SLB N.V. SLB

EnergyOil & Gas Related Equipment and ServicesUnited States of America

Last close 53.74 USD on Nov 1, 2026, +42.3% year to date

Quant rating

Quant rating C Rank 74 of 167 in Energy

Growth B 44 of 167
Valuation C 100 of 167
Quality B 29 of 167
Revisions D 117 of 167
Momentum C 86 of 167

Wall Street consensus Buy (1.87)Average target 62.23 USD +15.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 79.3B
Enterprise value: 89.7B
52-week range: 34.65 – 60.46
3-year range: 31.72 – 60.46
Dividend yield: 2.20%
Beta (5 years): 0.83
Shares outstanding: 1,476M
Next earnings: Jan 20, 2027

About the company

SLB N.V. is a global technology company. The Company’s segments include Digital, Reservoir Performance, Well Construction, Production Systems, and All Other. Digital segment includes products, services, and solutions that span the energy value chain from subsurface characterization through field development and hydrocarbon production to carbon management and the integration of adjacent energy systems. Reservoir Performance segment consists of reservoir-centric technologies and services that are critical to optimizing reservoir productivity and performance. Well Construction segment provides operators and drilling rig manufacturers with services and products related to the design and construction of a well. Production Systems segment develops technologies and provides expertise that enhances production and recovery from subsurface reservoirs to the surface, into pipelines, and to refineries. All Other segment includes asset performance solutions, data center solutions and SLB Capturi.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	35,708	36,289	33,135	28,091	22,929	–
Revenue growth	−1.6%	9.5%	18.0%	22.5%	−2.8%	8.6%
EPS (basic, normalized)	2.93	3.41	2.98	2.18	1.28	–
EPS growth	−14.1%	14.4%	36.7%	70.3%	–	–
Gross margin	18.7%	20.7%	19.8%	18.4%	16.0%	18.7%
Net margin	9.4%	12.3%	12.7%	12.2%	8.2%	11.0%
ROE	14.3%	21.6%	22.2%	21.1%	13.9%	18.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,551
Current ratio	1.39x
Long-term debt (mil)	11,147
Net debt (mil)	10,411
Total equity (mil)	26,051
Net debt / equity	0.40x
Net debt / EBITDA	1.29x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	35,708	−1.6%	2.5x	8,041	−11.2%	11.2x	2.93	−14.1%	18.3x
2026	37,124	+4.0%	2.4x	8,037	0.0%	11.2x	2.45	−16.3%	21.9x
2027	40,300	+8.6%	2.2x	9,203	+14.5%	9.8x	3.10	+26.3%	17.4x
2028	43,115	+7.0%	2.1x	10,173	+10.5%	8.8x	3.66	+18.2%	14.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	37,124	+0.4%	+0.5%	+1.5%	2.45	−0.7%	−1.1%	−5.4%
2027	40,300	+0.2%	+1.3%	+2.6%	3.10	−4.0%	−4.2%	−6.2%
2028	43,115	0.0%	+1.3%	+2.1%	3.66	−4.5%	−3.7%	−6.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	8,707	9,139	9,159	9,284	8,490	8,546	8,928	9,745	8,721	8,972
Sales mean (mil)	8,694	9,076	9,259	9,183	8,595	8,476	8,926	9,547	8,647	8,672
Surprise	+0.2%	+0.7%	−1.1%	+1.1%	−1.2%	+0.8%	0.0%	+2.1%	+0.9%	+3.5%
EPS reported	0.75	0.85	0.89	0.92	0.72	0.74	0.69	0.78	0.52	0.55
EPS mean	0.75	0.83	0.88	0.90	0.74	0.73	0.66	0.74	0.52	0.51
Surprise	+0.4%	+2.9%	+1.0%	+2.6%	−2.6%	+1.8%	+4.7%	+5.3%	+0.8%	+7.0%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SLB SLB N.V.	79.3B	1.29x	9.4%	3.04x	21.9x	17.4x	11.2x	9.8x
WMB The Williams Companies, Inc.	90.9B	4.23x	21.9%	6.89x	31.0x	27.5x	14.6x	12.8x
EPD Enterprise Products Partners L.P	82.4B	3.42x	10.9%	2.72x	12.5x	11.6x	10.6x	10.1x
KMI Kinder Morgan, Inc.	75.5B	3.98x	17.9%	2.39x	21.5x	21.8x	11.9x	11.8x
BKR Baker Hughes Company	54.8B	2.75x	9.3%	2.72x	21.4x	18.9x	13.0x	11.3x
TS Tenaris SA	30.3B	−0.72x	16.1%	1.79x	16.1x	14.5x	10.2x	8.8x
Mean		2.49x	14.3%	3.26x	20.7x	18.6x	11.9x	10.8x
Median		3.08x	13.5%	2.72x	21.4x	18.2x	11.5x	10.7x

Technical analysis

1M+4.4%
3M+8.1%
1Y+53.4%
3Y+4.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SLB N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	35,708	36,289	33,135	28,091	22,929	23,601
Cost of revenue	29,035	28,786	26,561	22,930	19,271	21,000
Gross profit	6,673	7,503	6,574	5,161	3,658	2,601
Selling, general & administrative expenses	340	385	364	376	339	365
Research & development	709	749	711	634	554	580
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1,107	565	20.0	−325	−28.0	12,554
Other operating expenses	0	0	0	0	0	0
Operating income	4,517	5,804	5,479	4,476	2,793	−10,898
Net interest income (expense)	−226	−132	−197	−259	−419	−400
Gain (loss) on sale of assets	–	–	–	43.0	–	–
Other non-operating income (expense)	0	0	0	11.0	0	0
Net income before taxes	4,291	5,672	5,282	4,271	2,374	−11,298
Provision for taxes	840	1,093	1,007	779	446	−812
Minority interest	−77.0	−118	−72.0	−51.0	−47.0	−32.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,374	4,461	4,203	3,441	1,881	−10,518
Extraordinary items	–	–	–	–	–	–
Net income	3,374	4,461	4,203	3,441	1,881	−10,518
EBIT, normalized	5,624	6,531	5,499	4,151	2,775	1,656
EBITDA, normalized	7,733	8,416	7,258	5,820	4,479	3,627
Basic EPS, normalized	2.93	3.41	2.98	2.18	1.28	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SLB N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,212	4,669	3,989	2,894	3,139	3,006
Receivables	8,689	8,011	7,812	7,032	5,315	5,247
Total inventory	5,032	4,375	4,387	3,999	3,272	3,354
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,580	1,515	1,530	1,078	928	1,312
Total current assets	19,513	18,570	17,718	15,003	12,654	12,919
Property, plant & equipment	7,894	7,359	7,240	6,607	7,029	7,626
Goodwill	16,794	14,593	14,084	12,982	12,990	12,980
Intangibles	4,988	3,012	3,239	2,992	3,211	3,455
Long-term investments	1,783	1,635	1,624	1,581	2,044	2,061
Note receivable	–	–	–	–	–	–
Other long-term assets	3,896	3,766	4,052	3,970	3,583	3,393
Total assets	54,868	48,935	47,957	43,135	41,511	42,434
Liabilities
Accounts payable	4,859	4,230	4,613	3,921	3,205	2,937
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,258	1,661	1,826	1,653	1,563	1,772
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,894	1,051	1,123	1,632	909	850
Other current liabilities	5,710	5,869	5,833	4,812	4,682	4,932
Total current liabilities	14,721	12,811	13,395	12,018	10,359	10,491
Long-term debt	9,742	11,023	10,842	10,594	13,286	16,036
Minority interest	1,182	1,220	1,170	304	282	418
Other liabilities	3,114	2,751	2,361	2,534	2,580	3,418
Total liabilities	28,759	27,805	27,768	25,450	26,507	30,363
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	16,354	11,458	11,624	11,837	12,608	12,970
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	18,067	16,395	13,497	10,719	8,199	7,018
Treasury stock	−3,576	−1,773	−678	−1,016	−2,233	−3,033
Other equity	−4,736	−4,950	−4,254	−3,855	−3,570	−4,884
Total equity	26,109	21,130	20,189	17,685	15,004	12,071
Total liabilities & shareholders' equity	54,868	48,935	47,957	43,135	41,511	42,434

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SLB N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,451	4,579	4,275	3,492	1,928	−10,486
Depreciation, depletion & amortization	2,643	2,519	2,312	2,147	2,120	2,566
Deferred taxes	−279	−41.0	28.0	−39.0	−31.0	−1,248
Non-cash items	621	839	271	−130	269	12,868
Changes in working capital	53.0	−1,294	−249	−1,750	365	−756
Cash from operations	6,489	6,602	6,637	3,720	4,651	2,944
Investing activities
Capital expenditures	−1,694	−1,931	−1,939	−1,618	−1,141	−1,116
Other investing cash flows	282	−1,214	−844	230	222	−1,237
Cash from investing	−1,412	−3,145	−2,783	−1,388	−919	−2,353
Financing activities
Financing cash flow items	−239	−155	−200	−144	−115	−89.0
Cash dividends paid	−1,602	−1,533	−1,317	−848	−699	−1,734
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,801	−1,084	−995	−1,390	−2,010	950
Cash from financing	−5,642	−2,772	−2,512	−2,382	−2,824	−873
Foreign exchange effects	57.0	−41.0	−97.0	−52.0	5.0	−11.0
Net change in cash	−508	644	1,245	−102	913	−293
Free cash flow	4,795	4,671	4,698	2,102	3,510	1,828

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.