SLB N.V. (NYSE:SLB)

The financial data over the analyzed periods reflects notable fluctuations in the market valuation and book value metrics of the company. The share price exhibits considerable volatility, with a peak around the early 2011 period and a significant decline observed between 2018 and 2021, followed by partial recovery thereafter.

Specifically, the share price reached a high near 89.33 US$ in 2011, then experienced a downward trend with marked decreases especially noticeable between 2018 and 2021 where it dropped from approximately 78.18 US$ to a low of about 21.81 US$. Post this period, the price partially recovered, registering 56.25 US$ in 2023, though it did not return to previous highs by 2025, ending at 41.63 US$.

The book value per share (BVPS) demonstrated a generally upward trend from 2006 to 2014, rising steadily from 6.42 US$ to over 30 US$ during this period. However, after reaching this peak, a decline followed, bottoming out around 8.67 US$ in 2021. The BVPS showed signs of gradual recovery after this low point, reaching 15.08 US$ by 2025, yet remaining below its previous peak levels.

The price-to-book value (P/BV) ratio, which indicates market valuation relative to book value, showed a marked decline from an elevated ratio of 9.22 in 2006 to around 1.66 in 2019, reflecting a significant market repricing or adjustment relative to the company's net asset value. After this low, the ratio increased again, peaking near 4.52 in 2023 before settling at approximately 2.76 by 2025. This pattern suggests periods of both investor optimism and pessimism relative to the company's intrinsic book value.

Share Price

Initial strong growth until 2011, peak at 89.33 US$, followed by volatility and steep decline from 2018 to 2021, then partial recovery but not to previous highs.

Book Value per Share (BVPS)

Consistent rise to a peak near 30 US$ by 2014, subsequent significant decline to below 9 US$ in 2021, with gradual recovery thereafter, not regaining peak values.

Price-to-Book Value (P/BV) Ratio

High valuation in early periods (above 7), steady decline to a low near 1.66 in 2019 indicating undervaluation or reduced market confidence, followed by resurgence to moderate levels around 2.7 to 4.5 in recent years.

Overall, the data suggest that the company experienced phases of market enthusiasm followed by correction, with the intrinsic value (as approximated by book value) showing longer-term growth interrupted by a pronounced dip. This dynamic is reflected in fluctuating investor sentiment as captured by the P/BV ratio, highlighting shifts in market perception of the company's financial health and future prospects.