Stock Analysis on Net
Stock Analysis on Net

Schlumberger Ltd. (NYSE:SLB)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Schlumberger Ltd., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2024 20.92% = 9.06% × 2.31
Dec 31, 2023 20.82% = 8.76% × 2.38
Sep 30, 2023 21.43% = 9.07% × 2.36
Jun 30, 2023 21.17% = 8.79% × 2.41
Mar 31, 2023 21.39% = 8.81% × 2.43
Dec 31, 2022 19.46% = 7.98% × 2.44
Sep 30, 2022 17.31% = 6.75% × 2.56
Jun 30, 2022 16.05% = 6.12% × 2.62
Mar 31, 2022 13.63% = 4.98% × 2.73
Dec 31, 2021 12.54% = 4.53% × 2.77
Sep 30, 2021 12.38% = 4.03% × 3.07
Jun 30, 2021 8.01% = 2.50% × 3.21
Mar 31, 2021 -22.67% = -6.76% × 3.35
Dec 31, 2020 -87.13% = -24.79% × 3.52
Sep 30, 2020 -88.43% = -23.96% × 3.69
Jun 30, 2020 -181.56% = -48.94% × 3.71
Mar 31, 2020 -115.25% = -36.91% × 3.12
Dec 31, 2019 -42.66% = -18.00% × 2.37
Sep 30, 2019 — = — × 2.43
Jun 30, 2019 — = — × 1.97
Mar 31, 2019 — = — × 1.95

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Schlumberger Ltd., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2024 20.92% = 12.72% × 0.71 × 2.31
Dec 31, 2023 20.82% = 12.68% × 0.69 × 2.38
Sep 30, 2023 21.43% = 12.97% × 0.70 × 2.36
Jun 30, 2023 21.17% = 12.63% × 0.70 × 2.41
Mar 31, 2023 21.39% = 12.94% × 0.68 × 2.43
Dec 31, 2022 19.46% = 12.25% × 0.65 × 2.44
Sep 30, 2022 17.31% = 11.26% × 0.60 × 2.56
Jun 30, 2022 16.05% = 10.56% × 0.58 × 2.62
Mar 31, 2022 13.63% = 8.84% × 0.56 × 2.73
Dec 31, 2021 12.54% = 8.20% × 0.55 × 2.77
Sep 30, 2021 12.38% = 7.44% × 0.54 × 3.07
Jun 30, 2021 8.01% = 4.72% × 0.53 × 3.21
Mar 31, 2021 -22.67% = -13.30% × 0.51 × 3.35
Dec 31, 2020 -87.13% = -44.57% × 0.56 × 3.52
Sep 30, 2020 -88.43% = -40.15% × 0.60 × 3.69
Jun 30, 2020 -181.56% = -73.90% × 0.66 × 3.71
Mar 31, 2020 -115.25% = -55.19% × 0.67 × 3.12
Dec 31, 2019 -42.66% = -30.80% × 0.58 × 2.37
Sep 30, 2019 — = — × — × 2.43
Jun 30, 2019 — = — × — × 1.97
Mar 31, 2019 — = — × — × 1.95

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Schlumberger Ltd., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Mar 31, 2024 20.92% = 0.81 × 0.92 × 17.26% × 0.71 × 2.31
Dec 31, 2023 20.82% = 0.81 × 0.91 × 17.24% × 0.69 × 2.38
Sep 30, 2023 21.43% = 0.81 × 0.91 × 17.60% × 0.70 × 2.36
Jun 30, 2023 21.17% = 0.81 × 0.91 × 17.21% × 0.70 × 2.41
Mar 31, 2023 21.39% = 0.81 × 0.91 × 17.50% × 0.68 × 2.43
Dec 31, 2022 19.46% = 0.82 × 0.90 × 16.77% × 0.65 × 2.44
Sep 30, 2022 17.31% = 0.82 × 0.88 × 15.67% × 0.60 × 2.56
Jun 30, 2022 16.05% = 0.82 × 0.86 × 14.94% × 0.58 × 2.62
Mar 31, 2022 13.63% = 0.81 × 0.83 × 13.13% × 0.56 × 2.73
Dec 31, 2021 12.54% = 0.81 × 0.81 × 12.50% × 0.55 × 2.77
Sep 30, 2021 12.38% = 0.81 × 0.79 × 11.66% × 0.54 × 3.07
Jun 30, 2021 8.01% = 0.78 × 0.70 × 8.58% × 0.53 × 3.21
Mar 31, 2021 -22.67% = — × — × -10.75% × 0.51 × 3.35
Dec 31, 2020 -87.13% = — × — × -45.62% × 0.56 × 3.52
Sep 30, 2020 -88.43% = — × — × -41.02% × 0.60 × 3.69
Jun 30, 2020 -181.56% = — × — × -76.68% × 0.66 × 3.71
Mar 31, 2020 -115.25% = — × — × -56.77% × 0.67 × 3.12
Dec 31, 2019 -42.66% = — × — × -29.89% × 0.58 × 2.37
Sep 30, 2019 — = — × — × — × — × 2.43
Jun 30, 2019 — = — × — × — × — × 1.97
Mar 31, 2019 — = — × — × — × — × 1.95

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Schlumberger Ltd., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2024 9.06% = 12.72% × 0.71
Dec 31, 2023 8.76% = 12.68% × 0.69
Sep 30, 2023 9.07% = 12.97% × 0.70
Jun 30, 2023 8.79% = 12.63% × 0.70
Mar 31, 2023 8.81% = 12.94% × 0.68
Dec 31, 2022 7.98% = 12.25% × 0.65
Sep 30, 2022 6.75% = 11.26% × 0.60
Jun 30, 2022 6.12% = 10.56% × 0.58
Mar 31, 2022 4.98% = 8.84% × 0.56
Dec 31, 2021 4.53% = 8.20% × 0.55
Sep 30, 2021 4.03% = 7.44% × 0.54
Jun 30, 2021 2.50% = 4.72% × 0.53
Mar 31, 2021 -6.76% = -13.30% × 0.51
Dec 31, 2020 -24.79% = -44.57% × 0.56
Sep 30, 2020 -23.96% = -40.15% × 0.60
Jun 30, 2020 -48.94% = -73.90% × 0.66
Mar 31, 2020 -36.91% = -55.19% × 0.67
Dec 31, 2019 -18.00% = -30.80% × 0.58
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2024 is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

Schlumberger Ltd., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2024 9.06% = 0.81 × 0.92 × 17.26% × 0.71
Dec 31, 2023 8.76% = 0.81 × 0.91 × 17.24% × 0.69
Sep 30, 2023 9.07% = 0.81 × 0.91 × 17.60% × 0.70
Jun 30, 2023 8.79% = 0.81 × 0.91 × 17.21% × 0.70
Mar 31, 2023 8.81% = 0.81 × 0.91 × 17.50% × 0.68
Dec 31, 2022 7.98% = 0.82 × 0.90 × 16.77% × 0.65
Sep 30, 2022 6.75% = 0.82 × 0.88 × 15.67% × 0.60
Jun 30, 2022 6.12% = 0.82 × 0.86 × 14.94% × 0.58
Mar 31, 2022 4.98% = 0.81 × 0.83 × 13.13% × 0.56
Dec 31, 2021 4.53% = 0.81 × 0.81 × 12.50% × 0.55
Sep 30, 2021 4.03% = 0.81 × 0.79 × 11.66% × 0.54
Jun 30, 2021 2.50% = 0.78 × 0.70 × 8.58% × 0.53
Mar 31, 2021 -6.76% = — × — × -10.75% × 0.51
Dec 31, 2020 -24.79% = — × — × -45.62% × 0.56
Sep 30, 2020 -23.96% = — × — × -41.02% × 0.60
Jun 30, 2020 -48.94% = — × — × -76.68% × 0.66
Mar 31, 2020 -36.91% = — × — × -56.77% × 0.67
Dec 31, 2019 -18.00% = — × — × -29.89% × 0.58
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2024 is the increase in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Schlumberger Ltd., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2024 12.72% = 0.81 × 0.92 × 17.26%
Dec 31, 2023 12.68% = 0.81 × 0.91 × 17.24%
Sep 30, 2023 12.97% = 0.81 × 0.91 × 17.60%
Jun 30, 2023 12.63% = 0.81 × 0.91 × 17.21%
Mar 31, 2023 12.94% = 0.81 × 0.91 × 17.50%
Dec 31, 2022 12.25% = 0.82 × 0.90 × 16.77%
Sep 30, 2022 11.26% = 0.82 × 0.88 × 15.67%
Jun 30, 2022 10.56% = 0.82 × 0.86 × 14.94%
Mar 31, 2022 8.84% = 0.81 × 0.83 × 13.13%
Dec 31, 2021 8.20% = 0.81 × 0.81 × 12.50%
Sep 30, 2021 7.44% = 0.81 × 0.79 × 11.66%
Jun 30, 2021 4.72% = 0.78 × 0.70 × 8.58%
Mar 31, 2021 -13.30% = — × — × -10.75%
Dec 31, 2020 -44.57% = — × — × -45.62%
Sep 30, 2020 -40.15% = — × — × -41.02%
Jun 30, 2020 -73.90% = — × — × -76.68%
Mar 31, 2020 -55.19% = — × — × -56.77%
Dec 31, 2019 -30.80% = — × — × -29.89%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in net profit margin ratio over Q1 2024 is the increase in effect of interest expense measured by interest burden ratio.