NYSE · Energy

SLB N.V.

SLB · Oil & Gas Equipment & Services

$55.83

▼ -1.09 (-1.92%)

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Mr. Market is currently offering SLB N.V. at $55.83.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 18.2%

Operating Margin 15.3%

Net Income Margin 9.4%

Fin. Health C

Years to Pay Off Debt 3.4 yrs

Working Capital vs Long-Term Debt -$5.0B

Working Capital $4.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.20x

Cash Flow C

Free Cash Flow $4.5B

CapEx % of Net Income 57.7%

Owner Earnings $7.4B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $83.5B

Enterprise Value $94.5B

P/E (TTM) 24.59

Dividend Yield 2.02%

Exchange NYSE

Key Margins

Gross Profit 18.2%

Operating Margin 15.3%

Net Margin 9.4%

Company Info

Sector Energy

Industry Oil & Gas Equipment & Services

Employees 109000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering SLB N.V. at $55.83.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $55.83, the stock trades at a 84% premium to its Graham Number of $30.39. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About SLB N.V.

SLB N.V. engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products. It also offers subsurface geology and fluids evaluation information; stimulation services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment; and intervention services to oil and gas operators. In addition, the company offers mud logging, directional drilling, measurement-while-drilling, and logging-while-drilling services, as well as engineering support services; supplies drilling fluid systems; designs, manufactures, and markets roller cone and fixed cutter drill bits; bottom-hole-assembly and borehole enlargement technologies; well planning, well drilling, engineering, supervision, logistics, procurement, and contracting of third parties, as well as drilling rig management solutions; and drilling equipment and services, as well as land drilling rigs and related services. Further, it provides artificial lift; supplies packers, safety valves, sand control technology, and various intelligent systems; midstream production systems; valves, chokes, actuators, and surface trees; and OneSubsea, an integrated solutions, products, systems, and services, including wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors, and services. SLB N.V. was formerly known as Schlumberger Limited and change its name to SLB N.V. in October 2025. The company was founded in 1926 and is based in Houston, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	18.2% ▼	20.6%	19.8%	18.4%	N/A
Operating Margin %	15.3% ▼	17.4%	16.6%	14.8%	N/A
Net Income %	9.4% ▼	12.3%	12.7%	12.2%	N/A
Diluted EPS	2.35 ▼	3.11	2.91	2.39	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$54.9B	$48.9B	$48.0B	$43.1B	N/A
Total Debt	$11.6B ↓	$12.1B	$12.0B	$12.2B	N/A
Working Capital	$4.8B ▼	$5.8B	$4.3B	$3.0B	N/A
Years to Pay Debt	3.45	2.71	2.85	3.55	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.5B ▲	$4.5B	$4.5B	$2.0B	N/A
Owner Earnings	$7.4B	$8.5B	$8.1B	$6.8B	N/A
CapEx % of Net Income	57.7%	47.7%	49.8%	49.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-184,209	-95,965	-1,710	62,460
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,899,000	8,567,000	7,553,000	6,083,000
Total Unusual Items	-941,000	-498,000	-9,000	347,000
Total Unusual Items Excluding Goodwill	-941,000	-498,000	-9,000	347,000
Net Income From Continuing Operation Net Minority Interest	3,374,000	4,461,000	4,203,000	3,441,000
Reconciled Depreciation	2,109,000	1,885,000	1,759,000	1,669,000
Reconciled Cost Of Revenue	29,201,000	28,829,000	26,572,000	22,930,000
EBITDA	6,958,000	8,069,000	7,544,000	6,430,000
EBIT	4,849,000	6,184,000	5,785,000	4,761,000
Net Interest Income	-422,000	-338,000	-403,000	-391,000
Interest Expense	558,000	512,000	503,000	490,000
Interest Income	136,000	174,000	100,000	99,000
Normalized Income	4,130,791	4,863,035	4,210,290	3,156,460
Net Income From Continuing And Discontinued Operation	3,374,000	4,461,000	4,203,000	3,441,000
Total Expenses	30,250,000	29,963,000	27,647,000	23,940,000
Diluted Average Shares	1,437,000	1,436,000	1,443,000	1,437,000
Basic Average Shares	1,421,000	1,421,000	1,425,000	1,416,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,374,000	4,461,000	4,203,000	3,441,000
Net Income Common Stockholders	3,374,000	4,461,000	4,203,000	3,441,000
Net Income	3,374,000	4,461,000	4,203,000	3,441,000
Minority Interests	-77,000	-118,000	-72,000	-51,000
Net Income Including Noncontrolling Interests	3,451,000	4,579,000	4,275,000	3,492,000
Net Income Continuous Operations	3,451,000	4,579,000	4,275,000	3,492,000
Tax Provision	840,000	1,093,000	1,007,000	779,000
Pretax Income	4,291,000	5,672,000	5,282,000	4,271,000
Other Income Expense	-745,000	-316,000	197,000	511,000
Special Income Charges	-941,000	-498,000	-9,000	325,000
Gain On Sale Of Ppe			0	43,000	0
Gain On Sale Of Business	149,000	24,000	36,000	325,000
Write Off	331,000	162,000	0	0
Restructuring And Mergern Acquisition	759,000	360,000	45,000	0
Earnings From Equity Interest	196,000	182,000	206,000	164,000
Gain On Sale Of Security				22,000	47,000
Net Non Operating Interest Income Expense	-422,000	-338,000	-403,000	-391,000
Interest Expense Non Operating	558,000	512,000	503,000	490,000
Interest Income Non Operating	136,000	174,000	100,000	99,000
Operating Income	5,458,000	6,326,000	5,488,000	4,151,000
Operating Expense	1,049,000	1,134,000	1,075,000	1,010,000
Research And Development	709,000	749,000	711,000	634,000
Selling General And Administration	340,000	385,000	364,000	376,000
General And Administrative Expense	340,000	385,000	364,000	376,000
Other Gand A	340,000	385,000	364,000	376,000
Gross Profit	6,507,000	7,460,000	6,563,000	5,161,000
Cost Of Revenue	29,201,000	28,829,000	26,572,000	22,930,000
Total Revenue	35,708,000	36,289,000	33,135,000	28,091,000
Operating Revenue	35,708,000	36,289,000	33,135,000	28,091,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	85,000	38,000	12,800	14,000
Ordinary Shares Number	1,495,331	1,400,850	1,427,000	1,420,188
Share Issued	1,580,331	1,438,850	1,439,800	1,434,188
Net Debt	8,600,000	8,530,000	9,065,000	10,571,000
Total Debt	11,636,000	12,074,000	11,965,000	12,226,000
Tangible Book Value	4,327,000	3,525,000	2,866,000	1,711,000
Invested Capital	37,745,000	33,204,000	32,154,000	29,911,000
Working Capital	4,792,000	5,759,000	4,323,000	2,985,000
Net Tangible Assets	4,327,000	3,525,000	2,866,000	1,711,000
Common Stock Equity	26,109,000	21,130,000	20,189,000	17,685,000
Total Capitalization	35,851,000	32,153,000	31,031,000	28,279,000
Total Equity Gross Minority Interest	27,291,000	22,350,000	21,359,000	17,989,000
Minority Interest	1,182,000	1,220,000	1,170,000	304,000
Stockholders Equity	26,109,000	21,130,000	20,189,000	17,685,000
Gains Losses Not Affecting Retained Earnings	-4,736,000	-4,950,000	-4,254,000	-3,855,000
Other Equity Adjustments	-4,736,000	-4,950,000	-4,254,000	-3,855,000
Treasury Stock	3,576,000	1,773,000	678,000	1,016,000
Retained Earnings	18,067,000	16,395,000	13,497,000	10,719,000
Capital Stock	16,354,000	11,458,000	11,624,000	11,837,000
Common Stock	16,354,000	11,458,000	11,624,000	11,837,000
Total Liabilities Net Minority Interest	27,577,000	26,585,000	26,598,000	25,146,000
Total Non Current Liabilities Net Minority Interest	12,856,000	13,774,000	13,203,000	13,128,000
Other Non Current Liabilities	1,991,000	2,172,000	2,046,000	2,308,000
Employee Benefits	479,000	512,000	175,000	165,000
Non Current Pension And Other Postretirement Benefit Plans	479,000	512,000	175,000	165,000
Non Current Deferred Liabilities	644,000	67,000	140,000	61,000
Non Current Deferred Taxes Liabilities	644,000	67,000	140,000	61,000
Long Term Debt And Capital Lease Obligation	9,742,000	11,023,000	10,842,000	10,594,000
Long Term Debt	9,742,000	11,023,000	10,842,000	10,594,000
Current Liabilities	14,721,000	12,811,000	13,395,000	12,018,000
Current Deferred Liabilities	2,264,000	2,007,000	1,996,000	1,157,000
Current Deferred Revenue	2,264,000	2,007,000	1,996,000	1,157,000
Current Debt And Capital Lease Obligation	1,894,000	1,051,000	1,123,000	1,632,000
Current Debt	1,894,000	1,051,000	1,123,000	1,632,000
Other Current Borrowings	1,894,000	1,051,000	1,123,000	1,632,000
Payables And Accrued Expenses	10,563,000	9,753,000	10,276,000	9,229,000
Current Accrued Expenses	1,586,000	1,475,000	1,625,000	1,493,000
Payables	8,977,000	8,278,000	8,651,000	7,736,000
Other Payable	2,781,000	2,663,000	2,670,000	2,550,000
Dividends Payable	443,000	403,000	374,000	263,000
Total Tax Payable	894,000	982,000	994,000	1,002,000
Income Tax Payable	894,000	982,000	994,000	1,002,000
Accounts Payable	4,859,000	4,230,000	4,613,000	3,921,000
Total Assets	54,868,000	48,935,000	47,957,000	43,135,000
Total Non Current Assets	35,355,000	30,365,000	30,239,000	28,132,000
Other Non Current Assets	407,000	313,000	378,000	363,000
Defined Pension Benefit	530,000	472,000	629,000	904,000
Financial Assets		14,000	65,000	1,000	66,000
Investments And Advances	3,580,000	3,718,000	3,735,000	3,604,000
Other Investments	1,797,000	2,083,000	2,111,000	2,023,000
Long Term Equity Investment	1,783,000	1,635,000	1,624,000	1,581,000
Investmentsin Associatesat Cost					2,044,000
Goodwill And Other Intangible Assets	21,782,000	17,605,000	17,323,000	15,974,000
Other Intangible Assets	4,988,000	3,012,000	3,239,000	2,992,000
Goodwill	16,794,000	14,593,000	14,084,000	12,982,000
Net PPE	9,056,000	8,257,000	8,109,000	7,286,000
Accumulated Depreciation	-24,151,000	-22,214,000	-22,725,000	-21,779,000
Gross PPE	33,207,000	30,471,000	30,834,000	29,065,000
Other Properties	1,162,000	898,000	869,000	679,000
Machinery Furniture Equipment	26,388,000	24,748,000	25,073,000	23,732,000
Buildings And Improvements	5,289,000	4,510,000	4,569,000	4,328,000
Land And Improvements	368,000	315,000	323,000	326,000
Current Assets	19,513,000	18,570,000	17,718,000	15,003,000
Other Current Assets	1,580,000	1,515,000	1,530,000	1,344,000
Inventory	5,032,000	4,375,000	4,387,000	3,999,000
Finished Goods	1,685,000	1,202,000	1,329,000	1,367,000
Work In Process	797,000	786,000	762,000	547,000
Raw Materials	2,550,000	2,387,000	2,296,000	2,085,000
Receivables	8,689,000	8,011,000	7,812,000	6,766,000
Accounts Receivable	8,689,000	8,011,000	7,812,000	6,766,000
Allowance For Doubtful Accounts Receivable	-335,000	-325,000	-337,000	-340,000
Gross Accounts Receivable	9,024,000	8,336,000	8,149,000	7,106,000
Cash Cash Equivalents And Short Term Investments	4,212,000	4,669,000	3,989,000	2,894,000
Other Short Term Investments	1,176,000	1,125,000	1,089,000	1,239,000
Cash And Cash Equivalents	3,036,000	3,544,000	2,900,000	1,655,000
Cash Financial	3,036,000	3,544,000	2,900,000	1,655,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,543,000	4,473,000	4,545,000	2,005,000
Repurchase Of Capital Stock	-2,414,000	-1,737,000	-694,000	0
Repayment Of Debt	-1,597,000	-955,000	-1,578,000	-1,650,000
Issuance Of Debt	0	1,475,000	994,000	0
Capital Expenditure	-1,946,000	-2,129,000	-2,092,000	-1,715,000
Interest Paid Supplemental Data	558,000	512,000	503,000	562,000
Income Tax Paid Supplemental Data	1,198,000	1,140,000	1,060,000	716,000
End Cash Position	3,036,000	3,544,000	2,900,000	1,655,000
Beginning Cash Position	3,544,000	2,900,000	1,655,000	1,757,000
Effect Of Exchange Rate Changes	57,000	-41,000	-97,000	-52,000
Changes In Cash	-565,000	685,000	1,342,000	-50,000
Financing Cash Flow	-5,642,000	-2,772,000	-2,512,000	-2,382,000
Cash Flow From Continuing Financing Activities	-5,642,000	-2,772,000	-2,512,000	-2,382,000
Net Other Financing Charges	-239,000	-155,000	-200,000	-144,000
Proceeds From Stock Option Exercised	229,000	248,000	281,000	223,000
Cash Dividends Paid	-1,602,000	-1,533,000	-1,317,000	-848,000
Common Stock Dividend Paid	-1,602,000	-1,533,000	-1,317,000	-848,000
Net Common Stock Issuance	-2,414,000	-1,737,000	-694,000	0
Common Stock Payments	-2,414,000	-1,737,000	-694,000	0
Net Issuance Payments Of Debt	-1,616,000	405,000	-582,000	-1,613,000
Net Short Term Debt Issuance	-19,000	-115,000	2,000	37,000
Net Long Term Debt Issuance	-1,597,000	520,000	-584,000	-1,650,000
Long Term Debt Payments	-1,597,000	-955,000	-1,578,000	-1,650,000
Long Term Debt Issuance	0	1,475,000	994,000	0
Investing Cash Flow	-1,412,000	-3,145,000	-2,783,000	-1,388,000
Cash Flow From Continuing Investing Activities	-1,412,000	-3,145,000	-2,783,000	-1,388,000
Net Other Investing Changes	109,000	107,000	-108,000	-93,000
Net Investment Purchase And Sale	-491,000	-570,000	-478,000	-597,000
Sale Of Investment	194,000	152,000	214,000	249,000
Purchase Of Investment	-685,000	-722,000	-692,000	-846,000
Net Investment Properties Purchase And Sale		0	0	120,000	0
Sale Of Investment Properties		0	0	120,000	0
Net Business Purchase And Sale	916,000	-553,000	-105,000	897,000
Sale Of Business	1,103,000	0	137,000	955,000
Purchase Of Business	-187,000	-553,000	-242,000	-58,000
Capital Expenditure Reported	-1,946,000	-2,129,000	-2,092,000	-1,715,000
Operating Cash Flow	6,489,000	6,602,000	6,637,000	3,720,000
Cash Flow From Continuing Operating Activities	6,489,000	6,602,000	6,637,000	3,720,000
Change In Working Capital	-44,000	-973,000	-160,000	-1,731,000
Change In Other Current Liabilities	38,000	34,000	-76,000	23,000
Change In Other Current Assets	-12,000	16,000	111,000	-89,000
Change In Payables And Accrued Expense	77,000	-686,000	718,000	800,000
Change In Payable	77,000	-686,000	718,000	800,000
Change In Account Payable	218,000	-635,000	780,000	704,000
Change In Tax Payable	-141,000	-51,000	-62,000	96,000
Change In Income Tax Payable	-141,000	-51,000	-62,000	96,000
Change In Inventory	-72,000	-101,000	-254,000	-737,000
Change In Receivables	-75,000	-236,000	-659,000	-1,728,000
Other Non Cash Items	262,000	192,000	189,000	-256,000
Stock Based Compensation	332,000	316,000	293,000	313,000
Asset Impairment Charge	497,000	205,000	11,000	-347,000
Amortization Of Securities	369,000	481,000	410,000	368,000
Deferred Tax	-279,000	-41,000	28,000	-39,000
Deferred Income Tax	-279,000	-41,000	28,000	-39,000
Depreciation Amortization Depletion	2,109,000	1,885,000	1,759,000	1,669,000
Depreciation And Amortization	2,109,000	1,885,000	1,759,000	1,669,000
Amortization Cash Flow	376,000	334,000	314,000	301,000
Amortization Of Intangibles	376,000	334,000	314,000	301,000
Depreciation	1,733,000	1,551,000	1,445,000	1,368,000
Operating Gains Losses	-208,000	-42,000	-168,000	-96,000
Earnings Losses From Equity Investments	-59,000	-18,000	-132,000	-96,000
Gain Loss On Investment Securities		-24,000	-36,000
Gain Loss On Sale Of Business	-149,000	0	0
Net Income From Continuing Operations	3,451,000	4,579,000	4,275,000	3,492,000

These metrics estimate what SLB N.V. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$30.39

Margin of Safety

Market Cap ÷ Company Value

1.31

P/B Ratio

3.20

Warren's Owner Earnings

$7.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$35.7B

vs > $1.5B revenue

❌ Strong Financial Condition

1.33x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.02%

vs Uninterrupted dividends

❌ Earnings Growth

-1.7% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

24.6x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.20x P/B (P/E×P/B: 78.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-5.39

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$40.56

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	57.7%	47.7%	49.8%	49.8%	N/A
Repurchase of Capital Stock	-$2.4B	-$1.7B	-$694M	$0M	N/A
Free Cash Flow	$4.5B ▲	$4.5B ▼	$4.5B ▲	$2.0B •	N/A •
Warren's Owner Earnings	$7.4B	$8.5B	$8.1B	$6.8B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas Equipment & Services. You can manually compare SLB against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.22%

Low — management has little skin in the game

Return on Equity (ROE)

12.9%

Adequate — returns are moderate

Return on Assets (ROA)

6.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-3.6% YoY

Debt is declining — management is deleveraging

Leadership Team

Olivier Le Peuch

CEO & Director

Age 61

Pay: $4,058,208

0.120% of net income

Stephane Biguet

Executive VP & CFO

Age 56

Pay: $1,837,839

0.054% of net income

Abdellah Merad

Executive Vice President of Core Services & Equipment

Age 51

Pay: $1,897,794

0.056% of net income

James McDonald

Senior Vice President of Investor Relations & Industry Affairs

Age 46

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.47%	186,455,878
Blackrock Inc.	8.55%	127,769,717
State Street Corporation	5.65%	84,417,217
Charles Schwab Investment Management, Inc.	3.61%	54,006,438
Price (T.Rowe) Associates Inc	3.61%	53,951,531
Morgan Stanley	2.48%	37,095,243
Geode Capital Management, LLC	2.26%	33,840,883
First Eagle Investment Management, LLC	1.85%	27,718,458

Risk Analysis

Beta (Market Risk)

0.73

Low volatility — more stable than the market

Short Interest

5.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.43x

Conservative balance sheet — low financial risk

Current Ratio

1.34x

Adequate liquidity

52-Week Price Range

Low: $31.64 Current: $55.83 High: $57.20

Currently at 95% of 52-week range

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