NYSE · Energy

SLB N.V.

SLB · Oil & Gas Equipment & Services

$48.09

▼ -2.24 (-4.45%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

D⤢

Gross Profit Margin 15.3%

Operating Margin 12.3%

Net Income Margin 8.6%

Fin. Health

D⤢

Years to Pay Off Debt 15.4 yrs

Working Capital vs Long-Term Debt -$4.7B

Working Capital $4.9B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 2.75x

Cash Flow

C⤢

Free Cash Flow $80M

CapEx % of Net Income 54.1%

Owner Earnings $1.8B

Profitability

Gross Profit Margin 15.3%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 12.3%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 8.6%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 15.4 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$4.7B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $4.9B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $80M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 54.1%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $1.8B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap $71.9B

Enterprise Value $88.7B

P/E (TTM) 21.19

Dividend Yield 2.28%

Exchange NYSE

Key Margins

Gross Profit 15.3%

Operating Margin 12.3%

Net Margin 8.6%

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 $48.09.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $48.09, the stock trades at a 243% premium to its Graham Number of $14.03. 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.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	15.3%▼	17.7%•	N/A
Operating Margin %	12.3%▼	15.0%•	N/A
Net Income %	8.6%▲	8.5%•	N/A
Diluted EPS	0.50▼	0.55•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$54.5B	$54.9B	N/A
Total Debt	$11.6B▼	$11.6B•	N/A
Working Capital	$4.9B▲	$4.8B•	N/A
Years to Pay Debt	15.44	14.12	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$80M▼	$2.4B•	N/A
Owner Earnings	$1.8B	$1.6B	N/A
CapEx % of Net Income	54.1%	72.8%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	-8,200	-70,059
Tax Rate For Calcs	0	0
Normalized EBITDA	1,798,000	1,729,000
Total Unusual Items	-41,000	-462,000
Total Unusual Items Excluding Goodwill	-41,000	-462,000
Net Income From Continuing Operation Net Minority Interest	752,000	824,000
Reconciled Depreciation	685,000	198,000
Reconciled Cost Of Revenue	7,390,000	8,016,000
EBITDA	1,757,000	1,267,000
EBIT	1,072,000	1,069,000
Net Interest Income	-91,000	-94,000
Interest Expense	116,000	126,000
Interest Income	25,000	32,000
Normalized Income	784,800	1,215,941
Net Income From Continuing And Discontinued Operation	752,000	824,000
Total Expenses	7,651,000	8,287,000
Diluted Average Shares	1,515,000	1,511,000
Basic Average Shares	1,499,000	1,495,000
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	752,000	824,000
Net Income Common Stockholders	752,000	824,000
Net Income	752,000	824,000
Minority Interests	-9,000	24,000
Net Income Including Noncontrolling Interests	761,000	800,000
Net Income Continuous Operations	761,000	800,000
Tax Provision	195,000	143,000
Pretax Income	956,000	943,000
Other Income Expense	-23,000	-421,000
Special Income Charges	-41,000	-462,000
Gain On Sale Of Business		0	24,000
Restructuring And Mergern Acquisition	41,000	131,000
Earnings From Equity Interest	18,000	41,000
Net Non Operating Interest Income Expense	-91,000	-94,000
Interest Expense Non Operating	116,000	126,000
Interest Income Non Operating	25,000	32,000
Operating Income	1,070,000	1,458,000
Operating Expense	261,000	271,000
Research And Development	164,000	187,000
Selling General And Administration	97,000	84,000
General And Administrative Expense	97,000	84,000
Other Gand A	97,000	84,000
Gross Profit	1,331,000	1,729,000
Cost Of Revenue	7,390,000	8,016,000
Total Revenue	8,721,000	9,745,000
Operating Revenue	8,721,000	9,745,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	85,000	85,000
Ordinary Shares Number	1,495,058	1,495,331
Share Issued	1,580,058	1,580,331
Net Debt	8,789,000	8,600,000
Total Debt	11,608,000	11,636,000
Tangible Book Value	4,424,000	4,327,000
Invested Capital	37,785,000	37,745,000
Working Capital	4,922,000	4,792,000
Net Tangible Assets	4,424,000	4,327,000
Common Stock Equity	26,177,000	26,109,000
Total Capitalization	35,847,000	35,851,000
Total Equity Gross Minority Interest	27,353,000	27,291,000
Minority Interest	1,176,000	1,182,000
Stockholders Equity	26,177,000	26,109,000
Gains Losses Not Affecting Retained Earnings	-4,740,000	-4,736,000
Other Equity Adjustments	-4,740,000	-4,736,000
Treasury Stock	3,650,000	3,576,000
Retained Earnings	18,369,000	18,067,000
Capital Stock	16,198,000	16,354,000
Common Stock	16,198,000	16,354,000
Total Liabilities Net Minority Interest	27,173,000	27,577,000
Total Non Current Liabilities Net Minority Interest	12,760,000	12,856,000
Other Non Current Liabilities	1,912,000	1,991,000
Employee Benefits	474,000	479,000
Non Current Pension And Other Postretirement Benefit Plans	474,000	479,000
Non Current Deferred Liabilities	704,000	644,000
Non Current Deferred Taxes Liabilities	704,000	644,000
Long Term Debt And Capital Lease Obligation	9,670,000	9,742,000
Long Term Debt	9,670,000	9,742,000
Current Liabilities	14,413,000	14,721,000
Current Deferred Liabilities		2,264,000	2,007,000
Current Deferred Revenue		2,264,000	2,007,000
Current Debt And Capital Lease Obligation	1,938,000	1,894,000
Current Debt	1,938,000	1,894,000
Other Current Borrowings		1,894,000	1,051,000
Payables And Accrued Expenses	12,475,000	10,563,000
Current Accrued Expenses		1,586,000	1,475,000
Payables	12,475,000	8,977,000
Other Payable		2,781,000	2,663,000
Dividends Payable	457,000	443,000
Total Tax Payable	878,000	894,000
Income Tax Payable	878,000	894,000
Accounts Payable	11,140,000	4,859,000
Total Assets	54,526,000	54,868,000
Total Non Current Assets	35,191,000	35,355,000
Other Non Current Assets	3,907,000	407,000
Defined Pension Benefit		530,000	472,000
Financial Assets			14,000
Investments And Advances	1,784,000	3,580,000
Other Investments		1,797,000	2,083,000
Long Term Equity Investment	1,784,000	1,783,000
Goodwill And Other Intangible Assets	21,753,000	21,782,000
Other Intangible Assets	4,901,000	4,988,000
Goodwill	16,852,000	16,794,000
Net PPE	7,747,000	9,056,000
Accumulated Depreciation	-24,071,000	-24,151,000
Gross PPE	31,818,000	33,207,000
Other Properties		1,162,000	898,000
Machinery Furniture Equipment		26,388,000	24,748,000
Buildings And Improvements		5,289,000	4,510,000
Land And Improvements		368,000	315,000
Current Assets	19,335,000	19,513,000
Other Current Assets	1,637,000	1,580,000
Inventory	5,274,000	5,032,000
Finished Goods	1,784,000	1,685,000
Work In Process	871,000	797,000
Raw Materials	2,619,000	2,550,000
Receivables	9,037,000	8,689,000
Accounts Receivable	9,037,000	8,689,000
Allowance For Doubtful Accounts Receivable	-326,000	-335,000
Gross Accounts Receivable	9,363,000	9,024,000
Cash Cash Equivalents And Short Term Investments	3,387,000	4,212,000
Other Short Term Investments	568,000	1,176,000
Cash And Cash Equivalents	2,819,000	3,036,000
Cash Financial	2,819,000	3,036,000

Cash Flow

	2026	2025	2024
Free Cash Flow	80,000	2,405,000
Repurchase Of Capital Stock	-451,000	0
Repayment Of Debt	-735,000	-485,000
Issuance Of Debt	782,000	-660,000
Capital Expenditure	-407,000	-600,000
End Cash Position	2,819,000	3,036,000
Beginning Cash Position	3,036,000	3,014,000
Effect Of Exchange Rate Changes	-3,000	8,000
Changes In Cash	-214,000	14,000
Financing Cash Flow	-734,000	-1,721,000
Cash Flow From Continuing Financing Activities	-734,000	-1,721,000
Net Other Financing Charges	-82,000	-113,000
Proceeds From Stock Option Exercised	178,000	-1,000
Cash Dividends Paid	-426,000	-426,000
Common Stock Dividend Paid	-426,000	-426,000
Net Common Stock Issuance	-451,000	0
Common Stock Payments	-451,000	0
Net Issuance Payments Of Debt	47,000	-1,181,000
Net Short Term Debt Issuance	-3,000	-36,000
Short Term Debt Payments	-3,000
Net Long Term Debt Issuance	50,000	-1,145,000
Long Term Debt Payments	-732,000	-485,000
Long Term Debt Issuance	782,000	-660,000
Investing Cash Flow	33,000	-1,270,000
Cash Flow From Continuing Investing Activities	33,000	-1,270,000
Net Other Investing Changes		101,000	58,000
Net Investment Purchase And Sale	497,000	-728,000
Sale Of Investment	600,000	-522,000
Purchase Of Investment	-103,000	-206,000
Net Business Purchase And Sale	-57,000	-43,000
Purchase Of Business	-57,000	-43,000
Capital Expenditure Reported	-407,000	-600,000
Operating Cash Flow	487,000	3,005,000
Cash Flow From Continuing Operating Activities	487,000	3,005,000
Change In Working Capital	-1,125,000	1,228,000
Change In Other Current Liabilities	-26,000	-2,000
Change In Other Current Assets	-52,000	-60,000
Change In Payables And Accrued Expense	-485,000	660,000
Change In Payable	-485,000	660,000
Change In Account Payable	-383,000	599,000
Change In Tax Payable	-102,000	61,000
Change In Income Tax Payable	-102,000	61,000
Change In Inventory	-224,000	177,000
Change In Receivables	-338,000	453,000
Other Non Cash Items	9,000	149,000
Stock Based Compensation	101,000	75,000
Asset Impairment Charge		376,000
Deferred Tax	53,000	-190,000
Deferred Income Tax	53,000	-190,000
Depreciation Amortization Depletion	685,000	198,000
Depreciation And Amortization	685,000	198,000
Operating Gains Losses	3,000	0
Earnings Losses From Equity Investments	3,000	0
Net Income From Continuing Operations	761,000	800,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $8.5B ▲ $8.7B +2.7%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 18.9% ▼ 15.3% -3.7pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 12.6% ▼ 12.3% -0.3pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 9.4% ▼ 8.6% -0.8pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$8.7B/qtr (≈$34.9B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.34x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$80M

vs Positive

Operating Cash Flow

$487M

Latest quarter · Buffett's cash reality check

ROIC

2.1%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

2.6x

Net Assets: $27.4B

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)

2.9%

Weak — poor returns on equity

Return on Assets (ROA)

1.4%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$2.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Olivier Le Peuch

CEO & Director

Age 61

Pay: $4,058,208

0.540% of net income

Stephane Biguet

Executive VP & CFO

Age 56

Pay: $1,837,839

0.244% of net income

Abdellah Merad

Executive Vice President of Core Services & Equipment

Age 51

Pay: $1,897,794

0.252% of net income

James McDonald

Senior Vice President of Investor Relations & Industry Affairs

Age 46

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	8.84%	132,223,012
Vanguard Capital Management LLC	6.50%	97,191,687
State Street Corporation	6.05%	90,500,581
Vanguard Portfolio Management LLC	4.99%	74,609,987
Price (T.Rowe) Associates Inc	3.61%	54,028,434
Capital World Investors	3.19%	47,738,940
Charles Schwab Investment Management, Inc.	2.93%	43,775,161
Morgan Stanley	2.69%	40,159,562

Risk Analysis

Beta (Market Risk)

0.71

Low volatility — more stable than the market

Short Interest

4.2% 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: $48.09 High: $58.82

Currently at 61% of 52-week range

SLB N.V.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis