Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Short-term Activity Ratios (Summary)
Schlumberger Ltd., short-term (operating) activity ratios (quarterly data)
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).
- Inventory Turnover
- The inventory turnover ratio, starting from the first available data point in March 2020 at 6.26, shows a slight fluctuation over the periods with values mostly oscillating between 5.19 and 6.59. There is a minor downward trend visible around mid-2022 with a low near 5.19 but overall the ratio maintains a stable range close to 6 towards the end of the period. This suggests a consistent efficiency in inventory management over time.
- Receivables Turnover
- The receivables turnover ratio presents minor variation around a level of approximately 4.0 to 4.5, reflecting a relatively stable rate of collecting accounts receivable. Some quarters reflect a slight dip near 3.94, and occasional rises to a peak of 4.53 in early 2025 indicate modest fluctuations in the speed of receivables collection.
- Working Capital Turnover
- The working capital turnover ratio exhibits greater variability compared to inventory and receivables turnover. The ratio starts at 9.72, decreases to a low near 5.75 in late 2023, then recovers to over 10 in early 2025 before slightly falling back to 8.03. This suggests fluctuations in utilizing working capital to generate sales, with periods of both increased and reduced efficiency.
- Average Inventory Processing Period
- The average inventory processing period ranges between 55 and 70 days. Higher durations are noted between mid-2021 and 2022, peaking around 70 days, indicating slower inventory turnover during that time. Subsequently, the period gradually decreases, reaching near 55 days, showing improved inventory processing speed toward the latest periods.
- Average Receivable Collection Period
- The average receivable collection period fluctuates between about 81 and 93 days. Although there is some volatility, the pattern remains relatively stable with no prolonged trends of increase or decrease. This stability suggests consistent collection practices and payment terms being maintained.
- Operating Cycle
- The operating cycle, the sum of inventory processing and receivable collection periods, varies roughly between 136 and 162 days. A high point near 162 days occurs mid-2022, correlating with slower inventory turnover and longer receivable collection periods, followed by a decline toward 136 days in early 2025. This indicates an overall improvement in how quickly the company converts its inventory and receivables into cash over the analyzed time frame.
Turnover Ratios
Average No. Days
Inventory Turnover
Schlumberger Ltd., inventory turnover calculation (quarterly data)
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
Inventory turnover
= (Cost of revenueQ2 2025
+ Cost of revenueQ1 2025
+ Cost of revenueQ4 2024
+ Cost of revenueQ3 2024)
÷ Inventories
= ( + + + )
÷ =
- Cost of Revenue
- The cost of revenue demonstrates a fluctuating pattern over the periods from March 31, 2020 to June 30, 2025. Initially, there is a noticeable decline from $6,624 million in the first quarter of 2020 to $4,504 million in the first quarter of 2021. Following this decrease, the cost gradually increases, reaching $7,193 million by December 31, 2023. After peaking, a slight decline is observed with values settling around the range of $6,884 to $6,934 million by mid-2025. Overall, the trend indicates a recovery and growth in costs after an initial downturn, with some stabilization towards the latter periods.
- Inventories
- Inventories show a general decline from $4,148 million in March 2020 to $3,267 million in June 2021, indicating a reduction in stock levels during this period. From June 2021 onwards, inventories increase steadily, peaking at $4,740 million by June 2025. This rise suggests accumulation or replenishment of inventory levels in the later periods, potentially aligning with production or sales strategy adjustments. The fluctuations indicate a dynamic inventory management approach responsive to market or operational conditions.
- Inventory Turnover Ratio
- The inventory turnover ratio values available from March 2021 indicate moderate variation, starting at 6.26 and showing a slight declining trend to 5.19 in September 2022. After this dip, the ratio steadily increases, reaching a peak of 6.59 in March 2025 before settling slightly down again near 5.99 by June 2025. This pattern suggests varying efficiency in inventory usage, with periods of slower turnover followed by improvements in inventory management efficiency. Generally, the ratio remains within a narrow band between approximately 5.2 and 6.6, reflecting a relatively consistent turnover performance with occasional fluctuations.
Receivables Turnover
Schlumberger Ltd., receivables turnover calculation (quarterly data)
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
Receivables turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Receivables less allowance for doubtful accounts
= ( + + + )
÷ =
- Revenue Trends
- The revenue exhibits notable fluctuations over the observed quarters, with a general recovery trend from mid-2020 onward. Initially, revenue declined sharply from $7,455 million in Q1 2020 to $5,258 million in Q3 2020, reflecting the impact of unfavorable market conditions. Following this period, revenue stabilized and began an upward trajectory, reaching a peak of approximately $9,159 million in Q1 2025. Despite some variability, the overall direction indicates growth in revenue, particularly evident from early 2022 to mid-2025, suggesting improving business performance.
- Receivables Trends
- Receivables, net of doubtful accounts, show an increasing pattern over the timeframe. Starting at $7,486 million in Q1 2020, the amount decreased temporarily before resuming a steady rise through successive periods. By Q1 2025, receivables reached $8,604 million, maintaining relatively high levels. This gradual increase in receivables could imply higher sales on credit or extended collection periods, warranting further analysis in conjunction with turnover ratios.
- Receivables Turnover Ratio
- The receivables turnover ratio demonstrates moderate variability but remains within a range of approximately 3.94 to 4.53 over the quarters. The ratio declined from about 4.5 in Q3 2020 to a low near 3.94 in early 2022, indicating a slower collection period during that time. Subsequently, it improved gradually, peaking at around 4.53 in Q1 2025, implying enhanced efficiency in collections. The fluctuations suggest changes in credit management or customer payment behavior throughout the periods examined.
- Overall Insights
- The data suggest a company navigating through challenging conditions in 2020 with recovery and growth thereafter. Increasing revenue coupled with rising receivables and stable to improving turnover ratios indicates expanding sales with reasonably controlled credit risk and collection efficiency. The upward trends in both revenue and receivables necessitate continued monitoring to ensure receivables growth does not outpace revenue disproportionately, potentially impacting cash flow.
Working Capital Turnover
Schlumberger Ltd., working capital turnover calculation (quarterly data)
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
Working capital turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Working capital
= ( + + + )
÷ =
- Working Capital Trends
- Working capital demonstrated fluctuations throughout the observed periods. Starting at 3,004 million USD in March 2020, it showed a general decline toward the end of 2020, reaching 2,295 million USD in December 2020. From 2021 onwards, the figure exhibited a recovering trend with intermittent increases and decreases, peaking notably at 6,108 million USD in June 2024 before declining again toward the first half of 2025.
- Revenue Trends
- Revenue showed considerable variability over the quarters. Initial figures in 2020 were impacted negatively, with a low of 5,258 million USD in Q3 2020 starting from 7,455 million USD in Q1 2020. From 2021 onwards, revenue rose consistently, with periodic fluctuations, reaching highs around 9,284 million USD in March 2025. The overall trend indicates recovery and growth after the low points experienced during 2020.
- Working Capital Turnover Analysis
- Working capital turnover ratios, available from September 2020 onward, presented significant variability. The ratio was highest at 10.14 in March 2025 and experienced lows around 5.75 in June 2024. Peaks were also registered around the end of 2020 and early 2022. Such fluctuations indicate varying efficiency in utilizing working capital to generate revenue across different quarters.
- Correlations and Insights
- Revenue growth trends generally correspond to increases in working capital, although peaks in working capital turnover sometimes coincide with dips in working capital itself, indicating periods of more efficient use of resources. The highest turnover ratios align with both relatively lower working capital and robust revenue figures, suggesting effective capital management during these quarters. Conversely, lower turnover ratios alongside elevated working capital point to less efficient asset utilization.
- Overall Summary
- The financial data reflect recovery from a difficult economic environment in early 2020, with improving revenue and relatively stable working capital from 2021 onward. Efficiency, as measured by working capital turnover, experienced variability but trends toward enhancement in later periods. This pattern suggests adaptive operational management in response to shifting market and economic conditions over the observed timeline.
Average Inventory Processing Period
Schlumberger Ltd., average inventory processing period calculation (quarterly data)
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
- Inventory Turnover Ratio
- The inventory turnover ratio data begins from the first quarter of 2021, showing values ranging from 5.19 to 6.59 over the observed periods. Initially, there is a slight decrease from 6.26 in March 2021 to 5.19 by September 2022. This decline suggests a reduction in the frequency with which inventory is sold and replaced during this time. From late 2022 onward, the ratio exhibits a gradual upward trend, peaking at 6.59 in March 2025. This increment indicates an improvement in inventory management or increased sales activity leading to faster inventory turnover.
- Average Inventory Processing Period
- The average inventory processing period, expressed in number of days, inversely reflects the inventory turnover ratio. The period starts at 58 days in March 2021 and shows an increase to a peak of 70 days by September 2022. This prolongation implies slower processing and turnover of inventory during this phase. Following this peak, there is a consistent decline in the period towards 55 days by March 2025, indicating quicker inventory processing and better efficiency. This downward trend in days aligns logically with the upward trend in inventory turnover, illustrating enhanced operational performance after the initial slowdown.
- Overall Trends and Insights
- Between early 2021 and late 2022, the inventory turnover performance experienced a downturn, accompanied by an increase in the average inventory processing period. This suggests that inventory was held longer, potentially indicating weaker sales or supply chain challenges during that period. From late 2022 onwards, a clear recovery trend is evident, with a higher turnover ratio and shorter processing times, reflecting improvements in inventory control and possibly stronger demand.
Average Receivable Collection Period
Schlumberger Ltd., average receivable collection period calculation (quarterly data)
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
- Receivables Turnover Ratio
- The receivables turnover ratio data begins from the quarter ending March 31, 2021. Initially, it stood at 4.5 and then showed a general decreasing trend over the subsequent quarters, reaching a low around 3.94 to 3.98 during late 2022 to early 2023. From mid-2023 onwards, the ratio exhibits some fluctuations but generally trends upward, peaking at 4.53 in the first quarter of 2025. This indicates a gradual improvement in the efficiency with which the company collects its receivables as it moves closer to early 2025.
- Average Receivable Collection Period
- The average receivable collection period follows an inverse pattern relative to the turnover ratio, as expected. Starting at 81 days in March 2021, the collection period lengthened to around 90 to 93 days throughout 2021 and 2022, peaking at 93 days. This reflects a slower collection speed during that period. However, starting from late 2023 through 2025, the collection period generally decreases, dropping back into the low 80s by early 2025, which suggests improved efficiency in receivable collections over time.
- Overall Interpretation
- The inverse relationship between the two metrics is consistent with standard financial analysis, where a higher receivables turnover ratio corresponds to a shorter collection period. The data suggests that the company experienced some challenges in collecting receivables efficiently in the 2021-2023 timeframe, as evidenced by lower turnover ratios and extended collection days. Improvements are noticeable from late 2023 onward, reflecting enhanced collection processes or favorable market conditions that enabled better cash flow management in subsequent periods.
Operating Cycle
Schlumberger Ltd., operating cycle calculation (quarterly data)
No. days
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
Operating cycle = Average inventory processing period + Average receivable collection period
= + =
- Average inventory processing period
- The average inventory processing period exhibits a moderate fluctuation over the analyzed timeframe. Starting from a value of 58 days around March 31, 2021, it gradually increases to a peak of approximately 70 days by September 2022. Subsequently, there is a general downward trend, with the period declining to around 55 days by June 2025. Minor variations are observed quarter-to-quarter, but the overall pattern indicates improvements in inventory processing efficiency towards the latter part of the period.
- Average receivable collection period
- The average receivable collection period shows variability but remains relatively stable around the upper 80s to low 90s in days. Initially increasing from 81 days in early 2021 to a high near 93 days by March 2023, the period then demonstrates slight fluctuations without a sustained trending direction. The data toward the end suggests a marginal improvement with periods decreasing back into the low to mid-80s by mid-2025. This timeframe reflects some challenges in receivables collection, with periods of extended collections balanced by later improvements.
- Operating cycle
- The operating cycle follows a pattern closely related to the combined effects of the inventory processing and receivable collection periods. It starts at about 139 days near March 2021 and rises steadily to a peak around 162 days by late 2022. After this peak, a gradual contraction is observed, bringing the cycle down to approximately 136 days by early 2025. The overall operating cycle demonstrates an initial lengthening phase potentially indicating operational inefficiencies, followed by a phase of improved management in working capital components towards the end of the period.