Common Stock Valuation Ratios (Price Multiples)
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
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Current Valuation Ratios
SLB N.V., current price multiples
| SLB N.V. | Energy | ||
|---|---|---|---|
| Selected Financial Data | |||
| Current share price (P) | |||
| No. shares of common stock outstanding | |||
| Growth rate (g) | |||
| Earnings per share (EPS) | |||
| Next year expected EPS | |||
| Operating profit per share | |||
| Sales per share | |||
| Book value per share (BVPS) | |||
| Valuation Ratios (Price Multiples) | |||
| Price to earnings (P/E) | |||
| Price to next year expected earnings | |||
| Price-earnings-growth (PEG) | |||
| Price to operating profit (P/OP) | |||
| Price to sales (P/S) | |||
| Price to book value (P/BV) | |||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
SLB N.V., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2025-12-31), 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).
The valuation ratios demonstrate varied trends over the five-year period. Generally, a decreasing trend in price multiples was observed from 2021 through 2024, followed by increases in most ratios by 2025. This suggests a period of decreasing investor enthusiasm followed by a potential reassessment of value.
- Price to Earnings (P/E)
- The Price to Earnings ratio experienced a substantial decline from 29.69 in 2021 to 13.07 in 2024, indicating a decreasing willingness of investors to pay for each dollar of earnings. A subsequent increase to 21.78 in 2025 suggests a partial recovery in valuation. This fluctuation could be linked to changes in earnings expectations or broader market sentiment.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio also decreased from 20.20 in 2021 to 10.05 in 2024. This mirrors the trend in P/E, suggesting that the decline in valuation was not solely driven by net income factors, but also by operating profitability. The ratio increased to 16.83 in 2025, indicating some improvement in valuation relative to operating performance.
- Price to Sales (P/S)
- The Price to Sales ratio initially increased from 2.44 in 2021 to 2.84 in 2022, before declining to 1.61 in 2024. This suggests that revenue growth was initially rewarded by the market, but subsequently, investors became less willing to pay a premium for each dollar of sales. The ratio rose to 2.06 in 2025, indicating a potential stabilization or modest re-evaluation of the company’s revenue generation capabilities.
- Price to Book Value (P/BV)
- The Price to Book Value ratio decreased from 3.72 in 2021 to 2.76 in 2024, indicating a diminishing premium investors were willing to pay for the company’s net asset value. The slight increase to 2.81 in 2025 suggests a limited change in investor perception of the company’s underlying asset value. The P/BV ratio remained relatively stable between 2024 and 2025 compared to the other ratios.
Overall, the period from 2021 to 2024 was characterized by a contraction in valuation multiples, while 2025 showed signs of potential stabilization or modest recovery across most ratios. The consistent downward trend in P/E and P/OP suggests that changes in profitability were a significant driver of valuation changes.
Price to Earnings (P/E)
SLB N.V., historical P/E calculation, comparison to benchmarks
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to SLB ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SLB N.V. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
The price to earnings (P/E) ratio exhibited a declining trend from 2021 to 2024, followed by an increase in 2025. This movement occurred in conjunction with fluctuations in both share price and earnings per share (EPS).
- P/E Ratio Trend
- The P/E ratio decreased consistently from 29.69 in 2021 to a low of 13.07 in 2024. This indicates that investors were willing to pay less for each dollar of earnings over this period. A subsequent rise to 21.78 in 2025 suggests a renewed willingness to pay a higher premium for earnings.
- Share Price and EPS Relationship
- The share price increased from US$39.80 in 2021 to US$56.25 in 2022, coinciding with an increase in EPS from US$1.34 to US$2.42. However, the share price then decreased to US$41.63 by 2024, while EPS continued to rise to US$3.18. This suggests factors beyond earnings were influencing the share price during this period. The share price recovered somewhat in 2025 to US$49.15, but EPS decreased to US$2.26, contributing to the increase in the P/E ratio.
- P/E Ratio Drivers
- The initial decline in the P/E ratio from 2021 to 2024 was likely driven by a combination of increasing EPS and a subsequent decrease in share price. The increase in 2025, despite lower EPS, indicates that investor sentiment regarding the share price shifted, resulting in a higher valuation relative to earnings. The interplay between share price and EPS is the primary driver of the observed P/E ratio fluctuations.
Overall, the period demonstrates a dynamic relationship between share price, earnings, and investor valuation. The P/E ratio’s movement reflects changing market perceptions and earnings performance.
Price to Operating Profit (P/OP)
SLB N.V., historical P/OP calculation, comparison to benchmarks
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SLB N.V. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The price to operating profit (P/OP) ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio demonstrated a slight decrease, followed by a substantial decline, and then a partial recovery. This movement correlates with changes in both share price and operating profit per share.
- Overall Trend
- The P/OP ratio began at 20.20 in 2021, decreased to 19.24 in 2022, then experienced a significant drop to 13.55 in 2023. A further decrease to 10.05 was observed in 2024, representing the lowest value within the observed timeframe. The ratio then increased to 16.83 in 2025, though it did not return to the levels seen in the earlier years.
- Share Price Influence
- The share price initially increased from US$39.80 in 2021 to US$56.25 in 2022, contributing to the slight decrease in the P/OP ratio as operating profit per share increased at a faster rate. However, the share price subsequently declined to US$51.67 in 2023 and further to US$41.63 in 2024. This decline, coupled with continued increases in operating profit per share, drove the substantial reduction in the P/OP ratio during those years. The partial recovery in share price to US$49.15 in 2025 contributed to the increase in the P/OP ratio.
- Operating Profit per Share Influence
- Operating profit per share consistently increased from US$1.97 in 2021 to US$3.81 in 2023 and peaked at US$4.14 in 2024. This upward trend in profitability generally exerts downward pressure on the P/OP ratio, all else being equal. The decrease in operating profit per share to US$2.92 in 2025 partially offset the impact of the share price increase, resulting in a moderate increase in the P/OP ratio.
The interplay between share price and operating profit per share is evident in the P/OP ratio’s trajectory. The most significant driver of change appears to be the share price, particularly the decline observed in 2023 and 2024, which had a pronounced effect on the ratio despite increasing operating profit per share.
Price to Sales (P/S)
SLB N.V., historical P/S calculation, comparison to benchmarks
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of SLB N.V. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The price to sales ratio exhibited fluctuating behavior over the five-year period. Initial increases were followed by a notable decline and a subsequent partial recovery.
- Share Price
- The share price increased from US$39.80 in 2021 to US$56.25 in 2022, representing a significant gain. However, the price then decreased to US$51.67 in 2023 and further declined to US$41.63 in 2024. A partial recovery was observed in 2025, with the share price reaching US$49.15.
- Sales per Share
- Sales per share demonstrated a consistent upward trend from 2021 to 2023, increasing from US$16.34 to US$23.21. This growth continued into 2024, reaching US$25.90, before experiencing a decrease to US$23.88 in 2025.
- Price to Sales Ratio
- The price to sales ratio increased from 2.44 in 2021 to 2.84 in 2022, coinciding with the increase in share price. A subsequent decrease was observed in 2023, with the ratio falling to 2.23. The most substantial decline occurred between 2023 and 2024, with the ratio dropping to 1.61. A partial recovery was noted in 2025, as the ratio rose to 2.06. The ratio’s movement suggests that changes in share price had a more pronounced effect than changes in sales per share during this period.
The decrease in the price to sales ratio in 2024, despite continued growth in sales per share, indicates that the market valuation of each dollar of sales decreased significantly during that year. The 2025 increase suggests a potential re-evaluation, but the ratio remains below the levels observed in 2021 and 2022.
Price to Book Value (P/BV)
SLB N.V., historical P/BV calculation, comparison to benchmarks
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 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. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
The price to book value ratio exhibited fluctuations over the five-year period. Initially, the ratio increased before declining and stabilizing. The share price and book value per share both demonstrated generally increasing trends, though with differing rates of growth and some volatility in the share price.
- Price to Book Value (P/BV)
- The P/BV ratio began at 3.72 in 2021 and rose to 4.52 in 2022, indicating investors were willing to pay a higher premium for each dollar of net asset value. A subsequent decrease to 3.65 was observed in 2023. The ratio then experienced a more pronounced decline to 2.76 in 2024, suggesting a reduced investor valuation relative to book value. The ratio showed slight recovery to 2.81 in 2025, but remained below the levels seen in 2021 and 2022.
- Share Price
- The share price increased from US$39.80 in 2021 to US$56.25 in 2022. A decrease to US$51.67 occurred in 2023, followed by a more substantial decline to US$41.63 in 2024. The share price partially recovered to US$49.15 in 2025, but did not reach the peak observed in 2022.
- Book Value Per Share (BVPS)
- Book value per share consistently increased throughout the period, rising from US$10.69 in 2021 to US$17.46 in 2025. This represents a steady growth in the net asset value attributable to each share. The rate of increase appeared relatively consistent year-over-year.
The decline in the P/BV ratio in 2024, despite continued growth in book value per share, suggests that market sentiment regarding the company’s valuation shifted. The partial recovery in 2025 did not fully restore the ratio to previous levels, indicating sustained caution or altered expectations among investors.