Slb N.V. (SLB) is a publicly traded company in the Energy — Oil & Gas Equipment & Services industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
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.
Is Slb N.V. stock overvalued or undervalued in 2026?
As of October 5, 2026, Slb N.V. (SLB) trades at 23.4× earnings (P/E), against a median of 16.7× across the 150 energy companies above $2bn in Kaplio's universe. No valuation verdict: it is a cyclical and today's P/E (23.4) does not tell whether it is cheap.
Kaplio overview: Slb N.V.
Market cap $72B · 52 weeks $32 – $60 (19 % below the high) · P/E 23.4× · 2027 expected P/E 15.2× · Dividend 2.4 % · 4 years rising · Next earnings October 16, 2026 · expected EPS $0.62 · Price as of Oct 5 · accounts published Jul 24.
- Valuation: P/E 23.4× (no verdict).
- Business: 5-year ROIC 10.8 % (passes, near the threshold).
- Balance sheet: Net debt/EBITDA 1.3× (solid).
- Earnings: 7 of 8 (on track).
What would it be worth at its usual multiples?
No valuation verdict: it is a cyclical and today's P/E (23.4) does not tell whether it is cheap.
In cyclicals the P/E misleads: today's earnings are not the normal ones.
What matters in energy: 6 of 8 pass
- Capex / Revenue 4.7 %, fails.
- FCF yield 8.0 %, borderline.
- 5y avg ROIC 10.8 %, passes, near the threshold.
- Positive FCF through the cycle 10 de 10 ejercicios, passes.
- Dividend coverage (FCF / div) 3.0×, passes.
- Net debt / EBITDA 1.3×, passes.
- Inverse P/E in cyclicals 23.4×, passes.
- EV/EBITDA vs own 10y 9.2×, passes.
Against its peers (reference peers) — Slb N.V.: P/E 23.4×; EV/EBITDA 9.2×; ROIC 10.3 %; $72.3B. Baker Hughes Company (P/E 18.0×; EV/EBITDA 11.3×; ROIC 11.6 %; $55.6B), Energy Transfer LP (P/E 12.7×; EV/EBITDA 8.7×; ROIC 7.2 %; $70.4B), EOG Resources, Inc. (P/E 11.0×; EV/EBITDA 5.5×; ROIC 13.1 %; $75.3B).
Dividend
solid · Yield 2.40 % ($1.09 per share in 2025) · Years raising it 4 · 5-year growth -3 % a year · Free cash flow coverage 3.1× · With $1,000 invested today you'd collect $24.00 a year ($2.00 a month).
Kaplio's reading: Slb N.V.
Updated on September 26, 2026 · accounts published on July 24, 2026
Reading of September 26, 2026: A cash-generating energy business
Slb trades at a P/E of 25.6 over the last 12 months, 53 % above its sector median but 9 % below its own ten-year average of 28.2.
- Is Slb expensive or cheap? Its P/E is 53 % above the sector median, yet 9 % below its own ten-year average of 28.2.
- How is the business doing? EPS fell 24 % over the last 12 months and the operating margin slipped to 13.4 % from 15.3 % in fiscal 2025.
- How strong is the balance sheet? Net debt was 1.3× EBITDA in fiscal 2025, below the 2× healthy line, and the dividend has risen four years running.
- What to expect from the next earnings? Analysts expect EPS of $0.62 on October 16, 2026; Slb beat estimates in 7 of the last 8 quarters.
- Does Slb generate cash through the cycle and cover its dividend? Free cash flow was positive in 10 of the last 10 fiscal years and covered the fiscal 2025 dividend 3.0 times.
Is Slb expensive or cheap?
Slb trades at a P/E of 25.6 over the last 12 months, 53 % above the 16.8 median of its 195-company sector. Its own history makes the price look less stretched. The decade average is 28.2, so today's multiple sits 9 % below it, and the stock has traded cheaper in 52 % of the last 40 quarters. EV/EBITDA of 12.1× is in line with its eight-year average of 12.4×. After a 52 % rise over the last 12 months, the shares sit 14 % below their 52-week high of $60.10. The price is mid-range for Slb and expensive for its sector.
How is the business doing?
Sales are flat and profits are shrinking: revenue fell 1.6 % and EPS 24 % over the last 12 months. The operating margin of 13.4 % has slipped from 15.3 % in fiscal 2025, though it remains above the 12.0 % average of 2014-2025. Returns hold up better against peers: ROIC of 9.2 % over the last 12 months beats the sector median of 7.3 % by 1.8 points. Consistency is the weak spot, with ROIC above 10 % in only 4 of the last 10 fiscal years and a low of −1.1 % in 2019. The business earns more than its peers, but less than a year ago.
How strong is the balance sheet?
Debt is moderate. Net debt was $5.88 per share in fiscal 2025, about 11 % of the current share price, and 1.3× EBITDA, comfortably below the 2× that counts as healthy in energy. Debt to equity stands at 0.49 and the current ratio at 1.44 over the last 12 months. The quality scores are weaker: an Altman Z of 2.8 sits in the grey zone and the Piotroski score is 4 out of 9. The dividend yields 2.3 % over the last 12 months, has risen for 4 consecutive fiscal years and took 48 % of fiscal 2025 earnings, which leaves room.
What to expect from the next earnings?
Slb reports on October 16, 2026, and analysts expect EPS of $0.62 for the quarter. Its record of beating estimates helps: it topped EPS forecasts in 7 of the last 8 quarters, most recently on July 24, 2026, with $0.55 against $0.51 expected, a 7.6 % surprise. The full-year 2026 EPS consensus of $2.48 has not moved over the last 11 days (16 analysts), and revenue estimates are equally steady. Sentiment is lopsided: 56 of 66 analysts rate it a buy, 6 a hold and 4 a sell. With EPS down 24 % over the last 12 months, this quarter will show whether that optimism holds up.
Does Slb generate cash through the cycle and cover its dividend?
In energy, profits swing with the price of crude, so one year's earnings say little. What counts is cash across the whole cycle and a dividend that survives the lows. Slb passes that test: free cash flow was positive in 10 of 10 fiscal years (2016-2025) and covered the fiscal 2025 dividend 3.0 times, against a healthy level of 1.2×. Five-year average ROIC of 10.8 % just clears the 10 % bar. Two measures fall short: the free cash flow yield of 7.1 % over the last 12 months is under the 8 % threshold, and capex was 4.7 % of fiscal 2025 revenue, below the 10-20 % range.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Profitability
| Return on Equity | 12.83% |
| Return on Invested Capital | 10.34% |
| Return on Assets | 6.11% |
| Gross Margin | 16.53% |
| Operating Margin | 13.40% |
| Net Margin | 8.46% |
Financial Health
| Debt / Equity | 0.49 |
| Current Ratio | 1.44 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.77 |
Price Performance
| 1 month | -12.57% |
| 3 months | +6.01% |
| Year-to-date | +31.01% |
| 1 year | +45.36% |
| 3 years | -9.73% |
| 5 years | +62.09% |
Dividend History
Paid in the last 12 months: $1.1700 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-09-02 | $0.2950 |
| 2026-06-03 | $0.2950 |
| 2026-02-11 | $0.2950 |
| 2025-12-03 | $0.2850 |
| 2025-09-03 | $0.2850 |
| 2025-06-04 | $0.2850 |
| 2025-02-05 | $0.2850 |
| 2024-12-04 | $0.2750 |
| 2024-09-04 | $0.2750 |
| 2024-06-05 | $0.2750 |
Amounts adjusted for stock splits.
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Explore sector: Energy · Oil & Gas Equipment & Services
More sections of SLB: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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