TacticScaleWhat SLB Does & How It Makes Money (SLB)
Updated October 2026 · reflects SLB's latest reported financials
Oilfield technology and services provider for the global energy industry. SLB earns revenue by selling services, such as drilling, well evaluation, stimulation and intervention, to oil and gas operators.
How SLB makes money
SLB earns revenue by selling services, such as drilling, well evaluation, stimulation and intervention, to oil and gas operators. It also sells and rents equipment like drill bits, artificial lift, valves and subsea systems, plus digital and integrated project solutions.
What SLB does
SLB N.V., formerly Schlumberger Limited, is a Houston-based energy technology company founded in 1926. It serves oil and gas operators worldwide at every stage of a field's life, from interpreting exploration data and evaluating subsurface geology to building wells and keeping them producing. It changed its name to SLB N.V. in October 2025. The business has four divisions. Digital & Integration covers field development, data processing and carbon management. Reservoir Performance covers evaluation, stimulation and intervention. Well Construction covers drilling services, bits, fluids and rig management. Production Systems covers artificial lift, completions, valves, midstream systems and the OneSubsea subsea portfolio. Its broad range of services and equipment makes it a key supplier to upstream oil and gas activity.
Products & services
- OneSubsea subsea systems
- Directional drilling & MWD/LWD services
- Hydraulic fracturing & stimulation services
- Drill bits & drilling fluids
- Artificial lift & completions
- Digital & Integration solutions
What is SLB worth?
On an owner-earnings DCF, SLB's most-likely value is about $38 versus a recent price near $49 (23% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$24) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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Halliburton (HAL) · Baker Hughes (BKR) · Sinopec Oilfield Service (600871.SS) · Liberty Energy (LBRT)