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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).
Este informe aún no se ha traducido. Actualice en unos minutos una vez que la cola de traducción se ponga al día.
§1 Resumen ejecutivoEN
Respuesta en 30 segundosHold
Precio frente a valor
Precio
$48.74
Valor razonable
$47.18
Valor potencial
$60.79
A fecha de
2026-10-02
Por qué puede funcionar
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,.
Qué cambiaría nuestra opinión
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
Recomendación de la casa
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
Descripción general de la empresa
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 Caso bajistaEN
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.
Cómo puede fallar esta tesis
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%
Señales de alerta temprana a vigilar
Los cinco acontecimientos que debilitarían nuestra tesis de inversión.
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.
Beneficio económico
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%.
Amenazas conocidas al foso
Amenaza
Severidad
Cronograma
Mitigación
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
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.
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
Asignación de capital
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 ($9,572M).
Insulates SLB from North American shale drilling slowdowns and positions the company for secular international upstream capex cycles.
Ingresos más recientes35,7 mil M US$CAGR de ingresos +2,8 %
Margen operativo15,3 %10 periodos fiscales
Flujo de caja libre más reciente4795 M US$FY2025
Deuda neta8096 M US$FY2025
Desglose de la cuenta de resultadosCómo la escala del negocio se convierte en beneficio declarado.30 jun 2026
StockMarketAgent.AI
Ingresos8972 M US$Coste de ventas−7577 M US$Beneficio bruto1395 M US$Gastos operativos−324 M US$Beneficio operativo1071 M US$Partidas no operativas e impuestos−285 M US$Beneficio neto786 M US$
Datos del historial financiero
Ingresos
8.972.000.000 US$
Coste de ventas
7.577.000.000 US$
Beneficio bruto
1.395.000.000 US$
Gastos operativos
324.000.000 US$
Beneficio operativo
1.071.000.000 US$
Partidas no operativas e impuestos
-285.000.000 US$
Beneficio neto
786.000.000 US$
Resumen del balanceCómo se mantienen y financian los activos declarados en el período seleccionado.
StockMarketAgent.AI
Composición de activosFinanciado por
Activos totales54,9 mil M US$Efectivo3036 M US$Activos corrientes19,5 mil M US$Pasivos totales27,6 mil M US$Pasivos corrientes14,7 mil M US$Patrimonio neto27,3 mil M US$
Datos del desglose del balance
Activos totales
54.868.000.000 US$
Efectivo
3.036.000.000 US$
Activos corrientes
19.513.000.000 US$
Pasivos totales
27.577.000.000 US$
Pasivos corrientes
14.721.000.000 US$
Patrimonio neto
27.291.000.000 US$
Puente de flujo de cajaCómo el flujo de caja operativo se convirtió en flujo de caja libre en FY2025.
StockMarketAgent.AI
Conciliación del flujo operativo
Beneficio neto3374 M US$Depreciación y amortización+2643 M US$Compensación basada en acciones+332 M US$Otros ajustes operativos+140 M US$Flujo de caja operativo6489 M US$
Conciliación del efectivo inicial al final
Efectivo inicial3544 M US$Flujo de caja operativo+6489 M US$Flujo de inversión−1412 M US$Flujo de financiación−5642 M US$Efecto del tipo de cambio+57 M US$Efectivo final3036 M US$
6489 M US$ − 1694 M US$Flujo de caja libre 4795 M US$
Datos del puente de flujo de caja
Beneficio neto
3.374.000.000 US$
Entrada operativa
6.489.000.000 US$
Depreciación y amortización
2.643.000.000 US$
Compensación basada en acciones
332.000.000 US$
Otros ajustes operativos
140.000.000 US$
Flujo de caja operativo
6.489.000.000 US$
Efectivo disponible
10.090.000.000 US$
Efectivo inicial
3.544.000.000 US$
Efecto del tipo de cambio
57.000.000 US$
Salida de inversión
1.412.000.000 US$
Salida de financiación
5.642.000.000 US$
Recompras de acciones
2.414.000.000 US$
Dividendos pagados
1.602.000.000 US$
Amortización neta de deuda
1.616.000.000 US$
Otras actividades de financiación
10.000.000 US$
Efectivo final
3.036.000.000 US$
Flujo de inversión
-1.412.000.000 US$
Flujo de financiación
-5.642.000.000 US$
Ingresos por categoría de negocioProporción de los ingresos totales de 2026-06-30.
8972 MIngresos totales
Ingresos por categoría de negocioProporción
Cost of7577 M84,5 %
Otros1395 M15,5 %
Datos de composición de ingresos: Ingresos por categoría de negocio
Ingresos por categoría de negocio
Ingresos
Proporción
interanual
Cost of
7577 M
84,5 %
—
Other
1395 M
15,5 %
—
Ingresos y beneficiosCómo la escala del negocio se convierte en beneficio declarado.
Efectivo y deudaLiquidez disponible frente al endeudamiento total.
Generación de efectivoFlujo de caja operativo frente al flujo de caja libre.
RentabilidadEvolución de los márgenes bruto, operativo y neto.
Datos financieros puntuales utilizados en el análisis del 2026-10-03.
Datos del historial financiero
Período
Ingresos
EBITDA
Beneficio neto
Flujo de caja operativo
Flujo de caja libre
Capex
Depreciación y amortización
Compensación basada en acciones
Recompras de acciones
Dividendos pagados
Emisión neta de deuda
Flujo de inversión
Flujo de financiación
Efectivo inicial
Efectivo final
Efectivo e inversiones
Deuda total
Margen operativo
ROIC
WACC
Diferencial ROIC−WACC
2016-12-31
27,8 mil M US$
6379 M US$
-1687 M US$
6261 M US$
4206 M US$
2055 M US$
4094 M US$
267 M US$
—
2647 M US$
—
-624 M US$
-5428 M US$
—
2929 M US$
9257 M US$
19,6 mil M US$
11,8 %
—
5,9 %
—
2017-12-31
30,4 mil M US$
6760 M US$
-1505 M US$
5663 M US$
3556 M US$
2107 M US$
3837 M US$
343 M US$
—
2778 M US$
—
-1779 M US$
-5033 M US$
2929 M US$
1799 M US$
5089 M US$
18,2 mil M US$
12,9 %
—
5,6 %
—
2018-12-31
32,8 mil M US$
6747 M US$
2138 M US$
5713 M US$
3553 M US$
2160 M US$
3556 M US$
345 M US$
—
2770 M US$
—
-1040 M US$
-5020 M US$
1799 M US$
1433 M US$
2777 M US$
16,1 mil M US$
12,8 %
—
5,8 %
—
2019-12-31
32,9 mil M US$
-6255 M US$
-10,1 mil M US$
5431 M US$
3707 M US$
1724 M US$
3589 M US$
405 M US$
—
2769 M US$
—
-2011 M US$
-3718 M US$
1433 M US$
1137 M US$
2167 M US$
15,3 mil M US$
12,1 %
—
5,7 %
—
2020-12-31
23,6 mil M US$
-8764 M US$
-10,5 mil M US$
2944 M US$
1828 M US$
1116 M US$
2566 M US$
397 M US$
—
1734 M US$
—
-2353 M US$
-873 M US$
1137 M US$
844 M US$
3006 M US$
16,9 mil M US$
10,2 %
—
5,3 %
—
2021-12-31
22,9 mil M US$
4617 M US$
1881 M US$
4651 M US$
3510 M US$
1141 M US$
2120 M US$
324 M US$
—
699 M US$
—
-919 M US$
-2824 M US$
844 M US$
1757 M US$
3139 M US$
14,2 mil M US$
14,7 %
—
6,5 %
—
2022-12-31
28,1 mil M US$
6430 M US$
3441 M US$
3720 M US$
2102 M US$
1618 M US$
2147 M US$
313 M US$
0 US$
848 M US$
-1613 M US$
-1388 M US$
-2382 M US$
1757 M US$
1655 M US$
2894 M US$
12,2 mil M US$
17,8 %
—
8,6 %
—
2023-12-31
33,1 mil M US$
7544 M US$
4203 M US$
6637 M US$
4698 M US$
1939 M US$
2312 M US$
293 M US$
694 M US$
1317 M US$
-582 M US$
-2783 M US$
-2512 M US$
1655 M US$
2900 M US$
3989 M US$
12 mil M US$
19,7 %
—
8,3 %
—
2024-12-31
36,3 mil M US$
8069 M US$
4461 M US$
6602 M US$
4671 M US$
1931 M US$
2519 M US$
316 M US$
1737 M US$
1533 M US$
405 M US$
-3145 M US$
-2772 M US$
2900 M US$
3544 M US$
4669 M US$
12,1 mil M US$
17,4 %
—
8,5 %
—
2025-12-31
35,7 mil M US$
7147 M US$
3374 M US$
6489 M US$
4795 M US$
1694 M US$
2643 M US$
332 M US$
2414 M US$
1602 M US$
-1616 M US$
-1412 M US$
-5642 M US$
3544 M US$
3036 M US$
4212 M US$
12,3 mil M US$
15,3 %
—
6,0 %
—
§9 Comparación de valoración con pares
Valor razonableReport-date price
SLB N.V.SLB
Precio / valor razonable
Valor razonable47,18 US$Report-date price48,74 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión62 / 100
Baker Hughes CompanyBKR
Precio / valor razonable
Valor razonable53,27 US$Report-date price66,73 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión60 / 100
The Williams Companies Inc.WMB
Precio / valor razonable
Valor razonable38,34 US$Report-date price69,26 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión55 / 100
SLB N.V.SLB
Precio / valor razonable
Valor razonable47,18 US$Report-date price48,74 US$
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 Industria y cicloEN
Fase del ciclo
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
Ciclo alcista
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%.
Ciclo bajista
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%.
Tendencias seculares
Tendencia
Impacto
Nota
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
Posicionamiento
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 Gestión de posiciónEN
Tamaño de posición
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
Riesgo
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.
Tramos de entrada
Nivel
Acción
Por qué
$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 Recomendación finalEN
Acción
Mantener
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.
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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 $5,456M yielded a 15.3% margin, outperforming peer Baker Hughes at 12.83%.
Confirms technological superiority and subsea integration power that maintain pricing advantages in key international tenders.
Targa Resources Corp.TRGP
Precio / valor razonable
Valor razonable177,99 US$Report-date price270,31 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión56 / 100
EOG Resources Inc.EOG
Precio / valor razonable
Valor razonable166,77 US$Report-date price140,35 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión81 / 100
Margen
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).
