Is SLB Stock a Buy After Q4 Results? 2026 Outlook

Rexielyn Diaz3 minute read
Reviewed by: Thomas Richmond
Last updated Jan 26, 2026

Key Stats for SLB N.V. Stock

  • This week’s performance: -0.34%
  • 52-week range: $31 to $52
  • Valuation model target price: $60
  • Implied upside:  22% over the next 2.9 years

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What Happened?

Shares of energy services company SLB N.V. (SLB) traded near $49 this week, consolidating recent strength after reporting its fourth-quarter and full-year 2025 results on January 23.

The stock dipped slightly following the earnings release as investors weighed solid operating trends. Management highlighted continued demand for international and offshore services, which helped support revenue and margin performance despite a more mixed North American spending backdrop.

With no major downside surprises and a stable macro backdrop for oil and gas development, the share price mostly consolidated rather than making a big move in either direction.

The Q4 2025 earnings call on January 23 gave investors a clearer view of SLB’s financial momentum heading into 2026, reinforcing expectations for mid-single-digit revenue growth over the next few years.

The company continues to benefit from its global scale in well construction, production systems, and reservoir performance, as energy producers prioritize efficiency and recovery from existing fields. 

SLB also confirmed its next cash dividend of $0.295 per share payable on February 11, 2026, which keeps the dividend yield around 2.4% at current prices.

That income stream, combined with disciplined capital allocation, has helped support the stock even when day-to-day trading is choppy.

SLB N.V. Guided Valuation Model

See analysts’ growth forecasts and price targets for SLB N.V. (It’s free) >>>

Is SLB N.V. Stock Undervalued?

Under valuation model assumptions realized through December 2028, the stock is modeled using:

  • Revenue growth (CAGR): 4.9%
  • Operating margins: 17.2%
  • Exit P/E multiple: 15.5x

Based on these inputs, the model estimates a target price of $59.98, implying a 22% total return from the current share price of $49.15 and an annualized return of 7.0% over the next 2.9 years.

The model’s outcomes rely heavily on SLB sustaining mid-single-digit revenue growth and gradually lifting operating margins, which ties back to execution in higher-margin offshore work, digital integration, and production optimization.

If SLB continues to convert its project pipeline and technology investments into earnings and free cash flow, the current valuation leaves room for solid, if not spectacular, compounding over the next few years.

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  2. Operating Margins
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