Schlumberger Ltd., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to SLB	4,461)	4,203)	3,441)	1,881)	(10,518)
Net income attributable to noncontrolling interests	118)	72)	51)	47)	32)
Net noncash charges	3,317)	2,611)	1,978)	2,358)	14,202)
Change in assets and liabilities, net of the effect of business acquisitions and divestitures	(1,294)	(249)	(1,750)	365)	(772)
Net cash provided by operating activities	6,602)	6,637)	3,720)	4,651)	2,944)
Cash paid for interest, net of tax¹	413)	407)	461)	454)	556)
Capital expenditures	(1,931)	(1,939)	(1,618)	(1,141)	(1,116)
APS investments	(483)	(507)	(587)	(474)	(303)
Exploration data capitalized	(198)	(153)	(97)	(39)	(101)
Free cash flow to the firm (FCFF)	4,403)	4,445)	1,879)	3,451)	1,980)

Based on: 10-K (reporting date: 2024-12-31), 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).

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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 increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Schlumberger Ltd., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	19.00%	19.00%	18.00%	19.00%	7.00%
Interest Paid, Net of Tax
Cash paid for interest, before tax	510)	503)	562)	560)	598)
Less: Cash paid for interest, tax²	97)	96)	101)	106)	42)
Cash paid for interest, net of tax	413)	407)	461)	454)	556)

Based on: 10-K (reporting date: 2024-12-31), 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).

¹ See details »

² 2024 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 510 × 19.00% = 97

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	67,181)
Free cash flow to the firm (FCFF)	4,403)
Valuation Ratio
EV/FCFF	15.26
Benchmarks
EV/FCFF, Industry
Energy	17.36

Based on: 10-K (reporting date: 2024-12-31).

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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	66,942)	82,899)	89,522)	67,193)	44,665)
Free cash flow to the firm (FCFF)²	4,403)	4,445)	1,879)	3,451)	1,980)
Valuation Ratio
EV/FCFF³	15.20	18.65	47.65	19.47	22.56
Benchmarks
EV/FCFF, Industry
Energy	16.37	13.70	8.29	11.22	117.62

Based on: 10-K (reporting date: 2024-12-31), 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).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 66,942 ÷ 4,403 = 15.20

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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 decreased from 2022 to 2023 and from 2023 to 2024.

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