# SLB Limited (SLB) — Stock CV

SLB Limited is a $72.6B energy company. Revenue grew 2.5% over the last year, it keeps 9¢ of every dollar of sales as profit, and its net debt equals ~1.8 years of free cash flow. It trades at 23.4× earnings — in the most expensive third of its own history.

> SLB is the world's premier oilfield-services company as measured by market share. While the industry is largely fragmented, SLB holds the first or second competitive position in many of the differentiated oligopolies in which it operates.

## Identity

- **Ticker**: SLB
- **Sector**: Energy
- **Industry**: Oil & Gas Field Services, Nec
- **Headquarters**: HOUSTON, TX
- **Employees**: 109 000
- **Website**: https://www.slb.com
- **Market cap**: $72.6B
- **Last price**: $48.92
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $36.4B
- **Net income**: $3.10B
- **Free cash flow**: $4.81B
- **Net debt**: $8.57B
- **P/E**: 23.4
- **Revenue growth (YoY)**: 2.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 70 |
| Growth | 65 |
| Profitability | 49 |
| Health | 49 |
| Quality | 60 |
| Moat | 37 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +2.5% YoY
- [x] Profitable — $3.10B TTM
- [ ] Profit growing — -0.7% YoY
- [x] Generates cash — $4.81B TTM
- [x] Debt under control — ~1.8y of cash flow to repay
- [x] Established company — $72.6B market cap
- [x] Not printing shares — +3.4% shares over ~5y
- [x] Proven track record — 6/10 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 2.33%
- [x] Valuation not extreme — P/E 23.4

## Experience (career milestones)

- **FY2024** — Best year on record: $4.46B net income
- **2024** — SLB announced its intention to acquire smaller rival ChampionX, in an all-stock deal valued at $7.75…
- **FY2018** — Turned profitable: $2.14B net income after a loss year
- **FY2016** — Revenue already above $10B: $27.8B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — Schlumberger agreed to acquire oilfield equipment manufacturer Cameron International for $14.8 billion
- **2010** — Also announced in 2010 were Schlumberger plans to acquire Geoservices, a French-based company specializing in energy…
- **2006** — Schlumberger purchased the remaining 30% of WesternGeco from Baker Hughes for US$2.4 billion
- **2003** — The Automated Test Equipment group, part of the 1979 Fairchild Semiconductor acquisition, was spun off to…
- **2001** — Schlumberger acquired the IT consultancy company Sema plc for $5.2 billion
- **1999** — Schlumberger and Smith International created a joint venture, M-I L.L.C., the world's largest drilling…
- **1970** — The first computerized reservoir analysis, SARABAND, was introduced in 1970
- **Feb 2, 1962** — Schlumberger Limited became listed on the New York Stock Exchange
- **1934** — The Schlumberger Well Surveying Corporation was founded in Houston, later evolving into Schlumberger Well…

## Strengths

- Interest covered 20.0× by operating earnings

## Watch-outs

- Loss-making in 4 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $22.9B | $1.88B | $3.51B |
| FY2022 | $28.1B | $3.44B | $2.10B |
| FY2023 | $33.1B | $4.20B | $4.19B |
| FY2024 | $36.3B | $4.46B | $4.67B |
| FY2025 | $35.7B | $3.37B | $4.79B |

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Source: https://stockcv.com/SLB — derived from company filings; may be delayed or incomplete. Information, not investment advice.