Detailed financial statements for Slb N.V. (SLB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Slb N.V. reported revenue of $35.71B in the most recent fiscal year, growing at a 5-year CAGR of 8.6%.
Trailing-twelve-month margins: gross margin 16.5%, operating margin 13.4%, net margin 8.5%. Free cash flow grew at 21.3% CAGR over 5 years.
At the current price of $50.28, SLB trades at a P/E of 23.43 and an ROE of 12.83%. Market capitalisation stands at $74.6B, placing it among large-cap names.
Balance sheet quality for SLB: current ratio of 1.3, net debt of $8.10B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $4.54B represents 136% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.81B | $30.44B | $32.81B | $32.92B | $23.60B | $22.93B | $28.09B | $33.13B | $36.29B | $35.71B |
| Cost of Revenue | $24.11B | $26.54B | $28.48B | $28.72B | $21.00B | $19.27B | $22.93B | $26.57B | $28.83B | $29.20B |
| Gross Profit | $3.70B | $3.90B | $4.34B | $4.20B | $2.60B | $3.66B | $5.16B | $6.56B | $7.46B | $6.50B |
| Research & Development | $1.01B | $787.0M | $702.0M | $717.0M | $580.0M | $554.0M | $634.0M | $711.0M | $749.0M | $709.0M |
| Selling, General & Admin | $403.0M | $432.0M | $444.0M | $474.0M | $365.0M | $339.0M | $376.0M | $364.0M | $385.0M | $339.0M |
| Operating Expenses | $1.42B | $1.22B | $1.15B | $1.19B | $945.0M | $893.0M | $1.01B | $1.07B | $1.13B | $1.05B |
| Operating Income | $2.29B | $2.68B | $3.19B | -$497.0M | $1.66B | $2.77B | $4.15B | $5.50B | $6.33B | $5.46B |
| EBITDA | $6.38B | $6.76B | $6.75B | -$6.25B | -$8.76B | $4.62B | $6.43B | $7.54B | $8.07B | $7.15B |
| Interest Expense | $570.0M | $566.0M | $575.0M | $609.0M | $563.0M | $539.0M | $490.0M | $503.0M | $512.0M | $557.0M |
| Pre-tax Income | -$1.91B | -$1.18B | $2.62B | -$10.42B | -$11.30B | $2.37B | $4.27B | $5.28B | $5.67B | $4.29B |
| Income Tax | -$278.0M | $330.0M | $447.0M | -$311.0M | -$812.0M | $446.0M | $779.0M | $1.01B | $1.09B | $816.0M |
| Net Income | -$1.69B | -$1.50B | $2.14B | -$10.11B | -$10.49B | $1.88B | $3.44B | $4.20B | $4.46B | $3.35B |
| EPS | $-1.24 | $-1.08 | $1.54 | $-7.30 | $-7.54 | $1.34 | $2.43 | $2.95 | $3.14 | $2.38 |
| EPS (Diluted) | $-1.24 | $-1.08 | $1.53 | $-7.30 | $-7.54 | $1.32 | $2.39 | $2.91 | $3.11 | $2.35 |
| Shares Outstanding (Diluted) | $1.36B | $1.39B | $1.39B | $1.39B | $1.39B | $1.43B | $1.44B | $1.44B | $1.44B | $1.49B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $8.93B | $9.74B | $8.72B | $8.97B |
| Gross Profit | $1.56B | $1.73B | $1.33B | $1.40B |
| Operating Income | $1.32B | $1.46B | $1.03B | $1.07B |
| EBITDA | $1.78B | $1.80B | $1.71B | $1.86B |
| Net Income | $739.0M | $800.0M | $752.0M | $786.0M |
| EPS | $0.50 | $0.55 | $0.50 | $0.53 |
| EPS (Diluted) | $0.50 | $0.53 | $0.50 | $0.52 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.93B | $1.80B | $1.43B | $1.14B | $844.0M | $1.76B | $1.66B | $2.90B | $3.54B | $3.04B |
| Short-term Investments | $6.33B | $3.29B | $1.34B | $1.03B | $2.16B | $1.38B | $1.24B | $1.09B | $1.12B | $1.18B |
| Receivables | $9.39B | $8.08B | $7.88B | $7.75B | $5.25B | $5.32B | $6.77B | $7.81B | $8.01B | $8.69B |
| Inventory | $4.22B | $4.05B | $4.01B | $4.13B | $3.35B | $3.27B | $4.00B | $4.39B | $4.38B | $5.03B |
| Total Current Assets | $23.93B | $18.50B | $15.73B | $15.53B | $12.92B | $12.65B | $15.00B | $17.72B | $18.57B | $19.51B |
| Property, Plant & Equipment | $12.82B | $11.58B | $11.68B | $9.27B | $7.85B | $7.14B | $7.29B | $8.11B | $8.26B | $8.77B |
| Goodwill | $24.99B | $25.12B | $24.93B | $16.04B | $12.98B | $12.99B | $12.98B | $14.08B | $14.59B | $16.79B |
| Intangible Assets | $9.86B | $9.35B | $8.73B | $7.09B | $3.46B | $3.21B | $2.99B | $3.24B | $3.01B | $4.99B |
| Total Assets | $77.96B | $71.99B | $70.51B | $56.31B | $42.43B | $41.51B | $43.13B | $47.96B | $48.94B | $54.87B |
| Accounts Payable | $4.00B | $4.61B | $4.71B | $4.79B | $2.94B | $3.21B | $3.92B | $4.61B | $4.23B | $4.86B |
| Short-term Debt | $3.15B | $3.32B | $1.41B | $524.0M | $850.0M | $909.0M | $1.63B | $1.12B | $1.05B | $2.57B |
| Total Current Liabilities | $15.06B | $15.28B | $13.49B | $13.10B | $10.49B | $10.36B | $12.02B | $13.39B | $12.81B | $14.72B |
| Long-term Debt | $16.46B | $14.88B | $14.64B | $14.77B | $16.04B | $13.29B | $10.59B | $10.84B | $11.02B | $9.74B |
| Total Liabilities | $36.43B | $34.73B | $33.92B | $32.14B | $29.95B | $26.23B | $25.15B | $26.60B | $26.59B | $27.58B |
| Retained Earnings | $36.47B | $32.19B | $31.66B | $18.75B | $7.02B | $8.20B | $10.72B | $13.50B | $16.39B | $18.07B |
| Total Equity | $41.08B | $36.84B | $36.16B | $23.76B | $12.07B | $15.00B | $17.68B | $20.19B | $21.13B | $26.11B |
| Total Debt | $19.62B | $18.20B | $16.05B | $15.29B | $16.89B | $14.20B | $12.23B | $11.96B | $12.07B | $12.31B |
| Net Debt | $10.36B | $13.11B | $13.27B | $13.13B | $13.88B | $11.06B | $9.33B | $7.98B | $7.41B | $8.10B |
| Working Capital | $8.87B | $3.21B | $2.25B | $2.43B | $2.43B | $2.29B | $2.98B | $4.32B | $5.76B | $4.79B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.01B | $3.04B | $2.82B | $2.74B |
| Total Assets | $55.09B | $54.87B | $54.53B | $55.53B |
| Total Liabilities | $28.17B | $27.58B | $27.17B | $28.28B |
| Total Equity | $25.64B | $26.11B | $26.18B | $26.07B |
| Total Debt | $12.77B | $11.64B | $11.61B | $12.80B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$1.63B | -$1.51B | $2.18B | -$10.11B | -$10.49B | $1.93B | $3.49B | $4.28B | $4.58B | $3.37B |
| Depreciation & Amortization | $4.09B | $3.84B | $3.56B | $3.59B | $2.57B | $2.12B | $2.15B | $1.76B | $1.89B | $2.64B |
| Stock-based Compensation | $267.0M | $343.0M | $345.0M | $405.0M | $397.0M | $324.0M | $313.0M | $293.0M | $316.0M | $332.0M |
| Change in Working Capital | -$246.0M | -$683.0M | -$405.0M | -$327.0M | -$839.0M | $404.0M | -$1.71B | -$216.0M | -$1.29B | $53.0M |
| Operating Cash Flow | $6.26B | $5.66B | $5.71B | $5.43B | $2.94B | $4.65B | $3.72B | $6.64B | $6.60B | $6.49B |
| Capital Expenditure | -$2.69B | -$2.38B | -$2.26B | -$1.96B | -$1.22B | -$1.18B | -$1.72B | -$2.09B | -$2.13B | -$1.95B |
| Acquisitions | -$2.40B | -$847.0M | $287.0M | $563.0M | $401.0M | $6.0M | $897.0M | -$105.0M | -$553.0M | -$187.0M |
| Stock Repurchased | -$778.0M | -$969.0M | -$400.0M | -$278.0M | -$26.0M | 0 | 0 | -$694.0M | -$1.74B | -$2.41B |
| Dividends Paid | -$2.65B | -$2.78B | -$2.77B | -$2.77B | -$1.73B | -$699.0M | -$848.0M | -$1.32B | -$1.53B | -$1.60B |
| Free Cash Flow | $3.58B | $3.28B | $3.45B | $3.48B | $1.73B | $3.47B | $2.00B | $4.54B | $4.47B | $4.54B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.68B | $3.00B | $487.0M | $1.36B |
| Capital Expenditure | -$577.0M | -$600.0M | -$407.0M | -$395.0M |
| Free Cash Flow | $1.10B | $2.40B | $80.0M | $964.0M |
| Dividends Paid | -$403.0M | -$426.0M | -$426.0M | -$440.0M |
| Stock-based Compensation | $89.0M | $75.0M | $101.0M | $78.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.5% | +7.8% | +0.3% | -28.3% | -2.8% | +22.5% | +18.0% | +9.5% | -1.6% | |
| Net Income Growth (YoY) | +10.8% | +242.1% | -572.7% | -3.7% | +117.9% | +82.9% | +22.1% | +6.1% | -24.9% | |
| EPS Growth (YoY) | +12.9% | +242.6% | -574.0% | -3.3% | +117.8% | +81.3% | +21.4% | +6.4% | -24.2% | |
| Shares Change (YoY) | +2.3% | +0.4% | -0.6% | +0.4% | +2.7% | +0.7% | +0.4% | -0.5% | +3.6% | |
| FCF Growth (YoY) | -8.3% | +5.3% | +0.7% | -50.3% | +101.0% | -42.2% | +126.7% | -1.6% | +1.6% | |
| Gross Margin | 13.3% | 12.8% | 13.2% | 12.8% | 11.0% | 16.0% | 18.4% | 19.8% | 20.6% | 18.2% |
| Operating Margin | 8.2% | 8.8% | 9.7% | -1.5% | 7.0% | 12.1% | 14.8% | 16.6% | 17.4% | 15.3% |
| EBITDA Margin | 22.9% | 22.2% | 20.6% | -19.0% | -37.1% | 20.1% | 22.9% | 22.8% | 22.2% | 20.0% |
| Net Margin | -6.1% | -4.9% | 6.5% | -30.7% | -44.4% | 8.2% | 12.2% | 12.7% | 12.3% | 9.4% |
| FCF Margin | 12.9% | 10.8% | 10.5% | 10.6% | 7.3% | 15.1% | 7.1% | 13.7% | 12.3% | 12.7% |
| Effective Tax Rate | 14.6% | -27.9% | 17.0% | 3.0% | 7.2% | 18.8% | 18.2% | 19.1% | 19.3% | 19.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.64 | $2.36 | $2.48 | $2.51 | $1.24 | $2.43 | $1.40 | $3.15 | $3.11 | $3.05 |
| Dividends Per Share | $1.95 | $2.00 | $1.99 | $2.00 | $1.25 | $0.49 | $0.59 | $0.91 | $1.07 | $1.08 |
| Shares Outstanding (Basic) | $1.36B | $1.39B | $1.39B | $1.39B | $1.39B | $1.40B | $1.42B | $1.43B | $1.42B | $1.47B |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
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 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -67.70 | -62.40 | 23.43 | -5.51 | -2.90 | 22.35 | 22.00 | 17.64 | 12.21 | 16.13 |
| P/B | 2.77 | 2.54 | 1.38 | 2.34 | 2.51 | 2.79 | 4.28 | 3.67 | 2.58 | 2.16 |
| P/S | 4.10 | 3.07 | 1.52 | 1.69 | 1.29 | 1.83 | 2.69 | 2.24 | 1.50 | 1.58 |
| Gross Margin | 13.3% | 12.8% | 13.2% | 12.8% | 11.0% | 16.0% | 18.4% | 19.8% | 20.6% | 18.2% |
| Operating Margin | 8.2% | 8.8% | 9.7% | -1.5% | 7.0% | 12.1% | 14.8% | 16.6% | 17.4% | 15.3% |
| Net Margin | -6.1% | -4.9% | 6.5% | -30.7% | -44.4% | 8.2% | 12.2% | 12.7% | 12.3% | 9.4% |
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Explore sector: Energy · Oil & Gas Equipment & Services
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