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SLB Limited

SLB Energy Oil & Gas Equipment & Services

SLB Limited’s revenue for fiscal 2025 (year ended December 2025) was $35.7 billion, down 1.60% from fiscal 2024.

Revenue
+5.84%
EPS
0.00%
Free cash flow
−20.7%
Total debt
+2.80%

Quarter to September 2026, against a year earlier

49.94 1.62 −3.14%
Market cap
$73.3B
P/E
24.0×
Fwd P/E
23.3×
Dividend yield
2.34%
F-score
5/9
Altman Z
2.69
Beneish M
−2.52
Dividend safety
73/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Services
  • Product

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 26.08
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 6 1 2 1 3 — — 3 1 3 1
Insider Ownership 0.74%

Capital & Financial Ratios $m

Size
Market Cap 73,270.00
Revenue ttm 36,886.00
Net income ttm 3,156.00
Free cash flow ttm 4,266.00
Net debt Q 7,596.00
Valuation
P/E 24.01
Forward P/E 23.30
Price / sales 2.01
Forward P/S Powerpack
Price / FCF 17.34
Price / book 2.72
Financial health
Current ratio Q 1.39
Debt / equity Q 0.41 (at or below 0.5: strong)
Interest coverage Q 8.15
Growth
Revenue growth Q +5.84% (above 0%: growing)
Operating income growth Q +1.88% (above 0%: growing)
EPS, this year −16.87% (below 0%: weak)
EPS, next year A +26.72% (at or above 15%: strong)
Revenue, next year A +3.99%
EPS, past 5 yrs —
EPS, next 5 yrs A +7.78%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 2.5×; over the ten years it ranged from 1.0× in 2020 to 4.4× in 2016.
P/E against its own 10 years 56.28%
10-year low 10-year high
P/S against its own 10 years 44.66%
10-year low 10-year high
P/B against its own 10 years 58.01%
10-year low 10-year high
EV/Sales against its own 10 years 36.96%
10-year low 10-year high
EV/FCF against its own 10 years 40.89%
10-year low 10-year high

Dividends

Yield
2.34%
Annual rate
1.17
Payout ratio
56.8%
Growth, 2017–25
−6.79%/yr
  1. 2.00 ’17
  2. 2.00 ’18 +0
  3. 2.00 ’19 +0
  4. 0.88 ’20 −56
  5. 0.50 ’21 −43
  6. 0.65 ’22 +30
  7. 1.25 ’23 +92
  8. 1.10 ’24 −12
  9. 1.14 ’25 +4
  10. 1.17 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,989 4,669 4,212 3,551
Receivables 7,812 8,011 8,689 9,735
Inventory 4,387 4,375 5,032 5,517
Other 1,530 1,515 1,580 1,694
17,718 18,570 19,513 20,497
2023 2024 2025 Q'26
Payables 10,904 10,375 11,490 11,955
ST’ Debt — — — —
Other — — — —
13,395 12,811 14,721 14,757

Compound Annual Growth %

10y 5y 3y
Sales 0.07% 8.63% 8.33%
Cash Flow (3.01%) 17.12% 20.38%
Earnings 5.00% 0.00% (0.65%)
Book Value (2.71%) 16.92% 14.90%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.62 Actual 0.64

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.74 0.78 Beat by 0.04
Q1 FY26 0.51 0.52 Beat by 0.01
Q2 FY26 0.51 0.55 Beat by 0.04
Q3 FY26 0.62 0.64 Beat by 0.02
Q4 FY26 0.74 — Reports 22 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.50 0.52 0.49 — —
’25 0.58 0.74 0.50 0.55 2.35
’24 0.74 0.77 0.83 0.77 3.11
’23 0.65 0.72 0.78 0.77 2.91
’22 0.36 0.67 0.63 0.74 2.39
’21 0.21 0.30 0.39 0.42 1.32
’20 (5.32) (2.47) (0.06) 0.27 (7.57)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 8,721 8,972 9,449 — —
’25 8,490 8,546 8,928 9,744 35,708
’24 8,707 9,139 9,159 9,284 36,289
’23 7,736 8,099 8,310 8,990 33,135
’22 5,962 6,773 7,477 7,879 28,091
’21 5,223 5,634 5,847 6,225 22,929
’20 7,455 5,356 5,258 5,532 23,601
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 487 1,359 1,510 — —
’25 660 1,142 1,682 3,005 6,489
’24 327 1,436 2,449 2,390 6,602
’23 330 1,608 1,677 3,022 6,637
’22 131 408 1,567 1,614 3,720
’21 429 1,220 1,070 1,932 4,651
’20 784 803 479 878 2,944
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 80 839 942 — —
’25 211 739 1,188 2,405 4,543
’24 (101) 911 1,939 1,724 4,473
’23 (132) 1,106 1,175 2,396 4,545
’22 (213) 104 1,172 1,022 2,125
’21 244 960 788 1,467 3,471
’20 342 526 254 605 1,727
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 6.2% a year for ten years. It grew −0.7% a year over the last ten.

Implied
6.2%
10 years, reported
−0.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 27,810 30,440 32,815 32,917 23,601 22,929 28,091 33,135 36,289 35,708 36,886 +2.8% 37,131 40,160 42,612 +6.1%
Gross margin, % 12.23 12.80 13.22 12.75 11.02 15.95 18.37 19.81 20.56 18.22 16.33 +6.0 pt
EBT (1,905) (1,183) 2,624 (10,418) (11,298) 2,374 4,271 5,282 5,672 4,291 3,937 n/m
EBT margin, % (6.85) (3.89) 8.00 (31.65) (47.87) 10.35 15.20 15.94 15.63 12.02 10.67 +18.9 pt
Net income (1,627) (1,513) 2,177 (10,107) (10,486) 1,928 3,492 4,275 4,579 3,451 3,156 n/m
Per share, $
Per share, $ Revenue 20.49 21.93 23.69 23.77 16.98 16.38 19.84 23.25 25.54 25.13 24.91 +2.3%
Earnings (1.24) (1.08) 1.53 (7.32) (7.57) 1.34 2.43 2.95 3.14 2.35 2.08 n/m
Cash flow 4.61 4.08 4.12 3.92 2.12 3.32 2.63 4.66 4.65 4.57 4.30 (0.1%)
Capex (1.98) (1.72) (1.63) (1.41) (0.88) (0.84) (1.13) (1.47) (1.50) (1.37) (1.41) (4.0%)
Free cash flow 2.64 2.36 2.49 2.51 1.24 2.48 1.50 3.19 3.15 3.20 2.88 +2.2%
Book value 30.60 26.85 26.42 17.46 8.98 10.92 12.70 14.99 15.73 19.21 18.37 (5.0%)
Shares, m 1,357 1,388 1,385 1,385 1,390 1,400 1,416 1,425 1,421 1,421 1,473 +0.5%
Valuation, ×
Valuation, × P/E 0.00 0.00 23.43 0.00 0.00 22.52 21.28 17.68 12.25 16.19 24.01 11.3
P/S 4.14 3.17 1.52 1.69 1.29 1.83 2.60 2.24 1.50 1.53 2.01 2.1
P/B 2.77 2.59 1.37 2.30 2.43 2.74 4.05 3.47 2.44 2.00 2.72 2.6
EV/Sales 4.46 3.55 1.94 2.13 1.91 2.35 2.93 2.50 1.73 1.73 2.26 2.5
EV/FCF 34.69 32.95 18.43 20.16 26.15 15.57 39.87 18.20 14.00 13.62 19.54 23.4
Cash, $m
Cash, $m Operating cash flow 6,261 5,663 5,713 5,431 2,944 4,651 3,720 6,637 6,602 6,489 6,361 +0.4%
Capex (2,685) (2,383) (2,260) (1,955) (1,217) (1,180) (1,595) (2,092) (2,129) (1,946) (2,095) (3.5%)
Free cash flow 3,576 3,280 3,453 3,476 1,727 3,471 2,125 4,545 4,473 4,543 4,266 +2.7%
Balance, $m
Balance, $m Working capital 8,868 3,215 2,245 2,432 2,428 2,295 2,985 4,323 5,759 4,792 5,740 (6.6%)
Net debt 7,206 9,786 11,867 12,603 13,030 10,147 7,700 6,853 6,354 5,530 7,596 (2.9%)
Shareholders’ equity 41,529 37,261 36,586 24,176 12,489 15,286 17,989 21,359 22,350 27,291 27,213 (4.6%)
Returns, %
Returns, % ROA (2.31) (2.01) 3.00 (15.99) (21.30) 4.48 8.13 9.23 9.21 6.50 5.57 +8.8 pt
ROIC 2.10 3.15 4.39 5.53 4.06 6.79 10.10 12.06 12.99 8.95 8.10 +6.8 pt
ROE (4.36) (3.82) 5.79 (33.37) (57.37) 13.54 20.68 21.36 20.41 13.59 11.44 +18.0 pt
People
People Employees 100,000 100,000 100,000 105,000 86,000 92,000 99,000 111,000 110,000 109,000 — +1.0%
Revenue/emp, $m 0.28 0.30 0.33 0.31 0.27 0.25 0.28 0.30 0.33 0.33 — +1.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

SLB is a global technology company serving the energy industry. Founded in 1926 and headquartered in Houston, it operates in more than 100 countries and had 109,000 employees in FY2025. Its customers use its equipment, software, data and field services to find underground oil and gas, drill and complete wells, raise production from existing fields, and move hydrocarbons from reservoirs toward pipelines and processing facilities.

The company has four operating divisions. Reservoir Performance evaluates reservoirs and provides stimulation, intervention and water-treatment work intended to improve well productivity. Well Construction supplies drilling-related measurements, fluids, equipment, drill bits and integrated services to plan and build wells. Production Systems supplies subsea equipment, artificial lift, completions, surface systems, process equipment, production chemicals and valves. Its Digital division sells software, data, remote operations and consulting across the energy value chain.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Services 21,200 59.37%
Product 14,508 40.63%
Gross margin 18.22%
Operating margin 13.16%
Pre-tax margin 12.02%

Revenue by segment since 2009

SLB Limited vs peers in Oil & Gas Equipment & Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SLB SLB Limited $73.3B 24.0× 23.3× +5.84% (above 0%: growing) 0.00% −20.71% (below 0%: shrinking) 16.57% 11.47%
BKR Baker Hughes Company $45.9B 15.7× 20.2× +14.48% (above 0%: growing) −31.45% (below 0%: shrinking) +10.01% (above 0%: growing) 24.02% 8.67% Compare
TS Tenaris S.A. $28.5B 15.1× — −3.86% (below 0%: shrinking) −4.04% (below 0%: shrinking) −33.29% (below 0%: shrinking) 33.19% 16.65% Compare
HAL Halliburton Company $26.4B 13.4× 15.6× +1.84% (above 0%: growing) +2,400.00% (above 0%: growing) −43.48% (below 0%: shrinking) 14.73% 10.94% Compare
FTI TechnipFMC plc $24.0B 19.1× 21.7× +9.39% (above 0%: growing) +40.79% (above 0%: growing) +4.89% (above 0%: growing) 25.16% 17.80% Compare
NOV NOV Inc. $6.2B 41.9× 21.5× +2.30% (above 0%: growing) +141.91% (above 0%: growing) −116.25% (below 0%: shrinking) 19.72% 6.38% Compare
WFRD Weatherford International PLC $6.0B 14.7× 16.0× −7.22% (below 0%: shrinking) +46.90% (above 0%: growing) +56.57% (above 0%: growing) 32.72% 13.39% Compare
AROC Archrock, Inc. $4.7B 13.8× 18.4× −3.04% (below 0%: shrinking) +21.00% (above 0%: growing) +28.48% (above 0%: growing) 66.83% 39.53% Compare
WHD Cactus, Inc. $4.4B 37.6× 23.4× +63.24% (above 0%: growing) +45.90% (above 0%: growing) −95.60% (below 0%: shrinking) 36.40% 21.83% Compare
Median of peers $15.1B 15.4× 20.2× +2.07% +43.35% −14.20% 28.94% 15.02%

All 48 Oil & Gas Equipment & Services stocks →

From the latest earnings call

Updated

  • CEO Olivier Le Peuch said the Middle East recovery remained uncertain, although new integrated well-construction contracts in Saudi Arabia improved SLB’s revenue visibility.
  • CFO Stephane Biguet said SLB had retained resources in the Middle East so it could respond to a rebound in activity.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 92.15%
Held by the ten largest 49.60%
Holder Shares Stake Change
Vanguard 188.61m 12.71% +1.31m
BlackRock 116.15m 7.83% −16.07m
State Street 91.22m 6.15% +722.06k
T. Rowe Price 63.56m 4.28% +2.70m
First Eagle Investment Management, LLC 57.83m 3.90% +29.45m
Capital Group 55.84m 3.76% −6.89m
Charles Schwab 48.27m 3.25% +4.49m
UBS 41.58m 2.80% +8.24m
Morgan Stanley 37.75m 2.54% −2.41m
Geode Capital Management 35.28m 2.38% +335.02k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 February 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.35m 17.49m 195.72
2024 17.31m 2.75m 189.52
2023 18.25m 26.17m 250.92
2022 15.71m 39.48m 252.88
2021 16.80m 32.39m 139.60

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 12.30%
BlackRock, Inc. 7.20%
State Street Corporation State Street Financial Center One Lincoln Street Boston, MA 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

SLB Limited (SLB) Latest News

5 Nov

Impact 3 · · The Motley Fool

29 Oct

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28 Oct

Impact 3 · · Zacks

26 Oct

Impact 4 · · StockStory
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Impact 3 · · Trefis
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24 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

23 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Oilprice.com
Impact 4 · · Moby
Impact 4 · · MarketBeat transcript
Impact 4 · · MT Newswires earnings
Impact 4 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · StockStory earnings
Impact 3 · · Trefis

20 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · Zacks

16 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

SLB metrics, ten years each

stockrow.com/SLB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com