# SLB N.V. (SLB)

> Source: Nexqual · https://nexqual.com/SLB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, SLB N.V. (SLB), nexqual.com/SLB" · informational, not investment advice.

**Price:** USD 49.55 (-3.03% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 51.1 · day 48.7–51.16 · 52w 34.65–60.46 · market cap $73.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $36.4B, net income $3.10B (8.5% margin), free cash flow $4.81B (SEC filings).
- Valuation: P/E 23.7x (avg 15.5x at the last 3 fiscal year-ends), net debt $7.07B.
- 7 of 80 tracked superinvestors hold SLB (13F, Q2 2026): 0 new, 1 added, 4 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $9.9M; 2 not under a Rule 10b5-1 plan ($3.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (30 analysts), mean target USD 62.28 (range 43–75).
- Total return with dividends: 1Y +41.0% vs S&P 500 +14.9%; 5Y +63.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-23, EPS estimate USD 0.61, revenue estimate $9.27B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $22.9B | $28.1B | $33.1B | $36.3B | $35.7B | $36.4B |
| Operating income | $3.37B | $5.01B | $6.52B | — | — | — |
| Net income | $1.88B | $3.44B | $4.20B | $4.46B | $3.37B | $3.10B |
| EPS (diluted) | $1.32 | $2.39 | $2.91 | $3.11 | $2.35 | — |
| Free cash flow | $3.51B | $2.10B | $4.70B | $4.67B | $4.79B | $4.81B |
| Operating margin | 14.7% | 17.8% | 19.7% | — | — | — |
| Net margin | 8.2% | 12.2% | 12.7% | 12.3% | 9.4% | 8.5% |
| Revenue growth | -2.8% | +22.5% | +18.0% | +9.5% | -1.6% | — |
| Cash + short-term investments | $3.14B | $2.89B | $3.99B | $4.67B | $4.21B | — |
| Total debt | $13.3B | $10.6B | $10.8B | $11.0B | $9.74B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.7x · P/S 2.0x · EV/Sales 2.2x · P/FCF 15.3x · P/B 2.8x · FCF yield 6.54% · Earnings yield 4.22% · Dividend yield (paid, TTM) 2.30% · Net debt $7.07B · EV $80.6B
P/E at fiscal year-ends: Dec 2025 16.3x, Dec 2024 12.3x, Dec 2023 17.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold SLB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 2.24% | $1.34B | Added +1.9% |
| Greenhaven Associates |  | 2.04% | $177M | Reduced -18.5% |
| Van Den Berg Management I |  | 1.65% | $7.8M | Reduced -3.1% |
| John Rogers | Ariel Investments | 0.54% | $54.1M | Reduced -6.0% |
| Torray Funds |  | 0.04% | $264K | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $4.6M | Reduced -10.4% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $256K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | Le Peuch Olivier | Chief Executive Officer | 35,000 | $2.1M | 2.6% | Yes (adopted May 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-31 | Le Peuch Olivier | Chief Executive Officer | 5,000 | $300K | 0.4% | Yes (adopted May 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Le Peuch Olivier | Chief Executive Officer | 5,000 | $275K | 0.4% | Yes (adopted May 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-26 | Le Peuch Olivier | Chief Executive Officer | 25,000 | $1.3M | 1.8% | Yes (adopted May 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Le Peuch Olivier | Chief Executive Officer | 25,000 | $1.4M | 1.8% | Yes (adopted March 25, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07 | De La Chevardiere Patrick | Director | 2,000 | $109K | 10.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Gassen Steve Matthew | EVP, Geographies | 53,379 | $3.0M | 50.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-29 | Le Peuch Olivier | Chief Executive Officer | 25,000 | $1.4M | 1.8% | Yes (adopted March 25, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 30 analysts; mean target USD 62.28 (low 43, high 75).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Citigroup | Target lowered | Buy | $63 → $62 |
| 2026-10-19 | Piper Sandler | Target lowered | Overweight | $64 → $63 |
| 2026-10-15 | Barclays | Target lowered | Overweight | $67 → $66 |
| 2026-09-14 | UBS | Target raised | Buy | $72 → $75 |
| 2026-09-09 | UBS | Target raised | Buy | $66 → $72 |
| 2026-07-27 | Piper Sandler | Target raised | Overweight | $59 → $64 |
| 2026-07-27 | TD Cowen | Target raised | Buy | $62 → $64 |
| 2026-07-27 | Morgan Stanley | Target raised | Overweight | $54 → $55 |
| 2026-07-27 | Evercore ISI Group | Target raised | Outperform | $63 → $66 |
| 2026-07-27 | Susquehanna | Target raised | Positive | $55 → $62 |
| 2026-07-27 | BMO Capital | Target raised | Outperform | $59 → $63 |
| 2026-07-27 | Barclays | Target raised | Overweight | $64 → $67 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +41.0% | +63.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +41.1% | +10.3% |
| Volatility (annualized) | 36.2% | 40.3% |
| Max drawdown | -22.3% (Jun 2026→Jul 2026) | -44.8% (Sep 2023→Oct 2025) |

## Peers (Oil & Gas Equipment & Services)
BKR (Baker Hughes Company) USD 53.62 -4.25% · TS (Tenaris S.A.) USD 56.37 -3.92% · HAL (Halliburton Company) USD 33.19 -2.35% · FTI (TechnipFMC plc) USD 66.82 -4.54% · SEI (Solaris Energy Infrastructure, ) USD 58.61 -15.51% · NOV (NOV Inc.) USD 18.76 -2.65%

## More
Full page: https://nexqual.com/SLB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Production Systems | $3.77B | 42.0% | +28.6% |
| Well Construction | $2.74B | 30.6% | -7.5% |
| Reservoir Performance | $1.56B | 17.3% | -8.0% |
| Digital Integration | $697.0M | 7.8% | +17.9% |
| All Other Segments | $505.0M | 5.6% | -13.4% |
| Total revenue | $8.97B | 100% | — |
The lines above cover 103.3% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $5.20B | 58.0% | -2.4% |
| Product | $3.77B | 42.0% | +17.2% |
| Total revenue | $8.97B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $6.67B | 74.4% | -2.6% |
| — Middle East (part of Non Us) | $2.57B | 28.7% | -13.9% |
| — Europe Africa (part of Non Us) | $2.38B | 26.6% | +0.7% |
| — Latin America (part of Non Us) | $1.71B | 19.1% | +14.9% |
| North America | $2.24B | 25.0% | +35.6% |
| Other Countries | $57.0M | 0.6% | +29.5% |
| Total revenue | $8.97B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.61 | $0.64 | -4.5% | $9.27B | 24 |
| Next quarter (ends 2026-12-31) | $0.76 | $0.82 | -7.9% | $9.92B | 23 |
| Current fiscal year (ends 2026-12-31) | $2.47 | $2.42 | +2.1% | $36.90B | 25 |
| Next fiscal year (ends 2027-12-31) | $3.15 | $3.29 | -4.2% | $39.52B | 23 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-23): ±5.8%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 48.8% | ±5.8% |
| 2026-11-06 | 14 | 42.5% | ±6.9% |
| 2026-11-13 | 21 | 45.2% | ±8.9% |
| 2026-11-20 | 28 | 37.1% | ±8.4% |
| 2026-11-27 | 35 | 37.2% | ±9.3% |
| 2026-12-04 | 42 | 36.9% | ±10.3% |
| 2026-12-18 | 56 | 35.7% | ±11.3% |
| 2027-01-15 | 84 | 37.2% | ±14.3% |