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SLB N.V.
S&P 500
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$79.6B
Market Cap
16.3
P/E
13.07
PEG
13.8%
ROCE
13.9%
ROE
0.46
D/E
15.8%
OPM
-6.2%
% from 52W High
82
α RS
🔍 SLB is showing a high-conviction setup because it matches 5 of 39 tracked screener presets, Sector RRG has Energy in the Leading quadrant with the trail still strengthening, and RS Rating is 82. Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 5/39 · Energy in Leading quadrant · RS Rating 82
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🌏 Global Investor Returns
Currency-adjusted total returns for SLB including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

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.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$8.97B
+5% YoY
Pretax Segment Operating Income
$1.40B
-11% YoY
Pretax Segment Operating Margin
15.6%
-2.9pp YoY
Net Income
$786M
-22% YoY
What Went Right
  • Broad-based international growth: international revenue $6.67B, up 3% sequentially, with strong offshore activity in Latin America, Europe/Africa and Asia.
  • Data center solutions revenue grew 33% sequentially and 80% year-over-year; backlog now supports >$2B annualized exit rate by end-2027.
  • Production Systems revenue rose 7% sequentially to $3.77B, with adjusted EBITDA margin up 109bps to 19.6%; Digital adjusted EBITDA margin hit 34.7%.
What to Watch
  • Middle East revenue fell 13% sequentially to $1.66B, with Iraq still constrained by security challenges and full recovery expected to take time.
  • Management modeled a Q3 downside scenario: if Middle East revenue is flat sequentially, revenue would be ~$150M lower and adjusted EBITDA ~$75M lower than base case.
  • Pricing remains a headwind across large competitive tenders, and ChampionX chemicals face cost inflation from the Middle East conflict.
Management Guidance
  • Q3 2026: global sequential revenue growth of 3%-4% and adjusted EBITDA margin expansion of ~75bps.
  • Q3 downside scenario: if Middle East revenue is flat sequentially, revenue would be ~$150M lower and adjusted EBITDA ~$75M lower.
  • Q4 2026 preliminary: revenue expected to surpass $10B (~5% YoY growth), adjusted EBITDA margin ~24%, with Middle East revenue of $2.1B-$2.2B (~95% of Q4 2025).
  • Full-year 2026: capital investments ~$2.5B, minimum share repurchases of $2.4B, and >$4B returned to shareholders.
  • Data center solutions expected to exit 2027 at an annualized revenue run rate exceeding $2B.
Investor Lens
The SLB thesis is stronger after this call. Despite a 13% sequential decline in Middle East revenue, the company still grew total revenue 3% sequentially and expanded adjusted EBITDA margin by 83bps, showing the power of its international and production recovery diversification. Data center momentum, with 80% YoY growth and a backlog supporting >$2B exit rate by 2027, adds a compelling secular growth leg. Preliminary Q4 revenue above $10B and ~24% EBITDA margin supports confidence into 2027. Key risk remains the pace and durability of Middle East recovery, but management's scenario planning shows resilience.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter despite Middle East headwinds; revenue +5% YoY.
Revenue
Revenue was $8.97B in Q2 2026, up 3% sequentially and 5% year-over-year. International revenue rose 3% sequentially to $6.67B, while North America revenue increased 4% sequentially to $2.24B. Production Systems led segment growth with revenue up 7% sequentially to $3.77B.
Profitability
Net income attributable to SLB was $786M, up 5% sequentially but down 22% year-over-year. Diluted GAAP EPS was $0.52, while adjusted EPS excluding charges and credits was $0.55, up 6% sequentially.
Margins
Adjusted EBITDA margin was 21.2%, up 83bps sequentially but down 284bps year-over-year. Pretax segment operating margin was 15.6%, up 49bps sequentially but down 289bps year-over-year. Production Systems adjusted EBITDA margin improved 109bps to 19.6%, and Digital adjusted EBITDA margin jumped 860bps to 34.7%.
Balance Sheet
Net debt was $8.7B at quarter-end. Cash flow from operations was $1.36B and free cash flow was $716M, up $739M sequentially. Q2 capital investments were $643M, with full-year capital investments still expected at ~$2.5B.
Key Risks
Middle East disruption remains the key risk, with revenue down 13% sequentially to $1.66B and Iraq operations constrained. Management flagged a Q3 downside scenario of $150M lower revenue and $75M lower EBITDA if Middle East activity stays flat. Chemicals cost inflation and broad pricing headwinds in competitive tenders were also highlighted.
Outlook
Q3 2026 revenue is expected to grow 3%-4% sequentially with adjusted EBITDA margin expanding ~75bps. Q4 2026 preliminary outlook calls for revenue above $10B and adjusted EBITDA margin around 24%, supported by Middle East recovery, deepwater momentum and year-end Digital sales.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-24
Q2 saw strong international and North American growth, offsetting Middle East disruptions. Digital and Production Systems delivered robust margins, while data center solutions surged. Outlook remains positive, with sequential revenue and margin growth expected, and data center solutions set to exceed $2B run rate by 2027.
Q1 2026 Q1 2026 2026-04-24
Q1 results were impacted by Middle East disruptions, causing revenue and margin declines, but Production Systems and Digital grew year-over-year. Strategic initiatives in Digital, data centers, and production recovery are driving long-term growth, with a positive outlook as market conditions stabilize.
Q4 2025 Q4 2025 2026-01-23
Q4 saw strong sequential revenue and margin growth, led by digital and production systems, with robust cash flow and a positive outlook for 2026. International markets, digital, and data center solutions are key growth drivers, while over $4 billion will be returned to shareholders.
Q3 2025 Q3 2025 2025-10-17
Sequential revenue growth was driven by ChampionX integration, digital expansion, and resilient core operations. Digital revenue rose 11% sequentially, with ARR up 7% year-over-year, and Production Systems saw an 18% sequential increase. Q4 is expected to deliver high single-digit top-line growth and margin expansion.
Q2 2025 Q2 2025 2025-07-18
Second quarter results showed steady revenue and margin expansion despite market volatility, with international growth offsetting North American declines. The ChampionX acquisition is expected to drive synergies, margin accretion, and digital growth, with a strong outlook for H2 2025 and beyond.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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