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
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Debt to Equity 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: 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 analysis of short-term operating activity reveals a period of progressive efficiency gains from early 2022 through the end of 2024, followed by a moderate reversal of these trends throughout 2025 and the first quarter of 2026. The overall operational cadence is characterized by a tightening of the operating cycle that peaked in efficiency in late 2024.
- Inventory Management Efficiency
- Inventory turnover exhibited a consistent upward trajectory from a ratio of 5.32 in March 2022 to a peak of 6.59 in December 2024. This improvement is mirrored in the average inventory processing period, which declined from 69 days to a minimum of 55 days over the same period. However, a downturn occurred in 2025, with the turnover ratio dropping to 5.36 by September 2025 and the processing period extending back to 68 days, indicating a temporary slowdown in inventory movement before a slight recovery to 5.63 by March 2026.
- Receivables Collection Performance
- Receivables turnover remained relatively stable, fluctuating within a narrow range between 3.87 and 4.53. The most efficient collection period was recorded in December 2024 at 81 days, coinciding with the highest turnover ratio of 4.53. Subsequently, collection efficiency weakened, with the average receivable collection period reaching its peak of 94 days in September 2025. By March 2026, the collection period settled at 92 days, returning to levels observed in 2022.
- Working Capital Utilization
- Working capital turnover demonstrated significant volatility throughout the analyzed period. The ratio fluctuated between a low of 5.75 in June 2024 and a high of 10.14 in March 2025. This variability suggests inconsistent levels of working capital investment relative to revenue generation or significant quarterly shifts in current asset and liability structures.
- Total Operating Cycle Trends
- The operating cycle, representing the combined time to process inventory and collect receivables, showed a general contraction from 157 days in March 2022 to a low of 136 days in December 2024. This contraction indicates a period of optimized operational liquidity. This trend reversed in 2025, with the cycle expanding to 162 days by September 2025, before moderating to 157 days by March 2026, effectively returning the company to its baseline operational timeline from three years prior.
Turnover Ratios
Average No. Days
Inventory Turnover
SLB N.V., inventory turnover calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Inventory turnover
= (Cost of revenueQ1 2026
+ Cost of revenueQ4 2025
+ Cost of revenueQ3 2025
+ Cost of revenueQ2 2025)
÷ Inventories
= ( + + + )
÷ =
The analysis of inventory management efficiency from March 2022 through March 2026 reveals a period of sustained operational improvement followed by a phase of increased volatility and declining efficiency in the most recent quarters.
- Revenue Costs and Inventory Scaling
- Cost of revenue exhibited a consistent upward trajectory for the majority of the period, rising from 5,013 million USD in March 2022 to a peak of 8,013 million USD in December 2025. Concurrently, inventory levels grew from 3,719 million USD to 5,274 million USD by March 2026. While both metrics increased, the rate of change varied, directly influencing the inventory turnover ratio.
- Inventory Turnover Efficiency Trends
- A positive trend in operational efficiency was observed between December 2022 and December 2024. During this interval, the inventory turnover ratio climbed steadily from 5.73 to a peak of 6.59. This indicates that the company successfully increased the frequency with which its inventory was replaced relative to the cost of goods sold, suggesting optimized supply chain management and stronger demand fulfillment during this window.
- Recent Performance Volatility
- A reversal in the efficiency trend occurred starting in early 2025. The turnover ratio declined from 6.17 in March 2025 to a period low of 5.36 in September 2025. This decline corresponds with a significant spike in inventory levels, which reached 5,321 million USD in the same quarter. Although a partial recovery to 5.80 was noted in December 2025, the ratio ended at 5.63 in March 2026, remaining below the peak efficiency levels achieved in 2024.
- Operational Insights
- The data suggests a transition from a period of lean inventory management (2023-2024) to a period of higher inventory accumulation (2025-2026). The drop in the turnover ratio during late 2025 indicates that inventory growth outpaced the growth in the cost of revenue, potentially signaling an increase in safety stock or a deceleration in the movement of goods.
Receivables Turnover
SLB N.V., receivables turnover calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Receivables turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Receivables less allowance for doubtful accounts
= ( + + + )
÷ =
The relationship between revenue growth and receivables management demonstrates a period of scaling characterized by relatively stable collection efficiency. While revenue increased from US$ 5,962 million in March 2022 to a peak of US$ 9,744 million in December 2025, receivables tracked this growth proportionally, rising from US$ 5,713 million to a high of US$ 9,101 million in September 2025.
- Receivables Turnover Stability
- The receivables turnover ratio remained remarkably consistent throughout 2022 and 2023, fluctuating within a narrow band between 3.94 and 4.24. This indicates that the company maintained a steady credit-to-cash cycle even as the volume of business expanded.
- Efficiency Peak in 2024
- A period of increased operational efficiency is observed during 2024, where the turnover ratio climbed steadily to reach a peak of 4.53 by December 31, 2024. This upward trend suggests an acceleration in the collection of outstanding accounts relative to the revenue generated during that fiscal year.
- Normalization and Recent Trends
- Beginning in March 2025, a slight contraction in the turnover ratio is evident, with values returning to the 3.87 to 4.11 range. This return to historical averages suggests a normalization of collection cycles or a potential adjustment in credit terms as revenue levels stabilized in the 2025-2026 period.
Working Capital Turnover
SLB N.V., working capital turnover calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Working capital turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Working capital
= ( + + + )
÷ =
The analysis of short-term operating activity reveals a period of significant revenue growth coupled with fluctuating working capital requirements, resulting in a volatile working capital turnover ratio from March 2022 through March 2026.
- Revenue Trajectory
- A consistent upward trend in revenue is observed, rising from 5,962 million USD in March 2022 to a peak of 9,744 million USD in December 2025. While there are minor quarterly fluctuations, the overall trajectory indicates a sustained expansion of the top line over the analyzed period.
- Working Capital Dynamics
- Working capital exhibited substantial volatility, characterized by two distinct growth phases and a sharp correction. An initial increase is noted from March 2022 to September 2022, followed by a peak of 6,108 million USD in June 2024. A significant contraction occurred in March 2025, where working capital dropped to 3,559 million USD, before trending upward again to 4,922 million USD by March 2026.
- Working Capital Turnover Analysis
- The turnover ratio demonstrates an inverse relationship with the fluctuations in working capital. The lowest efficiency was recorded in June 2024 at 5.75, coinciding with the peak in working capital. Conversely, the highest efficiency peak occurred in March 2025, reaching a ratio of 10.14, driven by the sharp reduction in working capital relative to steady revenue levels. Following this peak, the ratio stabilized between 6.49 and 7.45 throughout late 2025 and early 2026.
- Operational Efficiency Insights
- The data suggests that revenue growth has not been linearly tied to working capital expansion. The spikes and dips in the turnover ratio indicate periods of aggressive working capital management or cyclical shifts in current assets and liabilities. The transition toward a turnover ratio of 7.30 by March 2026 suggests a move toward a more stabilized operating cycle compared to the volatility experienced between 2023 and 2025.
Average Inventory Processing Period
SLB N.V., average inventory processing period calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
An analysis of the short-term operating activity reveals a distinct cycle of increasing efficiency followed by a period of moderation in inventory management from March 2022 through March 2026. The relationship between inventory turnover and the average inventory processing period demonstrates a consistent inverse correlation throughout the observed timeframe.
- Inventory Turnover Trends
- A steady upward trajectory in inventory turnover is observed from March 2022, starting at 5.32, and peaking at 6.59 by December 31, 2024. This period indicates an increasing capacity to cycle through inventory rapidly. However, a downturn begins in early 2025, with the ratio declining to a low of 5.36 in September 2025 before recovering slightly to 5.63 by March 31, 2026.
- Average Inventory Processing Period
- The time required to process inventory shows a corresponding decline during the first phase of the analysis. The processing period decreased from 69 to 70 days in mid-2022 to a minimum of 55 days by December 31, 2024. This trend reversed in 2025, characterized by a sharp increase to 68 days in September 2025, eventually stabilizing at 65 days by the end of the period.
- Operational Efficiency Correlation
- The data indicates a period of operational optimization between 2022 and late 2024, where the reduction in processing days mirrored the rise in turnover ratios. The shift observed in 2025 suggests a slowdown in inventory movement, potentially reflecting changes in demand, supply chain adjustments, or strategic stockpiling, as the processing period returned to levels similar to those seen in early 2022.
Average Receivable Collection Period
SLB N.V., average receivable collection period calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
The average receivable collection period demonstrates a general pattern of stability with a distinct period of increased efficiency during 2024, followed by a reversion to historical norms by early 2026.
- Collection Period Volatility and Trends
- From March 2022 through December 2023, the collection period remained relatively consistent, fluctuating within a range of 86 to 93 days. A significant improvement in the velocity of collections occurred throughout 2024, with the period declining to a minimum of 81 days by December 31, 2024, indicating a temporary optimization of credit and collection processes.
- Analysis of Receivables Turnover
- The receivables turnover ratio maintains an inverse relationship with the collection period. The ratio remained largely stable between 3.94 and 4.24 for the first two years of the analysis. The peak efficiency observed in December 2024 is reflected in a maximum turnover ratio of 4.53, confirming a period of accelerated asset conversion.
- Recent Performance and Normalization
- A trend toward lengthening collection cycles is observed throughout 2025, peaking at 94 days in September 2025. This represents the highest collection period across the entire analyzed timeframe. By March 31, 2026, the period settled at 92 days, effectively returning the metric to the baseline levels established between 2022 and 2023.
Operating Cycle
SLB N.V., operating cycle calculation (quarterly data)
No. days
Based on: 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 Q1 2026 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= + =
The operating cycle exhibited a period of general contraction from early 2022 through the end of 2024, followed by a corrective increase throughout 2025 and into the first quarter of 2026.
- Average Inventory Processing Period
- A sustained improvement in inventory turnover is observed from March 2022 to December 2024, during which the processing period declined from 69 days to a minimum of 55 days. This downward trend indicates enhanced efficiency in managing stock levels relative to sales. However, this trend reversed in 2025, with the period increasing to a peak of 68 days in September 2025 before moderating to 65 days by March 2026.
- Average Receivable Collection Period
- The collection period demonstrated greater volatility and less linear progression than inventory processing. The timeframe fluctuated between a low of 81 days in December 2024 and a peak of 94 days in September 2025. While there were temporary improvements in collection efficiency toward the end of 2023 and 2024, the period generally remained within a corridor of 80 to 94 days, suggesting a consistent but non-optimizing credit policy.
- Overall Operating Cycle
- The total operating cycle reflected the combined impact of both inventory and receivable components, reaching a period low of 136 days in December 2024. This peak efficiency was followed by an upward trajectory in 2025, resulting in a cycle high of 162 days in September 2025. By March 2026, the operating cycle stood at 157 days, effectively returning to the levels observed at the start of the analysis period in March 2022.