SLB N.V. (NYSE:SLB)

The price-to-book value (P/BV) ratio exhibits considerable fluctuation over the observed period, spanning from 2006 to 2026. Initial values indicate a relatively high valuation, followed by periods of decline and subsequent recovery, with a recent stabilization around levels seen in the early 2010s.

Initial Period (2006-2008)

The P/BV ratio began at 9.22 in 2006, decreasing to 7.16 in 2007, and then to 6.83 in 2008. This suggests a moderate decline in valuation during this timeframe, potentially reflecting changing market conditions or investor sentiment.

Global Financial Crisis & Recovery (2009-2011)

A significant drop in the P/BV ratio occurred in 2009, reaching a low of 3.02. This likely corresponds to the impact of the global financial crisis on market valuations. The ratio then experienced a recovery, rising to 3.88 in 2010 and remaining relatively stable at 3.89 in 2011, indicating a gradual restoration of investor confidence.

Mid-Cycle Fluctuations (2012-2015)

From 2012 to 2015, the P/BV ratio fluctuated between approximately 2.31 and 2.98. This period demonstrates a more stable, albeit relatively low, valuation. The ratio remained below 3.00 for the majority of these years, suggesting a cautious market assessment.

Recent Trends (2016-2026)

The P/BV ratio saw a modest increase to 2.90 in 2016, followed by a substantial decline to 1.66 in 2019. A subsequent recovery began in 2020, reaching 3.72 in 2022 and 4.52 in 2023, before decreasing to 3.65 in 2024 and 2.76 in 2025. The most recent value in 2026 is 2.81. This recent volatility suggests increased sensitivity to market factors and company-specific performance. The ratio has not returned to the levels observed in the earlier part of the period.

Overall, the P/BV ratio demonstrates a cyclical pattern, influenced by broader economic events and potentially company-specific factors. The ratio’s movement does not appear consistently correlated with the share price or book value per share, indicating that other variables likely play a significant role in valuation.