Enterprise Value to EBITDA (EV/EBITDA)
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Analysis of Debt
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
SLB N.V., EBITDA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The financial performance indicators demonstrate a generally positive trajectory from 2021 to 2023, followed by a moderation in 2024 and a decline in 2025. Specifically, net income attributable to SLB, earnings before tax, earnings before interest and tax, and earnings before interest, tax, depreciation and amortization all exhibited growth through 2023 before experiencing shifts in subsequent periods.
- EBITDA Trend
- EBITDA increased consistently from US$5,033 million in 2021 to US$8,703 million in 2024, representing substantial growth over the period. However, 2025 saw a decrease to US$7,492 million. This suggests a potential stabilization or reversal of the prior growth trend. The rate of increase slowed between 2023 and 2024, indicating diminishing returns from the factors driving EBITDA growth.
- Relationship between Profitability Metrics
- A consistent pattern is observed where each preceding profitability metric (Net Income, EBT, EBIT) builds upon the previous one. The difference between EBITDA and EBIT narrowed from US$2,120 million in 2021 to US$1,519 million in 2024, before widening to US$1,644 million in 2025. This suggests a relatively stable depreciation and amortization expense as a percentage of EBIT during this period, with a slight increase in 2025.
- Year-over-Year Changes
- The largest year-over-year increase in EBITDA occurred between 2021 and 2022 (US$1,875 million). The increase from 2022 to 2023 was US$1,189 million, and from 2023 to 2024 was US$606 million, indicating decelerating growth. The decrease in EBITDA from 2024 to 2025 was US$1,211 million, representing the most significant year-over-year change in the observed period and a notable shift from the prior trend.
The observed trends suggest a period of strong growth culminating in 2024, followed by a contraction in 2025. Further investigation would be required to determine the underlying drivers of these changes, including potential impacts from macroeconomic factors, industry-specific conditions, or company-specific strategic decisions.
Enterprise Value to EBITDA Ratio, Current
SLB N.V., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2025-12-31).
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
SLB N.V., historical EV/EBITDA calculation, comparison to benchmarks
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The Enterprise Value to EBITDA ratio exhibited fluctuating behavior over the five-year period. Initial values indicated a relatively high valuation multiple, which subsequently decreased before increasing again.
- Enterprise Value
- Enterprise Value increased from US$67,193 million in 2021 to US$89,522 million in 2022, representing a substantial rise. A decrease was then observed in 2023 to US$82,899 million, followed by a more significant decline to US$66,942 million in 2024. The most recent year, 2025, shows an increase to US$82,102 million, approaching the 2023 level.
- EBITDA
- EBITDA demonstrated a consistent upward trend from 2021 to 2023, increasing from US$5,033 million to US$8,097 million. This growth continued into 2024, reaching US$8,703 million, before experiencing a decline to US$7,492 million in 2025.
- EV/EBITDA Ratio
- The EV/EBITDA ratio began at 13.35 in 2021 and decreased to 12.96 in 2022. A further reduction was noted in 2023, falling to 10.24. The most pronounced decrease occurred between 2023 and 2024, with the ratio dropping to 7.69. In 2025, the ratio increased to 10.96, indicating a revaluation but remaining above the 2023 level.
The observed decrease in the EV/EBITDA ratio from 2021 to 2024 suggests a relative improvement in the company’s valuation compared to its earnings. The increase in 2025 indicates a potential shift in market perception or a change in underlying financial performance. The interplay between Enterprise Value and EBITDA suggests dynamic market conditions and operational changes impacting the company’s valuation.