Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage
Interest Coverage
Fixed Charge Coverage

Schlumberger Ltd., solvency ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Debt Ratios
Debt to equity	0.59	0.69	0.95	1.40	0.64
Debt to equity (including operating lease liability)	0.63	0.73	1.00	1.48	0.70
Debt to capital	0.37	0.41	0.49	0.58	0.39
Debt to capital (including operating lease liability)	0.39	0.42	0.50	0.60	0.41
Debt to assets	0.25	0.28	0.34	0.40	0.27
Debt to assets (including operating lease liability)	0.27	0.30	0.36	0.42	0.30
Financial leverage	2.38	2.44	2.77	3.52	2.37
Coverage Ratios
Interest coverage	11.50	9.72	5.40	-19.07	-16.11
Fixed charge coverage	3.78	3.53	2.37	-4.76	-3.51

Based on: 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), 10-K (reporting date: 2019-12-31).

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Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Schlumberger Ltd. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Schlumberger Ltd. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Schlumberger Ltd. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Schlumberger Ltd. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Schlumberger Ltd. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Schlumberger Ltd. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Schlumberger Ltd. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

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Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Schlumberger Ltd. interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023.
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Schlumberger Ltd. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., debt to equity calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt	1,123)	1,632)	909)	850)	524)
Long-term debt, excluding current portion	10,842)	10,594)	13,286)	16,036)	14,770)
Total debt	11,965)	12,226)	14,195)	16,886)	15,294)

Total SLB stockholders’ equity	20,189)	17,685)	15,004)	12,071)	23,760)
Solvency Ratio
Debt to equity¹	0.59	0.69	0.95	1.40	0.64
Benchmarks
Debt to Equity, Industry
Energy	0.29	0.30	0.42	0.57	0.37

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Total SLB stockholders’ equity
= 11,965 ÷ 20,189 = 0.59

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Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Schlumberger Ltd. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., debt to equity (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt	1,123)	1,632)	909)	850)	524)
Long-term debt, excluding current portion	10,842)	10,594)	13,286)	16,036)	14,770)
Total debt	11,965)	12,226)	14,195)	16,886)	15,294)
Operating lease liabilities (recognized in Accounts payable and accrued liabilities)	201)	160)	186)	248)	494)
Operating lease liabilities (recognized in Other Liabilities)	609)	539)	628)	763)	917)
Total debt (including operating lease liability)	12,775)	12,925)	15,009)	17,897)	16,705)

Total SLB stockholders’ equity	20,189)	17,685)	15,004)	12,071)	23,760)
Solvency Ratio
Debt to equity (including operating lease liability)¹	0.63	0.73	1.00	1.48	0.70
Benchmarks
Debt to Equity (including Operating Lease Liability), Industry
Energy	0.32	0.33	0.45	0.61	0.41

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total SLB stockholders’ equity
= 12,775 ÷ 20,189 = 0.63

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Solvency ratio	Description	The company
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Schlumberger Ltd. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., debt to capital calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt	1,123)	1,632)	909)	850)	524)
Long-term debt, excluding current portion	10,842)	10,594)	13,286)	16,036)	14,770)
Total debt	11,965)	12,226)	14,195)	16,886)	15,294)
Total SLB stockholders’ equity	20,189)	17,685)	15,004)	12,071)	23,760)
Total capital	32,154)	29,911)	29,199)	28,957)	39,054)
Solvency Ratio
Debt to capital¹	0.37	0.41	0.49	0.58	0.39
Benchmarks
Debt to Capital, Industry
Energy	0.23	0.23	0.29	0.36	0.27

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 11,965 ÷ 32,154 = 0.37

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Solvency ratio	Description	The company
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Schlumberger Ltd. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., debt to capital (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt	1,123)	1,632)	909)	850)	524)
Long-term debt, excluding current portion	10,842)	10,594)	13,286)	16,036)	14,770)
Total debt	11,965)	12,226)	14,195)	16,886)	15,294)
Operating lease liabilities (recognized in Accounts payable and accrued liabilities)	201)	160)	186)	248)	494)
Operating lease liabilities (recognized in Other Liabilities)	609)	539)	628)	763)	917)
Total debt (including operating lease liability)	12,775)	12,925)	15,009)	17,897)	16,705)
Total SLB stockholders’ equity	20,189)	17,685)	15,004)	12,071)	23,760)
Total capital (including operating lease liability)	32,964)	30,610)	30,013)	29,968)	40,465)
Solvency Ratio
Debt to capital (including operating lease liability)¹	0.39	0.42	0.50	0.60	0.41
Benchmarks
Debt to Capital (including Operating Lease Liability), Industry
Energy	0.24	0.25	0.31	0.38	0.29

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 12,775 ÷ 32,964 = 0.39

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Solvency ratio	Description	The company
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Schlumberger Ltd. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., debt to assets calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt	1,123)	1,632)	909)	850)	524)
Long-term debt, excluding current portion	10,842)	10,594)	13,286)	16,036)	14,770)
Total debt	11,965)	12,226)	14,195)	16,886)	15,294)

Total assets	47,957)	43,135)	41,511)	42,434)	56,312)
Solvency Ratio
Debt to assets¹	0.25	0.28	0.34	0.40	0.27
Benchmarks
Debt to Assets, Industry
Energy	0.15	0.15	0.20	0.25	0.18

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 11,965 ÷ 47,957 = 0.25

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Solvency ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Schlumberger Ltd. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., debt to assets (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings and current portion of long-term debt	1,123)	1,632)	909)	850)	524)
Long-term debt, excluding current portion	10,842)	10,594)	13,286)	16,036)	14,770)
Total debt	11,965)	12,226)	14,195)	16,886)	15,294)
Operating lease liabilities (recognized in Accounts payable and accrued liabilities)	201)	160)	186)	248)	494)
Operating lease liabilities (recognized in Other Liabilities)	609)	539)	628)	763)	917)
Total debt (including operating lease liability)	12,775)	12,925)	15,009)	17,897)	16,705)

Total assets	47,957)	43,135)	41,511)	42,434)	56,312)
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.27	0.30	0.36	0.42	0.30
Benchmarks
Debt to Assets (including Operating Lease Liability), Industry
Energy	0.17	0.17	0.21	0.27	0.20

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 12,775 ÷ 47,957 = 0.27

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Solvency ratio	Description	The company
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Schlumberger Ltd. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., financial leverage calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Total assets	47,957)	43,135)	41,511)	42,434)	56,312)
Total SLB stockholders’ equity	20,189)	17,685)	15,004)	12,071)	23,760)
Solvency Ratio
Financial leverage¹	2.38	2.44	2.77	3.52	2.37
Benchmarks
Financial Leverage, Industry
Energy	1.93	1.95	2.12	2.27	2.03

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Total SLB stockholders’ equity
= 47,957 ÷ 20,189 = 2.38

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Solvency ratio	Description	The company
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Schlumberger Ltd. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., interest coverage calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to SLB	4,203)	3,441)	1,881)	(10,518)	(10,137)
Add: Net income attributable to noncontrolling interest	72)	51)	47)	32)	30)
Add: Income tax expense	1,007)	779)	446)	(812)	(311)
Add: Interest expense	503)	490)	539)	563)	609)
Earnings before interest and tax (EBIT)	5,785)	4,761)	2,913)	(10,735)	(9,809)
Solvency Ratio
Interest coverage¹	11.50	9.72	5.40	-19.07	-16.11
Benchmarks
Interest Coverage, Industry
Energy	26.62	40.78	12.71	-11.34	6.72

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 5,785 ÷ 503 = 11.50

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Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Schlumberger Ltd. interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd., fixed charge coverage calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to SLB	4,203)	3,441)	1,881)	(10,518)	(10,137)
Add: Net income attributable to noncontrolling interest	72)	51)	47)	32)	30)
Add: Income tax expense	1,007)	779)	446)	(812)	(311)
Add: Interest expense	503)	490)	539)	563)	609)
Earnings before interest and tax (EBIT)	5,785)	4,761)	2,913)	(10,735)	(9,809)
Add: Operating lease expense	1,400)	1,200)	1,200)	1,400)	1,700)
Earnings before fixed charges and tax	7,185)	5,961)	4,113)	(9,335)	(8,109)

Interest expense	503)	490)	539)	563)	609)
Operating lease expense	1,400)	1,200)	1,200)	1,400)	1,700)
Fixed charges	1,903)	1,690)	1,739)	1,963)	2,309)
Solvency Ratio
Fixed charge coverage¹	3.78	3.53	2.37	-4.76	-3.51
Benchmarks
Fixed Charge Coverage, Industry
Energy	9.63	15.71	5.78	-3.83	2.98

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 7,185 ÷ 1,903 = 3.78

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Solvency ratio	Description	The company
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Schlumberger Ltd. fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

Schlumberger Ltd. (NYSE:SLB)

Analysis of Solvency Ratios

Solvency Ratios (Summary)

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Interest Coverage

Fixed Charge Coverage