SLB (Schlumberger)
SLBFinancial Snapshot
ticker: SLB step: 04 generated: 2026-05-12 source: quick-research
SLB (Schlumberger Limited) (SLB) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|---|---|---|---|---|
| Revenue | $33.13B | $36.94B | ~$36.4B | ~flat (ChampionX add + WC decline) |
| Adjusted EBITDA | $7.99B | $9.43B | ~$9.5B | flat-to-up |
| Adjusted EBITDA Margin | 24.1% | 25.5% | ~26% | +50 bps |
| Adjusted Diluted EPS | $3.10 | $3.40 | ~$3.20–3.30 | mixed (ChampionX dilution) |
| Q4 FY25 Adjusted EPS | — | $0.95 | $0.78 | — |
| Q4 FY25 Revenue | — | $9.41B | $9.75B | +4% |
Segment Detail (FY2025)
| Segment | Revenue | YoY |
|---|---|---|
| Production Systems (incl. ChampionX) | $13.33B | +9.7% |
| Well Construction | $11.86B | -11.2% (rig count decline) |
| Reservoir Performance | $7.18B | flat |
| Digital & Integration | ~$4.25B+ | mid-single-digit |
Cash Flow & Capital Allocation (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$5–6B |
| Capital Expenditures | ~$2.5–3B |
| Free Cash Flow | ~$3B+ |
| 2026 Capital Return Commitment | $4B+ |
| Quarterly Dividend | $0.29 (raised in Q4 2025) |
| Annual Dividend Yield | ~3.5% |
| Total Debt | ~$15B |
| Net Debt / EBITDA | ~1.0x |
Geographic + End Market Mix
| Region | FY25 Mix |
|---|---|
| Middle East + Asia | ~35% |
| Latin America | ~15% |
| Europe + CIS + Africa | ~25% |
| Offshore | ~25% |
| North America | ~15% |
| International (combined) | ~75% |
Key Ratios (approximate)
- P/E: ~14x (FY26E EPS ~$3.50) | EV/EBITDA: ~7.5x | FCF Yield: ~5%
- Revenue Growth (FY25): flat (transitional with ChampionX)
- Adjusted EBITDA Margin: ~26%
- Dividend Yield: ~3.5% | Buyback Yield: ~5%+
- Net Debt / EBITDA: ~1.0x (conservative)
Growth Profile
FY25 was a transitional year for SLB:
- ChampionX acquisition closed July 16; partial-year contribution ($1.46B)
- Well Construction segment declined -11.2% on rig count weakness
- Production Systems +9.7% (incl. ChampionX)
- Q4 FY25 revenue $9.75B (+4%) showed momentum building into FY26
The 2026 setup:
- ChampionX full-year contribution adds ~$1.8B of incremental revenue (FY26 vs. FY25)
- $400M synergy target ramping by Year 3
- International + offshore deepwater spending accelerating (Saudi Aramco, ADNOC, Petrobras, BP, Shell capex commitments)
- Analyst-expected "multi-year deepwater boom" starting late 2026
- $4B+ commitment to capital return (dividends + buybacks)
The structural thesis: SLB is the highest-quality oilfield services company with deliberate international + offshore tilt and digital + AI moats. As the global oil cycle tilts toward deepwater + LNG + NOC capex expansion (vs. US shale stagnation), SLB outperforms.
Forward Estimates
FY2026 Consensus:
- Revenue: ~$38–40B (+5–10% with ChampionX full-year)
- Adjusted EPS: ~$3.50–3.80 (+8–18% with ChampionX synergies)
- FCF: ~$4B+
- Capital Return: $4B+
Bull case: Multi-year deepwater boom materializes; ChampionX synergies exceed $400M; Saudi Aramco + ADNOC capex accelerates; digital adoption (Lumi AI) drives premium pricing; multiple expands to 17x P/E; stock could reach $70+. Bear case: Oil prices retreat to $55-60 Brent; international capex pauses; ChampionX integration disappoints; multiple compresses to 12x P/E; stock stays at $40-45. Consensus targets ~$58–65 vs. trading ~$44–48 (~25–35% implied upside; Wall Street median $59.50).
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $SLB.