Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
SLB N.V., historical price multiples (quarterly data)
Based on: 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).
Over the observed period, the common stock valuation ratios exhibited distinct trends. Generally, a decreasing pattern is apparent across all ratios analyzed, particularly from the end of 2022 through the first half of 2024, followed by some degree of increase towards the end of the period. This suggests a shifting perception of the stock’s value relative to its underlying fundamentals.
- Price to Earnings (P/E)
- The Price to Earnings ratio demonstrated a consistent decline from 26.99 in March 2022 to a low of 11.21 in March 2025. While fluctuations occurred, the overall trajectory is downward, indicating that investors were willing to pay less for each dollar of earnings over time. A recent increase to 21.78 in December 2025 suggests a potential reversal of this trend, though further observation is needed.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio generally decreased, moving from 18.99 in March 2022 to 8.46 in March 2025. This decline suggests a diminishing premium investors placed on the company’s operating profitability. The ratio increased to 16.83 by December 2025, mirroring the trend observed in the P/E ratio.
- Price to Sales (P/S)
- The Price to Sales ratio also showed a declining trend, starting at 2.39 in March 2022 and reaching a low of 1.30 in March 2025. This indicates that the market valued each dollar of sales at a decreasing rate. A subsequent rise to 2.06 in December 2025 indicates a potential shift in investor sentiment regarding revenue valuation.
- Price to Book Value (P/BV)
- The Price to Book Value ratio exhibited a similar pattern of decline, decreasing from 3.68 in March 2022 to 2.03 in September 2025. This suggests a decreasing market valuation of the company’s net assets. The ratio increased to 2.81 in December 2025, aligning with the observed increases in other valuation metrics.
The concurrent downward trends in all four ratios from late 2022 through early 2024 suggest a period of re-evaluation by the market. The subsequent increases in all ratios during the latter part of the observed period may indicate renewed investor confidence or a change in market conditions. Continued monitoring is necessary to determine the sustainability of these recent increases.
Price to Earnings (P/E)
SLB N.V., historical P/E calculation (quarterly data)
Based on: 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 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
EPS
= (Net income attributable to SLBQ4 2025
+ Net income attributable to SLBQ3 2025
+ Net income attributable to SLBQ2 2025
+ Net income attributable to SLBQ1 2025)
÷ No. shares of common stock outstanding
= (824,000,000 + 739,000,000 + 1,014,000,000 + 797,000,000)
÷ 1,495,331,485 = 2.26
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 49.15 ÷ 2.26 = 21.78
The price-to-earnings (P/E) ratio exhibited a generally decreasing trend over the observed period, punctuated by periods of fluctuation. Initially, the P/E ratio stood at 26.99, then decreased to 19.61 before increasing to 24.85. Following this, the ratio declined through the end of 2022, reaching 17.55. This downward trajectory continued into the first half of 2023, reaching a low of 17.62, before stabilizing and experiencing moderate fluctuations. The latter half of 2023 and the first half of 2024 saw further declines, reaching a minimum of 13.07. A slight increase was observed in the latter half of 2024, followed by a more substantial increase in 2025, culminating in a ratio of 21.78.
- Overall Trend
- The P/E ratio generally decreased from 26.99 in March 2022 to a low of 13.07 in December 2023. This suggests a decreasing investor willingness to pay for each dollar of earnings over this period. However, the ratio experienced a notable increase in the final periods, indicating a potential shift in investor sentiment or expectations.
- Short-Term Fluctuations
- Within the overall trend, several short-term fluctuations are apparent. For example, the ratio increased from June 2022 to September 2022, and again from March 2024 to September 2024. These fluctuations likely reflect changes in market conditions, investor confidence, or company-specific news.
- Relationship to Earnings Per Share
- The P/E ratio’s movement is influenced by both share price and earnings per share. While earnings per share generally increased over the period, the share price experienced more volatility. The initial decline in the P/E ratio coincided with a period of relatively stable earnings and a decrease in share price. The subsequent increase in the P/E ratio in 2025 occurred alongside a significant increase in share price, despite a decrease in earnings per share.
- Recent Developments
- The most recent periods show a marked increase in the P/E ratio, from 13.28 in September 2024 to 21.78 in December 2025. This suggests a renewed investor optimism or a reassessment of the company’s future earnings potential. The increase in the P/E ratio, coupled with a decrease in earnings per share, indicates that investors are willing to pay a higher premium for each dollar of earnings.
Price to Operating Profit (P/OP)
SLB N.V., historical P/OP calculation (quarterly data)
Based on: 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 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Operating profit per share
= (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ No. shares of common stock outstanding
= (997,000,000 + 1,064,000,000 + 1,175,000,000 + 1,132,000,000)
÷ 1,495,331,485 = 2.92
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 49.15 ÷ 2.92 = 16.83
The Price to Operating Profit (P/OP) ratio exhibited a fluctuating pattern over the observed period, generally trending downwards before a recent increase. Initial values indicated a ratio around 19, followed by a period of decline and relative stabilization, and then a notable rise in the most recent quarter.
- Overall Trend
- From March 31, 2022, to December 31, 2023, the P/OP ratio demonstrated a general decreasing trend, moving from 18.99 to 13.55. This suggests that the market valuation relative to operating profit was becoming more conservative during this timeframe. However, this trend reversed in the latter part of the period, with the ratio increasing to 16.83 by December 31, 2025.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ratio began at 18.99 and experienced some volatility, peaking at 20.04 in September 2022 before settling at 19.24 by the end of the year. This initial period showed relatively high valuations compared to operating profit.
- Declining Phase (Mar 31, 2023 – Dec 31, 2023)
- A consistent decline was observed from March 31, 2023, through December 31, 2023, with the P/OP ratio decreasing from 14.72 to 13.55. This suggests increasing investor skepticism or a shift in market sentiment regarding the company’s profitability.
- Stabilization and Reversal (Mar 31, 2024 – Jun 30, 2025)
- The ratio stabilized in the first half of 2024, fluctuating between 12.44 and 11.81. A subsequent increase began in the latter half of 2024, culminating in a ratio of 16.83 by December 31, 2025. This recent increase could indicate renewed investor confidence or expectations of improved future operating performance.
- Relationship to Operating Profit per Share
- The movement of the P/OP ratio correlates with changes in operating profit per share. As operating profit per share increased from $2.10 to $3.25 between March 2022 and March 2023, the P/OP ratio initially decreased, suggesting the share price did not increase at the same rate as earnings. The subsequent increase in the P/OP ratio from March 2024 to December 2025 occurred alongside a decrease in operating profit per share, indicating a greater investor willingness to pay for each dollar of operating profit.
In conclusion, the P/OP ratio demonstrates a complex pattern of decline, stabilization, and recent increase. The observed trends suggest shifts in market valuation relative to operating profit, potentially influenced by investor sentiment and expectations regarding future performance.
Price to Sales (P/S)
SLB N.V., historical P/S calculation (quarterly data)
Based on: 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 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Sales per share
= (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
÷ No. shares of common stock outstanding
= (9,744,000,000 + 8,928,000,000 + 8,546,000,000 + 8,490,000,000)
÷ 1,495,331,485 = 23.88
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 49.15 ÷ 23.88 = 2.06
The price-to-sales (P/S) ratio exhibited fluctuating behavior over the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio demonstrated a decline from 2.39 to a low of 2.07, followed by an increase peaking at 2.84 by the end of 2022. Subsequent quarters saw a general downward trend through the first half of 2023, before stabilizing and then declining again towards the end of 2024.
- Initial Phase (Mar 31, 2022 – Dec 31, 2022)
- The P/S ratio began at 2.39 and experienced a slight decrease before rising to 2.84. This suggests a period of initial investor caution followed by increased valuation relative to sales. The increase in the ratio during this period could be attributed to positive market sentiment or expectations of future growth.
- Downward Trend (Jan 1, 2023 – Dec 31, 2024)
- From January 2023 through December 2024, the P/S ratio generally decreased from 2.28 to 1.61. This indicates a diminishing investor willingness to pay for each dollar of sales, potentially reflecting concerns about growth prospects, increased competition, or broader economic factors. The lowest point of 1.61 was reached at the end of 2024.
- Recent Fluctuations (Jan 1, 2025 – Dec 31, 2025)
- The final period showed a notable increase in the P/S ratio, rising from 1.30 to 2.06. This suggests a renewed investor interest or a positive shift in market perception during this timeframe. The increase could be linked to specific company announcements, improved financial performance, or changes in industry dynamics. However, the ratio remains below the levels observed in 2022.
Throughout the period, the share price and sales per share generally increased, but the P/S ratio’s movement was not consistently aligned with these increases. This suggests that investor expectations regarding the company’s ability to translate sales into profits, or broader market conditions, played a significant role in determining the valuation multiple.
The observed fluctuations in the P/S ratio warrant further investigation into the underlying drivers of these changes, including a detailed analysis of the company’s financial performance, industry trends, and macroeconomic conditions.
Price to Book Value (P/BV)
SLB N.V., historical P/BV calculation (quarterly data)
Based on: 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 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
BVPS = Total SLB stockholders’ equity ÷ No. shares of common stock outstanding
= 26,109,000,000 ÷ 1,495,331,485 = 17.46
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 49.15 ÷ 17.46 = 2.81
The price-to-book value (P/BV) ratio exhibited a fluctuating pattern over the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio demonstrated volatility, decreasing from 3.68 to a low of 3.15 before increasing to 4.52 by December 31, 2022. This initial period suggests a dynamic market assessment of the company’s net asset value relative to its market capitalization.
- Overall Trend
- A general downward trend in the P/BV ratio is discernible throughout the analyzed timeframe. Starting at 3.68 in March 2022, the ratio generally declined, reaching a low of 2.03 in September 2025. However, a recent increase to 2.81 in December 2025 interrupts this trend.
- 2023 Performance
- The P/BV ratio began 2023 at 3.77 and peaked at 4.40 in June, before declining to 3.65 by the end of the year. This suggests periods of investor optimism followed by a correction, potentially influenced by quarterly earnings reports or broader market conditions.
- 2024 Performance
- 2024 witnessed a continued decline in the P/BV ratio, moving from 3.39 in March to 2.76 in December. This consistent decrease indicates a growing disconnect between the market price and the company’s book value, potentially reflecting investor concerns about future profitability or asset valuation. The ratio remained relatively stable between March and June, at 3.39 and 3.24 respectively.
- Recent Developments
- The first three quarters of 2025 saw a further decrease in the P/BV ratio, reaching a minimum of 2.03 in September. However, the ratio experienced a notable increase to 2.81 in December, suggesting a potential shift in investor sentiment or a reassessment of the company’s intrinsic value. This recent uptick warrants further investigation.
The observed fluctuations in the P/BV ratio likely reflect a combination of factors, including changes in the share price, book value per share, and overall market conditions. The declining trend throughout much of the period suggests that the market has, on average, been valuing the company at a lower multiple of its net asset value. The recent increase in December 2025 could indicate a potential turning point, but further monitoring is necessary to confirm this trend.