Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Profitability Ratios (Summary)
SLB N.V., profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial data reveals a significant improvement in profitability and returns over the observed periods, particularly after the initial quarters where negative margins were reported. The company's gross profit margin demonstrates a steady and consistent upward trend, increasing from 11.02% to a peak of approximately 20.56%, before slightly declining to 19.11% towards the end of the period. This suggests enhanced efficiency in production or sales processes, contributing positively to the bottom line.
Similarly, the operating profit margin exhibits a marked recovery from deeply negative values in the earlier quarters, moving from -46.62% to a positive range above 16%, before experiencing a gradual decline towards roughly 13.54%. This indicates a substantial improvement in operational efficiency and cost management, albeit with some recent pressure on operating profit sustainability.
The net profit margin follows a parallel trajectory, transitioning from a negative margin of -44.57% to a high near 12.94%, indicating that the company has improved its overall profitability after all expenses and taxes. However, a slight downward trend is observable in the latest quarters, settling around 10.34%, which may point to emerging challenges in maintaining net profitability or increased non-operating expenses.
Return on equity (ROE) shows remarkable volatility early on with a deep negative low indicating financial distress or losses but then improves sharply to stabilize near a range of 20% or more for an extended period. This performance reflects effective utilization of shareholder equity to generate profits, although a noticeable decline towards 14.22% is evident at the end, suggesting some reduction in financial return efficiency or increased equity base without proportional profit growth.
Return on assets (ROA) also improves from negative territory to a steady upward movement reaching close to 9%, before a moderate decrease near 6.62% towards the last period. This metric indicates increased effectiveness in asset utilization to generate earnings, with recent periods showing a slight weakening possibly due to asset growth outpacing profit generation or increased asset impairment.
- Gross Profit Margin
- Steady improvement from 11.02% to above 20%, slight recent decline.
- Operating Profit Margin
- Recovered from deep negative to above 16%, followed by gradual decrease to approximately 13.54%.
- Net Profit Margin
- Improved from -44.57% to nearly 13%, with a subtle downtrend emerging recently near 10.34%.
- Return on Equity (ROE)
- Significant rebound from heavy loss position to stable 20%+ range; recent decline to about 14.22%.
- Return on Assets (ROA)
- Improved from negative to near 9%, with a moderate decline towards 6.62% indicating less efficient asset use.
Overall, the company exhibits a strong turnaround from earlier operational challenges, reflected in soaring profitability and returns. Despite slight weakening in profitability margins and returns in the latest periods, the data indicates sustained operational improvements and effective capital utilization. Monitoring the causes of recent declines will be crucial to maintain and enhance financial performance going forward.
Return on Sales
Return on Investment
Gross Profit Margin
SLB N.V., gross profit margin calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2025 Calculation
Gross profit margin = 100
× (Gross marginQ3 2025
+ Gross marginQ2 2025
+ Gross marginQ1 2025
+ Gross marginQ4 2024)
÷ (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
= 100 × ( + + + )
÷ ( + + + )
=
The financial data reveals several important trends in revenue, gross margin amounts, and gross profit margin percentages over multiple quarterly periods.
- Revenue
- Revenue showed significant volatility in early 2020, dropping to a low point during the second and third quarters of that year. Following this period, there was a clear and generally consistent upward trajectory from late 2020 through early 2025. The revenue peaks are observed around the first quarter of 2024 and remain elevated through 2025, although there is a slight dip in some quarters late in this period, indicating some short-term fluctuations within a broader growth trend.
- Gross Margin (in US$ millions)
- The gross margin initially decreased in 2020 but subsequently increased steadily through 2021 and 2022, reaching a peak in the fourth quarter of 2022. Afterward, gross margin values displayed a pattern of rises and falls, but the overall trend remained upward until the first quarter of 2024. From mid-2024 to 2025, the data indicate a reduction in gross margin amounts, suggesting some margin pressure or cost challenges emerging after a period of consistent growth.
- Gross Profit Margin (Percentage)
- The gross profit margin percentage, introduced from the first quarter of 2020, presents a strong and steady upward trend, climbing from just above 11% to over 20% by early 2025. This clear progression highlights improved profitability relative to revenue over time. Although there is some slight fluctuation late in the timeline, the gross profit margin percentage remains substantially higher than the initial values, signaling efficiency gains or better cost management.
- Overall Insights
- The combined analysis of revenue and gross margin indicates that despite some early disruptions, both top-line sales and gross profit amounts have generally improved over the period analyzed. The increasing gross profit margin percentage confirms enhanced profitability relative to sales, which could stem from either higher pricing power, improved production efficiencies, or cost controls. However, the recent downward movements in gross margin amounts despite strong revenues suggest that cost pressures or other factors might be impacting absolute earnings, even while margins remain relatively healthy.
Operating Profit Margin
SLB N.V., operating profit margin calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2025 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024)
÷ (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
= 100 × ( + + + )
÷ ( + + + )
=
- Operating Income (Loss)
- Operating income showed a marked improvement over the analyzed period. Beginning with a significant loss of -7992 million USD in the first quarter of 2020, the company’s operating income gradually recovered, becoming positive by the third quarter of 2020 with 62 million USD. From 2021 onwards, operating income exhibited a consistent upward trend, peaking around the fourth quarter of 2023 at 1468 million USD. Following this peak, operating income demonstrated minor fluctuations but generally maintained a positive and stable level, ending with 1064 million USD in the third quarter of 2025. This pattern reflects a significant turnaround from severe losses to sustained profitability.
- Revenue
- Revenue experienced an initial decline in the first half of 2020, falling from 7455 million USD in the first quarter to 5258 million USD in the third quarter of the same year. After this trough, revenue began a steady upward trajectory, reaching 8990 million USD by the fourth quarter of 2023. Although some quarters showed slight downtrends or stabilization, the overall revenue growth continued until early 2024, followed by moderate variability but remaining above the levels observed in 2020. Despite some quarterly volatility, revenue sustained a higher base level relative to the early period.
- Operating Profit Margin
- Operating profit margin data began only at the third quarter of 2020, initially reported as negative (-46.62%) but improved rapidly in subsequent quarters. From the first quarter of 2021, the margin turned positive and steadily increased, reaching a peak of approximately 16.55% in the second quarter of 2024, indicating improved operational efficiency and profitability. Thereafter, a gradual decrease in margin is observable, declining to about 13.54% by the third quarter of 2025, suggesting a potential easing of profit optimization or increased cost pressures despite relatively stable revenue and operating income.
- Overall Trends and Insights
- The data indicates a remarkable recovery phase from severe operating losses at the beginning of 2020 to sustained profitability in subsequent years. This recovery was supported by strong revenue growth following an initial pandemic-related decline. Operating profit margins reflected this improvement, rising to healthy double-digit percentages. More recently, margins have slightly declined, signaling that the company may face emerging challenges in maintaining previous profit levels, despite revenue and operating income remaining solid. The overall trajectory suggests enhanced operational management and resilience, but with a need for focus on cost control or margin maintenance going forward.
Net Profit Margin
SLB N.V., net profit margin calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2025 Calculation
Net profit margin = 100
× (Net income (loss) attributable to SLBQ3 2025
+ Net income (loss) attributable to SLBQ2 2025
+ Net income (loss) attributable to SLBQ1 2025
+ Net income (loss) attributable to SLBQ4 2024)
÷ (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
= 100 × ( + + + )
÷ ( + + + )
=
The financial performance over the analyzed periods shows distinct trends in net income, revenue, and net profit margin.
- Net Income (Loss) Attributable to SLB
- The net income demonstrates a recovery trajectory starting from a significant loss of -7,376 million US dollars in the first quarter of 2020. Over the subsequent quarters of 2020, losses decreased sharply, turning positive by the fourth quarter, reaching 601 million US dollars by the end of 2021. From 2022 onward, net income maintained a positive and generally increasing level, peaking at 1,186 million in the third quarter of 2024. However, some fluctuations are evident in 2025, with a reduction to 797 million in the second quarter and recovery to 1,014 and 739 million in subsequent quarters, signaling some volatility toward the end of the period.
- Revenue
- Revenue followed a somewhat variable but overall upward trend across the timeframe. Initial revenues in early 2020 were 7,455 million US dollars but decreased to a low point around 5,223 million in the first quarter of 2021. Since then, revenue rose steadily, reaching a peak around 9,284 million US dollars in the third quarter of 2024. Though there is a minor decline in early 2025, the revenue remains generally strong, with values close to 8,900 million by the end of the observed period.
- Net Profit Margin
- The net profit margin improved markedly from the negative values present in early 2020, where it reached as low as approximately -44.57%. Gradual recovery was evident during 2020, moving toward positive territory, hitting above 8% by the end of 2021. Following this, the margin continued to increase steadily, peaking near 12.97% in the third quarter of 2023. A slight decline in margin appears through 2024 and into 2025, reaching around 10.34% by the third quarter of 2025, reflecting some tapering but still maintaining a relatively high profitability level compared to earlier periods.
Overall, the data indicate a robust recovery from significant losses in 2020 to sustained positive earnings and improved profitability through 2023 and 2024. Revenue growth largely supports these trends, despite some fluctuations. Nevertheless, the volatility in net income and slight reduction in profit margin towards 2025 suggest cautious monitoring may be warranted to assess underlying factors contributing to these shifts.
Return on Equity (ROE)
SLB N.V., ROE calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2025 Calculation
ROE = 100
× (Net income (loss) attributable to SLBQ3 2025
+ Net income (loss) attributable to SLBQ2 2025
+ Net income (loss) attributable to SLBQ1 2025
+ Net income (loss) attributable to SLBQ4 2024)
÷ Total SLB stockholders’ equity
= 100 × ( + + + )
÷ =
- Net Income (Loss) Attributable to SLB
- The net income shows a significant recovery over the periods analyzed. Starting from a substantial loss of $7,376 million in the first quarter of 2020, the company experienced a gradual reduction in losses, moving from negative $3,434 million in the second quarter of 2020 to a near break-even point of negative $82 million by the third quarter of 2020.
- From the last quarter of 2020 onward, net income turned positive and demonstrated a generally upward trend, increasing from $374 million to peaks above $1,000 million in late 2022 and throughout 2023. After reaching higher values, fluctuations occur, but the figures largely remain above $700 million to $1,200 million until the third quarter of 2025, showing resilience despite some variability.
- Total SLB Stockholders’ Equity
- Stockholders’ equity decreased sharply from $15,561 million in the first quarter of 2020 to $11,941 million in the third quarter of 2020, coinciding with the major net losses during that timeframe. Thereafter, equity recovered steadily, increasing consistently through 2021 and reaching a more robust level over $21,000 million by the fourth quarter of 2024.
- The trend continues positively, with a notable jump in the last reported quarter (third quarter 2025) to $25,635 million, indicating strengthening balance sheet health and growing investor value despite some declines in mid-2025.
- Return on Equity (ROE)
- The ROE data begins to be available starting from the third quarter of 2020, showing extremely negative returns at -87.13%, reflecting the large losses experienced earlier. The measure improves to -22.67% by the fourth quarter of 2020, then crosses into positive territory at 8.01% in the first quarter of 2021.
- From there, ROE improves markedly and stabilizes between 12% and 21% throughout 2021 to 2024, representing enhanced profitability and more efficient use of equity. The last two quarters show a slight decrease with ROE declining to 14.22% by the third quarter of 2025, indicating some moderation in profitability relative to equity.
- Overall Analysis
- The data reflects a strong recovery phase following a period of significant losses in early 2020. Profitability measures and equity show sustained improvement and resilience, with net income rising steadily and equity building up over time. The ROE stabilizes within a healthy range after an initial period of dramatic losses.
- This suggests effective management responses to adverse conditions and operational improvements. While some fluctuations persist in recent quarters, the overall financial health appears strengthened with growing shareholder equity and continued net income generation.
Return on Assets (ROA)
SLB N.V., ROA calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2025 Calculation
ROA = 100
× (Net income (loss) attributable to SLBQ3 2025
+ Net income (loss) attributable to SLBQ2 2025
+ Net income (loss) attributable to SLBQ1 2025
+ Net income (loss) attributable to SLBQ4 2024)
÷ Total assets
= 100 × ( + + + )
÷ =
- Net Income (Loss) Trends
- The net income attributable to the company exhibited a significant negative value at the beginning of the observed period, with a loss of -$7.376 billion in the first quarter of 2020. Over subsequent quarters in 2020, this loss reduced substantially, turning positive by the last quarter with $374 million. From 2021 onwards, net income remained positive and generally increased, peaking at $1.123 billion in the fourth quarter of 2023. Despite some fluctuations, the net income values stayed above $700 million in all quarters of 2024 and early 2025, showing a generally stable and profitable performance after the initial loss phase.
- Total Assets Movement
- Total assets initially declined from approximately $48.6 billion in March 2020 to a low of around $40.9 billion by mid-2021. A recovery phase followed, with assets increasing steadily to about $49.8 billion by the first quarter of 2025, except for minor fluctuations in late 2024. A notable asset increase occurred in the last recorded period in September 2025, reaching $55.1 billion, indicating significant growth or acquisition activity.
- Return on Assets (ROA) Progression
- Data shows that ROA began with negative values at the start of 2020, hitting as low as -24.79% in the third quarter, reflecting considerable losses relative to asset base. From early 2021, ROA transitioned into positive territory, increasing consistently and reaching approximately 9% throughout most of 2023 and early 2024. Towards late 2024 and early 2025, ROA experienced a slight decline but remained healthy, with values above 6%, suggesting strong asset efficiency and profitability maintenance over time.
- Overall Insights
- The financial performance indicates a recovery and strengthening phase following an initial significant loss period in 2020. Profitability improved steadily with growing net income and increasing ROA, implying efficient utilization of assets. Asset base contraction in early periods was reversed gradually, culminating in substantial asset growth toward the end of the observed timeline. The combined trends point to successful operational and financial stabilization with sustainable profitability and asset expansion post-2020 challenges.