SLB N.V. (NYSE:SLB)

Coverage Ratios

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

	Sep 30, 2026	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	0.49	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	0.33	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	0.23	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	2.16	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	8.81	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

The solvency profile exhibits a consistent long-term trend toward deleveraging and reduced financial risk, characterized by a steady decline in debt-related ratios from 2022 through 2026. While a temporary increase in leverage occurred in early 2025, the overall trajectory indicates a strengthened balance sheet and a reduced reliance on external borrowing.

Debt-to-Equity and Debt-to-Capital Ratios: The debt-to-equity ratio demonstrates a significant downward trend, decreasing from 0.92 in March 2022 to 0.49 by September 2026. Similarly, the debt-to-capital ratio declined from 0.48 to 0.33 over the same period. These movements suggest a strategic shift toward equity-based financing or a substantial reduction in total debt obligations.
Debt-to-Assets and Financial Leverage: Asset-based solvency improved as the debt-to-assets ratio fell from 0.34 in early 2022 to 0.23 by the end of the period. Financial leverage followed a parallel path, contracting from 2.73 to 2.16. This indicates that a smaller proportion of the asset base is financed through debt, thereby reducing the company's systemic financial risk.
Interest Coverage Ratio: A period of rapid improvement in debt-servicing capacity is observed from March 2022 to September 2024, with the interest coverage ratio rising from 5.99 to a peak of 12.19. However, a gradual decline is noted from late 2024 through September 2026, where the ratio settled at 8.81. Despite this recent decline, the ability to cover interest expenses remains substantially higher than the levels seen at the start of the analyzed period.

A notable deviation in the deleveraging trend occurred in March 2025, where debt-to-equity, debt-to-capital, debt-to-assets, and financial leverage all experienced a simultaneous spike. This suggests a temporary increase in borrowing or a specific capital restructuring event. Following this peak, all leverage ratios resumed their downward trajectory, suggesting that the increase was transient rather than a shift in long-term financial strategy.

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

	Sep 30, 2026	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	1,653)	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	11,147)	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	12,800)	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	26,051)	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	0.49	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

¹ Q3 2026 Calculation
Debt to equity = Total debt ÷ Total SLB stockholders’ equity
= 12,800 ÷ 26,051 = 0.49

The analysis of the solvency metrics reveals a consistent improvement in the capital structure and a reduction in financial leverage over the observed period from March 31, 2022, to September 30, 2026. The overall trajectory indicates a strategic shift toward a more equity-funded balance sheet, significantly enhancing the company's long-term solvency position.

Total Debt Dynamics: Total debt exhibited a general downward trend, decreasing from 14,086 million USD in March 2022 to 12,800 million USD by September 2026. While the decline was not linear—marked by a temporary increase to 14,002 million USD in March 2025—the debt levels remained generally lower than the initial 2022 peaks, suggesting an effective management of liabilities.
Stockholders' Equity Growth: A substantial and steady increase in total stockholders' equity is observed, rising from 15,347 million USD in March 2022 to 26,051 million USD by September 2026. A notable acceleration in equity growth occurred between June 2024 and September 2025, where equity expanded from 21,071 million USD to 25,635 million USD, providing a stronger capital cushion.
Debt to Equity Ratio Trend: The debt to equity ratio demonstrates a clear and sustained decline, falling from a high of 0.92 in March 2022 to 0.49 by September 2026. This reduction is the result of the simultaneous decrease in total debt and the aggressive growth in equity. The ratio reached its lowest point of 0.44 in March 2026, indicating that the company has significantly reduced its reliance on borrowed funds relative to shareholder investments.

The convergence of decreasing liabilities and increasing equity has resulted in a strengthened solvency profile. The reduction of the debt to equity ratio by nearly half over the period suggests a decreased risk profile and an increased capacity to absorb financial shocks or fund future growth internally.

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

	Sep 30, 2026	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	1,653)	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	11,147)	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	12,800)	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	26,051)	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	38,851)	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	0.33	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

¹ Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 12,800 ÷ 38,851 = 0.33

An overall improvement in the solvency position is evident over the analyzed period, characterized by a consistent reduction in the debt-to-capital ratio. The shift indicates a strategic transition toward a less leveraged capital structure and an increased reliance on equity or other non-debt capital components.

Total Debt Dynamics: Total debt exhibited a general downward trajectory, decreasing from 14,086 million USD in March 2022 to 12,800 million USD by September 2026. While there were periodic increases—most notably a peak of 14,002 million USD in March 2025—the debt levels remained lower than the initial 2022 baseline for the majority of the period.
Total Capital Expansion: A steady upward trend is observed in total capital, which grew from 29,433 million USD in March 2022 to 38,851 million USD by September 2026. This consistent growth in the capital base acted as a primary driver in lowering the overall solvency risk.
Debt to Capital Ratio Analysis: The debt-to-capital ratio declined from 0.48 in March 2022 to 0.33 by September 2026. A significant initial reduction occurred throughout 2022, with the ratio dropping to 0.41 by year-end. Following a period of relative stability between 2023 and 2024, a notable contraction was observed in 2025, where the ratio reached its lowest point of 0.31 in December 2025 before stabilizing at 0.33 through 2026.

The convergence of decreasing total debt and increasing total capital has resulted in a strengthened balance sheet. The reduction of the debt-to-capital ratio by 15 percentage points over the period suggests an enhanced capacity to meet long-term obligations and a reduced risk profile regarding financial leverage.

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

	Sep 30, 2026	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	1,653)	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	11,147)	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	12,800)	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	56,200)	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	0.23	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

¹ Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 12,800 ÷ 56,200 = 0.23

The solvency profile from March 2022 through September 2026 demonstrates a progressive strengthening of the balance sheet, characterized by a consistent reduction in financial leverage relative to the asset base. The overall trend indicates a strategic improvement in solvency, moving from a higher reliance on debt in early 2022 to a more conservative capital structure by 2026.

Total Debt Trends: Total debt exhibited moderate volatility with a general downward trajectory over the analyzed period. After starting at 14,086 million US dollars in March 2022, debt levels saw a notable decline toward the end of 2022 and again in late 2025, where they reached a period low of 11,608 million US dollars in March 2026. Despite temporary increases in mid-2023 and early 2025, the debt levels remained largely contained within the 12,000 to 14,000 million US dollar range.
Total Assets Growth: A sustained upward trend in total assets is observed, providing a strong foundation for improved solvency ratios. Assets grew from 41,967 million US dollars in March 2022 to 56,200 million US dollars by September 2026. A significant acceleration in asset growth occurred between March 2025 and June 2025, where assets increased by over 6,000 million US dollars in a single quarter, contributing substantially to the reduction of the debt-to-assets ratio.
Debt to Assets Ratio Analysis: The debt to assets ratio declined from 0.34 in March 2022 to a minimum of 0.21 in December 2025 and March 2026. This improvement was driven by the dual effect of disciplined debt management and aggressive asset expansion. While the ratio experienced minor fluctuations—such as a slight rise to 0.29 in March 2025—it ultimately stabilized at 0.23 by September 2026. This long-term compression of the ratio suggests a decreased risk profile and an enhanced ability to cover long-term obligations.

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

	Sep 30, 2026	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	56,200)	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	26,051)	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	2.16	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

¹ Q3 2026 Calculation
Financial leverage = Total assets ÷ Total SLB stockholders’ equity
= 56,200 ÷ 26,051 = 2.16

The financial structure of the organization exhibits a consistent trend of deleveraging and capital strengthening from March 2022 through September 2026. There is a clear trajectory of increasing the equity base relative to total assets, which has resulted in a lower reliance on external financing over the analyzed period.

Asset and Equity Expansion: Total assets demonstrated a steady upward trajectory, increasing from 41,967 million USD in March 2022 to 56,200 million USD by September 2026. Concurrently, stockholders' equity grew from 15,347 million USD to 26,051 million USD. The growth rate of equity outperformed the growth rate of total assets, which fundamentally drove the reduction in financial leverage.
Financial Leverage Dynamics: The financial leverage ratio declined from a peak of 2.73 in March 2022 to 2.16 by September 2026. A period of sustained reduction is observed between March 2022 and March 2024, where the ratio dropped to 2.31. A temporary reversal occurred in March 2025, with the ratio spiking to 2.51, coinciding with a contraction in stockholders' equity to 19,515 million USD. However, this was rapidly corrected by September 2025, as equity rose sharply to 25,635 million USD, bringing the leverage ratio down to 2.15.
Solvency and Risk Profile: The overall trend indicates a significant improvement in the solvency position. By shifting the balance between debt and equity, the organization has reduced its financial risk. The stabilization of the leverage ratio between 2.08 and 2.16 during the 2025-2026 period suggests the establishment of a new, more conservative capital structure compared to the 2022 baseline.

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

	Sep 30, 2026	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	735)	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	45)	29)	9)	(24)	35)	34)	32)	23)	32)	33)	30)	35)	13)	14)	10)	18)	12)	11)	10)
Add: Income tax expense	239)	204)	195)	143)	226)	237)	234)	269)	289)	276)	259)	285)	259)	246)	217)	264)	215)	182)	118)
Add: Interest expense	133)	128)	116)	127)	142)	142)	147)	131)	136)	132)	113)	130)	129)	127)	117)	121)	122)	124)	123)
Earnings before interest and tax (EBIT)	1,152)	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	8.81	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

¹ Q3 2026 Calculation
Interest coverage = (EBIT_{Q3 2026} + EBIT_{Q2 2026} + EBIT_{Q1 2026} + EBIT_{Q4 2025}) ÷ (Interest expense_{Q3 2026} + Interest expense_{Q2 2026} + Interest expense_{Q1 2026} + Interest expense_{Q4 2025})
= (1,152 + 1,147 + 1,072 + 1,070) ÷ (133 + 128 + 116 + 127) = 8.81

The interest coverage ratio exhibits a distinct cyclical pattern over the analyzed period, characterized by a strong expansion phase followed by a gradual moderation. The ratio climbed from a low of 5.99 in March 2022 to a peak of 12.19 in September 2024, before entering a downward trend that reached 8.81 by September 2026.

EBIT Performance and Coverage Correlation: A strong positive correlation exists between Earnings before interest and tax (EBIT) and the interest coverage ratio. During the initial growth phase from March 2022 to September 2024, EBIT increased from 761 million to 1,643 million, driving the coverage ratio upward. As EBIT figures moderated throughout 2025 and 2026, fluctuating between 1,070 million and 1,427 million, the interest coverage ratio mirrored this decline, dropping from the 12.00 range to approximately 8.80.
Interest Expense Stability: Interest expenses remained relatively stable throughout the observation window, generally fluctuating between 113 million and 147 million. The highest interest expenditure was recorded in March 2025 at 147 million, which contributed to the compression of the coverage ratio during that period. The stability of these expenses suggests that the primary driver of solvency fluctuations was operational earnings rather than significant changes in debt servicing costs.
Solvency Trajectory Analysis: The period between March 2023 and September 2024 represented a peak in solvency strength, with the ratio consistently remaining above 10.00. This indicated a substantial margin of safety for meeting interest obligations. While the ratio decreased in the subsequent two years, it remained significantly higher than the initial 2022 levels, suggesting that the entity maintains a robust capacity to service its debt despite the moderation in earnings.

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