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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- Income Statement
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
SLB N.V., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibited a general downward trend from mid-2021 through mid-2025. Initially, it started at over 40 in June 2021, then experienced a decline with some fluctuations, reaching a lower range near the middle of the period around mid-2023 at approximately 17 to 20. Towards the end of the period, between 2024 and mid-2025, the ratio further decreased to levels around 11 to 14, indicating a reduced market valuation relative to earnings over time, which may reflect growing earnings or declining stock prices or a combination of both.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio similarly showed a declining trend over the examined quarters. Beginning above 24 in mid-2021, it dropped steadily with periodic small recoveries, hitting a low near 8.46 in the middle of 2025. The general pattern suggests the market increasingly values the company's operating profit more favorably, or that stock prices did not keep pace with operating profit changes. The ratio's fluctuations suggest some variability in operating profit or market sentiment during the period.
- Price to Sales (P/S) Ratio
- This ratio experienced higher variability with an initial increase from 1.79 to a peak around 2.84 by late 2022, indicating rising market valuation relative to sales during that period. Afterwards, there was a steady decline down to around 1.3 to 1.5 by mid-2025, implying a significant reduction in valuation relative to sales. The decline possibly reflects slower sales growth, changes in market expectations, or shifts in pricing strategies. Overall, the P/S ratio moved from moderate expansion to a more conservative valuation stance.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio showed an initial rise from roughly 3.05 to a peak above 4.5 near the end of 2022, indicating an increasing market valuation relative to book value. Following this peak, the ratio declined steadily to approximately 2.0 by mid-2025. This pattern suggests the market's reassessment of the company's net asset value, with increased valuation pressure leading to a lower multiple. The downward movement in later periods may reflect revised asset values, profitability expectations, or broader market conditions affecting equity valuation.
Price to Earnings (P/E)
SLB N.V., historical P/E calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income (loss) attributable to SLBQ3 2025
+ Net income (loss) attributable to SLBQ2 2025
+ Net income (loss) attributable to SLBQ1 2025
+ Net income (loss) attributable to SLBQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
- Share Price Trend
- The share price exhibits notable volatility over the analyzed periods. Initially, there is a consistent upward movement from $27.36 to $39.80 within the first four quarters. Following this, the price oscillates, reaching a peak of $57.67 in the mid-2023 period. Subsequently, a downward trend becomes apparent starting from late 2023 through to late 2025, with the price decreasing to approximately $34.90 by the last recorded quarter. This decline follows a period of relative stability and suggests potential market or company-specific influences impacting investor confidence.
- Earnings Per Share (EPS) Development
- The EPS shows a significant improvement from a negative value of -$2.03 to positive growth, reaching a peak near $3.18 by the end of 2024. This positive trend indicates an overall strengthening in profitability. However, starting from early 2025, EPS declines moderately to $2.44 by the close of the observed timeline, pointing to some deterioration in earnings performance after a period of growth.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio displays considerable fluctuations throughout the periods evaluated. After an initial absence, the ratio emerges at 40.12, dropping sharply to 17.62 by early 2023, signaling an improvement in price valuation relative to earnings. This ratio generally decreases progressively, reaching a lower threshold around 11.21 in mid-2025, before a slight uptick to 14.3 by the end of the dataset. The downward trend in P/E may reflect investors' adjustment to rising earnings or recalibration of future growth expectations.
- Summary of Financial Performance Patterns
- Overall, the data reveals a cycle of growth followed by a stabilization and subsequent decline in both share price and EPS after peaking in 2023-2024. The declining P/E ratio during the latter periods corresponds with rising earnings but falling share prices, suggesting potential market skepticism or broader economic factors influencing valuation. The simultaneous trends indicate a phase where earnings growth is no longer translating proportionally into share price appreciation, warranting closer examination of underlying operational and market conditions.
Price to Operating Profit (P/OP)
SLB N.V., historical P/OP calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
- Share Price Trend
- The share price demonstrated an overall upward trend from the first quarter of 2021 through the end of 2023, peaking in the third quarter of 2023 at around $57.67. Afterward, a decline becomes apparent, with share prices gradually decreasing through to the third quarter of 2025, settling at approximately $34.90. This pattern suggests periods of strong market performance followed by a notable correction or shift in investor sentiment during 2024 and 2025.
- Operating Profit per Share (OPPS) Development
- Operating profit per share started with a negative value in the first quarter of 2021 but then increased steadily and consistently, reaching a peak around the third quarter of 2024 at approximately $4.16. From this point, there is a slight decrease toward the third quarter of 2025, where the value settles near $3.20. This indicates overall improvement in operational profitability, albeit with some softness in the latest quarters.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited considerable fluctuation over the observed period. It started high in the early quarters of 2021, then decreased markedly, indicating that the market price grew at a slower rate than operating profits. The ratio reached its lowest points during 2024, ranging between 8.46 and 12.44, reflective of relatively strong earnings compared to share price. However, toward 2025, the ratio increases again, signaling either a relative price increase or decline in operating profit per share.
- Overall Interpretation
- From the data, it appears the company experienced improving profitability and rising share prices through the initial years, with operating performance strengthening significantly. This was matched by a decreasing P/OP ratio, suggesting the market's valuation became more aligned with earnings. However, from late 2023 onwards, share prices have softened despite relatively high operating profits, resulting in a rising P/OP in 2025, which may indicate emerging market concerns or a shift in growth expectations. The slight decline in operating profit per share towards the end of the period warrants attention to potential challenges in maintaining profitability levels.
Price to Sales (P/S)
SLB N.V., historical P/S calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of SLB N.V. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
- Share Price Trend
- The share price exhibited a general upward trend from the first quarter of 2021 through the end of 2022, moving from $27.36 to a peak of $56.25 in December 2022. Following this peak, the share price demonstrated volatility and a gradual decline, falling to around $34.90 by the third quarter of 2025. Notable fluctuations occurred during 2023 and 2024, with a recovery attempt evident mid-2023 but unable to sustain the higher levels.
- Sales Per Share Trend
- Sales per share showed a consistent upward trajectory from $15.28 in the first quarter of 2021 to a high of $26.52 by the third quarter of 2025. This steady growth indicates improving sales performance or revenue generation per share over the observed periods. A slight dip in the most recent quarter to $23.59 suggests a potential slowing in growth or a short-term decline.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio initially increased from 1.79 in early 2021 to a peak above 2.8 by late 2022, reflecting market valuation rising faster than sales growth during that period. Starting in 2023, the ratio declined steadily to a low near 1.3 by the third quarter of 2025, indicating the market price was becoming more conservative relative to sales or that the share price was declining proportionally more than sales per share were increasing.
- Overall Financial Trends and Insights
- While sales per share steadily improved throughout the timeframe, the share price displayed significant volatility and a downward adjustment after 2022. The rising P/S ratio through 2022 implies strong investor confidence or bullish sentiment, which diminished thereafter as shown by the declining ratio. This divergence between growing sales and falling P/S and share price in recent periods could suggest market concerns about future growth sustainability, profitability margins, or external factors affecting valuation.
Price to Book Value (P/BV)
SLB N.V., historical P/BV calculation (quarterly data)
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 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 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
- Share Price Trends
- The share price exhibits significant volatility over the observed periods. Starting at $27.36 in March 2021, it generally increased, peaking around $56.25 to $57.67 between late 2022 and mid-2023. Subsequently, there is a noticeable decline from a high of $51.67 at the end of 2023 to approximately $34.90 by September 2025. This pattern indicates an initial growth phase followed by a substantial downward correction or market recalibration in the more recent periods.
- Book Value Per Share (BVPS) Evolution
- BVPS shows a consistent upward trend throughout all reported quarters, rising steadily from $8.97 in March 2021 to reach $17.16 by September 2025. This growth in book value per share suggests ongoing improvement in the company’s net asset base or equity value on a per-share basis, reflecting either retained earnings accumulation or asset revaluation gains over time.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio fluctuates markedly, displaying peaks and troughs rather than a steady trend. It starts at 3.05 in early 2021, climbs to a local peak of 4.52 by December 2022, and then gradually declines to 2.03 by September 2025. The initial increase in P/BV coincides with rising share prices outpacing book value growth, indicating heightened market valuation relative to the company’s book assets. The subsequent decrease in P/BV, despite rising BVPS, results from a more pronounced share price decline, suggesting the market’s reassessment of the company's valuation or profitability prospects.
- Integrated Observations and Insights
- The juxtaposition of rising book value per share against the fluctuating and ultimately declining share price after mid-2023 implies investors' growing caution or changing sentiment despite stronger fundamental equity value. The P/BV ratio movements reinforce this, reflecting periods of optimism followed by more conservative valuations. Overall, this pattern may be attributed to external market conditions, company-specific performance variability, or broader economic factors impacting investor confidence.