MeritValue

SLB LIMITED/NV

SLBdata completeness 88%19 fiscal years on file
The thesis, from the filings

SLB LIMITED/NV earns about 13% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $24.81 and $188.21 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$22.9B1$28.1B2$33.1B3$36.3B3$35.7B3
Net income$1.88B4$3.44B5$4.2B6$4.46B6$3.37B6
Operating cash flow$4.65B7$3.72B8$6.64B9$6.6B9$6.49B9
Capital expenditure$1.14B10$1.62B11$1.94B12$1.93B12$1.69B12
Free cash flow (derived)$3.51B7$2.1B8$4.7B9$4.67B9$4.8B9
Total debt$13.3B13$10.6B14$10.8B15$11B16$9.74B16
Cash & equivalents—————
Diluted shares1.43B1.44B1.44B1.44B1.44B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$181.69
your share of equity
Profit it earned you last year
$23.48
Free cash flow it threw off
$33.37
Debt you’d be carrying
$67.79

10 shares is a claim on $181.69 of net worth that earned you $23.48 and generated $33.37 of cash last year, against $67.79 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY21 8%FY22 14%FY23 15%FY24 16%FY25 11%

It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 27% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $24.81 and $188.21 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$188.21
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$4.7B
DCF · Growth Exit 5Y
$99.81
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$4.7B
Earnings Power Value
$24.81
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.44B
  • growthAssumed0.0%
Graham Number
$31
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $99.81
The three cases
Bear0.0%$39.93
Base20.0%$99.81
Bull20.0%$99.81

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-006884 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-007638 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-021017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-006884 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-007638 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-021017 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-006884 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-007638 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-021017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-006884 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-007638 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-021017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-23-000762 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-006884 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-007638 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-021017 (LongTermDebtNoncurrent)