SLB N.V. (SLB) 株式分析

企業概要

SLB N.V. is a global enterprise that provides comprehensive technology solutions and services to the energy industry, facilitating field development and hydrocarbon production alongside carbon management initiatives. This organization operates within the Energy sector, specifically categorized under the Oil & Gas Equipment & Services industry, where it supplies critical infrastructure and technical expertise to upstream and midstream operations. The company maintains a substantial scale, evidenced by a market capitalization of $77.88B and annual revenue of $35.71B, supported by a workforce of 109,000 employees. These valuation and revenue figures indicate that SLB functions as a major system integrator with significant market penetration, serving a wide array of clients across diverse geographical regions to meet complex energy extraction and processing demands.

財務健全性

The company reported a Total Revenue of $35.71B for the trailing twelve months, generating a Net Income of $3.37B and an EBITDA of $7.73B. The substantial gap between the $35.71B revenue and the $3.37B net income reveals a significant cost structure comprising operating expenses, depreciation, and taxes that absorb approximately 90.6% of top-line revenue before arriving at the bottom line. The Free Cash Flow stands at $2.45B, which signifies that the company generates sufficient cash from operations to fund capital expenditures and potentially return value to shareholders or service debt obligations without relying on external financing. Regarding profitability efficiency, the Gross Margin is 18.7%, indicating that the cost of goods sold consumes the majority of revenue, while the Operating Margin of 16.0% reflects the efficiency of core business operations before interest and taxes. The Profit Margin of 9.4% further quantifies the actual earnings available to common shareholders as a percentage of each dollar of revenue. In terms of leverage, the company holds $4.30B in cash against $12.55B in debt, resulting in a Debt to Equity ratio of 45.98, which suggests a leveraged balance sheet where debt obligations are nearly five times the equity base. Liquidity is maintained at a Current Ratio of 1.33, indicating that the company possesses sufficient current assets to cover its current liabilities with a modest safety margin. Management effectiveness is demonstrated through a Return on Equity of 13.9% and a Return on Assets of 6.8%, showing that the company generates meaningful returns on shareholder capital and utilizes its asset base to produce earnings.

バリュエーション評価

Valuation metrics for SLB include a P/E Ratio (TTM) of 22.08 and a Forward P/E of 15.61, where the disparity between these figures implies that the market expects earnings growth in the future to be significant enough to lower the multiple from its current trailing level. The Price to Book ratio is 2.97, suggesting that the stock trades at a premium of nearly three times its book value, which often reflects the value of intangible assets, brand strength, or growth prospects not captured on the balance sheet. Alternative valuation measures such as the Price to Sales ratio of 2.18 and an EV/EBITDA of 11.25 provide additional context, indicating that the company is valued at roughly twice its sales and 11 times its earnings before interest, taxes, depreciation, and amortization. Price action over the last year shows a 52-Week High of $54.80 and a 52-Week Low of $31.11, meaning the current trading price sits somewhere within this historical range, bounded by these extremes of volatility. The Beta of 0.69 indicates that the stock's price volatility is less than that of the broader market, suggesting it may act as a defensive position relative to the general equity index during periods of market fluctuation.

Growth & Income

Growth metrics reveal a Revenue Growth (YoY) of 5.0% contrasted with an Earnings Growth (YoY) of -28.6%, indicating that earnings are currently contracting at a much faster rate than revenue, which typically points to margin compression or one-time charges affecting the bottom line. As a dividend payer, the company offers a Dividend Yield of 2.3% with a Payout Ratio of 48.5%, suggesting that the dividend is funded by less than half of the annual earnings, which generally provides a moderate buffer for sustainability despite the recent earnings decline. The high payout ratio relative to the negative earnings growth warrants close monitoring, as maintaining the dividend while earnings recover will be critical for shareholder returns. Overall, the growth and income profile presents a scenario of stable top-line expansion tempered by a significant contraction in profitability, coupled with a moderate but potentially vulnerable dividend yield.