NYSE: SLB · Oil & Gas Equipment & Services
Schlumberger
SLB (formerly Schlumberger), with principal offices in Houston, is a global technology company in energy with about 109,000 people in more than 100 countries. Its 2025 revenue of $35.7 billion came from Production Systems ($13.3 billion), Well Construction ($11.9 billion), Reservoir Performance ($6.8 billion) and Digital ($2.7 billion). Revenue rose from $22.9 billion in 2021 to $36.3 billion in 2024 after a 2020 loss of $10.5 billion, then dipped slightly in 2025. In 2025 SLB acquired ChampionX, a chemistry and artificial-lift company, in an all-stock deal. No customer exceeds 10% of revenue.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 3, 2026 02:17 (SEC EDGAR) · Source 10-K filed: January 23, 2026
Built on10-K FY2025 · filed 2026-01-2310-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.92x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 4 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 24.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.73
Higher than 52% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 70% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$50.28close on 2026-11-04
Market cap$75.19B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 24.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.3%
At FY2025 year-end: 16.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.2x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 8.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$8.93B → $9.45B (vs. a year earlier)↑ +5.8%$8.93B → $9.45B (vs. a year earlier)
- Net income$739M → $735M (vs. a year earlier)↓ −0.5%$739M → $735M (vs. a year earlier)
- Diluted EPS$0.50 → $0.49 (vs. a year earlier)↓ −2.0%$0.50 → $0.49 (vs. a year earlier)
- Long-term debt$11.14B → $11.15B (vs. previous quarter-end)→ +0.1%$11.14B → $11.15B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 23, 2026.
Key changes
Q3 revenue $9.45B, up 6% year on year. Source sentence
Revenue of $9.45 billion increased 5% sequentially and 6% year on year
Net income $735M, down 1% year on year. Source sentence
Net income attributable to SLB of $735 million decreased 6% sequentially and 1% year on year
Adjusted EBITDA $2.07B. Source sentence
Adjusted EBITDA of $2.07 billion increased 9% sequentially and was essentially flat year on year
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- SLB LIMITED/NV
- Headquarters
- HOUSTON, TX
- Incorporated in
- P8
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: SLB
- Industry
- Oil & Gas Equipment & Services
- CIK
- 87347
- Website
- https://www.slb.com/ ↗
Workforce (as of FY2025 year-end)
Employees
109,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 17–23 days after quarter end (Jan 23, 2026; Jan 17, 2025; Jan 19, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 17–25 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 23, 2026 (+23 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 24, 2026 (+24 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 24, 2026 (+24 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 23, 2026 (+23 days) | Jan 23, 2026 10-K (+23 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 17, 2025 (+17 days) | Oct 22, 2025 10-Q (+22 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 18, 2025 (+18 days) | Jul 24, 2025 10-Q (+24 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 25, 2025 (+25 days) | Apr 25, 2025 10-Q (+25 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 17, 2025 (+17 days) | Jan 22, 2025 10-K (+22 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 18, 2024 (+18 days) | Oct 23, 2024 10-Q (+23 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 19, 2024 (+19 days) | Jul 24, 2024 10-Q (+24 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 19, 2024 (+19 days) | Apr 24, 2024 10-Q (+24 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 19, 2024 (+19 days) | Jan 24, 2024 10-K (+24 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Production Systems
Production equipment
Subsea, surface, artificial lift and production chemistry (incl. ChampionX).
Well Construction
Drilling
Drilling services, fluids and equipment.
Reservoir Performance
Reservoir services
Evaluation, intervention and stimulation services.
Digital
Digital
Software, data and digital operations.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
No market share figure is stated; SLB warns that losing technology leadership could cost it market share.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026 results
Q3 revenue $9,449M (vs $8,928M); net income attributable to SLB $735M (vs $739M).
Source: Form 10-Q (quarter ended 2026-09-30)
Dividend
Quarterly dividend raised to $0.295 in January 2026.
Source: Form 10-K (FY2025)
ChampionX
2025 all-stock acquisition expands production chemistry and artificial lift.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
0.64x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,694M ÷ $2,643M = 0.64x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
2.0%
formularesearch & development expense ÷ revenue × 100
e.g.$709M ÷ $35,708M × 100 = 2.0%
M&A spend (6-year total)
$989M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.12B in FY2020 to $1.69B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-23
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$35.71B
As reported in the 10-K
Revenue CAGR (5 years)
+8.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($35,708M ÷ $23,601M) ^ (1÷5) − 1 = 8.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
14.3%▲favorable
6-year average: 1.0%
As reported in the 10-K
P/B (FY2025 end)
2.20x
formulafiscal year-end closing price ÷ book value per share
e.g.$38.38 ÷ $17.46 = 2.20x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.6% a year over 5 years (strong growth)
From $23.6B in FY2020 to $35.71B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 47.6% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged 1.0% over 6 years (latest: 14.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- ChampionX
07 · what it does
Key activities
- Well construction (drilling)
- Reservoir performance (evaluation, stimulation)
- Production systems and digital services
06 · what it draws on
Key resources
- About 109,000 people
- Research and engineering ($709M in 2025)
- Global manufacturing and service network
02 · why customers buy
Value propositions
- Oilfield technology and services, including digital, with a portfolio that creates differentiated value.
04 · how it keeps them
Customer relationships
- Contracts; backlog of $5.6 billion at December 31, 2025.
03 · how it reaches them
Channels
- Direct sales to oil and gas operators worldwide.
01 · who it serves
Customer segments
- National, international and independent oil and gas companies
- No customer ≥10% of revenue
09 · where money goes
Cost structure
FY2025, share of revenue ($35.71B)
- Research & development2.0%
- Selling, general & administrative1.0%
Depreciation & amortization (inside the costs above): $2.64B. Capital spending: $1.69B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Revenue $35,708M (2025)
- Production Systems $13,325M; Well Construction $11,856M
- Reservoir Performance $6,820M; Digital $2,660M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Sells drilling, completion, reservoir, production and digital technology and services to oil and gas operators worldwide.
01 what it draws on
Inputs & resources
- About 109,000 people
- Research and engineering ($709M in 2025)
- Global manufacturing and service network
02 what it does
Activities
- Well construction (drilling)
- Reservoir performance (evaluation, stimulation)
- Production systems and digital services
03 who it serves
Customers
- National, international and independent oil and gas companies
- No customer ≥10% of revenue
04 how money comes in
How it earns
- Revenue $35,708M (2025)
- Production Systems $13,325M; Well Construction $11,856M
- Reservoir Performance $6,820M; Digital $2,660M
How the business makes money
- Four main segments plus All Other.
- Halted product shipments to Russia in July 2023.
- Acquired ChampionX in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
SLB’s international footprint makes sanctions and trade rules central non-market factors.
Trade & export rules
Russia sanctions
Halted product shipments into Russia from all facilities in July 2023 as international sanctions expanded.
Constrains the businessTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
Intellectual property licenses
If a license to resolve an IP claim were unavailable, it might have to stop a service or product.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Production Systems
13,325 (36%)Well Construction
11,856 (32%)Reservoir Performance
6,820 (19%)Digital
2,660 (7%)All Other
1,987 (5%)
Source: Form 10-K (FY2025) Segment revenue before eliminations (−$940M).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
ChampionX
Acquired ChampionX Corporation in an all-stock transaction during 2025.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Oil and gas operators worldwide.
Named by the company
Suppliers
Manufacturing and raw material suppliers.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
SLB competes on technology in its businesses; the 10-K names no specific competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
TSR comparators, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
2023 PSU TSR comparators from the 2026 proxy statement (plus the S&P Global 1200 Energy Index).
- Halliburtonsite ↗
- Baker Hughessite ↗
- TechnipFMCsite ↗
- NOVsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-23
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-23
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-23
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-23
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 23,601 | 22,929 | 28,091 | 33,135 | 36,289 | 35,708 |
| Operating income | 2,401 | 3,365 | 5,011 | 6,523 | — | — |
| Pretax income | -11,298 | 2,374 | 4,271 | 5,282 | 5,672 | 4,291 |
| Net income (attributable) | -10,518 | 1,881 | 3,441 | 4,203 | 4,461 | 3,374 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -2.8% | 22.5% | 18.0% | 9.5% | -1.6% |
| Operating margincalcoperating income ÷ revenue × 100 | 10.2% | 14.7% | 17.8% | 19.7% | — | — |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -44.6% | 8.2% | 12.2% | 12.7% | 12.3% | 9.4% |
| Balance sheet ($M) | ||||||
| Total assets | 42,434 | 41,511 | 43,135 | 47,957 | 48,935 | 54,868 |
| Total equity | 12,489 | 15,286 | 17,989 | 21,359 | 22,350 | 27,291 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 16,036 | 13,286 | 10,594 | 10,842 | 11,023 | 9,742 |
| Equity ratio | 28.4% | 36.1% | 41.0% | 42.1% | 43.2% | 47.6% |
| ROE | -87.1% | 13.9% | 21.1% | 22.2% | 21.6% | 14.3% |
| Cash flow ($M) | ||||||
| Operating CF | 2,944 | 4,651 | 3,720 | 6,637 | 6,602 | 6,489 |
| Investing CF | -2,353 | -919 | -1,388 | -2,783 | -3,145 | -1,412 |
| Financing CF | -873 | -2,824 | -2,382 | -2,512 | -2,772 | -5,642 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,828 | 3,510 | 2,102 | 4,698 | 4,671 | 4,795 |
| Cash and equivalents | 844 | 1,757 | 1,655 | 2,900 | 3,544 | 3,036 |
| Per share & other | ||||||
| EPS ($) | -7.57 | 1.32 | 2.39 | 2.91 | 3.11 | 2.35 |
| BVPS ($) | 8.67 | 10.69 | 12.45 | 14.15 | 15.08 | 17.46 |
| Dividend per share ($) | 0.88 | 0.50 | 0.65 | 1.00 | 1.10 | 1.14 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 37.9% | 27.2% | 34.4% | 35.4% | 48.5% |
| P/E (x) | — | 22.7 | 22.4 | 17.9 | 12.3 | 16.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 9.2 | 9.8 | 11.9 | 9.3 | — | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.52 | 2.80 | 4.29 | 3.68 | 2.54 | 2.20 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $9.45B+5.8% | $735M-0.5% | $0.49 |
| 2026-06-30 | $8.97B+5.0% | $786M-22.5% | $0.52 |
| 2026-03-31 | $8.72B+2.7% | $752M-5.6% | $0.50 |
| 2025-12-31 † | $9.74B+5.0% | $824M-24.7% | — |
| 2025-09-30 | $8.93B | $739M | $0.50 |
| 2025-06-30 | $8.55B | $1.01B | $0.74 |
| 2025-03-31 | $8.49B | $797M | $0.58 |
| 2024-12-31 † | $9.28B | $1.1B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.3% − 5.9%
Past FCF growth (FY2020–FY2025)
+21.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+8.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $4.8B (operating CF − capex); enterprise value $80.72B = market cap $75.19B (latest close, 2026-11-04) + debt $9.74B − cash and short-term investments $4.21B; r = WACC of 8.3% using this page’s default assumptions (β 0.73, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$81.27B
FCF $4.8B ÷ (8.3% − 2.4%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.3% | 7.3% | 8.3% | 9.3% | 10.3% |
|---|---|---|---|---|---|
| 0% | 0.94x | 0.81x | 0.72x | 0.64x | 0.58x |
| 2% | 1.38x | 1.12x | 0.94x | 0.81x | 0.72x |
| 4% | 2.58x | 1.80x | 1.38x | 1.12x | 0.94x |
| 6% | 19.80x | 4.57x | 2.58x | 1.80x | 1.38x |
| 8% | — | — | 19.80x | 4.57x | 2.58x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.71x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -6.0%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 81 → 85 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-23
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$6,489M ÷ $3,374M = 1.92x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($8,011M + $8,689M) ÷ 2 ÷ $35,708M × 365 = 85 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 92.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 7.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 158 of 416
- Beta (adjusted)
- 0.73
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 38% of covered companies have more
above 1 = swings more than the market
- 1,370.5M shares reported by 1,694 13F filers ÷ 1,484.1M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-02-26 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Technology focus
Spent $709M on research and engineering in 2025 and cites technology leadership as key to pricing.
Evidence: Form 10-K (FY2025)
2. Diversified customers
No customer exceeds 10% of revenue.
Evidence: Form 10-K (FY2025)
3. Cash generation
Operating cash flow of $6.5B in 2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Cyclicality
Net loss of $10.5B in 2020 during the downturn.
Evidence: Form 10-K (FY2025)
2. 2025 profit decline
Net income fell to $3,374M in 2025 from $4,461M.
Evidence: Form 10-K (FY2025)
3. Well Construction slowdown
Well Construction revenue fell to $11.9B in 2025 from $13.4B.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.97%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
49%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
8.4%
(Operating CF − capex) ÷ market cap
1. Global leader
Portfolio spans well construction, reservoir, production and digital.
- What has to hold
- Upstream spending holds.
- The other side
- Oil price downturns.
Evidence: Form 10-K (FY2025)
2. Dividend growth
Quarterly dividend raised from $0.125 (2021) to $0.295 (2026).
- What has to hold
- Cash flow stays strong.
- The other side
- Cyclical earnings.
Evidence: Form 10-K (FY2025)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$4.21B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
3.0x
$4.8B vs. $1.6B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -2.8% in FY2021 ($23.6B → $22.93B) | Yes, by FY2022 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recovered from 2020
Returned to $1.9B net income in 2021 after the 2020 loss.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
SLB discloses no material pending litigation.
Company statement:
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-11-03. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Oil and gas spending
- Company disclosure (summarized from the 10-K)
- Revenue depends on customers’ exploration and production spending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Geopolitics & supply chain
Sanctions and geopolitics
- Company disclosure (summarized from the 10-K)
- Operates in 100+ countries; halted shipments to Russia in July 2023 as sanctions expanded.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Technology leadership
- Company disclosure (summarized from the 10-K)
- Losing technology leadership could cut market share and pricing.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
ChampionX integration
- Company disclosure (summarized from the 10-K)
- Integrating the 2025 ChampionX acquisition.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- Global operations expose results to currency moves.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
No longer in the text (1)
We or ChampionX may terminate the merger agreement between the parties (the “merger agreement”) in certain circumstances as described in our Current Report on Form 8-K filed with the SEC on April 2, 2024. Read more
If the proposed acquisition is not completed for any reason, including as a result of failure to obtain required regulatory approvals, the market price of our common stock may be adversely affected; we may experience negative reactions from the financial markets, customers, suppliers and other constituencies; we will be required to pay certain costs relating to the acquisition; and we may be required to pay a termination fee under certain circumstances set forth in the merger agreement.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Jan 23, 2026 ↗ with the 10-K filed Jan 22, 2025 ↗.
25
What to watch going forwardSite analysis
- Upstream spending trends.
- Production Systems growth with ChampionX.
- Digital revenue.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 3, 2026 02:17 (SEC EDGAR) · Source 10-K filed: January 23, 2026
Built on10-K FY2025 · filed 2026-01-23Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Schlumberger’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.