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SLB N.V. (NYSE:SLB)

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)

SLB N.V., solvency ratios (quarterly data)

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022
Debt Ratios
Debt to equity 0.49 0.44 0.45 0.50 0.67 0.72 0.57 0.60 0.63 0.59 0.59 0.68 0.72 0.71 0.69 0.78 0.85 0.92
Debt to capital 0.33 0.31 0.31 0.33 0.40 0.42 0.36 0.38 0.38 0.37 0.37 0.40 0.42 0.42 0.41 0.44 0.46 0.48
Debt to assets 0.23 0.21 0.21 0.23 0.28 0.29 0.25 0.26 0.27 0.25 0.25 0.29 0.30 0.29 0.28 0.30 0.32 0.34
Financial leverage 2.13 2.08 2.10 2.15 2.40 2.51 2.32 2.31 2.34 2.31 2.38 2.36 2.41 2.43 2.44 2.56 2.62 2.73
Coverage Ratios
Interest coverage 8.64 8.94 8.69 9.43 10.43 10.85 12.08 12.19 12.12 11.98 11.50 11.52 11.13 10.90 9.72 8.27 7.30 5.99

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).

The entity demonstrates a consistent trend of deleveraging and an overall improvement in solvency throughout the analyzed period. There is a systemic reduction in the reliance on debt relative to equity and total assets, suggesting a strategic shift toward a more conservative capital structure and reduced financial risk.

Debt and Leverage Ratios
A sustained downward trajectory is observed across all debt-related metrics. The Debt to Equity ratio declined from 0.92 in March 2022 to 0.49 by June 2026, with a significant low of 0.44 reached in March 2026. Similarly, the Debt to Capital and Debt to Assets ratios followed this pattern, decreasing from 0.48 and 0.34 respectively to 0.33 and 0.23 by the end of the period. A temporary increase in leverage occurred in March 2024, where the Debt to Equity ratio spiked to 0.72 and Financial Leverage rose to 2.51, but these levels were quickly reversed in subsequent quarters.
Financial Leverage
Financial leverage exhibits a general contraction, moving from 2.73 in early 2022 to a minimum of 2.08 in March 2026. This reduction indicates a lower proportion of debt used to finance assets, which enhances the long-term solvency profile and reduces the entity's vulnerability to creditor demands.
Interest Coverage
The Interest Coverage ratio shows a distinct two-phase movement. An initial period of strong growth is evident from March 2022 to September 2024, with the ratio rising from 5.99 to a peak of 12.19, signifying a greatly improved capacity to meet interest payments. However, from December 2024 through June 2026, a gradual decline is observed, ending at 8.64. Despite this recent softening, the coverage ratio remains substantially higher than the levels recorded at the start of the period, maintaining a healthy margin of safety for debt servicing.

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Debt Ratios

Coverage Ratios

Debt to Equity

SLB N.V., debt to equity calculation (quarterly data)

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt 1,658 1,938 1,894 1,923 2,807 3,475 1,051 1,059 1,033 1,430 1,123 1,998 1,993 2,140 1,632 899 901 923
Long-term debt, excluding current portion 11,140 9,670 9,742 10,843 10,891 10,527 11,023 11,864 12,156 10,740 10,842 11,147 11,342 10,698 10,594 12,452 12,946 13,163
Total debt 12,798 11,608 11,636 12,766 13,698 14,002 12,074 12,923 13,189 12,170 11,965 13,145 13,335 12,838 12,226 13,351 13,847 14,086
 
Total SLB stockholders’ equity 26,074 26,177 26,109 25,635 20,302 19,515 21,130 21,511 21,071 20,736 20,189 19,386 18,608 18,068 17,685 17,199 16,325 15,347
Solvency Ratio
Debt to equity1 0.49 0.44 0.45 0.50 0.67 0.72 0.57 0.60 0.63 0.59 0.59 0.68 0.72 0.71 0.69 0.78 0.85 0.92

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).

1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Total SLB stockholders’ equity
= 12,798 ÷ 26,074 = 0.49

The overall solvency profile exhibits a consistent strengthening of the balance sheet, characterized by a significant reduction in the reliance on borrowed capital relative to equity. The debt-to-equity ratio declined from 0.92 in March 2022 to 0.49 by June 2026, reflecting a strategic shift toward a more conservative capital structure and improved long-term financial stability.

Total Debt Trajectory
Total debt levels demonstrated a general downward trend, decreasing from $14,086 million in March 2022 to $12,798 million by June 2026. While the trajectory was not linear—notably peaking at $14,002 million in March 2025—the overall movement indicates a reduction in total liabilities over the four-year period.
Stockholders' Equity Expansion
Equity experienced substantial growth, rising from $15,347 million in March 2022 to $26,074 million by June 2026. A significant acceleration in equity accumulation is observed between March 2025 and September 2025, where values rose from $19,515 million to $25,635 million. This expansion provided a stronger capital base and served as the primary driver for the improving solvency ratios.
Debt-to-Equity Ratio Dynamics
The debt-to-equity ratio declined steadily from 0.92 in early 2022 to 0.57 by December 2024. A temporary reversal occurred in March 2025, with the ratio increasing to 0.72 due to a simultaneous rise in debt and a contraction in equity. Following this peak, the ratio dropped sharply to a period low of 0.44 in March 2026, before stabilizing at 0.49 in June 2026. This pattern indicates a highly successful deleveraging process combined with aggressive equity growth.

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Debt to Capital

SLB N.V., debt to capital calculation (quarterly data)

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt 1,658 1,938 1,894 1,923 2,807 3,475 1,051 1,059 1,033 1,430 1,123 1,998 1,993 2,140 1,632 899 901 923
Long-term debt, excluding current portion 11,140 9,670 9,742 10,843 10,891 10,527 11,023 11,864 12,156 10,740 10,842 11,147 11,342 10,698 10,594 12,452 12,946 13,163
Total debt 12,798 11,608 11,636 12,766 13,698 14,002 12,074 12,923 13,189 12,170 11,965 13,145 13,335 12,838 12,226 13,351 13,847 14,086
Total SLB stockholders’ equity 26,074 26,177 26,109 25,635 20,302 19,515 21,130 21,511 21,071 20,736 20,189 19,386 18,608 18,068 17,685 17,199 16,325 15,347
Total capital 38,872 37,785 37,745 38,401 34,000 33,517 33,204 34,434 34,260 32,906 32,154 32,531 31,943 30,906 29,911 30,550 30,172 29,433
Solvency Ratio
Debt to capital1 0.33 0.31 0.31 0.33 0.40 0.42 0.36 0.38 0.38 0.37 0.37 0.40 0.42 0.42 0.41 0.44 0.46 0.48

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).

1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 12,798 ÷ 38,872 = 0.33

The financial solvency profile exhibits a long-term trend of deleveraging, characterized by a consistent reduction in the debt-to-capital ratio from 0.48 in March 2022 to 0.33 by June 2026. This improvement is driven by a combination of strategic debt management and a steady expansion of the total capital base.

Total Debt Trends
Total debt demonstrates a fluctuating but generally downward trajectory. Initial levels of 14,086 million USD in March 2022 decreased to a low of 11,965 million USD by December 2023. Although there was a temporary increase peaking at 14,002 million USD in March 2025, debt levels subsequently declined to a period low of 11,608 million USD in March 2026, before rising slightly to 12,798 million USD in June 2026.
Total Capital Growth
Total capital has experienced sustained growth over the analyzed period, rising from 29,433 million USD in March 2022 to 38,872 million USD by June 2026. A significant acceleration in capital accumulation is observed in the second half of 2025, where total capital jumped from 34,000 million USD in June to 38,401 million USD in September.
Debt to Capital Ratio Analysis
The debt-to-capital ratio shows a clear downward trend, indicating a reduction in the company's reliance on borrowed funds relative to its total capital. The ratio declined from 0.48 to 0.31 between March 2022 and March 2026. The most substantial improvement occurred between June 2025 (0.40) and December 2025 (0.31), coinciding with the sharp increase in total capital. A minor reversal is noted in the final quarter, with the ratio increasing slightly to 0.33 by June 2026.

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Debt to Assets

SLB N.V., debt to assets calculation (quarterly data)

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt 1,658 1,938 1,894 1,923 2,807 3,475 1,051 1,059 1,033 1,430 1,123 1,998 1,993 2,140 1,632 899 901 923
Long-term debt, excluding current portion 11,140 9,670 9,742 10,843 10,891 10,527 11,023 11,864 12,156 10,740 10,842 11,147 11,342 10,698 10,594 12,452 12,946 13,163
Total debt 12,798 11,608 11,636 12,766 13,698 14,002 12,074 12,923 13,189 12,170 11,965 13,145 13,335 12,838 12,226 13,351 13,847 14,086
 
Total assets 55,532 54,526 54,868 55,093 48,769 49,002 48,935 49,775 49,373 47,856 47,957 45,813 44,826 43,855 43,135 44,093 42,827 41,967
Solvency Ratio
Debt to assets1 0.23 0.21 0.21 0.23 0.28 0.29 0.25 0.26 0.27 0.25 0.25 0.29 0.30 0.29 0.28 0.30 0.32 0.34

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).

1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 12,798 ÷ 55,532 = 0.23

The solvency profile exhibits a consistent trend of improvement from March 2022 through June 2026, characterized by a reduction in financial leverage and a strengthening of the asset base. The overall risk profile has diminished as the proportion of assets financed by debt has steadily declined.

Debt to Assets Ratio Trend
The ratio began at a peak of 0.34 in March 2022 and experienced a general downward trajectory, reaching a low of 0.21 by December 2025 and March 2026. While minor fluctuations occurred—most notably a slight increase to 0.29 in March 2024—the long-term trend reflects a systematic reduction in leverage, ending at 0.23 in June 2026.
Asset Base Expansion
A consistent growth pattern is observed in total assets, which increased from 41,967 million USD in March 2022 to 55,532 million USD by June 2026. This expansion of the balance sheet has served as a primary driver in lowering the solvency ratio, as the asset growth outpaced changes in total debt.
Debt Management Dynamics
Total debt showed a general decline from 14,086 million USD in March 2022 to 11,608 million USD in March 2026, despite periodic increases. Notable periods of debt reduction occurred between September 2022 and December 2022, and again between June 2025 and March 2026. The cyclical nature of these debt levels suggests active liability management rather than a linear repayment strategy.
Solvency Correlation
The improvement in the debt-to-assets ratio is the result of a dual effect: the simultaneous reduction of total liabilities and the strategic growth of total assets. This convergence indicates an enhanced capacity to cover obligations and a reduced reliance on external borrowing to fund operations and growth.

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Financial Leverage

SLB N.V., financial leverage calculation (quarterly data)

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022
Selected Financial Data (US$ in millions)
Total assets 55,532 54,526 54,868 55,093 48,769 49,002 48,935 49,775 49,373 47,856 47,957 45,813 44,826 43,855 43,135 44,093 42,827 41,967
Total SLB stockholders’ equity 26,074 26,177 26,109 25,635 20,302 19,515 21,130 21,511 21,071 20,736 20,189 19,386 18,608 18,068 17,685 17,199 16,325 15,347
Solvency Ratio
Financial leverage1 2.13 2.08 2.10 2.15 2.40 2.51 2.32 2.31 2.34 2.31 2.38 2.36 2.41 2.43 2.44 2.56 2.62 2.73

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).

1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Total SLB stockholders’ equity
= 55,532 ÷ 26,074 = 2.13

The financial leverage of the organization exhibits a consistent long-term downward trajectory, reflecting a strategic shift toward a more equity-heavy capital structure. Total assets expanded from 41,967 million USD in March 2022 to 55,532 million USD by June 2026, indicating a steady growth in the balance sheet size over the analyzed period.

Financial Leverage Ratio Analysis
The leverage ratio decreased from a high of 2.73 in March 2022 to 2.13 by June 2026. This sustained decline demonstrates a reduction in the reliance on debt relative to equity to finance the asset base. A period of relative stabilization occurred between June 2024 and December 2024, during which the ratio fluctuated narrowly between 2.31 and 2.34.
Stockholders' Equity Dynamics
Total stockholders' equity grew significantly from 15,347 million USD in March 2022 to 26,074 million USD by June 2026. A notable volatility event is observed in the first quarter of 2025, where equity contracted to 19,515 million USD. This contraction caused a temporary spike in the financial leverage ratio to 2.51, the highest level since 2022. Subsequently, a sharp recovery occurred, with equity rising to 25,635 million USD by September 2025.
Solvency and Risk Profile
The overall solvency profile improved as equity growth outpaced asset growth. The lowest leverage ratio of 2.08 was recorded in March 2026, signaling a strengthened financial position and a lowered risk profile regarding long-term obligations. The correlation between the surge in equity in late 2025 and the subsequent drop in the leverage ratio indicates a successful recapitalization or strong retention of earnings during that interval.

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Interest Coverage

SLB N.V., interest coverage calculation (quarterly data)

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022
Selected Financial Data (US$ in millions)
Net income attributable to SLB 786 752 824 739 1,014 797 1,095 1,186 1,112 1,068 1,113 1,123 1,033 934 1,065 907 959 510
Add: Net income attributable to noncontrolling interest 29 9 (24) 35 34 32 23 32 33 30 35 13 14 10 18 12 11 10
Add: Income tax expense 204 195 143 226 237 234 269 289 276 259 285 259 246 217 264 215 182 118
Add: Interest expense 128 116 127 142 142 147 131 136 132 113 130 129 127 117 121 122 124 123
Earnings before interest and tax (EBIT) 1,147 1,072 1,070 1,142 1,427 1,210 1,518 1,643 1,553 1,470 1,563 1,524 1,420 1,278 1,468 1,256 1,276 761
Solvency Ratio
Interest coverage1 8.64 8.94 8.69 9.43 10.43 10.85 12.08 12.19 12.12 11.98 11.50 11.52 11.13 10.90 9.72 8.27 7.30 5.99

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).

1 Q2 2026 Calculation
Interest coverage = (EBITQ2 2026 + EBITQ1 2026 + EBITQ4 2025 + EBITQ3 2025) ÷ (Interest expenseQ2 2026 + Interest expenseQ1 2026 + Interest expenseQ4 2025 + Interest expenseQ3 2025)
= (1,147 + 1,072 + 1,070 + 1,142) ÷ (128 + 116 + 127 + 142) = 8.64

The analysis of interest coverage from March 2022 through June 2026 reveals a distinct cycle of expansion followed by a moderate contraction in the capacity to service debt obligations.

Interest Coverage Ratio Trends
A sustained upward trajectory is observed from March 2022 to September 2024, during which the ratio climbed from 5.99 to a peak of 12.19. This indicates a period of significant solvency improvement. Subsequently, a downward trend emerged starting in December 2024, with the ratio declining to 8.64 by June 2026, reflecting a reduced margin of safety regarding interest payments.
Earnings Before Interest and Tax (EBIT) Performance
Operational earnings exhibited strong growth in the initial phase, increasing from 761 million USD in March 2022 to a peak of 1,643 million USD in September 2024. Following this peak, a period of contraction is evident, with EBIT falling to 1,070 million USD by December 2025. A slight recovery is noted in the final two quarters, ending at 1,147 million USD in June 2026.
Interest Expense Analysis
Interest expenses remained relatively stable for the majority of the period, typically fluctuating between 113 million USD and 136 million USD. A peak in expenses was recorded in March 2025 at 147 million USD. The convergence of these peak interest costs with declining operational earnings contributed to the observed erosion of the interest coverage ratio during the 2025 and 2026 periods.

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