بإذنك، نستخدم تحليلات محدودة تراعي الخصوصية لفهم مسارات البحث الفعالة. لا نستخدم أدوات تتبع إعلانية أو تسجيل الجلسات. يمكنك تغيير هذا الخيار في التفضيلات. اقرأ سياسة الخصوصية.
Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
SLB — frequently asked questions
Is SLB N.V. overvalued?
In our latest published analysis dated 2026-10-03, SLB trades close to fair value. The price recorded at analysis is 48.7 USD versus our fair value of 47.2 USD; the high endpoint is presented separately as potential value of 60.8 USD. That implies roughly 3.2% downside to fair value at that date.
Our latest published report, analyzed 2026-10-03, gives SLB a fair value of 47.2 USD and a potential value of 60.8 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for SLB N.V.'s archetype; it is a dated research output, not a live price.
Should I buy SLB now?
Our latest published rating for SLB, analyzed 2026-10-03, is Hold. SLB N.V. trades close to fair value at the analysis-date price of 48.7 USD versus fair value of 47.2 USD; potential value is 60.8 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for SLB?
The dedicated bear-case section in our report analyzed 2026-10-03 documents SLB N.V.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is SLB's rating?
Our latest published rating for SLB, analyzed 2026-10-03, is Hold, with a published moat assessment of 7.5/10 (Narrow). It reflects our fair value of 47.2 USD, the potential value of 60.8 USD, and the price recorded at analysis (48.7 USD).
لم تتم ترجمة هذا التقرير بعد. قم بالتحديث خلال بضع دقائق بمجرد أن تلحق قائمة انتظار الترجمة بالركب.
§1 الملخص التنفيذيEN
الإجابة في 30 ثانيةHold
السعر مقابل القيمة
Price
$48.74
Fair value
$47.18
Potential value
$60.79
As of
2026-10-02
لماذا قد تنجح الفرضية
Accelerated deepwater exploration commitments and subsea bookings converting faster than expected into high-margin revenue across Latin America ($6,152M in FY2025) and Europe/Africa ($9,572M), combined with hyperscaler Data Center Solutions expanding beyond the guided $2.0B run rate exiting 2027 with capital-light execution,.
ما الذي سيغيّر تقييمنا
Protracted rig mobilization delays and geopolitical friction causing Middle East quarterly revenue to fall below $2.0B in Q4 2026 and upstream operators to trim capital spending by 10% to 15%.
We maintain a Hold rating on Schlumberger Limited (SLB) with a compositefair value of $47.18 against the market price of $48.74 as of October 2, 2026, representing an implied return of -3.2% and a price premium of 3.3%,. Secular deepwater commitments and hyperscaler data center infrastructure provide multi-year support, but near-term rig mobilization delays in the Middle East and competitive tendering price pressure balance risk-reward.4
Schlumberger maintains a dominant competitive position across international and offshore basins, generating $27,942M (78.3%) of consolidated FY2025 revenue outside the United States,. Its geographic footprint is anchored by the Middle East ($12,218M, 34.2% share) and Europe/Africa ($9,572M, 26.8% share). Customer investment is characterized by an upcycle where deepwater activity accelerates into 2027 and subsea bookings target $9.0B over two years. This long-cycle offshore momentum insulates the business from plateauing North American land activity ($7,515M in FY2025).
Operating economics demonstrate narrow-moat durability, with FY2025 operating income of $5,456M representing a 15.3% operating margin, and an EBIT margin of 14.66%, outperforming peer Baker Hughes' 12.83% operating margin. Production Systems and Well Construction anchor divisional scale at $13,325M and $11,856M respectively,. Near-term margin expansion faces headwind from competitive tender pricing concessions and the initial dilutive margin mix from rapidly scaling Data Center Solutions. However, Data Center Solutions delivers capital-light top-line diversification, targeting an annualized run rate exceeding $2.0B exiting 2027 supported by modular manufacturing across 20 to 30 data centers.3,4,5,7,8
Our synthesized intrinsic valuation midpoint of $47.18 is anchored by a primary enterprise DCF model ($44.32 midpoint at computed WACC of 8.22%) and supported by multi-stage moat fade ($56.08) and forward earnings ($40.98). Our fair value sits 17.9% below the present-value equivalent analyst consensus 12-month target of $57.44 (discounted from an undiscounted 12-month consensus reference of $62.52 at an equity cost of 8.85%). This divergence is justified because consensus overlooks near-term rig mobilization lead times in the Middle East, where Q4 regional revenue is guided at $2.1B-$2.2B ($8.4B-$8.8B annualized vs $12,218M in FY2025), while capital expenditures step up to $2.5B in 2026.2,5,8
Capital allocation remains disciplined, underwritten by FY2025 operating cash flow of $6,489M and free cash flow of $4,795M. Management guidance targets returning more than $4.0B to shareholders in 2026, led by a minimum of $2.4B in share repurchases that offsets share-based compensation dilution ($332M in FY2025) and reduces shares outstanding from 1,484M. While cash generation and shareholder yield provide downside protection, the stock's 3.3% premium to fair value at 15.95x forward P/E fully reflects current cyclical visibility, supporting our Hold rating.4,5,6,7
Secular International and Deepwater Upcycle
SLB generates 78.3% of its revenue outside the United States ($27,942M in FY2025), led by the Middle East ($12,218M) and Europe/Africa ($9,572M). Accelerating offshore deepwater final investment decisions and $9.0B in subsea bookings across 2026-2027, provide multi-year revenue visibility insulated from short-cycle North American shale volatility.5,8
Data Center Infrastructure Optionality
SLB is successfully deploying its thermal engineering and modular manufacturing capacity into hyperscaler data centers, delivering gigawatt-scale infrastructure across 20 to 30 facilities. Management guidance targets an annualized revenue run rate exceeding $2.0B exiting 2027, establishing a capital-light, high-growth earnings stream that diversifies cash flow beyond oil and gas cycles.5
In FY2025, SLB generated $6,489M in operating cash flow and $4,795M in free cash flow on capital expenditures of $1,694M. This disciplined cash conversion supports management's commitment to return more than $4.0B to shareholders in 2026, including a minimum of $2.4B in share repurchases.5,6,7
توصية الدار
Hold. SLB trades at 15.95x forward earnings, representing a 3.3% premium to our compositefair value of $47.18 and an implied return of -3.2%. While robust free cash flow ($4,795M in FY2025) supports more than $4.0B in guided 2026 shareholder returns, current market pricing adequately reflects expected FY2026-FY2027 earnings recovery, leaving the risk-reward profile balanced.4,5,6
نظرة عامة على الشركة
Reservoir Performance – Consists of reservoir-centric technologies and services that are critical to optimizing reservoir productivity and performance. Reservoir Performance develops and deploys innovative technologies and services to evaluate, intervene, and stimulate reservoirs providing customers with greater insights into their assets and maximizing their return on investment. SLB operates through a geographical structure of five Basins that are aligned with critical concentrations of activity: North America Land; Americas; Europe and Africa; Middle East and North Africa; and Asia. The Basins are configured around common regional characteristics that enable us to deploy fit-for-purpose technologies, operating models, and skills to meet the specific customer needs in each Basin. The Basins are further organized into GeoUnits, which can be a region, a single country, or comprise several countries.
Its future success depends on its ability to recruit, train, and retain qualified personnel. SLB LIMITED/NV requires highly skilled personnel to operate and provide technical services and support for its business. Competition for the personnel necessary for its businesses intensifies as activity increases, technology evolves and customer demands change.
§2 السيناريو الهبوطيEN
In a macro stress test combining a 10-15% cut in global upstream exploration budgets and prolonged rig mobilization delays in the Middle East, consolidated revenue contracts toward $32B-$33B. Operating margins compress toward 12.5% under tendering concessions and non-oilfield mix dilution. With capex guided at $2.5B in FY2026, annual free cash flow would contract below $3.0B, forcing management to pare share repurchases below the $2.4B annual minimum baseline and weakening debt coverage against $12,308M of total debt.
In the Bear scenario, prolonged geopolitical instability and OPEC+ quota discipline restrain national oil company spending, delaying rig mobilization and holding Middle East revenue below guided baselines,. Concurrently, persistent price competition in integrated drilling tenders and margin dilution from scaling Data Center Solutions compress operating margins toward 12.5%. Weaker cash generation restricts share repurchases below the $2.4B minimum target.
كيف يمكن أن تفشل هذه الأطروحة
Severe Upstream Spending Contraction and Middle East Mobilization Freeze
Middle East revenue delivered $12,218M in FY2025. Management guidance projects Q4 Middle East revenue at $2.1B-$2.2B, reflecting annualized revenue of $8.4B-$8.8B and confirming protracted rig mobilization lead times. If upstream E&P operators trim capital budgets by 10-15%, SLB's 5-year revenue growth drops below 0.0% YoY, realizing the revenue_growth_minus_5pp_5y shock against the authored base trajectory (FY26 3.57%, FY27 8.15%).5,8
FV impact
-8.6%
إشارات الإنذار المبكر للمراقبة
التطورات الخمسة التي قد تضعف أطروحتنا الاستثمارية.
Schlumberger maintains a Narrow competitive moat grounded in global operating scale, integrated service bundling, and specialized subsea engineering expertise. In FY2025, non-US operations contributed $27,942M (over 78% of consolidated revenue of $35,708M), driven by leading positions in the Middle East ($12,218M) and Europe/Africa ($9,572M). This unmatched physical footprint creates massive scale barriers that regional competitors cannot easily replicate.
High customer switching costs reinforce this platform advantage. E&P operators rely heavily on SLB's integrated well construction ($11,856M) and production systems ($13,325M) to mitigate subsurface drilling risks and maximize well productivity. Proprietary digital integration tools ($2,660M) embed SLB deep within client operational workflows, enabling the company to earn 15.3% operating margins and outearn peer Baker Hughes at 12.83%.
However, the moat remains narrow rather than wide due to the inherent cyclicality of client capital expenditure and persistent price sensitivity in competitive service tenders. Although SLB's 12.37% ROIC comfortably clears its 8.22% WACC, pricing power remains cyclical rather than structural, requiring continuous innovation and capital discipline.
الربح الاقتصادي
Schlumberger generates a return on invested capital of 12.37%, outperforming its computed WACC of 8.22% by 415 basis points, demonstrating consistent economic value creation through mid-cycle conditions.2
7.5/ 10
Narrow
Sources of advantage
01Global Scale & Operating Infrastructure Breadth — Non-US revenue was $27,942M in FY2025 spanning Middle East ($12,218M) and Europe/Africa ($9,572M), providing unequaled infrastructure and asset mobilization density across 100+ countries.Wide
02Switching Costs & Integrated Technology Bundling — Integrated Production Systems ($13,325M), Well Construction ($11,856M), and Digital Integration ($2,660M) create mission-critical lock-in across complex deepwater and onshore operations.Wide
03Proprietary Subsea & Downhole Intellectual Property — Proprietary downhole measurements, reservoir characterization, and subsea production systems secure a $9.0B subsea booking pipeline, defending of 15.3% over peer Baker Hughes' 12.83%.
التهديدات المعروفة للميزة التنافسية
التهديد
الخطورة
الجدول الزمني
التخفيف
Competitive tendering price concessions across integrated drilling and stimulation contracts.
medium
12-18 months
Focus on integrated technology bundling, subsea boosting, and high-margin digital solutions to mitigate pure commodity pricing concessions.5
الصفوف: معدل الخصم (Ke للأرباح؛ WACC للتدفقات النقدية). الأعمدة: النمو النهائي.
القيمة العادلة
تغير المدة (سنوات)
-5
-2
0
+2
+5
القيمة العادلة
46.94 US$
47.07 US$
47.18 US$
47.29 US$
47.44 US$
مدة الميزة التنافسية: 5 سنوات في الحالة الأساسية المميزة. تبقى الافتراضات الأخرى ثابتة.
مرجع الحساسية
The highlighted cell is Fair value when every assumption sits at its base level ($47.18). Each row and column shows what Fair value becomes when one assumption moves.
منحدر التدفق النقدي الحر
Free cash flow to the firm stays positive in the first projected year at $3.2B after modeled reinvestment of $1.1B, with terminal value at 77.8% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Diluted EPS advances from $2.49 in FY2026 to $3.23 in FY2027
In the Base scenario, Schlumberger executes along its house forecast schedule. Consolidated revenue grows 3.57% in FY2026 to $36,983M and 8.15% in FY2027 to $39,997M, supported by Middle East activity recovering to $2.1B-$2.2B per quarter in Q4 2026 and steady deepwater commitments. Operating margins normalize around 14.5%-15.2%. Disciplined capex of $2.5B in FY2026 generates $3,246M in FCFF, fully supporting management's target of >$4B in annual capital returns.5
Upgrade the rating; Consider raising position sizing toward target allocation after corroborating deepwater margin acceleration and Middle East rig mobilization pacing.
Cash conversion is an operational strength. FY2025 operating cash flow of $6,489M represented an 18.2% operating cash margin on revenue of $35,708M. Free cash flow conversion stood at 73.9% of operating cash flow ($4,795M). Despite FY2026 guided capex stepping up to approximately $2.5B to support data center manufacturing and subsea expansion, projected FY2026 FCFF of $3,246M comfortably covers annual dividend and buyback targets.5,6,7
تخصيص رأس المال
Schlumberger practices disciplined, shareholder-focused . In FY2025, of $6,489M funded $1,694M in , generating $4,795M in . Management committed to returning >$4.0B to shareholders in FY2026, anchored by at least $2.4B in share repurchases. The balance sheet remains manageable with total debt of $12,308M offset by $3,036M in cash, supporting an investment-grade 15.04% debt-to-capital weighting.
SLB's return on invested capital of 12.37% reflects strong asset turnover and pricing discipline in international and deepwater operations. The trajectory is expected to remain stable to slightly improving across the explicit forecast horizon as high-margin subsea contracts ramp into 2027.
ROIC of 12.37% exceeds the computed WACC of 8.22% by 4.15 percentage points, confirming durable economic value creation.
International Basins Provide Multi-Year Revenue Stability
Non-US revenue reached $27,942M in FY2025 (78.3% of total), led by Middle East ($12,218M) and Europe/Africa ($9,572M).
Insulates SLB from North American shale drilling slowdowns and positions the company for secular international upstream capex cycles.
أحدث إيرادات35.7 مليار US$معدل النمو السنوي المركب للإيرادات +2.8%
هامش التشغيل15.3%10 فترات مالية
أحدث تدفق نقدي حر4.8 مليار US$FY2025
صافي الدين8.1 مليار US$FY2025
تفصيل قائمة الدخلكيف يتحول حجم الأعمال إلى أرباح مُعلنة.30 يونيو 2026
StockMarketAgent.AI
الإيرادات9 مليار US$تكلفة الإيرادات−7.6 مليار US$إجمالي الربح1.4 مليار US$المصروفات التشغيلية−324 مليون US$الدخل التشغيلي1.1 مليار US$البنود غير التشغيلية والضرائب−285 مليون US$صافي الدخل786 مليون US$
بيانات التاريخ المالي
الإيرادات
8,972,000,000 US$
تكلفة الإيرادات
7,577,000,000 US$
إجمالي الربح
1,395,000,000 US$
المصروفات التشغيلية
324,000,000 US$
الدخل التشغيلي
1,071,000,000 US$
البنود غير التشغيلية والضرائب
-285,000,000 US$
صافي الدخل
786,000,000 US$
لمحة عن الميزانية العموميةكيفية الاحتفاظ بالأصول المُبلغ عنها وتمويلها في الفترة المحددة.
StockMarketAgent.AI
تكوين الأصولمصادر التمويل
إجمالي الأصول54.9 مليار US$النقد3 مليار US$الأصول المتداولة19.5 مليار US$إجمالي الالتزامات27.6 مليار US$الالتزامات المتداولة14.7 مليار US$حقوق المساهمين27.3 مليار US$
بيانات تفصيل الميزانية العمومية
إجمالي الأصول
54,868,000,000 US$
النقد
3,036,000,000 US$
الأصول المتداولة
19,513,000,000 US$
إجمالي الالتزامات
27,577,000,000 US$
الالتزامات المتداولة
14,721,000,000 US$
حقوق المساهمين
27,291,000,000 US$
جسر التدفق النقديكيف تحول التدفق النقدي التشغيلي إلى تدفق نقدي حر في FY2025.
StockMarketAgent.AI
تسوية التدفق النقدي التشغيلي
صافي الدخل3.4 مليار US$الإهلاك والإطفاء+2.6 مليار US$التعويض القائم على الأسهم+332 مليون US$تعديلات تشغيلية أخرى+140 مليون US$التدفق النقدي التشغيلي6.5 مليار US$
تسوية النقد من بداية الفترة إلى نهايتها
النقد في بداية الفترة3.5 مليار US$التدفق النقدي التشغيلي+6.5 مليار US$التدفق النقدي الاستثماري−1.4 مليار US$التدفق النقدي التمويلي−5.6 مليار US$تأثير سعر الصرف+57 مليون US$النقد في نهاية الفترة3 مليار US$
6.5 مليار US$ − 1.7 مليار US$التدفق النقدي الحر 4.8 مليار US$
بيانات جسر التدفق النقدي
صافي الدخل
3,374,000,000 US$
التدفق النقدي التشغيلي الداخل
6,489,000,000 US$
الإهلاك والإطفاء
2,643,000,000 US$
التعويض القائم على الأسهم
332,000,000 US$
تعديلات تشغيلية أخرى
140,000,000 US$
التدفق النقدي التشغيلي
6,489,000,000 US$
النقد المتاح
10,090,000,000 US$
النقد في بداية الفترة
3,544,000,000 US$
تأثير سعر الصرف
57,000,000 US$
التدفق الاستثماري الخارج
1,412,000,000 US$
التدفق التمويلي الخارج
5,642,000,000 US$
إعادة شراء الأسهم
2,414,000,000 US$
أرباح الأسهم المدفوعة
1,602,000,000 US$
صافي سداد الدين
1,616,000,000 US$
أنشطة تمويلية أخرى
10,000,000 US$
النقد في نهاية الفترة
3,036,000,000 US$
التدفق النقدي الاستثماري
-1,412,000,000 US$
التدفق النقدي التمويلي
-5,642,000,000 US$
الإيرادات حسب فئة الأعمالالحصة من إجمالي إيرادات 2026-06-30.
9 مليارإجمالي الإيرادات
الإيرادات حسب فئة الأعمالالحصة
Cost of7.6 مليار84.5%
أخرى1.4 مليار15.5%
بيانات توزيع الإيرادات: الإيرادات حسب فئة الأعمال
الإيرادات حسب فئة الأعمال
الإيرادات
الحصة
على أساس سنوي
Cost of
7.6 مليار
84.5%
—
Other
1.4 مليار
15.5%
—
الإيرادات والأرباحكيف يتحول حجم الأعمال إلى أرباح مُعلنة.
النقد والدينالسيولة المتاحة مقارنة بإجمالي الاقتراض.
توليد النقدالتدفق النقدي التشغيلي مقارنة بالتدفق النقدي الحر.
Schlumberger Limited (SLB) trades at 16.0x forward earnings against a peer median of 20.7x. Its EV/EBITDA of 11.1x compares with a peer median of 13.0x. The comparison uses 4 peers: Baker Hughes Company, The Williams Companies Inc., Targa Resources Corp. and EOG Resources Inc., as of 2026-10-03.
§10 الصناعة والدورةEN
مرحلة الدورة
Expansion
Oilfield services industry capex-to-depreciation stands at 0.92 and capex-to-revenue is 0.009, while SLB's FY2026 capex guidance of $2.5B reflects disciplined reinvestment following a capex of $1,694M in FY2025. Management commentary confirms upstream operators are entering an investment phase to replenish reserves and expand capacity.5,7
دورة صعودية
Accelerating offshore FIDs in deepwater Latin America and West Africa, coupled with rapid Middle East capacity restoration, drive high-tier rig utilization above 90% and support subsea bookings reaching $9B, lifting operating margins above 16.0%.
دورة هبوطية
Prolonged geopolitical instability, OPEC+ quota discipline, and softening North American E&P spending restrain operator capital budgets below $2.1B quarterly in key international basins,, triggering tender discounting and operating margin compression toward 12.5%-13.0%.
الاتجاهات طويلة الأمد
الاتجاه
التأثير
ملاحظة
Deepwater and Subsea Development Acceleration
positive
Accelerating offshore FIDs and subsea tree awards across Latin America and Europe/Africa drive multi-year service demand,.
Hyperscaler Data Center Infrastructure and Cooling Expansion
positive
Rapid AI compute scaling requires gigawatt-scale data center thermal management and modular power, opening a >$2.0B run rate market for SLB exiting 2027,.
Digital Oilfield Automation and Production Optimization
التموضع
Schlumberger occupies the premier global position in cyclical oilfield services. Generating 78.3% of revenue internationally ($27,942M non-US in FY2025), SLB is far less exposed to North American land shale deceleration ($7,515M) than peers. Its 15.3% operating margin exceeds Baker Hughes' 12.83%, supported by deepwater dominance and expanding Data Center Solutions.3,4,8
§11 إدارة المراكزEN
حجم المركز
3-4%
The committee rating is Hold, and the share price of $48.74 as of October 2, 2026 trades at a modest 3.3% premium to our Fair value of $47.18. An equal-weight or neutral portfolio allocation is warranted until cyclical pullbacks or estimate acceleration provide a clearer margin of safety.4
المخاطر
Risk management requires active monitoring of upstream E&P operator budgets, rig mobilization lead times in Saudi Arabia and the UAE, and global deepwater FID milestones. Given SLB's high international exposure ($27,942M non-US revenue), foreign exchange fluctuations and geopolitical trade frictions must be monitored alongside commodity price spreads. Maintain strict adherence to stop-loss levels and avoid expanding position sizing while trading above intrinsic fair value.
شرائح الدخول
المستوى
إجراء
لماذا
$42.00 - $44.00
Initiate first tranche (30-40% of target position)
Represents a 7-11% discount to Fair value ($47.18) and converges toward primary FCFFDCF midpoint ($44.32).
$38.00 - $40.00
Secondary accumulation tranche (60-70% of target position)
SLB trades at 15.95x forward earnings and a 3.3% premium to our compositefair value of $47.18. With an implied return of -3.2%, the stock lacks an adequate valuation margin of safety for new capital, though high free cash flow conversion ($4,795M in FY2025) supports holding existing positions.4,6
Growth and Momentum Investor
Hold
While consensus projects FY2027 diluted EPS growth of 29.9% to $3.23 and revenue expansion to $39,996M, FY2026 revenue growth is modest at 3.57%. Momentum and growth investors should wait for Middle East rig mobilization bottlenecks to clear before expanding exposure.1
Income and Total Return Investor
Hold
Management's commitment to distribute more than $4.0B in 2026, backed by a minimum of $2.4B in share repurchases and disciplined capital intensity ($2.5B capexguidance), provides reliable income and capital return support, warranting a Hold in total return strategies.5
§14 التوصية النهائيةEN
إجراء
احتفاظ
We advise investors to Hold SLB shares at current levels ($48.74 as of October 2, 2026). The stock trades at a 3.3% premium to our compositefair value of $47.18, offering an implied return of -3.2%. While secular deepwater recovery and data center infrastructure diversification provide multi-year upside, near-term rig mobilization delays in the Middle East and competitive tender discounting leave current risk-reward balanced.4
Existing shareholders benefit from solid downside support via free cash flow generation ($4,795M in FY2025) and management's commitment to distribute more than $4.0B to shareholders in 2026.
§15ملاحظاتك
دوّن أطروحتك الاستثمارية وحجم مركزك وأسئلة المتابعة. تبقى على هذا الجهاز، ولا يراها أحد سواك.
ملاحظات خاصة
مرئية لك وحدك. محفوظة على هذا الجهاز.
لا أحرف
Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Revenue and EPS growth 5 points lower for five years
Trigger
Within 12 months
Persistent Tendering Price War and Margin Dilution from Non-Oilfield Mix
SLB reported FY2025 EBIT margin of 14.66%, having eroded from 19.69% in FY2023. Management acknowledged intense pricing pressure in competitive tenders across integration and stimulation, while rapid scaling in Data Center Solutions (> $2B run-rate) is confirmed margin dilutive. If operating margin compresses below 12.5% (a 300 bps reduction from the 15.5% target), operating income falls significantly across all earnings and DCF models.5
FV impact
0%
Operating margin 3 points lower throughout
Trigger
Within 18 months
Multiple Derating Towards Cyclical Trough Multiples
The valuation model assumes a terminal P/E of 15.5x. SLB currently trades at 15.95x forward P/E. Upstream customer peer EOG trades at 9.30x forward P/E. If macroeconomic conditions trigger a multiple derating toward historical cyclical trough levels of 12.4x (-20% from 15.5x), the exit valuation collapses under forward_earnings.4
FV impact
-4.3%
Terminal multiple 20% lower
Trigger
Within 24 months
Intense tendering price competition and margin dilution from scaling Data Center Solutions,.
Discounted forecast-period cash flows (11.06 US$) plus discounted terminal value (38.72 US$) minus signed per current share (5.45 US$) equals the 44.32 US$ lens value shown above. Negative net debt is , so subtracting it raises value.
Data Center Solutions exceeds $2.0B run rate exiting 20275
Operating margin expands toward 16.5% via ChampionX synergies and digital mix5
In the Bull scenario, Middle East production restoration accelerates beyond baseline projections and deepwater campaigns in Latin America and West Africa expand offshore revenue growth above 10%. Rapid conversion of $9.0B in subsea bookings combines with Data Center Solutions surpassing its $2.0B run rate target ahead of schedule. Operating margins expand through ChampionX synergies and digital mix, and robust free cash flow conversion underwrites share buybacks exceeding guided baselines, supporting earnings expansion toward the top of consensus expectations.5
Sustains management's target of >$4B in annual capital returns, offsetting share-based dilution ($332M) and reducing diluted share count.
Margin Leadership Over Tier-1 Peers Preserved
FY2025 operating income of $5,456M yielded a 15.3% margin, outperforming peer Baker Hughes at 12.83%.
Confirms technological superiority and subsea integration power that maintain pricing advantages in key international tenders.
Targa Resources Corp.TRGP
السعر / القيمة العادلة
القيمة العادلة177.99 US$Report-date price270.31 US$
تاريخ التقييم
الميزة التنافسيةNarrow
بطاقة تقييم الاستثمار56 / 100
EOG Resources Inc.EOG
السعر / القيمة العادلة
القيمة العادلة166.77 US$Report-date price140.35 US$
تاريخ التقييم
الميزة التنافسيةNarrow
بطاقة تقييم الاستثمار81 / 100
الهامش
SLB
Schlumberger Limited
$72.3B
16.0x
2.0x
11.1x
12.9%
—
BKR
Baker Hughes Company
$55.6B
18.0x
2.0x
11.4x
16.5%
12.8%
WMB
The Williams Companies Inc.
$86.3B
26.7x
7.0x
16.9x
21.5%
39.5%
TRGP
Targa Resources Corp.
$60.4B
23.3x
3.6x
14.6x
70.8%
27.8%
EOG
EOG Resources Inc.
$75.3B
9.3x
2.8x
5.3x
22.5%
40.7%
positive
E&P operators demand cloud-native subsurface modeling and edge analytics to optimize recovery rates, supporting SLB's digital revenue ($2,660M in FY2025).
