# Schlumberger NV (SLB.US)

Canonical: https://gigainvestors.com/s/SLB

Analysis as of: 2026-10-16T07:31:56.482Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $48.37 per share; close as of 2026-10-15.

Estimated value: low $35.18 per share, central $39.72 per share, high $45.76 per share. Buy at or below the central value $39.72 per share. Valuation as of 2026-10-16T07:31:56.482Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: -0.02×

- FY2020: 0.07×

- FY2021: 0.12×

- FY2022: 0.15×

- FY2023: 0.17×

- FY2024: 0.17×

- FY2025: 0.15×

- LTM to Jun 2026: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 14.0%

- ROIC, second-lowest year: 6.8%

- Typical minus recent gross margin: -3.6 pp

- Typical gross margin (annual median): 14.6%

- Recent gross margin (lower of latest and 3-year median): 18.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.0%

- ROIC including acquisitions, ten-year median: 8.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.8%

- FY2017: 8.5%

- FY2018: 10.8%

- FY2019: -1.9%

- FY2020: 10.1%

- FY2021: 17.2%

- FY2022: 24.2%

- FY2023: 31.6%

- FY2024: 36.6%

- FY2025: 25.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $18B

- Net income, five-year total: $17B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.6 pp

- Working capital / revenue, final three-year average: 23.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.50×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.5% vs 31.6%

- Per-share earnings: -1.08 to 2.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: -$59B

- Cumulative retained earnings: -$18B

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $4.00

- Per-share value, starting three-year median: -$1.08

- Per-share value, ending three-year median: $2.91

- Buybacks concentrated in cheaper years (correlation): 0.83

- Average buyback yield: 1.4%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $20B

- Cumulative net income, 10 years: -$4.3B

- ROIC, first three-year median: 8.5%

- ROIC, last three-year median: 31.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.24

- FY2017: -$1.08

- FY2018: $1.53

- FY2019: -$7.30

- FY2020: -$7.54

- FY2021: $1.32

- FY2022: $2.39

- FY2023: $2.91

- FY2024: $3.11

- FY2025: $2.33

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.94×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.2%

- FY2017: -10.0%

- FY2018: -5.1%

- FY2019: -27.6%

- FY2020: -31.6%

- FY2021: -6.7%

- FY2022: -0.6%

- FY2023: -5.1%

- FY2024: -4.4%

- FY2025: -5.7%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 13% since Oct 2023 · "SLB Eyes 31% Profit Drop as Iran Conflict Tests Oilfield Services" (finance.yahoo.com, Jul 2026) · sales +1.8%

Story as of 2026-10-16T09:59:35.392Z; price observation 2026-10-15.

Price needs cash profits to grow 3.5% a year for ten years

- 2025-04-25: SLB Earnings Miss Estimates. The Stock Is Falling. ([finance.yahoo.com](https://finance.yahoo.com/m/4d407eee-7e83-32a8-9b1b-30dd03d8d72f/slb-earnings-miss-estimates..html))

- 2025-08-25: Schlumberger (SLB): Assessing Valuation Pressures After Oil Price Drop and Earnings Forecast Cuts ([finance.yahoo.com](https://finance.yahoo.com/news/schlumberger-slb-assessing-valuation-pressures-101629812.html))

- 2026-01-23: SLB Q4 Earnings Beat on Digital Segment Growth, Revenues Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/slb-q4-earnings-beat-digital-174900968.html))

- 2026-04-26: SLB Q1 Deep Dive: Middle East Disruption Offsets Growth in Digital and Production Systems ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/slb-q1-deep-dive-middle-162616981.html))

- 2026-07-24: SLB Stock Rises on Earnings Beat as Strong Activity Offsets Middle East Disruption ([finance.yahoo.com](https://finance.yahoo.com/m/eb617c45-5559-3edc-89f6-34df2b363a9b/slb-stock-rises-on-earnings.html))

- 2026-08-31: SLB to Strengthen Data Center Business with $4.1 Billion Acquisition of Kelvion From Apollo ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/slb-strengthen-data-center-business-154122615.html))

### Sales · FY2025–2026

sales +1.8%; source https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm; observed 2026-01-23.

- FY2017: $30B 

- FY2018: $33B 

- FY2019: $33B 

- FY2020: $24B 

- FY2021: $23B 

- FY2022: $28B 

- FY2023: $33B 

- FY2024: $36B 

- FY2025: $36B 

- FY2026: $36B 

### Gross margin · FY2025

gross margin 18.2%; source https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm; observed 2026-01-23.

- FY2016: 13.3% 

- FY2017: 12.8% 

- FY2018: 13.2% 

- FY2019: 12.8% 

- FY2020: 11.0% 

- FY2021: 16.0% 

- FY2022: 18.4% 

- FY2023: 19.8% 

- FY2024: 20.6% 

- FY2025: 18.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 35.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm (filed 2026-01-23); FY2025: revenue 35709000000; grossProfit 6504000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SLB.US: 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.

### Why customers stay

Margins ranged from 18.2% to 20.6% during 2023–25; it earns 14% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); FY2023: grossProfit / revenue = 19.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); FY2024: grossProfit / revenue = 20.6%.

- Source: https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm (filed 2026-01-23); FY2025: grossProfit / revenue = 18.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); 10-year return on capital observations [[2016,0.06825537868189209],[2017,0.0851904646855118],[2018,0.10803555210235839],[2019,-0.018835692012473017],[2020,0.1008588389484234],[2021,0.1718089813840193],[2022,0.24181597049287343],[2023,0.3160733965203379],[2024,0.36630135951096204],[2025,0.25377389214149143]]; median 0.13992226674318883. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); FY2018: growth capex 0; upkeep 2260000000; owner earnings 3434000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); FY2021: growth capex 0; upkeep 1180000000; owner earnings 2821000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); FY2022: growth capex 46000000; upkeep 1669000000; owner earnings 3441000000. Growth capex / owner earnings = 0.013368206916594013.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); FY2023: growth capex 333000000; upkeep 1759000000; owner earnings 4203000000. Growth capex / owner earnings = 0.07922912205567452.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); FY2024: growth capex 244000000; upkeep 1885000000; owner earnings 4461000000. Growth capex / owner earnings = 0.05469625644474333.

- Source: https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm (filed 2026-01-23); FY2025: growth capex 0; upkeep 1946000000; owner earnings 3513000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); Dividend observations: [[2016,2647000000],[2017,2778000000],[2018,2770000000],[2019,2769000000],[2020,1734000000],[2021,699000000],[2022,848000000],[2023,1317000000],[2024,1533000000],[2025,1602000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm (filed 2026-01-23); FY2025: cash repurchases 2414000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SLB.US SharesStats.PercentInsiders = 0.216 percentage points; cache date 2026-10-16.

### What could break it

"We could be subject to substantial liability claims" (SEC filing, Jan 2026)

- Source: https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm (filed 2026-01-23); We could be subject to substantial liability claims

### What the price says

The price assumes cash profits grow 3.5% yearly over ten years; actual decline was 0.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-23); Ten-year compound average after fade. Initial solved rate 0.03711440477898498. Price 48.37; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.552156862745098 → FY2025 2.4446764091858038. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $78.23 per share

- 2016-11: $84.05 per share

- 2016-12: $83.95 per share

- 2017-01: $83.71 per share

- 2017-02: $80.36 per share

- 2017-03: $78.10 per share

- 2017-04: $72.59 per share

- 2017-05: $69.59 per share

- 2017-06: $65.84 per share

- 2017-07: $68.60 per share

- 2017-08: $63.51 per share

- 2017-09: $69.76 per share

- 2017-10: $64.00 per share

- 2017-11: $62.85 per share

- 2017-12: $67.39 per share

- 2018-01: $73.58 per share

- 2018-02: $65.64 per share

- 2018-03: $64.78 per share

- 2018-04: $68.56 per share

- 2018-05: $68.67 per share

- 2018-06: $67.03 per share

- 2018-07: $67.52 per share

- 2018-08: $63.16 per share

- 2018-09: $60.92 per share

- 2018-10: $51.31 per share

- 2018-11: $45.10 per share

- 2018-12: $36.08 per share

- 2019-01: $44.21 per share

- 2019-02: $44.06 per share

- 2019-03: $43.57 per share

- 2019-04: $42.68 per share

- 2019-05: $34.69 per share

- 2019-06: $39.74 per share

- 2019-07: $39.97 per share

- 2019-08: $32.43 per share

- 2019-09: $34.17 per share

- 2019-10: $32.69 per share

- 2019-11: $36.20 per share

- 2019-12: $40.20 per share

- 2020-01: $33.51 per share

- 2020-02: $27.09 per share

- 2020-03: $13.49 per share

- 2020-04: $16.82 per share

- 2020-05: $18.47 per share

- 2020-06: $18.39 per share

- 2020-07: $18.14 per share

- 2020-08: $19.01 per share

- 2020-09: $15.56 per share

- 2020-10: $14.94 per share

- 2020-11: $20.79 per share

- 2020-12: $21.83 per share

- 2021-01: $22.21 per share

- 2021-02: $27.91 per share

- 2021-03: $27.19 per share

- 2021-04: $27.05 per share

- 2021-05: $31.33 per share

- 2021-06: $32.01 per share

- 2021-07: $28.83 per share

- 2021-08: $28.04 per share

- 2021-09: $29.64 per share

- 2021-10: $32.26 per share

- 2021-11: $28.68 per share

- 2021-12: $29.95 per share

- 2022-01: $39.07 per share

- 2022-02: $39.24 per share

- 2022-03: $41.31 per share

- 2022-04: $39.01 per share

- 2022-05: $45.96 per share

- 2022-06: $35.76 per share

- 2022-07: $37.03 per share

- 2022-08: $38.15 per share

- 2022-09: $35.90 per share

- 2022-10: $52.03 per share

- 2022-11: $51.55 per share

- 2022-12: $53.46 per share

- 2023-01: $56.98 per share

- 2023-02: $53.21 per share

- 2023-03: $49.10 per share

- 2023-04: $49.35 per share

- 2023-05: $42.83 per share

- 2023-06: $49.12 per share

- 2023-07: $58.34 per share

- 2023-08: $58.96 per share

- 2023-09: $58.30 per share

- 2023-10: $55.66 per share

- 2023-11: $52.04 per share

- 2023-12: $52.04 per share

- 2024-01: $48.70 per share

- 2024-02: $48.33 per share

- 2024-03: $54.81 per share

- 2024-04: $47.48 per share

- 2024-05: $45.89 per share

- 2024-06: $47.18 per share

- 2024-07: $48.29 per share

- 2024-08: $43.99 per share

- 2024-09: $41.95 per share

- 2024-10: $40.07 per share

- 2024-11: $43.94 per share

- 2024-12: $38.34 per share

- 2025-01: $40.28 per share

- 2025-02: $41.66 per share

- 2025-03: $41.80 per share

- 2025-04: $33.25 per share

- 2025-05: $33.05 per share

- 2025-06: $33.80 per share

- 2025-07: $33.80 per share

- 2025-08: $36.84 per share

- 2025-09: $34.37 per share

- 2025-10: $36.06 per share

- 2025-11: $36.24 per share

- 2025-12: $38.38 per share

- 2026-01: $48.38 per share

- 2026-02: $51.34 per share

- 2026-03: $51.39 per share

- 2026-04: $56.88 per share

- 2026-05: $54.55 per share

- 2026-06: $46.49 per share

- 2026-07: $49.59 per share

- 2026-08: $60.10 per share

- 2026-09: $48.72 per share

- 2026-10: $48.77 per share

## Annual estimated value (USD per share)

- FY2016: low $31.49 per share, central $34.94 per share, high $39.55 per share

- FY2017: low $25.22 per share, central $28.25 per share, high $32.28 per share

- FY2018: low $25.14 per share, central $28.40 per share, high $32.73 per share

- FY2022: low $23.98 per share, central $27.07 per share, high $31.17 per share

- FY2023: low $33.05 per share, central $37.29 per share, high $42.93 per share

- FY2024: low $36.70 per share, central $41.38 per share, high $47.62 per share

- FY2025: low $35.82 per share, central $40.43 per share, high $46.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:41.675Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/87347/000119312526021017/slb-20251231.htm); period 2025-12-31, filed 2026-01-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.