SLB (Schlumberger) · Oilfield services & digital

Market snapshot

Price (approx): USD 44
Market cap: USD 62.0B
Latest FY net income (~): USD 4.8B
TTM revenue (~): USD 36.0B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

SLB (Schlumberger) is the global #1 oilfield services company — drilling, completions, production, and Delfi digital platform. FY2025 revenue ~$36B, NI ~$4.8B. International (~70% revenue) grows with offshore/Middle East capex; North America competitive. $62B mkt cap ($44/share). Peers: Halliburton (HAL), Baker Hughes (BKR).

Business

Model: Sell services/technology to E&P operators — per-well, contract, and software subscriptions.

Flagships: (1) International OFS (~~$25B) — drilling, wireline, completions offshore/MEA; (2) North America land (~~$11B); (3) Digital (Delfi) — cloud subsurface & ops (~15% rev, faster growth).

Competitiveness: Global scale; technology leadership; digital recurring mix rising.

Strategy (12–24m): Ride intl capex upcycle; expand Delfi adoption; margin via pricing/tech; CCUS/geothermal optionality.

Entity boundary: SLB N.V. / Schlumberger Limited — core OFS post-ChampionX separation focus.

Strategy pillars

Strategy pillars
Pillar	Content
International growth	Middle East, offshore, deepwater — follow NOC/IOC capex
Digital (Delfi)	Cloud-based subsurface & ops platform; recurring software mix
Margin expansion	Pricing, technology, divest low-margin lines
New energy	CCUS, geothermal, lithium — optionality beyond oil

Value chain

Position: Upstream services — between E&P operators and equipment/suppliers.

Side	Counterparties	Notes
Upstream	Equipment OEMs, sand, steel, labor	Input cost inflation
Downstream	IOCs/NOCs, independents (COP, CVX, etc.)	Capex budget driven

Customer concentration: Diversified; no single customer >15%; Aramco/ADNOC large but not dominant.

Supply-chain risks: (1) Skilled labor shortages in peak cycles; (2) E&P budget cuts — direct revenue hit — see Risks.

Customer / user base

Customer / user base
Item	Value	Note
NOCs / IOCs	Saudi Aramco, ADNOC, etc.	Long-term intl contracts
Top customer concentration	No single >15% (~)	Diversified global E&P base
North America independents	Shale operators	Competitive pricing environment
Geography	International ~70% rev	MEA, LatAm, offshore

Corporate events

Material events over ~24–36m affecting valuation and model:

Corporate events (24–36m)

Corporate events (24–36m)
Date	Phase	Event	Meaning
2024	Portfolio	ChampionX separation / spin alignment	Focus core OFS + digital
2025	Digital	Delfi platform adoption milestones	Higher-margin recurring revenue mix
2025-2026	International	Middle East contract wins	Saudi/UAE/ Iraq activity ramp
2026	Capital	Buyback + dividend framework	Return FCF at peak cycle

Valuation

OFS cyclical — EV/EBITDA and intl revenue growth key. $62B mkt cap ($44/share). ~13x P/E, ~3.0x P/B, ~2.0% yield.

Multi-lens snapshot:

~3 years PE, PB, dividend yield, trailing 12m return:

Read-through: Premium to HAL on intl/digital mix; trades with global rig count and capex surveys.

Valuation snapshot

Valuation snapshot
Metric	Value	Note
Price (approx)	~$44	Aug 2026
Market cap	~$62B
P/E (TTM, ~)	~13x	Mid-cycle OFS
P/B	~3.0x
Dividend yield	~2.0%	Progressive + buybacks
EV/EBITDA (~)	~8x	OFS peer median ~7–9x

Valuation & returns · ~3y

Interactive chart available in the reader.

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Eight-quarter revenue and margin with YoY and QoQ:

Total revenue · last 8 quarters

Interactive chart available in the reader.

Operating margin · last 8 quarters

Interactive chart available in the reader.

Financial health (§A.7)

Financial health

Financial health
Item	Value	Note
OCF (FY2025, ~)	~$6.5B	Working capital cyclical
Interest-bearing debt vs cash	Net debt ~$8B; cash ~$3B	Manageable leverage
Liquidity	Adequate	Investment-grade
Auditor / going concern	Unqualified; no GC	PwC

Net income · last 8Q

Interactive chart available in the reader.

Operations

Volume · price · cost: Revenue follows global rig count and offshore vessel utilization. International pricing firm; NA pressure from operator efficiency. Digital gross margins higher. FY2025 EBITDA margin target ~24%.

FY2025 segment snapshot

FY2025 segment snapshot
Line	Amount	YoY	Note
International	~$25B rev (~)	+8%	MEA, offshore, deepwater
North America	~$11B rev (~)	Flat	Land drilling/completions
Digital & integration	~15% of rev	+12%	Delfi, software, automation
Adj. EBITDA margin (~)	~24%	+100bp	Pricing + mix

Competition

Peers: Halliburton (HAL), Baker Hughes (BKR), Weatherford.

Strengths: Global scale; technology; digital platform.

Weaknesses: NA pricing; capex cyclicality; transition long-term demand uncertainty.

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer comparison

Peer comparison
Company	Position	Margin lens	Strength	Weakness
SLB	Global OFS #1	EBITDA margin ~24%	International scale; digital Delfi	NA pricing pressure
Halliburton (HAL)	NA-heavy OFS	EBITDA ~18%	Frac/completions US	Less intl diversification
Baker Hughes (BKR)	OFS + turbomachinery	EBITDA ~16%	LNG equipment; IET segment	Lower margin mix
Weatherford (WFRD)	Intl OFS	Turnaround story	Emerging markets	Smaller scale; balance sheet history

Management

CEO Olivier Le Peuch (since 2019), CFO Stephane Biguet (since 2019). 24m: stable; digital EVP expansion.

Stability: Stable — consistent strategy execution on intl pivot + digital.

Key management (24m)

Key management (24m)
Role	Name	Since	24m change
CEO	Olivier Le Peuch	2019-08	No change
CFO	Stephane Biguet	2019-02	No change
EVP Digital	Rakesh Jaggi	2023	Digital org expansion

Outlook

Near-term: intl revenue high-single-digit growth; NA flat. Medium-term: Delfi recurring mix; CCUS/new energy wins; buybacks at strong FCF.

Scenarios

Scenario	Conditions	Implication
Bull	Intl capex surge; digital beats	Rev >$38B; margin >25%
Base	Steady intl; NA soft	Rev ~$36B; EBITDA ~24%
Bear	Global capex cut	Rev -10%; margin compression

Risks

Risks (severity)

Risks (severity)
Risk	Level	Note
Upstream capex cycle downturn	高	Revenue tied to E&P spending
North America pricing / activity slump	高	Shale efficiency reduces service intensity
Geopolitical / sanctions exposure	中	Middle East, Russia exit legacy
Customer in-sourcing / OEM competition	中	Operator digitalization
Skilled labor shortages / inflation	中	Field crew availability
Energy transition / long-term demand	低	Gas/CCUS/new energy pivot

Tracking list

3–5 observable items for the next interim:

International revenue growth vs. high-single-digit guide
North America land activity (rig count, frac spreads)
Digital revenue % and Delfi adoption metrics
EBITDA margin vs. ~24% target
Global upstream capex surveys (Rystad/S&P)

References

SLB investor relations — https://www.slb.com/investor-relations
SEC EDGAR (SLB) — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000087347
Baker Hughes rig count — https://rigcount.bakerhughes.com/
E&P customers: ConocoPhillips (COP), Chevron (CVX)

Always verify with latest filings. Not investment advice.

Market snapshot

Thesis

Business

Strategy pillars

Value chain

Customer / user base

Corporate events

Corporate events (24–36m)

Valuation

Valuation snapshot

Valuation & returns · ~3y

Share price · ~3y

Financial trend (~24 months)

Total revenue · last 8 quarters

Operating margin · last 8 quarters

Financial health (§A.7)

Financial health

Net income · last 8Q

Operations

FY2025 segment snapshot

Competition

Market share trend · last 8Q

Peer market share comparison (latest est.)

Peer comparison

Management

Key management (24m)

Outlook

Scenarios

Risks

Risks (severity)

Tracking list

References

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