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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).
Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.
§1 Tóm tắt điều hànhEN
Câu trả lời trong 30 giâyHold
Giá so với giá trị
Giá
$48.74
Giá trị hợp lý
$47.18
Giá trị tiềm năng
$60.79
Tính đến
2026-10-02
Vì sao luận điểm có thể đúng
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,.
Điều gì sẽ thay đổi quan điểm của chúng tôi
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
Khuyến nghị của hãng
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
Tổng quan công ty
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 Kịch bản tiêu cựcEN
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.
Các cách luận điểm này có thể đổ vỡ
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%
Tín hiệu cảnh báo sớm cần theo dõi
Năm diễn biến có thể làm suy yếu luận điểm đầu tư của chúng tôi.
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.
Lợi nhuận kinh tế
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%.
Mối đe dọa đã biết với lợi thế cạnh tranh
Mối đe dọa
Mức độ
Mốc thời gian
Giảm thiểu
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
Phân bổ vốn
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 ($9,572M).
Insulates SLB from North American shale drilling slowdowns and positions the company for secular international upstream capex cycles.
Doanh thu mới nhất35,7 T US$CAGR doanh thu +2,8%
Biên hoạt động15,3%10 kỳ tài chính
Dòng tiền tự do mới nhất4,8 T US$FY2025
Nợ ròng8,1 T US$FY2025
Phân tích báo cáo kết quả kinh doanhQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.30 thg 6, 2026
StockMarketAgent.AI
Doanh thu9 T US$Giá vốn doanh thu−7,6 T US$Lợi nhuận gộp1,4 T US$Chi phí hoạt động−324 Tr US$Lợi nhuận hoạt động1,1 T US$Các khoản ngoài hoạt động và thuế−285 Tr US$Lợi nhuận ròng786 Tr US$
Dữ liệu lịch sử tài chính
Doanh thu
8.972.000.000 US$
Giá vốn doanh thu
7.577.000.000 US$
Lợi nhuận gộp
1.395.000.000 US$
Chi phí hoạt động
324.000.000 US$
Lợi nhuận hoạt động
1.071.000.000 US$
Các khoản ngoài hoạt động và thuế
-285.000.000 US$
Lợi nhuận ròng
786.000.000 US$
Tổng quan bảng cân đối kế toánCách tài sản đã báo cáo được nắm giữ và tài trợ trong kỳ đã chọn.
StockMarketAgent.AI
Cơ cấu tài sảnNguồn tài trợ
Tổng tài sản54,9 T US$Tiền mặt3 T US$Tài sản ngắn hạn19,5 T US$Tổng nợ phải trả27,6 T US$Nợ ngắn hạn14,7 T US$Vốn chủ sở hữu27,3 T US$
Dữ liệu phân tích bảng cân đối kế toán
Tổng tài sản
54.868.000.000 US$
Tiền mặt
3.036.000.000 US$
Tài sản ngắn hạn
19.513.000.000 US$
Tổng nợ phải trả
27.577.000.000 US$
Nợ ngắn hạn
14.721.000.000 US$
Vốn chủ sở hữu
27.291.000.000 US$
Cầu nối dòng tiềnDòng tiền từ hoạt động chuyển thành dòng tiền tự do như thế nào trong FY2025.
StockMarketAgent.AI
Đối chiếu dòng tiền hoạt động
Lợi nhuận ròng3,4 T US$Khấu hao và phân bổ+2,6 T US$Thù lao bằng cổ phiếu+332 Tr US$Điều chỉnh hoạt động khác+140 Tr US$Dòng tiền hoạt động6,5 T US$
Đối chiếu tiền đầu kỳ đến cuối kỳ
Tiền đầu kỳ3,5 T US$Dòng tiền hoạt động+6,5 T US$Dòng tiền đầu tư−1,4 T US$Dòng tiền tài chính−5,6 T US$Ảnh hưởng tỷ giá+57 Tr US$Tiền cuối kỳ3 T US$
6,5 T US$ − 1,7 T US$Dòng tiền tự do 4,8 T US$
Dữ liệu cầu nối dòng tiền
Lợi nhuận ròng
3.374.000.000 US$
Dòng tiền vào từ hoạt động
6.489.000.000 US$
Khấu hao và phân bổ
2.643.000.000 US$
Thù lao bằng cổ phiếu
332.000.000 US$
Điều chỉnh hoạt động khác
140.000.000 US$
Dòng tiền hoạt động
6.489.000.000 US$
Tiền sẵn có
10.090.000.000 US$
Tiền đầu kỳ
3.544.000.000 US$
Ảnh hưởng tỷ giá
57.000.000 US$
Dòng tiền ra từ đầu tư
1.412.000.000 US$
Dòng tiền ra từ tài chính
5.642.000.000 US$
Mua lại cổ phiếu
2.414.000.000 US$
Cổ tức đã trả
1.602.000.000 US$
Hoàn trả nợ ròng
1.616.000.000 US$
Hoạt động tài chính khác
10.000.000 US$
Tiền cuối kỳ
3.036.000.000 US$
Dòng tiền đầu tư
-1.412.000.000 US$
Dòng tiền tài chính
-5.642.000.000 US$
Doanh thu theo nhóm kinh doanhTỷ trọng trong tổng doanh thu của 2026-06-30.
9 TTổng doanh thu
Doanh thu theo nhóm kinh doanhTỷ trọng
Cost of7,6 T84,5%
Khác1,4 T15,5%
Dữ liệu cơ cấu doanh thu: Doanh thu theo nhóm kinh doanh
Doanh thu theo nhóm kinh doanh
Doanh thu
Tỷ trọng
so với cùng kỳ
Cost of
7,6 T
84,5%
—
Other
1,4 T
15,5%
—
Doanh thu và lợi nhuậnQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
Tiền mặt và nợThanh khoản sẵn có so với tổng dư nợ.
Tạo dòng tiềnDòng tiền hoạt động so với dòng tiền tự do.
Khả năng sinh lờiDiễn biến biên gộp, biên hoạt động và biên ròng.
Dữ liệu tài chính tại thời điểm được dùng trong phân tích ngày 2026-10-03.
Dữ liệu lịch sử tài chính
Kỳ
Doanh thu
EBITDA
Lợi nhuận ròng
Dòng tiền hoạt động
Dòng tiền tự do
Capex
Khấu hao và phân bổ
Thù lao bằng cổ phiếu
Mua lại cổ phiếu
Cổ tức đã trả
Phát hành nợ ròng
Dòng tiền đầu tư
Dòng tiền tài chính
Tiền đầu kỳ
Tiền cuối kỳ
Tiền mặt và đầu tư
Tổng nợ
Biên hoạt động
ROIC
WACC
Chênh lệch ROIC−WACC
2016-12-31
27,8 T US$
6,4 T US$
-1,7 T US$
6,3 T US$
4,2 T US$
2,1 T US$
4,1 T US$
267 Tr US$
—
2,6 T US$
—
-624 Tr US$
-5,4 T US$
—
2,9 T US$
9,3 T US$
19,6 T US$
11,8%
—
5,9%
—
2017-12-31
30,4 T US$
6,8 T US$
-1,5 T US$
5,7 T US$
3,6 T US$
2,1 T US$
3,8 T US$
343 Tr US$
—
2,8 T US$
—
-1,8 T US$
-5 T US$
2,9 T US$
1,8 T US$
5,1 T US$
18,2 T US$
12,9%
—
5,6%
—
2018-12-31
32,8 T US$
6,7 T US$
2,1 T US$
5,7 T US$
3,6 T US$
2,2 T US$
3,6 T US$
345 Tr US$
—
2,8 T US$
—
-1 T US$
-5 T US$
1,8 T US$
1,4 T US$
2,8 T US$
16,1 T US$
12,8%
—
5,8%
—
2019-12-31
32,9 T US$
-6,3 T US$
-10,1 T US$
5,4 T US$
3,7 T US$
1,7 T US$
3,6 T US$
405 Tr US$
—
2,8 T US$
—
-2 T US$
-3,7 T US$
1,4 T US$
1,1 T US$
2,2 T US$
15,3 T US$
12,1%
—
5,7%
—
2020-12-31
23,6 T US$
-8,8 T US$
-10,5 T US$
2,9 T US$
1,8 T US$
1,1 T US$
2,6 T US$
397 Tr US$
—
1,7 T US$
—
-2,4 T US$
-873 Tr US$
1,1 T US$
844 Tr US$
3 T US$
16,9 T US$
10,2%
—
5,3%
—
2021-12-31
22,9 T US$
4,6 T US$
1,9 T US$
4,7 T US$
3,5 T US$
1,1 T US$
2,1 T US$
324 Tr US$
—
699 Tr US$
—
-919 Tr US$
-2,8 T US$
844 Tr US$
1,8 T US$
3,1 T US$
14,2 T US$
14,7%
—
6,5%
—
2022-12-31
28,1 T US$
6,4 T US$
3,4 T US$
3,7 T US$
2,1 T US$
1,6 T US$
2,1 T US$
313 Tr US$
0 US$
848 Tr US$
-1,6 T US$
-1,4 T US$
-2,4 T US$
1,8 T US$
1,7 T US$
2,9 T US$
12,2 T US$
17,8%
—
8,6%
—
2023-12-31
33,1 T US$
7,5 T US$
4,2 T US$
6,6 T US$
4,7 T US$
1,9 T US$
2,3 T US$
293 Tr US$
694 Tr US$
1,3 T US$
-582 Tr US$
-2,8 T US$
-2,5 T US$
1,7 T US$
2,9 T US$
4 T US$
12 T US$
19,7%
—
8,3%
—
2024-12-31
36,3 T US$
8,1 T US$
4,5 T US$
6,6 T US$
4,7 T US$
1,9 T US$
2,5 T US$
316 Tr US$
1,7 T US$
1,5 T US$
405 Tr US$
-3,1 T US$
-2,8 T US$
2,9 T US$
3,5 T US$
4,7 T US$
12,1 T US$
17,4%
—
8,5%
—
2025-12-31
35,7 T US$
7,1 T US$
3,4 T US$
6,5 T US$
4,8 T US$
1,7 T US$
2,6 T US$
332 Tr US$
2,4 T US$
1,6 T US$
-1,6 T US$
-1,4 T US$
-5,6 T US$
3,5 T US$
3 T US$
4,2 T US$
12,3 T US$
15,3%
—
6,0%
—
§9 So sánh định giá với các doanh nghiệp cùng ngành
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 Ngành và chu kỳEN
Pha chu kỳ
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
Chu kỳ tăng giá
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%.
Chu kỳ giảm giá
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%.
Xu hướng dài hạn
Xu hướng
Tác động
Ghi chú
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
Định vị
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 Quản lý vị thếEN
Quy mô vị thế
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
Rủi ro
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.
Đợt vào lệnh
Mức
Hành động
Lý do
$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 Khuyến nghị cuối cùngEN
Hành động
Giữ
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 $5,456M yielded a 15.3% margin, outperforming peer Baker Hughes at 12.83%.
Confirms technological superiority and subsea integration power that maintain pricing advantages in key international tenders.
Targa Resources Corp.TRGP
Giá / giá trị hợp lý
Giá trị hợp lý177,99 US$Report-date price270,31 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư56 / 100
EOG Resources Inc.EOG
Giá / giá trị hợp lý
Giá trị hợp lý166,77 US$Report-date price140,35 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư81 / 100
Biên
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).
