SLB
Schlumberger · Energy · Oil & Gas Equipment & Services
$54.00
52w 31.64 – 58.82
20y monthly, adjusted
Mkt cap
$80.1B
P/E
23.7
P/FCF
16.7
FCF yield
6.0%
ROE
12.9%
Shldr yield
2.0%
div 2.0% + bb 0.0%
What today's price assumes
At $80.1B, the market is pricing in 5.2% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew -2.8% per year — the price asks for acceleration beyond the historical record.
Simple DCF per-share range: $30 · $30 · $37 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 9.8× across 19 years, SLB would trade near $43/share (25th–75th percentile: $37–$51); it trades at 12.4× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+8.3%
Rev 5y
+8.6%
Rev 10y
+0.1%
EPS 5y
—
EPS 10y
+3.7%
FCF 5y
+21.3%
FCF 10y
−2.8%
Fundamentals
Fiscal 2007–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $9.0B | +5.0% | $786.0M | −22.5% | 0.52 | $1.4B |
| Q1'26 | $8.7B | +2.7% | $752.0M | −5.6% | 0.50 | $487.0M |
| Q4'25 * | $9.7B | +5.0% | $824.0M | −24.7% | 0.53 | $3.0B |
| Q3'25 | $8.9B | −2.5% | $739.0M | −37.7% | 0.50 | $1.7B |
| Q2'25 | $8.5B | −6.5% | $1.0B | −8.8% | 0.74 | $1.1B |
| Q1'25 | $8.5B | −2.5% | $797.0M | −25.4% | 0.58 | $660.0M |
| Q4'24 * | $9.3B | +3.3% | $1.1B | −1.6% | 0.77 | $2.4B |
| Q3'24 | $9.2B | +10.2% | $1.2B | +5.6% | 0.83 | $2.4B |
| Q2'24 | $9.1B | +12.8% | $1.1B | +7.6% | 0.77 | $1.4B |
| Q1'24 | $8.7B | +12.6% | $1.1B | +14.3% | 0.74 | $327.0M |
| Q4'23 * | $9.0B | +14.1% | $1.1B | +4.5% | 0.76 | $3.0B |
| Q3'23 | $8.3B | +11.1% | $1.1B | +23.8% | 0.78 | $1.7B |
| Q2'23 | $8.1B | +19.6% | $1.0B | +7.7% | 0.72 | $1.6B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +8.3% | +8.6% | +0.1% | +2.0% |
| Operating cash flow | +20.4% | +17.1% | −3.0% | +1.1% |
| Free cash flow | +31.6% | +21.3% | −2.8% | +4.2% |
| EPS (diluted) | −0.6% | +6.3% | +3.7% | −2.4% |
| Equity | +13.9% | +16.7% | −3.1% | −1.2% |
| LT debt | −2.8% | −9.5% | −3.9% | — |
| Diluted shares | 0.0% | +0.7% | +1.2% | +0.9% |
| Stock price | −0.4% | +16.4% | −1.0% | +0.0% |
$100, 3 years ago
$99vs $176 in SPY
-0.4% vs 20.7%/yr
$100, 5 years ago
$214vs $181 in SPY
16.4% vs 12.6%/yr
$100, 10 years ago
$91vs $412 in SPY
-1.0% vs 15.2%/yr
$100, 15 years ago
$100vs $813 in SPY
0.0% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$3.64
$41.3B created / $11.4B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
18.1%
OCF ÷ (equity + debt)
OCF / EV yield
7.2%
MC vs 10× OCF
1.23
≤1 = priced under 10× OCF
Debt / FCF
2.0y
SBC / FCF
6.9%
Owner earnings
$4.5B
OCF − capex − SBC
OE yield
5.6%
Share count 5y
+0.8%
per year; negative = buybacks
Growth engine (5y): reinvested 27.6% of operating cash flow at an incremental return of 45.8% — an organically fundable growth rate of about 12.6% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
17 of 22 checks pass · 77%. Checks with structurally missing inputs are excluded.
Growth & Consistency
4/6
- pass
Revenue growth
8.6% · 5y CAGR ≥ 5%
- na
EPS growth
— · 5y CAGR ≥ 5%
- pass
FCF growth
21.3% · 5y CAGR ≥ 5%
- fail
Revenue rises consistently
6 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- fail
Profitable every year
6 of 10 · net income > 0 in ≥ 8 of last 10
- pass
Cash flow keeps up with sales
17.1% vs 8.6% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
5/5
- pass
Net margin
9.4% · ≥ 8%
- na
Operating margin
— · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- pass
Return on equity
12.9% · ≥ 12%
- pass
Cash ROIC
18.1% · ≥ 12%
- pass
FCF margin
13.4% · ≥ 5%
- pass
Earnings back their cash
OCF $6.5B vs NI $3.4B · OCF ≥ net income (latest FY)
Balance Sheet
3/3
- pass
Debt payable from cash flow
2.0y · LT debt ≤ 3× FCF
- na
Cash cushion
— · cash ≥ 50% of LT debt
- pass
Leverage
0.37 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$26.1B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
2/4
- fail
Share count flat or shrinking
0.8% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
7% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
33% · dividends + buybacks ≤ 100% of FCF
- fail
Repurchases are a habit
0 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
3/4
- pass
FCF yield
6.0% · ≥ 3%
- pass
Earnings multiple
23.7 · P/E ≤ 25
- fail
Price asks less than history delivered
5.2% vs -2.8% · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
2.0% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 35,708 | — | — | 3,374 | 2.35 | 6,489 | 1,694 | 4,795 | 1,602 | — | 332 | — | 9,742 | 26,109 | 1,437 |
| 2024 | 36,289 | — | — | 4,461 | 3.11 | 6,602 | 1,931 | 4,671 | 1,533 | — | 316 | — | 11,023 | 21,130 | 1,436 |
| 2023 | 33,135 | — | 6,523 | 4,203 | 2.91 | 6,637 | 1,939 | 4,698 | 1,317 | — | 293 | — | 10,842 | 20,189 | 1,443 |
| 2022 | 28,091 | — | 5,011 | 3,441 | 2.39 | 3,720 | 1,618 | 2,102 | 848 | — | 313 | — | 10,594 | 17,685 | 1,437 |
| 2021 | 22,929 | — | 3,365 | 1,881 | 1.32 | 4,651 | 1,141 | 3,510 | 699 | — | 324 | — | 13,286 | 15,004 | 1,427 |
| 2020 | 23,601 | — | 2,401 | -10,518 | -7.57 | 2,944 | 1,116 | 1,828 | 1,734 | — | 397 | — | 16,036 | 12,071 | 1,390 |
| 2019 | 32,917 | — | 3,978 | -10,137 | -7.32 | 5,431 | 1,724 | 3,707 | 2,769 | — | 405 | — | 14,770 | 23,760 | 1,385 |
| 2018 | 32,815 | — | 4,187 | 2,138 | 1.53 | 5,713 | 2,160 | 3,553 | 2,770 | — | 345 | — | 14,644 | 36,162 | 1,393 |
| 2017 | 30,440 | — | 3,921 | -1,505 | -1.08 | 5,663 | 2,107 | 3,556 | 2,778 | — | 343 | — | 14,875 | 36,842 | 1,388 |
| 2016 | 27,810 | — | 3,273 | -1,687 | -1.24 | 6,261 | 2,055 | 4,206 | 2,647 | — | 267 | — | 16,463 | 41,078 | 1,357 |
| 2015 | 35,475 | — | 6,510 | 2,072 | 1.63 | 8,805 | 2,410 | 6,395 | 2,419 | — | 326 | — | 14,442 | 35,633 | 1,275 |
| 2014 | 48,580 | — | 10,576 | 5,438 | 4.16 | 11,195 | 3,976 | 7,219 | 1,968 | — | 329 | 3,130 | 10,565 | 37,850 | 1,308 |
| 2013 | 45,266 | — | 9,344 | 6,732 | 5.05 | 9,788 | 3,943 | 5,845 | 1,608 | — | 315 | 3,472 | 10,393 | 39,469 | 1,333 |
| 2012 | 41,731 | — | — | 5,490 | 4.10 | 6,543 | 4,694 | 1,849 | 1,432 | — | 335 | 1,905 | — | 34,751 | 1,339 |
| 2011 | 36,579 | — | — | 4,997 | 3.67 | 5,880 | 4,004 | 1,876 | 1,300 | — | 272 | 1,705 | — | 31,263 | 1,361 |
| 2010 | 26,672 | — | — | 4,267 | 3.38 | 5,509 | 2,912 | 2,597 | 1,040 | — | 198 | 1,764 | — | 31,226 | 1,263 |
| 2009 | 22,702 | — | — | 3,134 | 2.59 | 5,311 | 2,395 | 2,916 | 1,006 | — | 186 | 617 | — | 19,120 | 1,214 |
| 2008 | 27,163 | — | — | 5,435 | 4.45 | 6,899 | 3,723 | 3,176 | 964 | — | 172 | 609 | — | 16,862 | 1,224 |
| 2007 | 23,277 | — | — | 5,177 | 4.20 | 6,287 | 2,931 | 3,356 | 771 | — | 136 | 623 | — | 14,938 | 1,239 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.