SLB (SLB)
Market Price (4/11/2026): $51.98 | Market Cap: $77.8 BilSector: Energy | Industry: Oil & Gas Equipment & Services
SLB (SLB)
Market Price (4/11/2026): $51.98Market Cap: $77.8 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, Dividend Yield is 2.1%, FCF Yield is 5.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 6.5 Bil, FCF LTM is 4.5 Bil Stock buyback supportStock Buyback 3Y Total is 4.8 Bil Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and US Energy Independence. Themes include Carbon Capture & Storage, Geothermal Energy, Show more. | Trading close to highsDist 52W High is -3.0% Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -55% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 12x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.6% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52% Key risksSLB key risks include [1] substantial exposure to geopolitical instability and regulatory changes due to deriving approximately 85% of its revenue from non-U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, Dividend Yield is 2.1%, FCF Yield is 5.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 6.5 Bil, FCF LTM is 4.5 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.8 Bil |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and US Energy Independence. Themes include Carbon Capture & Storage, Geothermal Energy, Show more. |
| Trading close to highsDist 52W High is -3.0% |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -55% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 12x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.6% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52% |
| Key risksSLB key risks include [1] substantial exposure to geopolitical instability and regulatory changes due to deriving approximately 85% of its revenue from non-U.S. Show more. |
Qualitative Assessment
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SLB (SLB) stock has gained about 35% since 12/31/2025 because of the following key factors:
1. Strong Q4 2025 Financial Performance and Positive 2026 Outlook. SLB reported robust fourth-quarter 2025 results, with earnings per share (EPS) of $0.78, surpassing analyst expectations of $0.74 by 5.41%. Revenue for the quarter also exceeded forecasts, reaching $9.75 billion against an estimated $9.55 billion. This strong performance was complemented by management's optimistic financial guidance for 2026, projecting revenue between $36.9 billion and $37.7 billion and adjusted EBITDA of $8.6 billion to $9.1 billion. The company also committed to returning over $4 billion to shareholders, including a 3.5% dividend increase.
2. Strategic Expansion in Digital and Production Systems. SLB has demonstrated significant growth and made strategic advancements in its digital and production systems segments. Digital revenue surged 25% sequentially in Q4 2025, achieving a 34% pretax margin and annual recurring revenue exceeding $1 billion, a 15% increase. The company's Data Center Solutions business is targeted to reach a $1 billion annual revenue run rate by the end of 2026. Furthermore, Production Systems revenue rose 17% in Q4 2025, boosted by the integration of ChampionX, which contributed $1.46 billion in revenue in 2025 and is expected to add approximately $1.8 billion in incremental revenue in 2026. Recent strategic moves include a partnership with NVIDIA to design AI infrastructure for the energy sector and a three-year agreement with Azule Energy to expand its Delfi digital platform in Angola.
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1. Strong Q4 2025 Financial Performance and Positive 2026 Outlook. SLB reported robust fourth-quarter 2025 results, with earnings per share (EPS) of $0.78, surpassing analyst expectations of $0.74 by 5.41%. Revenue for the quarter also exceeded forecasts, reaching $9.75 billion against an estimated $9.55 billion. This strong performance was complemented by management's optimistic financial guidance for 2026, projecting revenue between $36.9 billion and $37.7 billion and adjusted EBITDA of $8.6 billion to $9.1 billion. The company also committed to returning over $4 billion to shareholders, including a 3.5% dividend increase.
2. Strategic Expansion in Digital and Production Systems. SLB has demonstrated significant growth and made strategic advancements in its digital and production systems segments. Digital revenue surged 25% sequentially in Q4 2025, achieving a 34% pretax margin and annual recurring revenue exceeding $1 billion, a 15% increase. The company's Data Center Solutions business is targeted to reach a $1 billion annual revenue run rate by the end of 2026. Furthermore, Production Systems revenue rose 17% in Q4 2025, boosted by the integration of ChampionX, which contributed $1.46 billion in revenue in 2025 and is expected to add approximately $1.8 billion in incremental revenue in 2026. Recent strategic moves include a partnership with NVIDIA to design AI infrastructure for the energy sector and a three-year agreement with Azule Energy to expand its Delfi digital platform in Angola.
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Stock Movement Drivers
Fundamental Drivers
The 36.1% change in SLB stock from 12/31/2025 to 4/10/2026 was primarily driven by a 49.5% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.16 | 51.92 | 36.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,248 | 35,709 | 1.3% |
| Net Income Margin (%) | 10.3% | 9.4% | -8.6% |
| P/E Multiple | 15.4 | 23.0 | 49.5% |
| Shares Outstanding (Mil) | 1,471 | 1,496 | -1.7% |
| Cumulative Contribution | 36.1% |
Market Drivers
12/31/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| SLB | 36.1% | |
| Market (SPY) | -5.4% | 43.3% |
| Sector (XLE) | 27.4% | 50.5% |
Fundamental Drivers
The 53.2% change in SLB stock from 9/30/2025 to 4/10/2026 was primarily driven by a 105.5% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.90 | 51.92 | 53.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,479 | 35,709 | 0.6% |
| Net Income Margin (%) | 11.5% | 9.4% | -18.1% |
| P/E Multiple | 11.2 | 23.0 | 105.5% |
| Shares Outstanding (Mil) | 1,352 | 1,496 | -9.6% |
| Cumulative Contribution | 53.2% |
Market Drivers
9/30/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| SLB | 53.2% | |
| Market (SPY) | -2.9% | 38.2% |
| Sector (XLE) | 28.6% | 59.5% |
Fundamental Drivers
The 28.0% change in SLB stock from 3/31/2025 to 4/10/2026 was primarily driven by a 79.7% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.56 | 51.92 | 28.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36,289 | 35,709 | -1.6% |
| Net Income Margin (%) | 12.3% | 9.4% | -23.1% |
| P/E Multiple | 12.8 | 23.0 | 79.7% |
| Shares Outstanding (Mil) | 1,409 | 1,496 | -5.8% |
| Cumulative Contribution | 28.0% |
Market Drivers
3/31/2025 to 4/10/2026| Return | Correlation | |
|---|---|---|
| SLB | 28.0% | |
| Market (SPY) | 16.3% | 56.8% |
| Sector (XLE) | 25.0% | 76.9% |
Fundamental Drivers
The 14.1% change in SLB stock from 3/31/2023 to 4/10/2026 was primarily driven by a 27.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4102026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.49 | 51.92 | 14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,090 | 35,709 | 27.1% |
| Net Income Margin (%) | 12.2% | 9.4% | -22.8% |
| P/E Multiple | 18.8 | 23.0 | 22.4% |
| Shares Outstanding (Mil) | 1,422 | 1,496 | -4.9% |
| Cumulative Contribution | 14.1% |
Market Drivers
3/31/2023 to 4/10/2026| Return | Correlation | |
|---|---|---|
| SLB | 14.1% | |
| Market (SPY) | 63.3% | 45.3% |
| Sector (XLE) | 50.6% | 76.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SLB Return | 40% | 81% | -1% | -24% | 3% | 38% | 171% |
| Peers Return | 1% | 52% | 15% | 4% | 17% | 73% | 273% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| SLB Win Rate | 58% | 67% | 50% | 33% | 67% | 100% | |
| Peers Win Rate | 37% | 52% | 40% | 38% | 55% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SLB Max Drawdown | -0% | 0% | -20% | -27% | -16% | 0% | |
| Peers Max Drawdown | -14% | -4% | -15% | -16% | -17% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BKR, HAL, FTI, NOV, HMH. See SLB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/10/2026 (YTD)
How Low Can It Go
| Event | SLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -36.8% | -25.4% |
| % Gain to Breakeven | 58.2% | 34.1% |
| Time to Breakeven | 99 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -70.5% | -33.9% |
| % Gain to Breakeven | 238.8% | 51.3% |
| Time to Breakeven | 700 days | 148 days |
| 2018 Correction | ||
| % Loss | -64.9% | -19.8% |
| % Gain to Breakeven | 184.9% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -68.6% | -56.8% |
| % Gain to Breakeven | 218.5% | 131.3% |
| Time to Breakeven | 1,948 days | 1,480 days |
Compare to BKR, HAL, FTI, NOV, HMH
In The Past
SLB's stock fell -36.8% during the 2022 Inflation Shock from a high on 6/8/2022. A -36.8% loss requires a 58.2% gain to breakeven.
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About SLB (SLB)
Schlumberger Limited provides technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. It offers software, information management, and IT infrastructure services; consulting services for reservoir characterization, field development planning, and production enhancement; petro technical data services and training solutions; reservoir interpretation and data processing services; asset performance solutions; open and cased-hole services; exploration and production pressure and flow-rate measurement services; pressure pumping, well stimulation, and coiled tubing equipment for downhole mechanical well intervention, reservoir monitoring, and downhole data acquisition; and integrated production systems. The company also provides mud logging and engineering support services; drilling equipment and services for shipyards, drilling contractors, energy companies, and rental tool companies; land drilling rigs and related services; drilling tools; well cementing products and services; and well planning and drilling, engineering, supervision, logistics, procurement, contracting, and drilling rig management services, as well as supplies engineered drilling fluid systems; and designs, manufactures, and markets roller cone and fixed cutter drill bits. In addition, it offers well completion services and equipment; artificial lift production equipment and optimization services; valves; process systems; and integrated subsea production systems comprising wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors, and services, as well as designs and manufactures onshore and offshore platform wellhead systems and processing solutions. The company was formerly known as Socie´te´ de Prospection E´lectrique. Schlumberger Limited was founded in 1926 and is based in Houston, Texas.
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Here are 1-2 brief analogies for SLB:
- The General Electric for the oil and gas industry.
- The Siemens or Honeywell of the energy sector.
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SLB (Schlumberger Limited) provides a comprehensive range of products and services for the energy industry worldwide:
- Digital Solutions: Offers software, information management, and IT infrastructure services for optimizing energy operations and data analysis.
- Consulting Services: Provides expert advice for reservoir characterization, field development planning, and production enhancement.
- Well Logging & Testing: Delivers open and cased-hole services for reservoir evaluation, including pressure and flow-rate measurement.
- Well Stimulation & Intervention: Supplies services and equipment for pressure pumping, well stimulation, and coiled tubing operations to improve well productivity.
- Drilling Services & Equipment: Provides drilling rigs, tools, engineered drilling fluid systems, drill bits, well cementing, and comprehensive drilling management services.
- Well Completion Services: Offers services and equipment necessary to prepare a well for production after drilling.
- Artificial Lift Systems: Designs and supplies equipment and optimization services to enhance oil and gas recovery from wells.
- Subsea & Platform Production Systems: Manufactures and services integrated systems for subsea and onshore/offshore platform production, including wellheads, trees, and processing solutions.
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SLB (Schlumberger Limited) sells its technology and services primarily to other companies in the energy industry, specifically those involved in oil and gas exploration, development, and production. Due to the diverse and global nature of its operations, SLB typically serves a vast number of clients and does not publicly disclose individual major customers that account for a significant portion of its revenue. Instead, its customer base can be broadly categorized into the following types of companies:
-
International Oil Companies (IOCs) / Supermajors: These are large, multinational, publicly traded companies involved in all aspects of the oil and gas industry, from exploration to refining and marketing.
- Examples: ExxonMobil (XOM), Chevron (CVX), Shell plc (SHEL), BP p.l.c. (BP), TotalEnergies SE (TTE)
-
National Oil Companies (NOCs): These are state-owned or state-controlled entities responsible for managing a nation's oil and gas resources. While many are not publicly traded, some operate as public companies or have publicly traded subsidiaries.
- Examples: Petrobras (PBR), Equinor ASA (EQNR) (though state-controlled)
- Independent Oil and Gas Companies: These are typically smaller to mid-sized companies focused primarily on exploration and production, often in specific geographic regions. They can be publicly traded or privately held.
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Olivier Le Peuch, Chief Executive Officer
Olivier Le Peuch has been the chief executive officer of SLB since August 2019. He joined Schlumberger in 1987 as an electrical engineer. Throughout his tenure, he has held various global management positions, including chief operating officer, executive vice president of Reservoir & Infrastructure, president of the Cameron Group, president of Schlumberger Completions, vice president of Engineering, Manufacturing, and Sustaining, and president of Schlumberger Information Solutions.
Stephane Biguet, Executive Vice President and Chief Financial Officer
Stephane Biguet was appointed Executive Vice President and Chief Financial Officer, effective January 22, 2020. He began his career with Schlumberger in 1995 and has held various senior roles in finance and operations across Europe, North America, and Latin America. His previous positions include vice president of finance, vice president Treasurer, controller, and vice president Global Shared Services.
Demosthenis Pafitis, Chief Technology Officer
Demosthenis Pafitis assumed the role of Chief Technology Officer in February 2020. He started his career with SLB in 1991, working initially in research and engineering in the UK and US. His background includes various research management positions, serving as vice president of engineering for oilfield services, and GeoMarket manager for Brunei, Malaysia, and the Philippines. In his current role, he is responsible for SLB’s new technology development, digital technology development, and manufacturing groups.
Dianne Ralston, Chief Legal Officer
Dianne Ralston has served as the Chief Legal Officer of SLB since December 2020. Before joining SLB, she was the executive vice president, chief legal officer, and secretary of TechnipFMC, and held similar roles at FMC Technologies from 2015 to 2017.
Abdellah Merad, Executive Vice President, Core Services and Equipment
Abdellah Merad has been the Executive Vice President, Core Services and Equipment, since April 2022. His previous roles at SLB include executive vice president Performance Management, president of NAL Production, president of the Production Group, vice president controller of Operations, vice president of the Shared Services Organization, and GeoMarket manager for North Africa.
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The key risks to SLB's business are:1. Geopolitical and Market Volatility
SLB's substantial reliance on international operations, particularly in the Middle East, makes it highly susceptible to geopolitical instability, regional disruptions, and fluctuations in global oil and gas prices. For instance, non-U.S. operations accounted for approximately 82% of its consolidated revenue in 2025, 85% in 2024, and 84% in 2023. Recent geopolitical events, such as disruptions in the Red Sea and Strait of Hormuz, have led to increased logistics costs and insurance premiums and have already impacted SLB's operations, resulting in a negative pre-announcement for the first quarter of 2026 due to operational disruptions and project recalibrations in the Middle East. Global economic uncertainty and oversupplied oil markets also translate into constrained upstream investment by customers, directly affecting SLB's revenue.2. Energy Transition and Regulatory Risks
The global shift towards alternative energy sources and increasingly stringent environmental, social, and governance (ESG) regulations pose a significant threat to SLB's traditional oilfield services business. Stricter environmental regulations in regions like Europe and North America could accelerate the decline in demand for conventional oil services before SLB's "New Energy" segment is fully scaled to replace this income. Additionally, the increasing focus on climate change and greenhouse gas emissions could lead to regulations that diminish demand for SLB's core services and impact the company's access to capital, potentially affecting its long-term growth. The shift from oil to gas by major national oil companies (NOCs) also presents a margin risk due to different service intensities.3. Operational and Compliance Risks
SLB faces inherent operational risks, including potential disruptions to its supply chain and increased operational costs. Current geopolitical events, for example, have increased logistics costs and insurance premiums, which can be difficult to immediately pass on to customers. Furthermore, the company is exposed to legal and regulatory compliance risks, including adherence to anti-corruption, anti-bribery laws, and trade and economic sanctions laws and regulations. Historically, SLB has faced penalties for sanctions violations, highlighting the ongoing nature of these compliance challenges. The highly competitive energy services industry also necessitates continuous investment in technological innovation, service quality, and price differentiation, creating ongoing competitive pressure.AI Analysis | Feedback
The accelerated global transition to renewable energy sources and away from fossil fuels.
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For SLB (Schlumberger Limited), the addressable markets for its main products and services are sized globally and by region as follows:
Digital & Integration
- The global digital oilfield market was valued at approximately USD 34.74 billion in 2025. North America held the largest share of this market, with a valuation of USD 10.36 billion in 2025.
- The global Exploration & Production (E&P) software market is projected to be valued at USD 14.5 billion in 2026. North America leads this market, holding over a 36% share in 2026.
Well Construction
- The global drilling services market was valued at USD 17.82 billion in 2025. North America dominated the global market with a share of 26.48% in 2025, valued at USD 4.72 billion. Another estimate places the global drilling services market at USD 89.98 billion in 2025.
- The global drilling fluid market was valued at approximately USD 9.85 billion in 2025. North America was the top performer in this market, holding 34.3% of the market share in 2024.
- The global drill bit market was valued at USD 2.57 billion in 2025. North America led the drill bit industry with a 41% share in 2024. Another source estimates the global drill bit market at USD 17.8 billion in 2025.
- The global oil & gas well cementing services market was estimated at around USD 8.6 billion in 2025. North America remains the leading region, taking 42% of the regional share, and generating nearly USD 3.8 billion in 2025.
Reservoir Performance and Production Systems
- The global well completion equipment service market was valued at USD 25.61 billion in 2025. North America dominated this market with a share of 34.71% in 2025, with the U.S. market reaching USD 6.78 billion in 2025. Another source estimates the global well completion equipment and services market size at approximately USD 11.75 billion in 2024.
- The global artificial lift system market was valued at USD 13.9 billion in 2024. North America dominated the global artificial lift systems market with the largest market share of 37% in 2024.
- The global subsea production and processing systems market was valued at USD 23.72 billion in 2025. Another source estimates the global subsea system market size at USD 22.06 billion in 2025. North America led with a 34.7% subsea system market share in 2025.
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Expected Drivers of Future Revenue Growth for SLB over the Next 2-3 Years
- Strategic Acquisition of ChampionX: SLB's acquisition of ChampionX, completed in July 2025, is a significant driver of future revenue growth. This acquisition is expected to add approximately $1.8 billion in incremental revenue in 2026 due to full-year consolidation. It expands SLB's capabilities in production chemicals and artificial lift, allowing the company to capture recurring production expenditure and enhance cross-selling opportunities within its Production Systems and Digital divisions. The integration of ChampionX also bolsters SLB's exposure to the less cyclical production and recovery market.
- Expansion of Digital & Integration Solutions, including AI and Data Center Solutions: The Digital & Integration segment is a high-margin growth area for SLB. The company reported 20% year-over-year growth in Digital & Integration revenue in Q4 2025. Digital annual recurring revenue (ARR) surpassed $1 billion, increasing 15% year-on-year. SLB is leveraging artificial intelligence (AI) and cloud-based platforms like Delfi and Lumi to optimize oilfield operations, with over 100 customers utilizing their digital solutions at scale. Furthermore, the Data Center Solutions business is rapidly expanding, growing 121% year-on-year in Q4 2025 and is projected to be the fastest-growing business, aiming for a quarterly revenue run rate of $1 billion per year.
- Robust International Activity and Long-Cycle Offshore Projects: SLB anticipates continued strong international activity, particularly in the Middle East and offshore markets. International revenue grew 12% year-over-year in Q4 2025. National Oil Companies (NOCs) are investing in capacity expansion, contributing to strong project sanctioning activity across regions such as Saudi Arabia, UAE, Qatar, Iraq, Brazil, and West Africa. The OneSubsea joint venture is also securing large subsea production systems, providing multi-year backlog visibility through 2025–2027 and aligning with anticipated operator Final Investment Decisions (FIDs). Analysts also expect a "multi-year deepwater boom" to commence in late 2026.
- Growth in New Energy Ventures: SLB is actively diversifying its revenue streams by investing in new energy adjacencies, which are projected to exceed $1 billion in revenue by the end of 2025. These ventures include Carbon Capture, Utilization, and Storage (CCUS), geothermal energy, and critical minerals. The company is engaged in partnerships, pilots for closed-loop geothermal and lithium direct extraction, and the development of high-efficiency electrolyzers for green hydrogen production, aiming to capitalize on the energy transition.
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Share Repurchases- SLB committed to returning at least $4 billion to shareholders in 2025 through dividends and share repurchases, following $3 billion in 2024.
- In January 2025, SLB entered into accelerated share repurchase transactions totaling $2.3 billion, with 56.8 million shares received by April 2025.
- SLB plans to repurchase approximately $2.4 billion in 2026, targeting the same amount as 2025, having resumed repurchases in the first quarter of 2023 after no repurchases in 2021 and most of 2022.
- In 2025, SLB issued 141 million shares of its common stock, valued at $4.9 billion, in connection with the all-stock acquisition of ChampionX Corporation.
- A registration statement on Form S-8 was filed on July 1, 2025, for up to 24,000,000 shares of common stock to be offered pursuant to the SLB Discounted Stock Purchase Plan.
- SLB acquired ChampionX Corporation in an all-stock transaction valued at approximately $7.75 billion, announced in April 2024 and completed in July 2025, to enhance its portfolio in production chemicals and digital offerings.
- The company is investing in new energy ventures, including carbon capture, sustainable lithium production, hydrogen, geothermal, energy storage, and critical minerals, allocating capital to 55 high-impact sustainability projects in 2023.
- SLB planned to invest $1.5 billion in digital technology for 2024 and invested $731 million in R&D for the twelve months ending June 30, 2025, focusing on AI, cloud computing, and data analytics.
- SLB's capital expenditures for fiscal years ending December 2021 to 2025 averaged $2.16 billion, peaking at $2.446 billion in 2023 and reaching a 5-year low of $1.615 billion in 2021.
- Capital investment for the full-year 2025 was $2.4 billion, and for 2024, it was $2.6 billion. Expected capital investment for 2026 is approximately $2.5 billion.
- The primary focus of capital expenditures includes maintaining existing assets, expanding property, plant, and equipment, and supporting digital transformation, AI initiatives, and New Energy adjacencies.
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| 10102025 | SLB | SLB | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 64.3% | 64.3% | 0.0% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 44.76 |
| Mkt Cap | 31.6 |
| Rev LTM | 16,058 |
| Op Inc LTM | 2,242 |
| FCF LTM | 1,560 |
| FCF 3Y Avg | 2,058 |
| CFO LTM | 2,345 |
| CFO 3Y Avg | 3,401 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.5% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Mgn LTM | 13.8% |
| Op Mgn 3Y Avg | 11.8% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 12.6% |
| FCF/Rev LTM | 9.6% |
| FCF/Rev 3Y Avg | 9.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.6 |
| P/S | 2.2 |
| P/EBIT | 16.0 |
| P/E | 24.6 |
| P/CFO | 12.0 |
| Total Yield | 5.6% |
| Dividend Yield | 1.8% |
| FCF Yield 3Y Avg | 7.4% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.2% |
| 3M Rtn | 21.0% |
| 6M Rtn | 69.5% |
| 12M Rtn | 83.1% |
| 3Y Rtn | 75.1% |
| 1M Excs Rtn | 6.6% |
| 3M Excs Rtn | 23.1% |
| 6M Excs Rtn | 56.0% |
| 12M Excs Rtn | 55.0% |
| 3Y Excs Rtn | 9.4% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Goodwill and intangibles | 17,605 | 17,323 | 15,974 | 16,201 | 16,436 |
| All other assets | 10,554 | 4,944 | 4,463 | 5,215 | 5,535 |
| Production Systems | 7,116 | 6,640 | 5,603 | 4,684 | 4,665 |
| Well Construction | 6,741 | 7,129 | 6,481 | 4,714 | 4,768 |
| Reservoir Performance | 3,802 | 3,491 | 3,159 | 2,923 | 3,489 |
| Digital & Integration | 3,117 | 3,089 | 3,132 | 3,134 | 3,595 |
| Cash and short term investments | 3,989 | 2,897 | 3,139 | 3,006 | |
| Eliminations & other | 1,352 | 1,426 | 1,501 | 940 | |
| Total | 48,935 | 47,957 | 43,135 | 41,511 | 42,434 |
Price Behavior
Price Behavior
| Market Price | $51.92 | |
| Market Cap ($ Bil) | 77.7 | |
| First Trading Date | 12/31/1981 | |
| Distance from 52W High | -3.0% | |
| 50 Days | 200 Days | |
| DMA Price | $49.61 | $39.60 |
| DMA Trend | up | up |
| Distance from DMA | 4.7% | 31.1% |
| 3M | 1YR | |
| Volatility | 37.8% | 33.6% |
| Downside Capture | 0.16 | 0.26 |
| Upside Capture | 154.45 | 95.60 |
| Correlation (SPY) | 40.4% | 38.3% |
SLB Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.83 | 1.29 | 1.44 | 1.09 | 1.19 | 0.99 |
| Up Beta | 1.58 | 1.49 | 1.68 | 0.97 | 1.12 | 1.06 |
| Down Beta | 3.14 | 2.88 | 2.06 | 1.62 | 1.65 | 1.33 |
| Up Capture | 236% | 127% | 251% | 167% | 96% | 42% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 19 | 31 | 64 | 121 | 377 |
| Down Capture | 80% | 29% | 12% | 40% | 89% | 93% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 23 | 32 | 61 | 129 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLB | |
|---|---|---|---|---|
| SLB | 67.8% | 37.0% | 1.46 | - |
| Sector ETF (XLE) | 53.0% | 22.2% | 1.83 | 73.5% |
| Equity (SPY) | 31.2% | 17.3% | 1.47 | 49.7% |
| Gold (GLD) | 60.1% | 27.8% | 1.69 | 12.8% |
| Commodities (DBC) | 29.8% | 16.6% | 1.58 | 48.5% |
| Real Estate (VNQ) | 21.3% | 15.2% | 1.07 | 38.5% |
| Bitcoin (BTCUSD) | -5.7% | 43.7% | -0.01 | 23.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLB | |
|---|---|---|---|---|
| SLB | 16.0% | 38.1% | 0.49 | - |
| Sector ETF (XLE) | 22.6% | 26.1% | 0.78 | 82.0% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 38.7% |
| Gold (GLD) | 22.1% | 17.8% | 1.02 | 14.3% |
| Commodities (DBC) | 11.8% | 18.8% | 0.52 | 55.0% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 27.4% |
| Bitcoin (BTCUSD) | 4.0% | 56.5% | 0.29 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLB | |
|---|---|---|---|---|
| SLB | -0.3% | 40.3% | 0.13 | - |
| Sector ETF (XLE) | 10.8% | 29.5% | 0.40 | 86.0% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 50.7% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | 6.9% |
| Commodities (DBC) | 8.6% | 17.6% | 0.41 | 55.6% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.22 | 38.5% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.07 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/23/2026 | -0.3% | -1.8% | 4.5% |
| 10/17/2025 | -0.9% | 9.4% | 12.2% |
| 7/18/2025 | -3.9% | 1.6% | -4.8% |
| 4/25/2025 | -1.2% | -3.4% | -3.6% |
| 1/17/2025 | 6.1% | 2.8% | 4.5% |
| 10/18/2024 | -4.7% | -6.2% | -1.8% |
| 7/19/2024 | 1.9% | -1.0% | -8.1% |
| 4/19/2024 | -2.1% | -2.9% | -4.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 2.2% | 6.2% | 9.6% |
| Median Negative | -2.1% | -3.4% | -5.4% |
| Max Positive | 10.3% | 17.6% | 26.5% |
| Max Negative | -8.8% | -7.7% | -12.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 01/23/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 01/22/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 01/24/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 01/25/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Investment | 2.50 Bil | 4.2% | Raised | Guidance: 2.40 Bil for 2025 | |||
| 2026 Shareholder Returns | 4.00 Bil | ||||||
Prior: Q3 2025 Earnings Reported 10/17/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Capital Investment | 2.40 Bil | 0 | Affirmed | Guidance: 2.40 Bil for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Coleman, Peter John | Direct | Sell | 12022025 | 35.82 | 5,500 | 197,010 | 668,795 | Form | |
| 2 | Biguet, Stephane | EVP & CFO | Direct | Sell | 11142025 | 36.75 | 38,447 | 1,412,927 | 6,456,608 | Form |
| 3 | Merad, Abdellah | EVP, Core Services & Equipment | Direct | Sell | 11122025 | 37.69 | 60,000 | 2,261,400 | 6,006,693 | Form |
| 4 | Ralston, Dianne B | Chief Legal Officer & Sec | Direct | Sell | 9122025 | 36.08 | 39,727 | 1,433,350 | 7,295,412 | Form |
| 5 | De, La Chevardiere Patrick | Direct | Sell | 5272025 | 33.58 | 5,000 | 167,900 | 789,970 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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