Upside case
Bull case
$69+44.1%
SLB would need investors to value it at roughly 27x earnings — about 8x more generous than today's 19x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
SLB N.V. (SLB) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
66
analysts
56 bullish · 4 bearish · 66 covering SLB
Strong Buy
0
Buy
56
Hold
6
Sell
4
Strong Sell
0
Consensus Target
$60
+25.7% vs today
Scenario Range
$33 – $69
Model bear to bull value window
Coverage
66
Published analyst ratings
Valuation Context
18.6x
Forward P/E · Market cap $72.2B
SLB price targets
Three scenarios for where SLB stock could go
Current
~$48
Confidence
56 / 100
Updated
Jun 18, 2026
Where we are now
Current · $48
Bear
$33
Base
$53
Bull
$69
Market caseClosest to today
Base case
$53+9.4%
This is close to how the market is already pricing SLB — at roughly 20x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$33-31.1%
If investor confidence fades or macro conditions deteriorate, a 6x multiple contraction could push SLB down roughly 31% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
SLB N.V.
SLB · NYSEEnergyOil & Gas Equipment & ServicesDecember year-end
SLB N.V. is a global oilfield services company that provides technology and expertise for energy exploration and production. It generates revenue through four main segments: Digital & Integration (~20%), Reservoir Performance (~25%), Well Construction (~35%), and Production Systems (~20%) — offering everything from seismic analysis to drilling equipment and production optimization. The company's competitive advantage lies in its unparalleled global scale, proprietary technology portfolio, and deep reservoir of technical expertise accumulated over nearly a century of operations.
Market Cap
$72.2B
Revenue TTM
$35.7B
Net Income TTM
$3.4B
Net Margin
9.4%
SLB Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+2.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.74/$0.72
Revenue
$8.5B/$8.5B
Q4 2025
EPS
$0.69/$0.66
Revenue
$8.9B/$8.9B
Q1 2026
EPS
$0.78/$0.74
Revenue
$9.7B/$9.6B
Q2 2026
EPS
$0.52/$0.51
Revenue
$8.7B/$8.6B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.74/$0.72 | +2.5% | $8.5B/$8.5B | +0.6% |
| Q4 2025 | $0.69/$0.66 | +5.0% | $8.9B/$8.9B | +0.1% |
| Q1 2026 | $0.78/$0.74 | +5.1% | $9.7B/$9.6B | +2.0% |
| Q2 2026 | $0.52/$0.51 | +2.6% | $8.7B/$8.6B | +1.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$36.9B
+3.3% YoY
FY2
$38.5B
+4.5% YoY
EPS Outlook
FY1
$2.50
+11.0% YoY
FY2
$2.92
+17.0% YoY
Trailing FCF (TTM)$4.8B
FCF Margin: 13.4%
Next Earnings
July 17, 2026
Expected EPS
$0.53
Expected Revenue
$8.7B
SLB beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
SLB Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $34.7B
Product Mix
Latest annual revenue by segment or product family
Production Systems
38.4%
+9.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Middle East
34.5%
-6.2% YoY
Tap, hover, or focus a slice to inspect segment detail.
Production Systems is the largest disclosed segment at 38.4% of FY 2025 revenue, up 9.7% YoY.
Middle East is the largest reported region at 34.5%, down 6.2% YoY.
SLB Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly cheap versus peers
Fair value est. $57 — implies +17.7% from today's price.
Upside to Fair Value
17.7%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
SLB
20.5x
vs
S&P 500
24.4x
16% discount
vs Energy Trailing P/E
SLB
20.5x
vs
Energy
15.5x
+32% premium
vs SLB 5Y Avg P/E
Today
20.5x
vs
5Y Average
18.3x
+12% premium
Forward PE
18.6x
S&P 500
18.8x
-1%
Energy
12.5x
+49%
5Y Avg
—
—
Trailing PE
20.5x
S&P 500
24.4x
-16%
Energy
15.5x
+32%
5Y Avg
18.3x
+12%
PEG Ratio
—
S&P 500
1.66x
—
Energy
0.52x
—
5Y Avg
—
—
EV/EBITDA
11.1x
S&P 500
15.2x
-27%
Energy
7.8x
+41%
5Y Avg
11.1x
-1%
Price/FCF
15.1x
S&P 500
20.7x
-27%
Energy
13.8x
+9%
5Y Avg
18.3x
-18%
Price/Sales
2.0x
S&P 500
3.1x
-35%
Energy
1.4x
+43%
5Y Avg
2.0x
+1%
Dividend Yield
2.24%
S&P 500
1.91%
+17%
Energy
3.47%
-35%
5Y Avg
2.02%
+11%
| Metric | SLB | S&P 500 | Energy | 5Y Avg SLB |
|---|---|---|---|---|
| Forward PE | 18.6x | 18.8x | 12.5x+49% | — |
| Trailing PE | 20.5x | 24.4x-16% | 15.5x+32% | 18.3x+12% |
| PEG Ratio | — | 1.66x | 0.52x | — |
| EV/EBITDA | 11.1x | 15.2x-27% | 7.8x+41% | 11.1x |
| Price/FCF | 15.1x | 20.7x-27% | 13.8x | 18.3x-18% |
| Price/Sales | 2.0x | 3.1x-35% | 1.4x+43% | 2.0x |
| Dividend Yield | 2.24% | 1.91% | 3.47% | 2.02% |
SLB trades above S&P 500 benchmarks on 0 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolSLB Financial Health
Verdict
Strong
SLB generates $4.8B in free cash flow at a 13.4% margin — 12.1% ROIC signals a durable competitive advantage · returns 5.6% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$35.7B
Revenue Growth
TTM vs prior year
-1.6%
Gross Margin
Gross profit as a share of revenue
18.2%
Operating Margin
Operating income divided by revenue
15.3%
Net Margin
Net income divided by revenue
9.4%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$2.25
Free Cash Flow (TTM)
Cash generation after capex
$4.8B
FCF Margin
FCF as share of revenue — the primary cash quality signal
13.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
12.1%
ROA
Return on assets, trailing twelve months
6.5%
Cash & Equivalents
Liquid assets on the balance sheet
$3.0B
Net Debt
Total debt minus cash
$9.3B
Debt Serviceability
Net debt as a multiple of annual free cash flow
1.9× FCF
~1.9 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
13.9%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
5.6%
Dividend
2.2%
Buyback
3.3%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$2.4B
Dividend / Share
Annualized trailing dividend per share
$1.08
Payout Ratio
Share of earnings distributed as dividends
47.8%
Shares Outstanding
Declining as buybacks retire shares
1.5B
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageSLB Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 17, 2026
High Risk
Elevated short interest
Short interest is elevated with a 4.6-day cover ratio, indicating significant bearish bets against the stock.
Medium
Revenue concentration risk
SLB's revenue heavily depends on the petroleum industry, making it vulnerable to sector-specific downturns.
Medium
Energy transition risks
As a global technology company focused on energy innovation, SLB faces risks from shifts toward renewable energy and reduced fossil fuel demand.
Lower
Long-term price uncertainty
Stock price forecasts for 2031 show variability, reflecting uncertainty about future performance and market conditions.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why SLB Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 17, 2026
Technological leadership in energy
SLB's advanced technology and know-how are helping to overcome industry challenges and transform energy, improving asset performance.
Attractive valuation metrics
SLB's trailing and forward P/E ratios of 17.57 and 15.36 respectively indicate an attractive valuation compared to peers.
Global energy innovation
As a global technology company, SLB is driving energy innovation with a balanced approach, offering solutions for a sustainable planet.
Diverse oilfield services
SLB provides a wide range of critical oilfield services including seismic data processing, well testing, directional drilling, and well stimulation.
Strong institutional ownership
Top institutional holders like Vanguard Group (9.4%) demonstrate confidence in SLB's long-term prospects and narrow moat.
Offshore and drilling focus
SLB's core business in offshore oilfield services and advanced drilling technology drives majority revenue, positioning it well in the energy sector.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
SLB Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$48.09
52W Range Position
61%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$31.64
+52.0% from the low
52-Week High
$58.82
-18.2% from the high
1 Month
-15.85%
3 Month
+6.11%
YTD
+19.6%
1 Year
+34.1%
3Y CAGR
+0.6%
5Y CAGR
+9.0%
10Y CAGR
-4.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
SLB vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
18.6x
vs 22.0x median
-16% below peer median
Revenue Growth
+3.3%
vs +5.7% median
-43% below peer median
Net Margin
9.4%
vs 6.9% median
+35% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
SLB SLB SLB N.V. | $72.2B | 18.6x | +3.3% | 9.4% | Buy | +25.7% |
HAL HAL Halliburton Company | $29.2B | 14.8x | +1.2% | 6.9% | Buy | +13.5% |
BKR BKR Baker Hughes Company | $57.9B | 24.5x | +2.5% | 11.2% | Buy | +25.3% |
WHD WHD Cactus, Inc. | $3.8B | 19.9x | +12.7% | 6.2% | Buy | +28.0% |
LBR LBRT Liberty Energy Inc. | $4.4B | 101.9x | +9.3% | 3.7% | Buy | +27.7% |
FTI FTI TechnipFMC plc | $26.1B | 22.0x | +5.7% | 10.6% | Buy | +9.2% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
SLB Dividend and Capital Return
SLB returns 5.6% annually — 2.24% through dividends and 3.3% through buybacks.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
5.6%
Dividend + buyback return per year
Buyback Yield
3.3%
Dividend Yield
2.24%
Payout Ratio
47.8%
How SLB Splits Its Return
Div 2.24%
Buyback 3.3%
Dividend 2.24%Buybacks 3.3%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.08
Growth Streak
Consecutive years of dividend increases
4Y
3Y Div CAGR
20.6%
5Y Div CAGR
5.4%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$2.4B
Estimated Shares Retired
50M
Approx. Share Reduction
3.3%
Shares Outstanding
Current diluted share count from the screening snapshot
1.5B
At 3.3%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.59 | — | — | — |
| 2025 | $1.14 | +3.6% | 4.2% | 7.0% |
| 2024 | $1.10 | +10.0% | 3.2% | 5.9% |
| 2023 | $1.00 | +53.8% | 0.9% | 2.7% |
| 2022 | $0.65 | +30.0% | 0.0% | 1.1% |
FAQ
7 questionsSLB Investor Questions
Common questions answered from live analyst data and company financials.
01Is SLB N.V. (SLB) stock a buy or sell in 2026?
SLB N.V. (SLB) is rated Buy by Wall Street analysts as of 2026. Of 66 analysts covering the stock, 56 rate it Buy or Strong Buy, 6 rate it Hold, and 4 rate it Sell or Strong Sell. The consensus 12-month price target is $60, implying +25.7% from the current price of $48. The bear case scenario is $33 and the bull case is $69.
02What is the SLB stock price target for 2026?
The Wall Street consensus price target for SLB is $60 based on 66 analyst estimates. The high-end target is $71 (+47.6% from today), and the low-end target is $48 (-0.2%). The base case model target is $53.
03Is SLB N.V. (SLB) stock overvalued in 2026?
SLB trades at 18.6x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals slightly cheap versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for SLB N.V. (SLB) stock in 2026?
The primary risks for SLB in 2026 are: (1) Elevated short interest — Short interest is elevated with a 4. (2) Revenue concentration risk — SLB's revenue heavily depends on the petroleum industry, making it vulnerable to sector-specific downturns. (3) Energy transition risks — As a global technology company focused on energy innovation, SLB faces risks from shifts toward renewable energy and reduced fossil fuel demand. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is SLB N.V.'s revenue and earnings forecast?
Analyst consensus estimates SLB will report consensus revenue of $36.9B (+3.3% year-over-year) and EPS of $2.50 (+11.0% year-over-year) for the upcoming fiscal year. The following year, analysts project $38.5B in revenue.
06When does SLB N.V. (SLB) report its next earnings?
SLB N.V. is expected to report its next earnings on approximately 2026-07-17. Consensus expects EPS of $0.53 and revenue of $8.7B. Over recent quarters, SLB has beaten EPS estimates 83% of the time.
07How much free cash flow does SLB N.V. generate?
SLB N.V. (SLB) generated $4.8B in free cash flow over the trailing twelve months — a free cash flow margin of 13.4%. SLB returns capital to shareholders through dividends (2.2% yield) and share repurchases ($2.4B TTM).