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).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
SLB N.V., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 valuation multiples exhibit a distinct cyclical pattern characterized by a prolonged period of compression from early 2022 through early 2025, followed by a sharp recovery and expansion phase entering 2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- A consistent downward trajectory is observed in both P/E and P/OP ratios starting from March 2022. The P/E ratio declined from a high of 26.99 to a trough of 11.21 by March 2025, while the P/OP ratio fell from 18.99 to 8.46 over the same period. This synchronized contraction indicates a significant reduction in the premium the market was willing to pay for each unit of profit. However, a rapid reversal occurred starting in the second quarter of 2025, with the P/E ratio peaking at 25.01 in March 2026, nearly returning to its 2022 levels.
- Price to Sales (P/S)
- The revenue-based valuation followed a similar trend of gradual decline. After peaking at 2.84 in December 2022, the P/S ratio trended downward to a low of 1.30 in March 2025. This suggests that the market valuation relative to top-line revenue experienced a contraction of more than 50% from its peak. A subsequent recovery is evident, with the ratio climbing back to 2.32 by March 2026 before settling at 2.00 in June 2026.
- Price to Book Value (P/BV)
- The P/BV ratio displayed greater initial volatility, reaching a peak of 4.52 in December 2022 before entering a steady decline. The ratio reached its lowest point of 2.03 in September 2025. Similar to the other metrics, a strong recovery phase began in late 2025, with the ratio increasing to 3.18 by March 2026. The correlation between P/BV and the other valuation ratios suggests that the overall market sentiment shifted uniformly across different valuation methodologies.
Overall, the period between March 2022 and March 2025 was defined by a systematic compression of all primary valuation multiples. The sharp rebound observed from mid-2025 through early 2026 indicates a significant re-rating of the stock, reflecting a substantial increase in market valuation relative to the company's underlying financial fundamentals.
Price to Earnings (P/E)
SLB N.V., historical P/E calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income attributable to SLBQ2 2026
+ Net income attributable to SLBQ1 2026
+ Net income attributable to SLBQ4 2025
+ Net income attributable to SLBQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
The financial trajectory from March 2022 through June 2026 is characterized by a distinct decoupling of share price and earnings per share (EPS), resulting in significant volatility in the price-to-earnings (P/E) valuation ratio.
- Earnings Per Share Performance
- A consistent growth phase is observed from March 2022 to December 2024, where EPS increased from 1.48 to a peak of 3.18. Following this peak, a steady decline is noted throughout 2025 and the first half of 2026, with the value retreating to 2.09 by June 30, 2026.
- Share Price Volatility
- The share price exhibited significant fluctuations, peaking in mid-2023 at 57.67 before entering a prolonged decline that reached a minimum of 34.52 in March 2025. A sharp recovery followed in late 2025 and early 2026, with the price ascending to 55.70 by March 31, 2026, before settling at 48.96 in June 2026.
- P/E Ratio Dynamics
- The P/E ratio underwent a period of substantial compression between March 2022 and March 2025, falling from 26.99 to a low of 11.21. This compression occurred even as earnings were growing, indicating a reduction in the market's valuation multiple relative to fundamental performance. Conversely, from March 2025 to March 2026, the ratio expanded rapidly to 25.01, driven by a surging share price coinciding with declining earnings per share.
The transition from early 2025 to 2026 represents a critical shift in valuation logic, moving from a period of fundamental-driven valuation compression to a price-driven expansion, returning the P/E ratio to levels consistent with the start of the analysis period.
Price to Operating Profit (P/OP)
SLB N.V., historical P/OP calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The valuation of the common stock exhibits a cyclical pattern characterized by a significant compression and subsequent expansion of the Price to Operating Profit (P/OP) ratio over the analyzed period. While operating profitability showed a steady upward trajectory for the first half of the period, the market valuation did not maintain a linear correlation, resulting in fluctuating multiples.
- Share Price Dynamics
- The share price experienced an initial climb from 39.95 USD in March 2022 to a peak of 57.67 USD by June 2023. This was followed by a sustained period of depreciation, reaching a low of 34.52 USD in March 2025. A recovery phase is observed toward the end of 2025 and early 2026, with the price peaking again at 55.70 USD in December 2025 before moderating to 48.96 USD by June 2026.
- Operating Profit per Share Trends
- Operating profit per share demonstrated consistent growth from March 2022 (2.10 USD), peaking at 4.16 USD in September 2024. This period of operational expansion suggests improved efficiency or increased revenue streams. However, a reversal occurred starting in December 2024, with profit per share declining steadily to 2.80 USD by June 2026, indicating a contraction in operational earnings during the latter part of the period.
- P/OP Ratio Analysis
- The P/OP ratio reflects a notable valuation contraction between 2022 and early 2025. Despite the increase in operating profit per share during this window, the ratio fell from highs of 20.04 in September 2022 to a minimum of 8.46 in March 2025. This indicates that the market was assigning a lower multiple to each dollar of operating profit, likely due to the decline in share price outpacing the growth in earnings. Conversely, a sharp expansion in the multiple occurs from June 2025 (9.06) to March 2026 (19.53), driven by a surge in share price that occurred even as operating profit per share was trending downward.
- Valuation Divergence
- A critical divergence is observed in the final stages of the data. Between March 2025 and March 2026, the P/OP ratio more than doubled, rising from 8.46 to 19.53. This expansion is decoupled from operational performance, as it was fueled by a rising share price amidst falling operating profits, suggesting that market sentiment or external valuation drivers became the primary influence over fundamental operating earnings.
Price to Sales (P/S)
SLB N.V., historical P/S calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The analysis of valuation metrics reveals a period of significant divergence between revenue growth and market valuation, characterized by a contraction of the Price to Sales (P/S) ratio despite a general increase in sales per share over the majority of the observed period.
- Sales per Share Trends
- A consistent upward trajectory in sales per share is evident from March 31, 2022, through March 31, 2025, during which values rose from 16.74 to a peak of 26.52. This indicates sustained top-line growth per unit of equity during this window. Following this peak, sales per share experienced a moderate decline and subsequent stabilization, fluctuating between 23.59 and 24.50 through June 30, 2026.
- Share Price Volatility
- The share price exhibited significant fluctuations, reaching peaks in December 31, 2022, and September 30, 2023, with values exceeding 56.00. A subsequent downward trend occurred, leading to a low of 34.52 by March 31, 2025. A sharp recovery followed, with the price ascending to 55.70 by December 31, 2025, before settling at 48.96 by June 30, 2026.
- P/S Ratio Compression and Recovery
- The P/S ratio reached its highest levels in late 2022 and mid-2023, peaking at 2.84 and 2.63 respectively. Between June 30, 2023, and March 31, 2025, a sustained contraction is observed, with the ratio falling to a minimum of 1.30. This compression occurred even as sales per share continued to climb, suggesting a decrease in the market valuation multiple relative to revenue. A reversal of this trend began in mid-2025, with the P/S ratio climbing back to 2.32 by March 31, 2026, and ending the period at 2.00 by June 30, 2026.
Price to Book Value (P/BV)
SLB N.V., historical P/BV calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Total SLB stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
The price-to-book value (P/BV) ratio exhibited significant volatility over the analyzed period, characterized by an initial expansion followed by a prolonged compression and a late-stage moderate recovery.
- Price-to-Book Value (P/BV) Trends
- The P/BV ratio reached its peak of 4.52 in December 2022, signaling a period of high market valuation relative to the company's book value. Following a secondary peak of 4.40 in June 2023, a sustained downward trend occurred through September 2025, where the ratio reached a cyclical low of 2.03. A brief recovery followed, with the ratio rising to 3.18 in March 2026 before retreating to 2.79 by June 2026.
- Book Value per Share (BVPS) Progression
- A consistent growth trajectory is observed in the book value per share, which increased from 10.86 in March 2022 to 17.57 by June 2026. Aside from a marginal contraction in March 2025, the BVPS demonstrated steady appreciation. A notable acceleration occurred between June 2025 and September 2025, where BVPS rose from 15.02 to 17.16.
- Valuation Divergence and Correlation
- The compression of the P/BV ratio between 2023 and 2025 was driven by a divergence between share price movements and the growth of book value. While the BVPS continued its general upward trend, the share price experienced a significant decline from a high of 57.67 in June 2023 to a low of 34.52 in March 2025. This divergence resulted in the P/BV ratio falling from 4.40 to 2.41 during this interval, indicating a reduction in the premium the market assigned to the company's net assets. The subsequent rise in P/BV in early 2026 was primarily fueled by a sharp recovery in the share price, which peaked at 55.70 in March 2026.