Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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SLB N.V. pages available for free this week:
- 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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Current Valuation Ratios
SLB N.V., current price multiples
| SLB N.V. | Energy | ||
|---|---|---|---|
| Selected Financial Data | |||
| Current share price (P) | |||
| No. shares of common stock outstanding | |||
| Growth rate (g) | |||
| Earnings per share (EPS) | |||
| Next year expected EPS | |||
| Operating profit per share | |||
| Sales per share | |||
| Book value per share (BVPS) | |||
| Valuation Ratios (Price Multiples) | |||
| Price to earnings (P/E) | |||
| Price to next year expected earnings | |||
| Price-earnings-growth (PEG) | |||
| Price to operating profit (P/OP) | |||
| Price to sales (P/S) | |||
| Price to book value (P/BV) | |||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
SLB N.V., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial ratios demonstrate a clear trend of valuation adjustments over the analyzed period.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a consistent decline from 29.69 in 2021 down to 13.07 in 2024, indicating that the company’s stock price has become less expensive relative to its earnings. This trend may reflect improved earnings performance or a market reassessment leading to a more conservative valuation.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio decreases steadily from 20.2 in 2021 to 10.05 in 2024. This suggests enhanced operating profit generation relative to the share price, signifying operational improvements or a shift in investor expectations.
- Price to Sales (P/S) Ratio
- The P/S ratio shows fluctuations over the period, rising from 1.29 in 2020 to a peak of 2.84 in 2022, before decreasing to 1.61 in 2024. This pattern indicates an initial increase in market valuation relative to sales, followed by a valuation contraction later, possibly due to sales growth not keeping pace with price or market correction.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio increases from 2.52 in 2020 to 4.52 in 2022, then declines to 2.76 in 2024. This suggests that the market initially valued the company at a premium over its book value, which reduced in later years, possibly reflecting changes in asset valuation or market sentiment.
Price to Earnings (P/E)
SLB N.V., historical P/E calculation, comparison to benchmarks
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income (loss) attributable to SLB ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SLB N.V. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
The financial data indicates several notable trends over the five-year period.
- Share Price
- The share price experienced significant growth from 21.81 US$ at the end of 2020 to a peak of 56.25 US$ in 2022. However, following this peak, a decline is observed, with the price dropping to 41.63 US$ by the end of 2024. Despite the decline from the peak, the share price at the end of 2024 remains nearly double the value reported at the end of 2020.
- Earnings per Share (EPS)
- EPS showed a marked improvement throughout the period. Starting from a negative value of -7.55 US$ in 2020, it turned positive in 2021 at 1.34 US$ and subsequently increased each year to reach 3.18 US$ in 2024. This steady increase in earnings per share points to improving profitability and effective cost management or revenue growth over the observed years.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio data was not available for 2020 due to negative earnings but shows a decreasing trend from 29.69 in 2021 to 13.07 in 2024. This declining P/E ratio suggests that the market is valuing the company’s earnings more conservatively over time or that the company's earnings growth is outpacing its share price gains. The reduction in P/E ratio combined with increasing EPS reflects improved earnings performance against the share price movements.
Overall, the company demonstrates an improvement in profitability as evidenced by increasing EPS and a decreasing P/E ratio, despite some volatility in the share price after a peak in 2022. The trends suggest a maturing earnings profile with share price adjustments aligning more closely with fundamental earnings performance in the later years.
Price to Operating Profit (P/OP)
SLB N.V., historical P/OP calculation, comparison to benchmarks
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SLB N.V. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
- Share Price Trend
- The share price has experienced significant growth from 2020 to 2022, increasing from $21.81 to a peak of $56.25. However, subsequent years saw a decline, falling to $51.67 in 2023 and further to $41.63 by the end of 2024. This indicates volatility with a notable correction after the peak in 2022.
- Operating Profit per Share (OP) Trend
- Operating profit per share demonstrated a marked improvement over the period. From a negative value of -$7.90 in 2020, the figure turned positive in 2021 at $1.97 and showed consistent growth through 2024, reaching $4.14. This reflects a significant turnaround and strengthening operational performance over five years.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio, which measures the share price relative to operating profit per share, was not available for 2020 due to negative operating profit. Starting in 2021, the ratio was 20.20, slightly decreasing to 19.24 in 2022. A more pronounced decline occurred in subsequent years, dropping to 13.55 in 2023 and further to 10.05 in 2024. This downward trend suggests that the market is valuing the company's operating profit more efficiently, potentially reflecting improved profitability or a price adjustment relative to earnings.
- Overall Insights
- There is clear evidence of recovery and operational improvement, as indicated by the transition from negative to positive operating profit per share and its subsequent incremental growth. Despite the share price peaking in 2022 and declining afterwards, the decreasing P/OP ratio suggests an increasingly favorable valuation relative to operating profit. This combination points toward improved financial stability and potentially increased investor confidence in the company’s earnings capacity, despite some market price volatility.
Price to Sales (P/S)
SLB N.V., historical P/S calculation, comparison to benchmarks
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SLB N.V. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The financial data indicates several notable trends over the analyzed periods. The share price experienced substantial growth from 2020 to 2022, rising from $21.81 to $56.25, followed by a decline in the subsequent years, dropping to $41.63 by the end of 2024. This pattern suggests an initial phase of strong market valuation growth, succeeded by a partial correction or reduction in investor valuation.
Sales per share demonstrated a consistent upward trajectory throughout the entire period. Starting at $16.95 in 2020, there was a slight dip in 2021 to $16.34, but this was followed by steady increases to $19.78 in 2022, $23.21 in 2023, and $25.90 in 2024. This consistent growth points to improving operational performance and likely expanding revenue generation relative to the number of shares outstanding.
The Price-to-Sales (P/S) ratio reveals a different trend. It more than doubled from 1.29 in 2020 to a peak of 2.84 in 2022, indicating an increasing market premium on sales during this period. However, after 2022, the P/S ratio decreased to 2.23 in 2023 and further to 1.61 by 2024. This decline suggests that despite rising sales per share, the market valuation in relation to sales has come down, potentially reflecting changing market perceptions, investor sentiment, or broader market conditions.
In summary, the data reflects an initial period characterized by rising market valuation and improving sales performance, followed by a phase where sales growth continued but market valuation metrics like share price and P/S ratio declined. This shift could imply a reassessment of growth expectations or valuation multiples by investors in the later years.
Price to Book Value (P/BV)
SLB N.V., historical P/BV calculation, comparison to benchmarks
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Total SLB stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SLB N.V. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
- Share Price Trend
- The share price exhibited a substantial upward trend from 21.81 US$ at the end of 2020 to a peak of 56.25 US$ by the end of 2022. Subsequently, there was a decline, with the share price dropping to 51.67 US$ in 2023 and further to 41.63 US$ in 2024. Despite this recent decline, the share price at the end of 2024 remains significantly higher than the level recorded at the end of 2020.
- Book Value per Share (BVPS) Trend
- The book value per share showed a consistent and steady increase throughout the entire period, rising from 8.67 US$ at the end of 2020 to 15.08 US$ at the end of 2024. This indicates continuous growth in the company’s net asset value on a per-share basis over the five-year span.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio increased sharply from 2.52 at the end of 2020 to a maximum of 4.52 by the end of 2022, reflecting rising market valuations relative to book value. Following this peak, the ratio decreased to 3.65 in 2023 and further down to 2.76 in 2024, suggesting a market revaluation that brought the price closer to the underlying book value.
- Overall Insights
- The company’s market valuation experienced significant growth through 2022 but faced a partial correction in the subsequent two years. Meanwhile, the stable growth in book value per share implies solid underlying asset growth, supporting the company’s intrinsic value. The fluctuations in the P/BV ratio highlight changing investor sentiment and market conditions impacting the valuation premium over book value. Even after the recent decline, the share price and P/BV ratio remain elevated compared to the initial period, indicating a generally positive long-term outlook maintained by the market.