olivLaw · US equity research
SLB N.V. (SLB Limited) SLB
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
SLB is a global technology provider to the energy industry, active in exploration, drilling, production and digitalization of oil and gas fields, as well as in decarbonization projects and data center solutions. In fiscal 2025 the company reported revenue of 35.7 bn USD, and in the third quarter of 2026 revenue reached 9.45 bn USD, as a broader activity recovery gained momentum even though Middle East disruptions slowed growth in the first half of the year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SLB N.V. (SLB Limited) (SLB) stock was 51.56 USD (−1.09% on the day), with market capitalisation 76.1 bn USD, P/E 25.1 on diluted EPS of 2.06 USD over the last 12 months, dividend yield 2.08%, beta 1.00, 52-week range 35.19–60.10 USD. Latest reported quarter (Q3 2026): revenue of 9.4 bn USD (+5.8% YoY), net income of 735.0 m USD (−0.5% YoY), diluted EPS 0.49 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.8
- neutral
- Bollinger (20, 2)
- 46.84 – 55.07
- in the upper half of the band · %B 0.57 · band width 16.2%
- SMA 50 / 200
- 52.38 / 51.54
- mixed trend
- MACD (12, 26, 9)
- 0.47 / 0.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.5% | −1.1% | +3.6 pp | — |
| 3 months | +3.3% | −0.5% | +3.8 pp | — |
| 6 months | −6.5% | +4.4% | −10.9 pp | — |
| Year to date | +34.3% | +12.3% | +22.0 pp | — |
| 1 year | +42.7% | +13.5% | +29.2 pp | +0.4% |
| 3 years | −9.3% | +76.4% | −85.7 pp | −31.7% |
| 5 years | +53.9% | +63.7% | −9.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.3 bn | 8.5 bn | 8.5 bn | 8.9 bn | 9.7 bn | 8.7 bn | 9.0 bn | 9.4 bn |
| Research & development | 192.0 m | 172.0 m | 180.0 m | 170.0 m | 187.0 m | 164.0 m | 171.0 m | 156.0 m |
| Depreciation & amortisation | 648.0 m | 640.0 m | 633.0 m | 638.0 m | 732.0 m | 685.0 m | 712.0 m | 698.0 m |
| Interest expense | 131.0 m | 147.0 m | 142.0 m | 142.0 m | 126.0 m | 116.0 m | 128.0 m | 133.0 m |
| Pre-tax income | 1.4 bn | 1.1 bn | 1.3 bn | 1.0 bn | 943.0 m | 956.0 m | 1.0 bn | 1.0 bn |
| Income tax | 269.0 m | 234.0 m | 237.0 m | 226.0 m | 143.0 m | 195.0 m | 204.0 m | 239.0 m |
| Net income | 1.1 bn | 797.0 m | 1.0 bn | 739.0 m | 824.0 m | 752.0 m | 786.0 m | 735.0 m |
| Diluted EPS | 0.77 ≈ | 0.58 | 0.74 | 0.50 | 0.55 ≈ | 0.50 | 0.52 | 0.49 |
| Operating cash flow | 2.4 bn | 660.0 m | 1.1 bn ≈ | 1.7 bn ≈ | 3.0 bn | 487.0 m | 1.4 bn ≈ | 1.5 bn ≈ |
| Capex | 609.0 m | 398.0 m | 371.0 m ≈ | 409.0 m ≈ | 516.0 m | 343.0 m | 459.0 m ≈ | 485.0 m ≈ |
| Dividends paid | 389.0 m | 386.0 m | 387.0 m ≈ | 403.0 m ≈ | 426.0 m | 426.0 m | 440.0 m ≈ | 439.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 69 percentile of its own 29-quarter history (min 11.6, median 22.3, max 495.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32.8 bn | 32.9 bn | 23.6 bn | 22.9 bn | 28.1 bn | 33.1 bn | 36.3 bn | 35.7 bn |
| Revenue YoY | +7.8% | +0.3% | −28.3% | −2.8% | +22.5% | +18.0% | +9.5% | −1.6% |
| Net income | 2.1 bn | -10.1 bn | -10.5 bn | 1.9 bn | 3.4 bn | 4.2 bn | 4.5 bn | 3.4 bn |
| Net income YoY | unavailable | −574.1% | unavailable | unavailable | +82.9% | +22.1% | +6.1% | −24.4% |
| Diluted EPS | 1.53 | -7.32 | -7.57 | 1.32 | 2.39 | 2.91 | 3.11 | 2.35 |
| Diluted EPS YoY | unavailable | −578.4% | unavailable | unavailable | +81.1% | +21.8% | +6.9% | −24.4% |
| net % | 6.5% | -30.8% | -44.6% | 8.2% | 12.2% | 12.7% | 12.3% | 9.4% |
| Free cash flow | 3.6 bn | 3.7 bn | 1.8 bn | 3.5 bn | 2.1 bn | 4.7 bn | 4.7 bn | 4.8 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- 9.7 bn USD
- Net debt
- unavailable USD
- Equity
- 27.3 bn USD
- Total assets
- 54.9 bn USD
- Debt / equity
- 0.36x
- Current ratio
- 1.33x
- ROE
- 13.6%
- ROA
- 6.5%
- FCF margin
- 13.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 23.6 bn | 22.9 bn | 28.1 bn | 33.1 bn | 36.3 bn | 35.7 bn | SEC (XBRL)· 23 Jan 2026verified |
| Research & development | 580.0 m | 554.0 m | 634.0 m | 711.0 m | 749.0 m | 709.0 m | SEC (XBRL)· 23 Jan 2026verified |
| Operating income | 2.4 bn | 3.4 bn | 5.0 bn | 6.5 bn | — | — | SEC (XBRL)· 24 Jan 2024verified |
| Depreciation & amortisation | 2.6 bn | 2.1 bn | 2.1 bn | 2.3 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| EBITDA | 5.0 bn ≈ | 5.5 bn ≈ | 7.2 bn ≈ | 8.8 bn ≈ | — | — | SEC (XBRL)· 24 Jan 2024derived |
| Interest expense | 563.0 m | 539.0 m | 490.0 m | 503.0 m | 512.0 m | 558.0 m | SEC (XBRL)· 23 Jan 2026verified |
| Pre-tax income | -11.3 bn | 2.4 bn | 4.3 bn | 5.3 bn | 5.7 bn | 4.3 bn | SEC (XBRL)· 23 Jan 2026verified |
| Income tax | -812.0 m | 446.0 m | 779.0 m | 1.0 bn | 1.1 bn | 840.0 m | SEC (XBRL)· 23 Jan 2026verified |
| Net income | -10.5 bn | 1.9 bn | 3.4 bn | 4.2 bn | 4.5 bn | 3.4 bn | SEC (XBRL)· 23 Jan 2026verified |
| Diluted EPS | -7.57 | 1.32 | 2.39 | 2.91 | 3.11 | 2.35 | SEC (XBRL)· 23 Jan 2026verified |
| Weighted average diluted shares | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 23 Jan 2026verified |
| Dividend per share | 1.25 | 0.50 | 0.60 | 0.92 | 1.09 | 1.07 | SEC (XBRL)· 23 Jan 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Inventories | 3.4 bn | 3.3 bn | 4.0 bn | 4.4 bn | 4.4 bn | 5.0 bn | SEC (XBRL)· 23 Jan 2026verified |
| Current assets | 12.9 bn | 12.7 bn | 15.0 bn | 17.7 bn | 18.6 bn | 19.5 bn | SEC (XBRL)· 23 Jan 2026verified |
| Property, plant & equipment, net | 6.8 bn | 6.6 bn | 6.6 bn | 7.2 bn | 7.4 bn | 7.9 bn | SEC (XBRL)· 23 Jan 2026verified |
| Goodwill | 13.0 bn | 13.0 bn | 13.0 bn | 14.1 bn | 14.6 bn | 16.8 bn | SEC (XBRL)· 23 Jan 2026verified |
| Intangibles (excl. goodwill) | 3.5 bn | 3.2 bn | 3.0 bn | 3.2 bn | 3.0 bn | 5.0 bn | SEC (XBRL)· 23 Jan 2026verified |
| Total assets | 42.4 bn | 41.5 bn | 43.1 bn | 48.0 bn | 48.9 bn | 54.9 bn | SEC (XBRL)· 23 Jan 2026verified |
| Accounts payable | 8.4 bn | 8.4 bn | 9.1 bn | 10.9 bn | 10.4 bn | 11.5 bn | SEC (XBRL)· 23 Jan 2026verified |
| Long-term debt | 16.0 bn | 13.3 bn | 10.6 bn | 10.8 bn | 11.0 bn | 9.7 bn | SEC (XBRL)· 23 Jan 2026verified |
| Current liabilities | 10.5 bn | 10.4 bn | 12.0 bn | 13.4 bn | 12.8 bn | 14.7 bn | SEC (XBRL)· 23 Jan 2026verified |
| Total liabilities | 29.9 bn | 26.2 bn | 25.1 bn | 26.6 bn | 26.6 bn | 27.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| Equity | 12.5 bn | 15.3 bn | 18.0 bn | 21.4 bn | 22.4 bn | 27.3 bn | SEC (XBRL)· 23 Jan 2026verified |
| Shares outstanding at year end | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 23 Jan 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.9 bn | 4.7 bn | 3.7 bn | 6.6 bn | 6.6 bn | 6.5 bn | SEC (XBRL)· 23 Jan 2026verified |
| Capex | 1.1 bn | 1.1 bn | 1.6 bn | 1.9 bn | 1.9 bn | 1.7 bn | SEC (XBRL)· 23 Jan 2026verified |
| Free cash flow | 1.8 bn ≈ | 3.5 bn ≈ | 2.1 bn ≈ | 4.7 bn ≈ | 4.7 bn ≈ | 4.8 bn ≈ | SEC (XBRL)· 23 Jan 2026derived |
| Investing cash flow | -2.4 bn | -919.0 m | -1.4 bn | -2.8 bn | -3.1 bn | -1.4 bn | SEC (XBRL)· 23 Jan 2026verified |
| Financing cash flow | -873.0 m | -2.8 bn | -2.4 bn | -2.5 bn | -2.8 bn | -5.6 bn | SEC (XBRL)· 23 Jan 2026verified |
| Dividends paid | 1.7 bn | 699.0 m | 848.0 m | 1.3 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 23 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 76.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet49
- Valuation48
- Quality89
- Growth35
- Returns59
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.08 – 47.32 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E28.38 – 47.32 (Mid 43.85)9 companies used · median multiple 21.3x · quartiles 13.8x – 23.0xCLB, HAL, HOS, NESR, NGS, OII, RNGR, TUSK, WTTR
- Dividend discount (DDM)14.08 – 18.93 (Mid 16.15)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.4% | 78 (vs peers) | 10% |
| FCF conversion · Quality | 147.2% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 8.3% | 69 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -0.6% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 49 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 25.1x | 27 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.0% | 75 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.3% | 32 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 38.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial49/100 · 1/3 factors with a value
- Growth35/100 · 2/2 factors with a value
- Quality89/100 · 2/3 factors with a value
- Returns59/100 · 2/2 factors with a value
- Valuation48/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SLB LIMITED/NV (SLB). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 35.7 bn USD in 2025; YoY growth -1.6%; net margin 8.4%; ROE 12.0%.
The estimated value range is 21.23–33.13 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 30.00 USD, the price of 51.56 USD leaves a potential of -41.8% (value / price − 1) and a margin of safety of -71.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.4%
- FCF conversion: 147.2%
- FCF yield: 6.0%
- Payout ratio (FCF): 38.0%
What contradicts it
- EPS CAGR 3Y: -0.6%
- P/E (TTM): 25.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +43% / −9% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.6 bn | 11.0 | 31.1% | 11.4% | +4.6% | +49% / +76% |
| NESRNational Energy Services Reunited Corp. | 2.2 bn | 23.2 | 9.4% | 5.8% | +1.7% | +54% / unavailable |
| RESRpc, Inc. | 1.3 bn | — | -3.0% | -1.8% | +15.0% | +11% / −19% |
| HOSHornbeck Offshore Services, Inc. | 904.9 m | 23.0 | 2.5% | 3.0% | −4.9% | −8% / −34% |
| PUMPProPetro Holding Corp. | 788.8 m | — | 0.2% | 0.2% | −12.1% | −33% / −30% |
| ACDCProFrac Holding Corp. | 723.0 m | — | -57.4% | -22.8% | −11.4% | +12% / −51% |
| WTTRSelect Water Solutions, Inc. | 681.6 m | 21.3 | 3.5% | 2.2% | −3.1% | +67% / +127% |
| CLBCore Laboratories Inc. | 442.2 m | 28.6 | 5.7% | 3.0% | +0.5% | −36% / −46% |
| NGSNatural Gas Services Group, Inc. | 373.4 m | 18.0 | 7.3% | 10.8% | +9.9% | −7% / +89% |
| TUSKMammoth Energy Services, Inc. | 145.3 m | 10.3 | 5.3% | 17.1% | −2.9% | +64% / −32% |
| NINENine Energy Service, Inc. | 101.3 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 21.5 m | — | — | -9.7% | −10.2% | −39% / −89% |
| RCONRecon Technology, Ltd | 8.9 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| WBIWaterBridge Infrastructure LLC | — | 434.0 | 0.5% | 0.5% | +66.2% | +14% / unavailable |
| LBRTLiberty Energy Inc. | — | 54.2 | 2.0% | 0.9% | −7.2% | −26% / −34% |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −20% / −45% |
| RNGRRanger Energy Services, Inc. | — | 21.6 | 5.1% | 2.6% | −4.2% | +0% / +39% |
1- and 3-year price returns: for SLB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 32.28 Total return -36% · Per year -36% | 56.96 Total return 13% · Per year 13% | 85.66 Total return 69% · Per year 69% |
| 3 years | 33.78 Total return -29% · Per year -11% | 66.84 Total return 37% · Per year 11% | 110.01 Total return 123% · Per year 31% |
| 5 years | 35.35 Total return -22% · Per year -5% | 78.43 Total return 66% · Per year 11% | 141.28 Total return 192% · Per year 24% |
- Exit P/E± 16.71
- Net margin± 11.70
- Annual revenue growth± 9.26
- Annual dilution± 0.98
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Oct 2026; since then the company filed 10-Q (28 Oct 2026).
In brief
SLB is a global technology provider to the energy industry, active in exploration, drilling, production and digitalization of oil and gas fields, as well as in decarbonization projects and data center solutions. In fiscal 2025 the company reported revenue of 35.7 bn USD 1, and in the third quarter of 2026 revenue reached 9.45 bn USD 3, as a broader activity recovery gained momentum even though Middle East disruptions slowed growth in the first half of the year 2.
SWOT
Strengths
Weaknesses
- Dependence on the spending of oil industry customers, which can fall quickly when prices or financing conditions deteriorate 1.
- High exposure to politically risky regions, which led to activity cuts in certain Middle East countries 2.
- Integration of large acquisitions such as ChampionX carries the risk that expected synergies are harder or slower to achieve than estimated 1.
Opportunities
- Rapid growth in demand for data center infrastructure, supported by artificial intelligence, could significantly expand the Data Center Solutions business 13.
- The priority given to production and recovery may increase demand for artificial lift systems, production chemistry and subsea solutions 3.
- Development of carbon capture and geothermal energy could open new long-term revenue sources 1.
Threats
- Geopolitical instability and international sanctions may restrict access to certain markets, including Russia, where the company has suspended investments 1.
- Falling oil and gas prices combined with oversupply may reduce customer spending and put pressure on service prices 1.
- Cyber risks could affect reputation and operations, particularly for the digital solutions provided to customers 1.
Risks
- Dependence on customer spendinghigh
Demand for SLB products depends on investment plans of oil operators, which react quickly to price changes 1.
- Geopolitical risk and sanctionshigh
Political disruption and sanctions could affect activity in several regions, including the Middle East and Russia 12.
- Cyber riskmedium
Attacks on digital solutions and internal networks could affect reputation and relationships with customers 1.
- Acquisition integrationmedium
Integrating ChampionX and other acquisitions could prove difficult, which could delay the expected benefits 13.
- Energy transitionlow
If the transition strategy does not meet the expectations of investors or customers, access to capital and demand could be affected 1.
Investment thesis
What would need to be true (bull case)
- Sequential revenue growth and a gradual recovery in several regions could support stronger growth in 2027 if the trend continues 3.
- The digital and data center businesses are growing faster than the traditional core and carry higher margins, which could improve long-term profitability 13.
- The broad portfolio and cash generation capacity allow capital to be returned to shareholders, even in periods of lower activity 1.
What would break the thesis
- If tensions in the Middle East persist, activity and margins in drilling and production divisions could remain below expectations 2.
- Large cash-funded acquisitions such as Kelvion can raise debt and reduce financial flexibility, especially if the market weakens 3.
- Dependence on the budgets of oil operators remains a vulnerability, especially if crude prices fall below levels customers expect 1.
What to watch
- Development of activity in the Middle East and the recovery of revenue from the regionQ4 2026
- Completion of the Kelvion acquisition and its effects on the data center business2027
- Margins of the Well Construction and Reservoir Performance divisions under price pressureQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Oct 2026; since then the company filed 10-Q (28 Oct 2026).
The business
SLB's strategy rests on three growth engines: the Core divisions, Digital and New Horizons of Growth, which include data center solutions, carbon capture and storage and geothermal energy 1. The ChampionX acquisition, completed in 2025 in an all-stock transaction valued at 4.9 bn USD, extended the portfolio in production and recovery 1.
International exposure is a key feature of the business model: operations outside the United States accounted for about 82% of consolidated revenue in 2025 1, so activity trends in regions such as the Middle East directly affect overall results 2.
Segments
Market context
The energy services market depends on customer spending, which is influenced by oil and gas prices, access to capital and the energy transition 1. Recently demand has been supported by energy security concerns and the diversification of international supply, while instability in the Middle East has limited activity in some countries 3.
Production and recovery activity has become a priority for customers seeking to unlock additional barrels at lower cost, and data centers driven by demand for artificial intelligence represent a fast-growing new market 13.
Trends
- Recovery in international activitytailwind
Sequential growth in offshore activity in Latin America, Europe and Africa, and Asia supports the outlook for 2027, mainly through SLB OneSubsea contract awards 3.
- Demand for data centerstailwind
Infrastructure for artificial intelligence creates demand for modular data center solutions, and the Kelvion acquisition could strengthen this business if integration proceeds as planned 3.
- Middle East conflictmixed
Operational disruptions in the region reduced revenue in the first half of 2026 and weighed on margins in drilling and production divisions 2. A gradual recovery in activity could bring further growth if conditions stabilize 3.
- Energy transitionmixed
The shift toward diverse energy sources may reduce customer spending on oil and gas, but it also creates opportunities in carbon capture, geothermal energy and digitalization 1.
Competitive position
The main methods of competition in energy services are technological innovation, quality of service and price differentiation, and they vary by region and type of service 1. SLB faces numerous competitors, large and small, and the sources do not single out one dominant rival 1.
SLB's advantage lies in its intellectual property portfolio and its ability to combine digital capabilities with field operations 1. The risk is that competing or new technologies could accelerate the obsolescence of existing products and reduce the value of this portfolio 1.
- Baker HughesBKR
Competitor in drilling, evaluation and production services, cited in the context of general industry competition
- HalliburtonHAL
Competitor in stimulation, cementing and rig services, an important player in North American land markets
- Aker Solutions
Partner in the OneSubsea joint venture and also a competitor in subsea solutions, with a presence in Norway
- Subsea7
Partner in OneSubsea, active in subsea equipment construction and installation
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report23 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Oct 2026Departure or appointment of officers
- Current report31 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report24 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Other events · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report24 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SLB N.V. (SLB Limited) · 23 Jan 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SLB N.V. (SLB Limited) · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SLB N.V. (SLB Limited) · 23 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.