Analysis of Short-term (Operating) 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
- 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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Short-term Activity Ratios (Summary)
SLB N.V., short-term (operating) activity 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 multiple insights into the operational efficiency and working capital management over the examined quarterly periods.
- Inventory Turnover
- The inventory turnover ratio shows a generally stable trend, fluctuating between approximately 5.2 and 6.6 times per period. Starting around 6.26, it shows a slight decline during mid-periods, reaching lows near 5.19-5.25, but then gradually recovers to just above 6 before declining slightly again towards the end of the period. This pattern suggests consistent but slightly variable efficiency in managing inventory over the quarters.
- Receivables Turnover
- The receivables turnover ratio remains relatively stable with minor fluctuations between 3.87 and 4.53. It initially declines from around 4.5 to about 4.05-4.06, followed by a period of slight increases and decreases. Overall, it indicates a consistent ability to collect receivables with some variability possibly reflecting changes in credit policies or customer payment behavior.
- Working Capital Turnover
- The working capital turnover ratio exhibits significant variability, fluctuating between roughly 5.75 and 10.14. The ratio shows a decline from highs near 10 down to lows around 5.9-6.3, with intermittent rebounds. This volatility could signal changes in the utilization of working capital or underlying business cycles impacting the turnover of current assets relative to current liabilities.
- Average Inventory Processing Period
- The average inventory processing period ranges between 55 and 70 days. It tends to increase in the middle quarters, peaking close to 70 days, before gradually reducing towards approximately 55 days, followed again by mild increases. This cycle suggests changing inventory holding periods, which may be influenced by seasonal demand or supply chain factors.
- Average Receivable Collection Period
- The collection period for receivables spans from about 81 to 94 days. It sees a gradual increase reaching a high near 94 days, indicating slower collection processes during some quarters, followed by moderate improvements. The overall range points to a relatively stable yet somewhat prolonged timeframe to convert receivables into cash.
- Operating Cycle
- The operating cycle, summing inventory processing and receivables collection periods, varies between 136 and 162 days. It peaks near 162 days, reflecting extended operational duration, then decreases to a low around 136 days before rising again. This fluctuation mirrors the trends observed in inventory and receivables periods, highlighting periodic shifts in overall operational efficiency and cash conversion timing.
Turnover Ratios
Average No. Days
Inventory Turnover
SLB N.V., inventory turnover 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
Inventory turnover
= (Cost of revenueQ3 2025
+ Cost of revenueQ2 2025
+ Cost of revenueQ1 2025
+ Cost of revenueQ4 2024)
÷ Inventories
= ( + + + )
÷ =
- Cost of Revenue
- The cost of revenue shows a fluctuating but generally increasing trend throughout the analyzed periods. In early 2020, it began at a high level but experienced a decline through mid-to-late 2020. From early 2021 onward, the cost steadily increased, reaching its peak towards the end of 2024 and early 2025. This suggests rising expenses related to producing goods or services, potentially reflecting increased sales volume, higher input costs, or both. Notably, the increase in cost of revenue from mid-2022 to late 2024 is relatively consistent, indicating ongoing growth in operational scale or cost pressures.
- Inventories
- Inventory levels exhibit a downward trend during the initial periods, falling from over 4,000 million USD in early 2020 to a low point around mid-2021. Following this decline, inventory levels generally rise, surpassing previous highs by late 2024 and early 2025. This upward movement in inventory may indicate either a buildup to support increased sales or possible challenges in inventory management. The fluctuations indicate an active adjustment of stock levels, likely in response to demand patterns and supply chain considerations.
- Inventory Turnover Ratio
- The inventory turnover ratio remains stable and relatively strong, fluctuating between approximately 5.2 and 6.6 across the measured periods. This ratio’s movements suggest maintenance of efficient inventory management, with turnover rates indicating the company sells and replaces inventory multiple times per year. The turnover ratio dips slightly around 2022 and 2023 before improving again toward late 2024. The periods of higher inventory turnover signal effective conversion of inventory into sales, while slight declines might reflect temporary overstocking or slower sales cycles.
- Overall Assessment
- The company shows a pattern of managing costs, inventory, and turnover with discernible responsiveness to market or operational conditions. The increasing cost of revenue aligns with higher inventory levels in later periods, indicating scaling activities or preparing for growing demand. Meanwhile, inventory turnover remains robust, indicating that despite fluctuations in inventory quantities, the rate at which inventory is sold remains healthy. These dynamics illustrate an active balancing act between production costs, stock management, and sales efficiency over the time horizon analyzed.
Receivables Turnover
SLB N.V., receivables turnover 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
Receivables turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Receivables less allowance for doubtful accounts
= ( + + + )
÷ =
- Revenue Trend Analysis
- The quarterly revenue exhibits a fluctuating pattern over the observed periods. Initially, there is a decline from 7,455 million US dollars in the first quarter of 2020 to a low point near 5,223 million by the first quarter of 2021. Subsequently, revenue demonstrates a consistent upward trajectory, reaching a peak of 9,284 million US dollars in the final quarter of 2024 before slightly retracting to 8,928 million in the third quarter of 2025. This indicates a recovery phase followed by growth, though with some variability in the last year examined.
- Receivables (Net of Allowance for Doubtful Accounts) Trend Analysis
- Net receivables show a general increase throughout the period. Starting from 7,486 million US dollars at the beginning of 2020, the balance experienced a decline towards mid-2020 before a gradual rise. From the second half of 2021 onward, the receivables increase steadily, peaking at 9,101 million in the third quarter of 2025. This trend indicates a growth in accounts receivable, which generally correlates with extended credit sales or slower collections.
- Receivables Turnover Ratio Analysis
- The receivables turnover ratio fluctuates between 3.87 and 4.53 over the observed periods. It declined initially, dropping from an early value of 4.5 in late 2020 to a low near 3.87 by the third quarter of 2025. The ratio experienced intermittent increases, with peaks near 4.53 in the second quarter of 2025. Generally, this ratio reflects the efficiency of the company in collecting its receivables, and the observed fluctuations suggest some variability in collection speed, with periods of both improved and weakened turnover.
- Integrated Observation
- The simultaneous rise in revenue and net receivables indicates expanding sales activity accompanied by growing credit extended to customers. However, the declining trend in receivables turnover ratio in the later periods suggests that the efficiency of collections may be decreasing, raising potential concerns about working capital management. The combination of these metrics highlights the importance of monitoring credit policies and collection practices to maintain healthy cash flow amid growing business volume.
Working Capital Turnover
SLB N.V., working capital turnover 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
Working capital turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Working capital
= ( + + + )
÷ =
- Working Capital
- The working capital fluctuates notably over the observed periods. Starting at 3,004 million USD in early 2020, it experienced a downward trend through the end of that year, reaching 2,428 million USD in December 2020. In 2021, it rose to a peak of 3,293 million USD mid-year but declined again towards the end of the year, settling at 2,295 million USD. The year 2022 showed significant volatility with a peak of 4,477 million USD in September followed by a sharp dip to 2,985 million USD in December. In 2023 and 2024, the working capital showed a general upward trajectory, reaching its highest point of 6,108 million USD mid-2024 before declining to 3,559 million USD by the first quarter of 2025. The data suggests intermittent increases followed by considerable decreases, implying variable liquidity needs or operational changes.
- Revenue
- Revenue demonstrates a generally increasing trend over the timeframe despite some fluctuations. It started at 7,455 million USD in the first quarter of 2020, dropped substantially in the middle of the same year to around 5,258 million USD, and then steadily increased to reach 6,225 million USD by the end of 2020. The upward momentum continued through 2021 and 2022, peaking at 7,879 million USD in the last quarter of 2022. In subsequent periods, revenue maintained its growth, achieving a high of 9,284 million USD in the first quarter of 2025, even though minor dips occurred in mid-2025. This pattern indicates overall positive sales performance and possible market expansion or pricing improvements.
- Working Capital Turnover
- The working capital turnover ratio, available from the third quarter of 2020 onwards, displays considerable variability. Initially, the ratio was very high at 9.72 but then decreased steadily until the first quarter of 2022, reaching as low as 5.91. Subsequent periods experienced fluctuations mostly ranging between 5.75 and 9.99, revealing inconsistent efficiency in using working capital to generate revenue. Peaks in working capital turnover indicate periods where the company generated more revenue per unit of working capital, whereas troughs suggest less efficient use. Notably, there was a sharp increase to 10.14 in the third quarter of 2025, indicating an improved turnover efficiency in that period.
- Overall Analysis
- The data indicates a company experiencing cyclical patterns in liquidity as reflected by working capital swings, alongside a generally upward trend in revenue, suggesting business growth. Variations in working capital turnover highlight intermittent changes in operational efficiency or working capital management. The peaks and troughs in turnover ratio alongside fluctuations in working capital suggest responsiveness to changing market conditions or investment in working capital to support revenue growth. Periods with high working capital and lower turnover may indicate buildup of inventory or receivables, whereas periods with lower working capital and higher turnover suggest leaner management. The overall financial trajectory points to growth with episodes of adjustment in working capital management.
Average Inventory Processing Period
SLB N.V., average inventory processing period 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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
- Inventory Turnover
- The inventory turnover ratio demonstrates a generally stable to slightly increasing trend over the analyzed periods, starting from 6.26 and fluctuating around values between 5.19 and 6.59 before settling near 5.36 by the end. This indicates a consistent efficiency in inventory management, with occasional moderate declines occurring mid-period but followed by recoveries, suggesting responsiveness to operational changes.
- Average Inventory Processing Period
- The average inventory processing period mostly moves inversely to the inventory turnover ratio, varying between 58 and 70 days. Initially, there is an increase in days, peaking at 70, before gradually decreasing to a low of 55 days. Subsequently, it rises again, ending around 68 days. This cyclical behavior reflects fluctuations in how long inventory remains on hand, which may correspond to changes in sales demand, production schedules, or supply chain dynamics.
- Overall Insights
- The inverse relationship between inventory turnover and average processing period is consistent with typical inventory management patterns. Periods with higher turnover ratios correspond to faster inventory processing times and vice versa. While the trends over time suggest effective inventory control, the mid-year fluctuations imply external or internal factors impacting inventory dynamics periodically. Maintaining turnover near the higher end of the range supports better liquidity and operational performance but requires monitoring to mitigate risks associated with inventory aging.
Average Receivable Collection Period
SLB N.V., average receivable collection period 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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
The analysis of the quarterly financial ratios reveals insights into the company's receivables management over the observed periods.
- Receivables Turnover
- The receivables turnover ratio was initially recorded from March 2021 onward, showing a moderate fluctuation around the 4.0 to 4.5 range. Starting at 4.5 in March 2021, it slightly declined to a low of 3.87 by September 2025. The turnover ratio experienced some recovery phases, notably reaching 4.36 in December 2024 and 4.53 in March 2025, indicating periods of improved effectiveness in collection. However, the general trend suggests a modest decrease in turnover efficiency toward the end of the series.
- Average Receivable Collection Period
- The average collection period appears inversely related to receivables turnover, as expected. Beginning at 81 days in March 2021, the collection period extended to a peak of 94 days by September 2025, indicating a gradual elongation in the time taken to collect receivables. Despite some periods of reduction, such as 84 days in December 2024, the overall trend shows a lengthening collection cycle. This may suggest increasing challenges in receivables collection or changes in credit policy or customer payment behavior over time.
In summary, while the receivables turnover ratio exhibits some volatility with short-term improvements, the consistent rise in the average collection period points to an overall decline in the efficiency of receivables management. The longer collection periods could impact cash flow and working capital optimization, warranting further investigation into credit management practices and customer payment terms.
Operating Cycle
SLB N.V., operating cycle calculation (quarterly data)
No. days
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 cycle = Average inventory processing period + Average receivable collection period
= + =
The analysis of the quarterly financial data reveals distinct trends in the operational efficiency metrics over the observed periods. Three key indicators—average inventory processing period, average receivable collection period, and operating cycle—display varying patterns, reflecting changes in inventory management, credit policies, and overall working capital cycle.
- Average Inventory Processing Period
- This metric, expressed in number of days, shows an initial value near 58 days starting from the first available quarter. From that point, it increases to around 64 days in the next two quarters, then fluctuates moderately, peaking around 70 days during the middle of the period analyzed. Toward the latest quarters, the inventory days trend downward, reaching approximately 55 days at one point before slightly rising again to about 68 days by the end of the series. This pattern suggests occasional efficiency challenges in inventory turnover, with periods of increased holding time, followed by efforts to optimize inventory levels, though there is a notable rise again toward the end.
- Average Receivable Collection Period
- The receivable collection period starts relatively high around 81 days and climbs to about 90 days soon after, maintaining elevated levels with minor fluctuations in the 85–94 day range throughout most of the analyzed quarters. Despite some quarter-to-quarter variation, there is a persistent tendency toward longer collection periods in later quarters, indicating a possible relaxation in credit terms or challenges in receivables management, which may impact liquidity and cash flow.
- Operating Cycle
- The operating cycle, which combines the inventory processing and receivables collection periods, begins indirectly observed at approximately 139 days, then rises to a peak near 162 days during the latter part of the earlier data sequence. Subsequently, it fluctuates but generally trends downward toward approximately 136 days, indicating some improvements in working capital management at points in time. However, toward the end of the data range, the operating cycle increases again, reaching around 162 days, suggesting periodic elongation in the full cash conversion cycle, which might signal emerging inefficiencies or changes in business conditions.
Overall, the data suggest that the company experiences cyclical variations in managing inventory and receivables, with intermittent periods of extended processing and collection times. These fluctuations impact the operating cycle and point to areas requiring attention, particularly in receivables collection and inventory control, to enhance liquidity and operational efficiency in the longer term.