Analysis of Geographic Areas
SLB N.V. operates in 4 regions: North America; Latin America; Europe & Africa; and Middle East & Asia.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Analysis of Debt
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Area Asset Turnover
SLB N.V., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| North America | |||||
| Latin America | |||||
| Europe & Africa | |||||
| Middle East & Asia |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Asset turnover ratios across the reported geographic areas demonstrate varying performance trends between 2021 and 2025. Generally, the ratios indicate the efficiency with which assets are utilized to generate sales within each region. Significant fluctuations are observed, suggesting differing economic conditions and operational strategies impacting each area.
- North America
- The asset turnover ratio for North America increased from 3.26 in 2021 to 4.11 in 2022 and peaked at 4.58 in 2023. A subsequent decline to 3.70 in 2024 and a slight recovery to 3.72 in 2025 is noted. This suggests initial improvements in asset utilization followed by a potential stabilization or minor decrease in efficiency.
- Latin America
- Latin America exhibited a consistent increase in its asset turnover ratio from 5.14 in 2021 to 6.20 in 2022, remaining at 6.20 in 2023, and further increasing to 6.44 in 2024. A notable decrease to 4.60 is observed in 2025. This indicates a period of strong asset utilization followed by a substantial reduction, potentially due to economic shifts or changes in operational scale.
- Europe & Africa
- The asset turnover ratio for Europe & Africa showed a steady upward trend, increasing from 3.42 in 2021 to 4.32 in 2022, 4.94 in 2023, and peaking at 5.62 in 2024. A slight decrease to 5.01 in 2025 is recorded. This region demonstrates consistent improvement in asset efficiency, with a minor pullback in the most recent year.
- Middle East & Asia
- Middle East & Asia experienced a moderate increase in its asset turnover ratio from 3.93 in 2021 to 4.30 in 2022, 4.46 in 2023, and 4.67 in 2024. The ratio remained relatively stable at 4.65 in 2025. This region shows consistent, albeit modest, gains in asset utilization.
Overall, Latin America and Europe & Africa demonstrated the most significant improvements in asset turnover during the period, while North America showed initial gains followed by a leveling off. The Middle East & Asia region exhibited the most consistent, though gradual, improvement. The decline observed in Latin America in 2025 warrants further investigation to determine the underlying causes.
Area Asset Turnover: North America
SLB N.V.; North America; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Fixed Assets less accumulated depreciation | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Area asset turnover = Revenue ÷ Fixed Assets less accumulated depreciation
= ÷ =
Analysis of North American operations reveals a generally positive trend in revenue alongside increasing fixed asset investment between 2021 and 2025. However, the area asset turnover ratio exhibits fluctuations over the period, indicating varying levels of efficiency in asset utilization.
- Revenue
- Revenue from North American operations demonstrated consistent growth from US$4,466 million in 2021 to US$7,515 million in 2025. Growth was particularly strong between 2021 and 2022, increasing by 34.2%. While revenue continued to increase in 2023, the rate of growth slowed. A slight decrease was observed in 2024 before resuming growth in 2025.
- Fixed Assets less accumulated depreciation
- The value of fixed assets less accumulated depreciation increased steadily from US$1,368 million in 2021 to US$2,020 million in 2025. The largest single-year increase occurred between 2023 and 2024, with an addition of US$336 million in fixed assets. This suggests ongoing investment in the region’s infrastructure and capacity.
- Area Asset Turnover
- The area asset turnover ratio, a measure of how efficiently assets are used to generate revenue, increased from 3.26 in 2021 to 4.58 in 2023. This indicates improving asset utilization during this period. However, the ratio decreased to 3.70 in 2024 and remained relatively stable at 3.72 in 2025. The decline from 2023 suggests that revenue growth did not keep pace with the increase in fixed assets during those years, potentially due to factors such as project ramp-up times or underutilized capacity. Despite the recent decline, the ratio remains above the 2021 level.
In summary, while North American revenue has grown consistently, the asset turnover ratio indicates that the efficiency of asset utilization has fluctuated. The recent stabilization of the ratio, coupled with continued investment in fixed assets, warrants further investigation to determine the optimal level of asset deployment and potential areas for improved operational efficiency.
Area Asset Turnover: Latin America
SLB N.V.; Latin America; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Fixed Assets less accumulated depreciation | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Area asset turnover = Revenue ÷ Fixed Assets less accumulated depreciation
= ÷ =
The Latin America area demonstrates a generally positive trend in asset utilization from 2021 to 2024, followed by a decline in the most recent year. Revenue increased consistently during this period, while fixed assets also grew, though at a slower pace initially. This resulted in improving efficiency in asset use before a reversal in 2025.
- Revenue
- Revenue in Latin America exhibited consistent growth from US$4,459 million in 2021 to US$6,719 million in 2024. However, a decrease to US$6,152 million was observed in 2025, representing a contraction in sales within the region.
- Fixed Assets less accumulated depreciation
- The value of fixed assets less accumulated depreciation increased from US$868 million in 2021 to US$1,071 million in 2023. Growth slowed in 2024, reaching US$1,044 million, and then increased more substantially to US$1,338 million in 2025. This suggests increased investment in fixed assets within the region in the latest period.
- Area asset turnover
- The area asset turnover ratio increased from 5.14 in 2021 to 6.20 in both 2022 and 2023, indicating improved efficiency in generating revenue from fixed assets. Further improvement was seen in 2024, with the ratio reaching 6.44. However, a notable decline to 4.60 was recorded in 2025. This decrease suggests a less efficient utilization of assets in the most recent year, potentially due to the combination of decreasing revenue and increasing fixed asset investment.
The decline in area asset turnover in 2025 warrants further investigation. While revenue decreased, the more significant increase in fixed assets appears to be the primary driver of the reduced ratio. This could indicate over-investment in assets relative to sales, or a lag effect where new assets have not yet translated into increased revenue.
Area Asset Turnover: Europe & Africa
SLB N.V.; Europe & Africa; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Fixed Assets less accumulated depreciation | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Area asset turnover = Revenue ÷ Fixed Assets less accumulated depreciation
= ÷ =
The financial performance of the specified geographic area demonstrates a consistent upward trend in revenue alongside moderate fluctuations in fixed assets. This has resulted in a marked improvement in asset turnover over the analyzed period.
- Revenue
- Revenue experienced growth from US$5,778 million in 2021 to US$8,524 million in 2023, representing a substantial increase. Growth continued into 2024, reaching US$9,671 million, before experiencing a slight decrease to US$9,572 million in 2025. Overall, the revenue stream exhibits a positive trajectory with a minor contraction in the most recent year.
- Fixed Assets less accumulated depreciation
- Fixed assets remained relatively stable between 2021 and 2024, fluctuating between US$1,668 million and US$1,724 million. A noticeable increase is observed in 2025, reaching US$1,909 million. This suggests potential investment in fixed assets towards the end of the period.
- Area asset turnover
- The area asset turnover ratio increased consistently from 3.42 in 2021 to a peak of 5.62 in 2024. This indicates improving efficiency in asset utilization to generate revenue. A slight decrease to 5.01 in 2025 is observed, potentially linked to the increase in fixed assets during that year, but the ratio remains significantly higher than the initial value in 2021. The overall trend demonstrates a substantial enhancement in the area’s ability to generate sales from its asset base.
In summary, the area experienced strong revenue growth coupled with efficient asset management, as evidenced by the increasing asset turnover ratio. The recent increase in fixed assets warrants monitoring to assess its impact on future asset turnover performance.
Area Asset Turnover: Middle East & Asia
SLB N.V.; Middle East & Asia; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Fixed Assets less accumulated depreciation | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Area asset turnover = Revenue ÷ Fixed Assets less accumulated depreciation
= ÷ =
The financial performance of this geographic area demonstrates consistent growth in revenue and fixed assets between 2021 and 2025. Correspondingly, the area asset turnover ratio exhibits an increasing trend, indicating improving efficiency in asset utilization. However, the rate of increase in asset turnover appears to be moderating in the most recent period.
- Revenue
- Revenue increased from US$8,059 million in 2021 to US$13,026 million in 2024, representing a substantial growth trajectory. A slight decrease to US$12,218 million is observed in 2025, though revenue remains significantly higher than the 2021 baseline.
- Fixed Assets less accumulated depreciation
- Fixed assets experienced a steady increase from US$2,049 million in 2021 to US$2,789 million in 2024. The value decreased slightly to US$2,627 million in 2025, mirroring the revenue trend. The growth in fixed assets appears to be managed effectively in relation to revenue generation.
- Area Asset Turnover
- The area asset turnover ratio increased from 3.93 in 2021 to 4.67 in 2024, signifying a growing ability to generate revenue from its fixed asset base. The ratio stabilizes at 4.65 in 2025, suggesting a potential plateau in the rate of improvement. While still high, the marginal decrease from 2024 to 2025 warrants monitoring to determine if this represents a temporary fluctuation or a shift in the long-term trend.
Overall, the area demonstrates strong financial performance with increasing revenue and efficient asset utilization. The stabilization of the asset turnover ratio in the latest year suggests a need for continued focus on optimizing asset deployment to maintain or improve efficiency.
Revenue
SLB N.V., revenue by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| North America | |||||
| Latin America | |||||
| Europe & Africa | |||||
| Middle East & Asia | |||||
| Eliminations & other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Revenue experienced consistent growth across most geographic areas between 2021 and 2025. The Middle East & Asia region demonstrated the most substantial increase in revenue, while North America and Latin America also exhibited positive trends. Europe & Africa showed strong growth initially, but experienced a slight decline in the final year of the period. Eliminations & other revenue also increased over the period, though representing a relatively small portion of total revenue.
- North America
- Revenue in North America increased from US$4,466 million in 2021 to US$7,515 million in 2025, representing a compound annual growth rate of approximately 14.7%. Growth was particularly strong between 2021 and 2023, followed by a slight decrease in 2024 before resuming growth in 2025.
- Latin America
- Revenue in Latin America grew from US$4,459 million in 2021 to US$6,152 million in 2025, indicating a compound annual growth rate of roughly 9.7%. Similar to North America, growth slowed in 2024, with revenue decreasing from 2024 to 2025.
- Europe & Africa
- Revenue in Europe & Africa increased significantly from US$5,778 million in 2021 to US$9,671 million in 2024, representing a substantial growth period. However, revenue decreased slightly to US$9,572 million in 2025, suggesting a potential stabilization or minor contraction in this region.
- Middle East & Asia
- The Middle East & Asia region exhibited the most pronounced growth, with revenue increasing from US$8,059 million in 2021 to US$12,218 million in 2025. This represents a compound annual growth rate of approximately 12.7%. Growth was consistent throughout the period, although the rate of increase slowed between 2024 and 2025.
- Eliminations & Other
- Revenue categorized as Eliminations & other increased from US$167 million in 2021 to US$251 million in 2025. While the absolute increase is smaller than other regions, the percentage growth is notable, suggesting a potential shift in internal revenue allocation or the inclusion of previously unallocated revenue streams.
- Total Revenue
- Total revenue increased from US$22,929 million in 2021 to US$35,708 million in 2025, demonstrating a compound annual growth rate of approximately 12.1%. The growth rate slowed slightly between 2023 and 2024, and again between 2024 and 2025, potentially indicating maturing growth across key regions.
Fixed Assets less accumulated depreciation
SLB N.V., fixed assets less accumulated depreciation by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| North America | |||||
| Latin America | |||||
| Europe & Africa | |||||
| Middle East & Asia | |||||
| Unallocated | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The values representing fixed assets less accumulated depreciation demonstrate varied trends across geographic regions between 2021 and 2025. Overall, a general upward trajectory is evident in the aggregate, though regional performances differ significantly.
- North America
- Fixed assets less accumulated depreciation in North America exhibited consistent growth throughout the period. Starting at US$1,368 million in 2021, the value increased to US$1,459 million in 2022, followed by a modest increase to US$1,469 million in 2023. More substantial growth was observed in 2024, reaching US$1,805 million, and continued into 2025 with a further increase to US$2,020 million. This indicates ongoing investment and expansion within the region.
- Latin America
- Latin America also showed an increasing trend, though with some fluctuation. The value rose from US$868 million in 2021 to US$913 million in 2022 and further to US$1,071 million in 2023. A slight decrease was noted in 2024, with the value falling to US$1,044 million, before recovering to US$1,338 million in 2025. This suggests a period of investment followed by a temporary adjustment, and then renewed growth.
- Europe & Africa
- The Europe & Africa region displayed relative stability with a slight upward trend. The value began at US$1,690 million in 2021, decreased slightly to US$1,668 million in 2022, and then increased to US$1,724 million in 2023. The value remained relatively constant at US$1,721 million in 2024, before increasing to US$1,909 million in 2025. This suggests a consistent, albeit moderate, level of investment.
- Middle East & Asia
- The Middle East & Asia region experienced the most significant growth. Starting at US$2,049 million in 2021, the value increased to US$2,099 million in 2022, then to US$2,468 million in 2023. Further substantial growth occurred in 2024, reaching US$2,789 million, followed by a slight decrease to US$2,627 million in 2025. This region appears to be a primary focus for capital expenditure.
- Unallocated
- The unallocated portion of fixed assets less accumulated depreciation also increased between 2021 and 2023, moving from US$454 million to US$468 million and then to US$508 million. Values for 2024 and 2025 are not available for this category.
In aggregate, total fixed assets less accumulated depreciation increased from US$6,429 million in 2021 to US$7,894 million in 2025, demonstrating a consistent overall investment pattern. The Middle East & Asia region contributed most significantly to this growth, followed by North America and Latin America.