Stock Analysis on Net
Stock Analysis on Net

Schlumberger Ltd. (NYSE:SLB)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Long-term Activity Ratios (Summary)

Schlumberger Ltd., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net fixed asset turnover 4.80 4.88 4.93 4.89 4.79 4.70 4.58 4.66 4.58 4.46 4.25 4.13 3.88 3.72 3.57 3.49 3.34 3.23 3.46 — — —
Total asset turnover 0.73 0.74 0.74 0.72 0.71 0.71 0.69 0.70 0.70 0.68 0.65 0.60 0.58 0.56 0.55 0.54 0.53 0.51 0.56 — — —
Equity turnover 1.75 1.85 1.72 1.67 1.67 1.64 1.64 1.65 1.68 1.65 1.59 1.54 1.52 1.54 1.53 1.66 1.70 1.70 1.96 — — —

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Net fixed asset turnover
The net fixed asset turnover ratio exhibits a consistent upward trend from March 31, 2021, through June 30, 2025. Starting at 3.46 in March 2021, the ratio shows gradual increases each quarter, reaching a peak of 4.93 by September 2024. There is a slight decline observed afterward, concluding at 4.80 in June 2025. This progression indicates improving efficiency in generating sales from fixed assets over the reported periods, suggesting enhanced utilization or operational improvements related to fixed assets.
Total asset turnover
Total asset turnover also demonstrates steady improvement over the analyzed quarters. Beginning at 0.56 in March 2021, the ratio increments progressively, achieving 0.74 by June 2025, with minor fluctuations along the timeline. This upward movement signals increasing efficiency in asset usage overall, reflecting better management of the company's total asset base to generate revenue.
Equity turnover
The equity turnover ratio presents a more variable pattern compared to the other two ratios. It starts at 1.96 in March 2021 and declines steadily to 1.53 by March 2022. Following this decline, the ratio stabilizes with minor oscillations, fluctuating around 1.64 to 1.72 through the subsequent quarters. Notably, there is a moderate increase toward mid-2025, reaching 1.85 in March 2025 before slightly declining again to 1.75 by June 2025. This trend suggests some volatility in the efficiency with which equity is employed but generally reflects a stable utilization rate after the initial decrease.

Net Fixed Asset Turnover

Schlumberger Ltd., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue 8,546 8,490 9,284 9,159 9,139 8,707 8,990 8,310 8,099 7,736 7,879 7,477 6,773 5,962 6,225 5,847 5,634 5,223 5,532 5,258 5,356 7,455
Fixed assets less accumulated depreciation 7,399 7,399 7,359 7,360 7,335 7,253 7,240 6,875 6,804 6,691 6,607 6,407 6,386 6,354 6,429 6,375 6,473 6,620 6,826 7,396 7,729 8,550
Long-term Activity Ratio
Net fixed asset turnover1 4.80 4.88 4.93 4.89 4.79 4.70 4.58 4.66 4.58 4.46 4.25 4.13 3.88 3.72 3.57 3.49 3.34 3.23 3.46 — — —

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Net fixed asset turnover = (RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024) ÷ Fixed assets less accumulated depreciation
= (8,546 + 8,490 + 9,284 + 9,159) ÷ 7,399 = 4.80

The financial data reveals several notable trends in the company’s operational performance and asset management over the covered periods.

Revenue Trends
Revenue experienced a significant decline from US$7,455 million in the first quarter of 2020 to a low of US$5,223 million by the first quarter of 2021, likely reflecting adverse market conditions or operational challenges during that interval. Following this trough, revenue demonstrated a clear recovery trajectory, rising steadily to reach a peak of US$9,159 million in the fourth quarter of 2024. However, a slight dip was observed in the first two quarters of 2025, with values falling to US$8,490 million and US$8,546 million respectively, indicating possible market volatility or seasonal factors.
Fixed Assets (Net of Accumulated Depreciation)
Net fixed assets decreased consistently from US$8,550 million at the end of March 2020 to a low point of US$6,175 million by the end of December 2021. This decline suggests significant depreciation or asset disposals during this period. From early 2022 onward, net fixed assets stabilized and began a modest upward trend, reaching US$7,399 million by mid-2025, which implies reinvestment in fixed assets or slower depreciation rates in the most recent years.
Net Fixed Asset Turnover Ratio
The net fixed asset turnover ratio, measured from the third quarter of 2020 onward, shows consistent improvement. Starting at 3.46, it gradually increased each quarter, peaking at 4.93 in the third quarter of 2024. This indicates an improving efficiency in generating revenue from net fixed assets. The ratio slightly declined afterward but remained strong, around 4.8 by mid-2025. The upward trend over the period indicates enhanced asset utilization and operational efficiency.

Overall, the data depicts a company that encountered a substantial revenue downturn early in the examined period but managed to recover and surpass previous revenue levels in subsequent years. Meanwhile, the fixed asset base contracted initially but stabilized and grew modestly in later periods. The improving fixed asset turnover ratio further suggests effective asset management and increased productivity of fixed assets over time.

Total Asset Turnover

Schlumberger Ltd., total asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue 8,546 8,490 9,284 9,159 9,139 8,707 8,990 8,310 8,099 7,736 7,879 7,477 6,773 5,962 6,225 5,847 5,634 5,223 5,532 5,258 5,356 7,455
Total assets 48,769 49,002 48,935 49,775 49,373 47,856 47,957 45,813 44,826 43,855 43,135 44,093 42,827 41,967 41,511 41,038 40,908 42,036 42,434 44,066 44,667 48,594
Long-term Activity Ratio
Total asset turnover1 0.73 0.74 0.74 0.72 0.71 0.71 0.69 0.70 0.70 0.68 0.65 0.60 0.58 0.56 0.55 0.54 0.53 0.51 0.56 — — —

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Total asset turnover = (RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024) ÷ Total assets
= (8,546 + 8,490 + 9,284 + 9,159) ÷ 48,769 = 0.73

Revenue Trends
The revenue exhibited a notable decline during the first two quarters of 2020, dropping from 7,455 million USD in March 2020 to 5,258 million USD by September 2020. This was followed by a gradual recovery throughout 2021 and 2022, reaching a peak of 8,310 million USD in December 2023. The revenue continued to increase modestly into early 2024, peaking at 9,159 million USD in September 2024, before experiencing a modest decline to 8,490 million USD by March 2025. This pattern indicates an initial impact, likely from external market conditions, followed by sustained growth and stabilization with slight fluctuations toward the end of the observed period.
Total Assets Trends
Total assets decreased from 48,594 million USD in March 2020 to a low of approximately 40,908 million USD in June 2021. Subsequently, total assets generally increased, reaching around 49,775 million USD by December 2024, before showing a minor decline to 48,769 million USD by the end of the first quarter of 2025. Overall, total assets showed a contraction phase early on, followed by an expansion phase, stabilizing near the initial 2020 levels in the later years.
Total Asset Turnover Ratio Trends
The total asset turnover ratio was not available for the earliest quarters. Starting from September 2020, the ratio indicated an improving efficiency from 0.56, declining slightly in late 2020, then showing a consistent upward trend through 2021 and 2022. The ratio improved notably from 0.56 to around 0.74 by June 2025. This reflects a growing capacity to generate revenue from assets, indicating enhanced operational efficiency over the period analyzed.
Overall Observations
The data suggests a period of initial stress in 2020, marked by reduced revenue and contracting asset base, plausibly in response to external disruptions. Following this, there was a clear recovery and improvement trajectory in both revenue and asset utilization efficiency. Total assets increased steadily after mid-2021, while asset turnover improved, suggesting better deployment of assets to generate sales. Revenue growth continued into early 2024, although some volatility in revenue is noted toward the end of the period. The combination of stable total assets and increased turnover ratio points to improved operational effectiveness and asset management across the quarters observed.

Equity Turnover

Schlumberger Ltd., equity turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue 8,546 8,490 9,284 9,159 9,139 8,707 8,990 8,310 8,099 7,736 7,879 7,477 6,773 5,962 6,225 5,847 5,634 5,223 5,532 5,258 5,356 7,455
Total SLB stockholders’ equity 20,302 19,515 21,130 21,511 21,071 20,736 20,189 19,386 18,608 18,068 17,685 17,199 16,325 15,347 15,004 13,362 12,762 12,543 12,071 11,941 12,040 15,561
Long-term Activity Ratio
Equity turnover1 1.75 1.85 1.72 1.67 1.67 1.64 1.64 1.65 1.68 1.65 1.59 1.54 1.52 1.54 1.53 1.66 1.70 1.70 1.96 — — —

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Equity turnover = (RevenueQ2 2025 + RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024) ÷ Total SLB stockholders’ equity
= (8,546 + 8,490 + 9,284 + 9,159) ÷ 20,302 = 1.75

Revenue Trends
The revenue exhibited significant fluctuation from March 2020 through June 2025. Initially, revenue decreased sharply from 7,455 million USD in March 2020 to a low of 5,223 million USD in March 2021, reflecting a downward trend during this period. Post-March 2021, a recovery phase is evident as revenue generally increased each quarter, reaching peaks in the range of 9,159 to 9,139 million USD during early to mid-2024. However, the latter quarters show a slight decline, dipping to approximately 8,490 and 8,546 million USD by mid-2025. Overall, after the initial decline, the company experienced substantial revenue growth until early 2024, followed by marginal contractions.
Total Stockholders' Equity Patterns
Total stockholders' equity followed a broadly upward trajectory throughout the observed period, beginning at 15,561 million USD in March 2020 and reaching a high of approximately 21,511 million USD by March 2025. There were periods of moderate growth interspersed with minor fluctuations. Notably, equity rose steadily from around 12,000 million USD mid-2020 to surpass 20,000 million USD by early 2024, indicating strengthening financial positioning. The most recent data reveals a slight dip post-March 2025, but overall equity remains significantly higher than the initial values in 2020.
Equity Turnover Analysis
Equity turnover data is available starting from December 2020. The ratio began at 1.96, then declined steadily to about 1.53 by March 2022, signifying a decreasing efficiency in generating revenue from equity during that time. From mid-2022 onwards, the ratio gradually improved, reaching values near 1.75 to 1.85 by mid-2025. This recovery suggests enhanced utilization of equity to generate revenue in the later periods, potentially reflecting operational improvements or better asset management.
Summary of Financial Performance
In summary, the company experienced an initial downturn in revenue during the early 2020 period, likely influenced by external factors impacting the industry. Subsequent quarters show a robust recovery and growth in revenue, accompanied by an increase in stockholders' equity, suggesting improved profitability and capital base expansion. The equity turnover ratio aligns with these trends, showing reduced efficiency initially but recovering steadily, indicating better capital usage over time. Despite some recent declines in revenue and equity towards mid-2025, the overall financial indicators point to a positive upward trend compared to the 2020 baseline.