Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Long-term Activity Ratios (Summary)
SLB N.V., long-term (investment) activity ratios (quarterly data)
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 investment activity ratios demonstrate a consistent upward trajectory from early 2022 through the end of 2024, indicating a period of improving asset utilization efficiency, followed by a correction in 2025 and subsequent stabilization through mid-2026.
- Net Fixed Asset Turnover
- A steady increase is observed from 3.72 in March 2022 to a peak of 4.93 by December 2024, suggesting an enhanced ability to generate revenue from fixed assets. A notable decline occurred during the third quarter of 2025, where the ratio dropped to 4.41, before trending upward again to reach 4.70 by June 2026.
- Total Asset Turnover
- Efficiency across the total asset base grew incrementally from 0.56 in March 2022 to a plateau of 0.74 between December 2024 and March 2025. This growth phase was followed by a contraction in September 2025 to 0.64, after which the ratio remained relatively stable, fluctuating between 0.65 and 0.66 through June 2026.
- Equity Turnover
- The equity turnover ratio rose from 1.54 in March 2022 to a peak of 1.85 in March 2025. This peak was followed by a sharp decrease to 1.37 by September 2025, with the ratio maintaining a near-constant level between 1.37 and 1.39 through the final observed period in June 2026.
The synchronized peak across all three metrics between late 2024 and early 2025 suggests a period of optimal operational efficiency relative to the investment base. The subsequent decline observed in late 2025 indicates either a reduction in revenue velocity or a significant expansion in the asset and equity base that has not yet resulted in proportional revenue growth.
Net Fixed Asset Turnover
SLB N.V., net fixed asset turnover calculation (quarterly data)
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
Net fixed asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Fixed assets less accumulated depreciation
= ( + + + )
÷ =
The net fixed asset turnover ratio exhibited a consistent upward trajectory from the first quarter of 2022 through the end of 2024, indicating a period of increasing operational efficiency. During this interval, revenue growth significantly outpaced the expansion of the fixed asset base, suggesting that the organization successfully leveraged its existing capital investments to drive higher sales volumes.
- Revenue Performance
- Revenue demonstrated strong growth, rising from 5,962 million USD in March 2022 to a peak of 9,744 million USD in December 2025. While the growth was steady through 2024, the 2025 and 2026 periods showed increased volatility, with quarterly fluctuations between approximately 8,490 million and 9,744 million USD.
- Fixed Asset Management
- Net fixed assets increased gradually from 6,354 million USD in March 2022 to a peak of 7,999 million USD in September 2025. The growth in the asset base was more linear and controlled compared to the more aggressive growth seen in revenue, reflecting a disciplined approach to capital expenditure.
- Net Fixed Asset Turnover Trends
- The turnover ratio improved from 3.72 in March 2022 to a maximum of 4.93 by December 2024. This represents a substantial increase in the efficiency of asset utilization. A subsequent decline was observed in the third quarter of 2025, where the ratio dropped to 4.41, coinciding with a peak in fixed asset value and a relative dip in revenue. The ratio subsequently stabilized, ending the period at 4.70 in June 2026.
- Operational Efficiency Insights
- The correlation between rising revenue and stable fixed asset growth through 2024 suggests high capital productivity. The correction observed in 2025 indicates a period where asset expansion temporarily exceeded revenue growth, though the recovery to 4.70 by mid-2026 suggests a return to sustainable utilization levels.
Total Asset Turnover
SLB N.V., total asset turnover calculation (quarterly data)
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
Total asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Total assets
= ( + + + )
÷ =
The analysis of total asset turnover reveals a distinct two-phase trajectory characterized by a period of sustained efficiency gains followed by a structural shift in the asset-to-revenue relationship starting in late 2025.
- Asset Efficiency Growth Phase (March 2022 – December 2024)
- A consistent upward trend in the total asset turnover ratio is observed, rising from 0.56 in March 2022 to a peak of 0.74 by December 2024. This improvement indicates an increasing ability to generate revenue from the existing asset base. During this period, revenue grew from 5,962 million to 9,284 million, while total assets grew at a more moderate pace, moving from 41,967 million to 48,935 million. The result was a steady expansion of operational efficiency.
- Asset Base Expansion and Ratio Correction (January 2025 – September 2025)
- A significant inflection point occurred in the third quarter of 2025. While revenue continued to climb, reaching 8,928 million in September 2025, total assets experienced a sharp increase from 48,769 million in March 2025 to 55,093 million in September 2025. This substantial expansion of the balance sheet led to a sudden contraction in the total asset turnover ratio, which dropped from 0.73 to 0.64 within two quarters, suggesting that the new asset investments had not yet translated into proportional revenue growth.
- Stabilization Phase (October 2025 – June 2026)
- The final period shows a stabilization of the turnover ratio, which fluctuated within a narrow band between 0.64 and 0.66. Total assets remained elevated, plateauing around 54,500 to 55,500 million. Revenue showed some volatility, peaking at 9,744 million in December 2025 before settling between 8,721 and 8,972 million in the first half of 2026. The consistency of the ratio during this phase indicates that the asset base and revenue streams reached a new equilibrium at a lower efficiency level than the 2024 peak.
Equity Turnover
SLB N.V., equity turnover calculation (quarterly data)
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
Equity turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Total SLB stockholders’ equity
= ( + + + )
÷ =
The analysis of the equity turnover ratio indicates a period of increasing asset efficiency followed by a significant correction in the latter half of 2025. While revenue generally trended upward and stockholders' equity grew consistently, the relationship between these two variables shifted markedly during the final quarters of the observed period.
- Revenue Trajectory
- Revenue exhibited a consistent growth pattern from March 2022, rising from 5,962 million to a peak of 9,744 million in December 2025. Despite minor quarterly fluctuations, the overall trend reflects an expansion in top-line performance over the four-year span.
- Equity Expansion
- Total stockholders' equity demonstrated a steady upward trajectory, increasing from 15,347 million in March 2022 to 26,074 million by June 2026. A notable surge is observed between June 2025 and September 2025, where equity increased from 20,302 million to 25,635 million, representing a substantial capital injection or retained earnings spike within a single quarter.
- Equity Turnover Analysis
- The equity turnover ratio improved steadily from 1.54 in March 2022 to a peak of 1.85 in March 2025, signaling an increase in the company's ability to generate revenue from its equity base. However, a sharp decline occurred starting in June 2025, with the ratio dropping to 1.37 by September 2025. This decline correlates directly with the sharp increase in total stockholders' equity, which outpaced revenue growth during this window. For the remainder of the period through June 2026, the ratio remained stabilized at a lower range between 1.37 and 1.39, indicating a new equilibrium of lower capital efficiency relative to the expanded equity base.