SLB stock forecast 2027–2029
MyStockButler's October 2026 analysis: SLB's weighted price is $48.93 in October 2027 and $62.23 in October 2029, with a -6% return and a +24% return including dividends. SLB's forecast hinges on recovery in activity, margins and cash generation.
Where could SLB's shares be by October 2029?
The weighted price is $48.93 in October 2027, a -6% return including dividends. It is $62.23 in October 2029, a +24% return including dividends. The bear case has 30% probability. The base case has 50%. The bull case has 20%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 32.98 (-36 %) | 27.51 (-44 %) | 29.85 (-37 %) |
| Base | 50 % | 51.40 (-1 %) | 58.48 (+15 %) | 66.62 (+32 %) |
| Bull | 20 % | 66.67 (+28 %) | 82.71 (+61 %) | 99.82 (+95 %) |
| Weighted | 100 % | 48.93 (-6 %) | 54.04 (+6 %) | 62.23 (+24 %) |
What has to go right, and what could go wrong for SLB?
Operating profit is the central recovery assumption. The base case starts at $5,813M in October 2027. It rises to $6,128M in October 2028 and reaches $6,468M in October 2029. The bear row lowers profit as spending and pricing disappoint; the bull row raises it as backlog, synergies and mix gains compound.
The bull case requires backlog conversion, successful synergies, faster digital growth and stronger cash generation. It produces $66.67 in October 2027 and $99.82 in October 2029. Its 20% probability reflects the number of execution-dependent improvements required, including sustained buybacks and faster debt reduction.
How much cash does SLB really make?
In 2025, operating cash flow was $6.5 billion against $3.4 billion of net income attributable to shareholders. Depreciation reduces profit without a current payment, while impairments reduce asset values without paying cash that day. Working capital also shifts timing: inventory and unpaid invoices consume cash before revenue is collected, while customer advances do the reverse.
Stock compensation requires another judgment. Paying employees with shares does not create the same-year cash payment, but it transfers value from existing shareholders. Deducting stock pay therefore produces an analytical measure of “real” free cash flow, not a reported cash-flow subtotal. The chosen numerator matters when judging cash available for debt, dividends or repurchases.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 6,489 | 6,602 | 6,637 | 3,720 | 4,651 |
| − Capital spending | 1,694 | 1,931 | 1,939 | 1,618 | 1,141 |
| = Free cash flow | 4,795 | 4,671 | 4,698 | 2,102 | 3,510 |
| − Stock pay | 332 | 316 | 293 | 313 | 324 |
| = Real free cash flow | 4,463 | 4,355 | 4,405 | 1,789 | 3,186 |
| Real free cash flow, % of revenue | 12.5% | 12.0% | 13.3% | 6.4% | 13.9% |
What this means. The company's own free cash flow is lower because it also counts investments and exploration data as spending, while our count uses only equipment and building spending.
What does an investor pay for SLB today?
| Today (Oct 24, 2026) | |
|---|---|
| Share price | 53.06 |
| Market value (calculated) | 78,316.56 |
| Enterprise value (calculated) | 87,565.56 |
| P/E, last 12 months (calculated) | 25.8x |
| P/E, next 12 months (calculated) | 16.7x |
| Real free cash flow yield (calculated) | 5.7% |
What this means. The next-year price-to-earnings number uses analysts’ expected profit, so it can change and is not a promise.