0 |
| Op. Margin | 21.8% | 18.4% | 11.8% | 12.9% | 12.8% | 12.1% | 10.2% | 14.7% | 17.8% | 19.7% | 16.7% | 13.4% | 0.0% |
| Net Income | 5.4B | 2.1B | -1.7B | -1.5B | 2.1B | -10.1B | -10.5B | 1.9B | 3.4B | 4.2B | 4.5B | 3.4B | 3.3B |
| Net Margin | 11.2% | 5.8% | -6.1% | -4.9% | 6.5% | -30.8% | -44.6% | 8.2% | 12.2% | 12.7% | 12.3% | 9.4% | 9.3% |
| Non-Recurring | 1.8B | 2.6B | 3.8B | 3.8B | 356M | 9.1B | 12.6B | 0 | 0 | 0 | 399M | 667M | 299M |
| Returns on Capital | |||||||||||||
| ROIC | 17.0% | 10.8% | 6.3% | 7.4% | 7.2% | 9.2% | 7.5% | 10.5% | 16.0% | 19.5% | 18.0% | 13.0% | 0.0% |
| ROE | 14.1% | 5.6% | -4.4% | -3.9% | 5.9% | -33.8% | -58.7% | 13.9% | 21.1% | 22.2% | 21.6% | 14.3% | 12.7% |
| ROA | 8.1% | 3.1% | -2.3% | -2.0% | 3.0% | -16.0% | -21.3% | 4.5% | 8.1% | 9.2% | 9.2% | 6.5% | 6.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 11.2B | 8.8B | 6.3B | 5.7B | 5.7B | 5.4B | 2.9B | 4.7B | 3.7B | 6.6B | 6.6B | 6.5B | 6.3B |
| Free Cash Flow | 7.2B | 6.4B | 4.2B | 3.6B | 3.6B | 3.7B | 1.8B | 3.5B | 2.1B | 4.7B | 4.7B | 4.8B | 4.7B |
| Owner Earnings | 6.8B | 4.4B | 1.9B | 1.5B | 1.8B | 1.4B | -19M | 2.2B | 1.3B | 4.0B | 3.8B | 3.5B | 3.3B |
| CapEx | 4.0B | 2.4B | 2.1B | 2.1B | 2.2B | 1.7B | 1.1B | 1.1B | 1.6B | 1.9B | 1.9B | 1.7B | 1.6B |
| Maint. CapEx | 4.1B | 4.1B | 4.1B | 3.8B | 3.6B | 3.6B | 2.6B | 2.1B | 2.1B | 2.3B | 2.5B | 2.6B | 2.7B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 4.1B | 4.1B | 4.1B | 3.8B | 3.6B | 3.6B | 2.6B | 2.1B | 2.1B | 2.3B | 2.5B | 2.6B | 2.7B |
| CapEx/OCF | 35.5% | 27.4% | 32.8% | 37.2% | 37.8% | 31.7% | 37.9% | 24.5% | 43.5% | 29.2% | 29.2% | 26.1% | 25.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.0B | 2.4B | 2.6B | 2.8B | 2.8B | 2.8B | 1.7B | 699M | 848M | 1.3B | 1.5B | 1.6B | 1.6B |
| Dividend Yield | 2.1% | 3.1% | 3.3% | 3.6% | 3.9% | 6.2% | 6.7% | 1.9% | 1.6% | 1.8% | 2.4% | 3.1% | 2.1% |
| Share Buybacks | 4.7B | 2.2B | 778M | 969M | 400M | 278M | 26M | 0 | 0 | 694M | 1.7B | 2.4B | 565M |
| Buyback Yield | 5.6% | 3.3% | 0.9% | 1.3% | 1.0% | 0.6% | 0.1% | 0.1% | 0.0% | 1.0% | 3.3% | 4.5% | 0.7% |
| Stock-Based Comp | 329M | 326M | 267M | 343M | 345M | 405M | 397M | 324M | 313M | 293M | 316M | 332M | 342M |
| Debt Repayment | 2.9B | 3.8B | 5.6B | 3.0B | 2.9B | 4.8B | 5.0B | 2.1B | 1.6B | 1.6B | 955M | 1.6B | 1.6B |
| Balance Sheet | |||||||||||||
| Net Debt | 5.8B | 6.0B | 10.4B | 11.7B | 11.8B | 12.6B | 14.3B | 10.9B | 7.7B | 6.9B | 6.2B | 5.5B | 6.3B |
| Cash & Equiv. | 3.1B | 2.8B | 2.9B | -1.1B | 1.4B | 1.1B | -282M | 908M | 1.7B | 2.9B | 3.5B | 3.0B | 3.4B |
| Long-Term Debt | 10.6B | 14.4B | 16.5B | 14.9B | 14.6B | 14.8B | 16.0B | 13.3B | 10.6B | 10.8B | 11.0B | 9.7B | 9.7B |
| Debt/Equity | 0.35 | 0.53 | 0.48 | 0.38 | 0.40 | 0.62 | 1.34 | 0.88 | 0.60 | 0.54 | 0.52 | 0.37 | 0.37 |
| Interest Coverage | 28.7 | 18.8 | 5.7 | 6.9 | 7.3 | 6.5 | 4.3 | 6.2 | 10.2 | 13.0 | 11.8 | 8.6 | 8.6 |
| Equity | 37.9B | 35.6B | 41.1B | 36.8B | 36.2B | 23.8B | 12.1B | 15.0B | 17.7B | 20.2B | 21.1B | 26.1B | 26.2B |
| Total Assets | 66.9B | 68.0B | 78.0B | 72.0B | 70.5B | 56.3B | 42.4B | 41.5B | 43.1B | 48.0B | 48.9B | 54.9B | 54.5B |
| Total Liabilities | 28.9B | 32.1B | 36.4B | 34.7B | 33.9B | 32.1B | 29.9B | 26.2B | 25.1B | 26.6B | 26.6B | 27.6B | 27.2B |
| Intangibles | 4.7B | 4.6B | 9.9B | 9.4B | 8.7B | 7.1B | 3.5B | 3.2B | 3.0B | 3.2B | 3.0B | 5.0B | 4.9B |
| Retained Earnings | 41.3B | 40.9B | 36.5B | 32.2B | 31.7B | 18.8B | 7.0B | 8.2B | 10.7B | 13.5B | 16.4B | 18.1B | 18.4B |
| Working Capital | 10.5B | 12.8B | 8.9B | 3.2B | 2.2B | 2.4B | 2.4B | 2.3B | 3.0B | 4.3B | 5.8B | 4.8B | 4.9B |
| Current Assets | 24.7B | 26.9B | 23.9B | 18.5B | 15.7B | 15.5B | 12.9B | 12.7B | 15.0B | 17.7B | 18.6B | 19.5B | 19.3B |
| Current Liabilities | 14.2B | 14.1B | 15.1B | 15.3B | 13.5B | 13.1B | 10.5B | 10.4B | 12.0B | 13.4B | 12.8B | 14.7B | 14.4B |
| Per Share Data | |||||||||||||
| EPS | 4.16 | 1.63 | -1.24 | -1.08 | 1.53 | -7.32 | -7.57 | 1.32 | 2.39 | 2.91 | 3.11 | 2.35 | 2.30 |
| Owner EPS | 5.18 | 3.46 | 1.40 | 1.06 | 1.30 | 1.04 | -0.01 | 1.55 | 0.88 | 2.79 | 2.63 | 2.45 | 2.20 |
| Book Value | 28.95 | 28.03 | 30.19 | 26.44 | 25.88 | 17.16 | 8.69 | 10.53 | 12.28 | 13.98 | 14.73 | 18.18 | 17.51 |
| Cash Flow/Share | 8.56 | 6.93 | 4.60 | 4.06 | 4.09 | 3.92 | 2.12 | 3.26 | 2.58 | 4.60 | 4.60 | 4.52 | 4.02 |
| Dividends/Share | 1.51 | 1.90 | 1.95 | 1.99 | 1.98 | 2.00 | 1.25 | 0.49 | 0.59 | 0.91 | 1.07 | 1.12 | 1.10 |
| Shares Out. | 1.3B | 1.3B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.5B |
| Valuation | |||||||||||||
| P/E Ratio | 15.3 | 32.3 | N/A | N/A | 19.5 | N/A | N/A | 20.7 | 20.3 | 16.9 | 11.7 | 16.0 | 22.8 |
| P/FCF | 11.5 | 10.5 | 21.0 | 20.9 | 11.8 | 12.9 | 14.6 | 11.1 | 33.2 | 15.1 | 11.2 | 11.2 | 16.8 |
| EV/EBIT | 12.1 | 12.8 | 32.1 | 21.9 | 13.2 | 15.5 | 17.1 | 15.1 | 16.1 | 12.3 | 10.0 | 13.3 | N/A |
| Price/Book | 2.2 | 1.9 | 2.2 | 2.0 | 1.2 | 2.0 | 2.2 | 2.6 | 3.9 | 3.5 | 2.5 | 2.1 | 3.0 |
| Price/Sales | 1.9 | 2.2 | 2.9 | 2.5 | 2.2 | 1.4 | 1.1 | 1.6 | 1.9 | 2.2 | 1.7 | 1.4 | 2.2 |
| FCF Yield | 8.7% | 9.6% | 4.8% | 4.8% | 8.5% | 7.8% | 6.8% | 9.0% | 3.0% | 6.6% | 8.9% | 8.9% | 6.0% |
| Market Cap | 83.1B | 67.0B | 88.4B | 74.3B | 41.8B | 47.8B | 26.8B | 39.0B | 69.8B | 70.9B | 52.2B | 53.9B | 78.4B |
| Avg. Price | 71.48 | 60.52 | 58.35 | 55.33 | 50.55 | 32.49 | 18.51 | 26.30 | 37.92 | 49.61 | 44.02 | 35.78 | 52.42 |
| Year-End Price | 63.60 | 52.67 | 64.97 | 53.31 | 29.90 | 34.52 | 19.26 | 27.36 | 48.50 | 49.10 | 36.43 | 37.57 | 52.42 |
SLB LIMITED/NV passes 5 of 9 quality checks, suggesting mixed fundamentals.
SLB LIMITED/NV trades at 22.3x trailing earnings, compared to its 15-year median P/E of 18.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 16.3x vs a median of 13.8x. The company's 5-year average ROIC is 15.4%. Total shareholder yield (dividends + buybacks) is 2.8%. At current prices, the estimated annualized return to fair value is +7.2%.
SLB LIMITED/NV (SLB) has a net profit margin of 9.4%. This is a modest margin.
SLB LIMITED/NV (SLB) generated $4.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SLB LIMITED/NV (SLB) has a debt-to-equity ratio of 0.37. This indicates a conservatively financed balance sheet.
SLB LIMITED/NV (SLB) reported earnings per share (EPS) of $2.35 in its most recent fiscal year.
SLB LIMITED/NV (SLB) has a return on equity (ROE) of 14.3%. This indicates moderate shareholder returns.
The Ledger Terminal provides 19 years of financial data for SLB LIMITED/NV (SLB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SLB LIMITED/NV (SLB) has a book value per share of $18.18, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects a constructive macro environment for upstream investment over the coming years, with near-term recovery led by Middle East production restoration efforts and gradual strengthening of short-cycle activity in North America and Latin America. Long-cycle developments in offshore and deepwater markets are anticipated to accelerate, supported by improved FID certainty and exploration activity, with the subsea market expected to award more than 500 subsea trees across 2026 and 2027, approximately 20% higher than 2025 run rates. Digital is positioned to become an increasingly important growth lever both as a standalone business and as an enabler across the broader portfolio, with management expecting continued adoption of digital solutions and AI technologies to drive efficiency gains for customers. OneSubsea margins are expected to normalize and expand over the remainder of the year and into 2027 as backlog execution accelerates and the offshore cycle develops at scale, with cumulative bookings expected to exceed $9 billion over the next two years. The company expects to achieve full-year Digital adjusted EBITDA margin at least equivalent to 2025 levels and anticipates strong free cash flow generation to support shareholder returns exceeding $4 billion in 2026.
Based on recent SEC filings and earnings calls, SLB LIMITED/NV (SLB) has provided the following forward guidance: Revenue: $36.9 billion–$37.7 billion (FY2026); Adjusted EBITDA: $8.6 billion–$9.1 billion (FY2026); Capital Investments: approximately $2.5 billion (FY2026); Stock Repurchases: minimum of $2.4 billion (FY2026); Shareholder Returns: more than $4 billion (FY2026), plus 3 additional metrics.
Capital Investments (FY2026): “For the full year, we are still expecting capital investments to be approximately $2.5 billion.”
Stock Repurchases (FY2026): “We still expect to repurchase a minimum of $2.4 billion for the full year, in line with 2025.”
Shareholder Returns (FY2026): “we are targeting to return more than $4 billion to our shareholders in 2026 through a combination of dividends and stock buybacks.”
Data Center Solutions Revenue Run Rate (FY2026 exit): “we remain on track to exit the year at $1 billion run rate and expect the growth rate to accelerate in 2027.”
OneSubsea Cumulative Bookings (2026–2027): “we see a path for cumulative bookings exceeding $9 billion over the next two years, supported by this tendering activity.”
ChampionX Synergies Achievement (by end of 2026): “we still expect to achieve approximately half of the $400 million of total synergies by the end of 2026, $30 million of which were achieved in 2025.”
No recent press releases.