Schlumberger Ltd., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to SLB	4,203)	3,441)	1,881)	(10,518)	(10,137)
Net income attributable to noncontrolling interests	72)	51)	47)	32)	30)
Net noncash charges	2,611)	1,978)	2,358)	14,202)	15,890)
Change in assets and liabilities, net of the effect of business acquisitions and divestitures	(249)	(1,750)	365)	(772)	(352)
Net cash provided by operating activities	6,637)	3,720)	4,651)	2,944)	5,431)
Cash paid for interest, net of tax¹	407)	461)	454)	556)	541)
Capital expenditures	(1,939)	(1,618)	(1,141)	(1,116)	(1,724)
APS investments	(507)	(587)	(474)	(303)	(781)
Exploration data capitalized	(153)	(97)	(39)	(101)	(231)
Free cash flow to the firm (FCFF)	4,445)	1,879)	3,451)	1,980)	3,236)

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 See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Schlumberger Ltd. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Schlumberger Ltd. FCFF decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Schlumberger Ltd., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	19.00%	18.00%	19.00%	7.00%	3.00%
Interest Paid, Net of Tax
Cash paid for interest, before tax	503)	562)	560)	598)	558)
Less: Cash paid for interest, tax²	96)	101)	106)	42)	17)
Cash paid for interest, net of tax	407)	461)	454)	556)	541)

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 See details »

² 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 503 × 19.00% = 96

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Schlumberger Ltd., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	79,341)
Free cash flow to the firm (FCFF)	4,445)
Valuation Ratio
EV/FCFF	17.85
Benchmarks
EV/FCFF, Industry
Energy	13.40

Based on: 10-K (reporting date: 2023-12-31).

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Schlumberger Ltd., historical EV/FCFF 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)
Enterprise value (EV)¹	82,899)	89,522)	67,193)	44,665)	64,327)
Free cash flow to the firm (FCFF)²	4,445)	1,879)	3,451)	1,980)	3,236)
Valuation Ratio
EV/FCFF³	18.65	47.65	19.47	22.56	19.88
Benchmarks
EV/FCFF, Industry
Energy	12.06	7.80	10.93	210.37	21.44

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 See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 82,899 ÷ 4,445 = 18.65

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Schlumberger Ltd. EV/FCFF ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Schlumberger Ltd. (NYSE:SLB)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical