Slb Ltd
SLBAbove valueExpectations · demandingHeld by 7 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- -1.6%
- Net margin
- 9.4%
- ROE
- 12.9%
- FCF margin
- 13.4%
Fundamentals data incomplete — read with care.
What makes a business high qualityValuation · value band
Above fair value
Zero-growth floor
$13
Central IV
$14
Optimistic top
$37
Slb Ltd (SLB): A conservative value band $13–$37 / sh (zero-growth floor to growth-capped optimistic top); central read about $14. Today’s price sits above that band (price $54 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 1% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 11.5% · Zero-growth downside $13
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $11.91 – $15.95 · Greenwald zero-growth $36.61 · zero-growth base $36.61 · reproduction $3.09
Moat Franchise (moat) · terminal value 13% of present value · owner-earnings yield 3% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$28.64 – $36.61 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2022, 2021, 2020
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 231% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$12.70 – $15.27 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.9–11.9% band (9–11% base + 0.9pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2022, 2021, 2020
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 231% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.9pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 4.8 years of owner earnings, adding 0.9pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $2.87B + capitalized R&D $1.78B（FY 2023, 2022, 2021, 2020） = $3.09 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window TTM 2026-06-30, FY 2022, 2021, 2020 · discount band 9%–11% · normalized tax 16% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 4.8 years of owner earnings → +0.9pp cost-of-equity premium → effective 9.9%–11.9%.
Owner-earnings DCF: growth g₁ 1% · OE FY TTM 2026-06-30, 2022, 2021, 2020 · Discount band: 10.04%–12.88% (DGS10 +4.5% to a 12% strict end, each +0.88pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 18.7% a year in owner-earnings for the next few years. Revenue actually grew 10.9% a year.
The market wants it well ahead of its own track record.
Roughly, the price needs its historical revenue growth to run about 31 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
7 holders · $327.5M combined · this quarter +0 opened / -1 exited
- Value$176.8MWeight (prev→now)3.9% → 2.0% ▼
- Value$62.2MWeight (prev→now)0.2% → 0.3% ▲
- Value$54.1MWeight (prev→now)0.7% → 0.5% ▼
- Value$15.1MWeight (prev→now)4.4% → 4.4% ▲
- Value$7.8MWeight (prev→now)2.0% → 1.6% ▼
- Value$6.9MWeight (prev→now)1.7% → 1.5% ▼
- Value$4.6MWeight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Slb Ltd (SLB) is held by 7 of the superinvestors tracked on Compounder, with a combined $327.5M in reported 13F value. The largest position belongs to Edgar Wachenheim, where it makes up 2.0% of the portfolio.
Other notable holders by value include Ray Dalio (0.3% of its book), John Rogers (0.5% of its book) and Ronald Muhlenkamp (4.4% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in SLB, 2 added to existing ones, 4 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Slb Ltd (SLB) also commonly hold →
- Microsoft CorpMSFT5 holders
- Fedex CorpFDX5 holders
- Apple IncAAPL5 holders
- Walt Disney Co/TheDIS5 holders
- Schwab (Charles) CorpSCHW4 holders
- Cvs Health CorpCVS4 holders
SLB's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-18
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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