Halliburton
HAL · Oil & Gas Equipment & Services
$34.92
5.2%Schlumberger
SLB · Oil & Gas Equipment & Services
$53.06
7.1%The short version
- Schlumberger is the larger business, with $35.7B of revenue in fiscal 2025 against $22.2B for Halliburton, about 1.6 times as much.
- Schlumberger grew revenue faster (−1.6%, against −3.3%).
- Schlumberger turned more of its sales into free cash flow (13.4% FCF margin, against 7.5% FCF margin).
- Schlumberger earned a higher return on the capital invested in it (12.7%, against 10.5%).
- Investors pay more for each dollar of Schlumberger’s earnings: a P/E of 25.6x against 23.3x for Halliburton.
| Latest fiscal year | HAL · FY25 | SLB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.1B | $79.9B |
| Revenue | $22.2B | $35.7B |
| Free cash flow | $1.7B | $4.8B |
| Net income | $1.3B | $3.4B |
| Growth | ||
| Revenue growth | −3.3% | −1.6% |
| 5-year growth | 9.0% | 8.6% |
| Share count change | −3.4% | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 10.2% | — |
| Net margin | 5.8% | 9.5% |
| FCF margin | 7.5% | 13.4% |
| Return on capital | 10.5% | 12.7% |
| Return on equity | 12.2% | 14.3% |
| Balance sheet | ||
| Net debt | $5.1B | $5.5B |
| Net debt / EBITDA | 1.5x | 0.7x |
| Dividends and buybacks | $1.6B | $4.0B |
| Valuation & quality | ||
| P/E | 23.3x | 25.6x |
| Piotroski F-score | 5 | 4 |
FY16
HAL $15.9B
SLB $27.8B
FY17
HAL $20.6B
SLB $30.4B
FY18
HAL $24.0B
SLB $32.8B
FY19
HAL $22.4B
SLB $32.9B
FY20
HAL $14.4B
SLB $23.6B
FY21
HAL $15.3B
SLB $22.9B
FY22
HAL $20.3B
SLB $28.1B
FY23
HAL $23.0B
SLB $33.1B
FY24
HAL $22.9B
SLB $36.3B
FY25
HAL $22.2B
SLB $35.7B
HAL
SLB
FY16
HAL −42.6%
SLB 11.8%
FY17
HAL 6.7%
SLB 12.9%
FY18
HAL 10.3%
SLB 12.8%
FY19
HAL −2.0%
SLB 12.1%
FY20
HAL −16.9%
SLB 10.2%
FY21
HAL 11.8%
SLB 14.7%
FY22
HAL 13.3%
SLB 17.8%
FY23
HAL 17.7%
SLB 19.7%
FY24
HAL 16.7%
SLB —
FY25
HAL 10.2%
SLB —
HAL
SLB
FY16
HAL −$2.5B
SLB $4.2B
FY17
HAL $1.1B
SLB $3.6B
FY18
HAL $1.1B
SLB $3.6B
FY19
HAL $915M
SLB $3.7B
FY20
HAL $1.2B
SLB $1.8B
FY21
HAL $1.1B
SLB $3.5B
FY22
HAL $1.2B
SLB $2.1B
FY23
HAL $2.1B
SLB $4.7B
FY24
HAL $2.4B
SLB $4.7B
FY25
HAL $1.7B
SLB $4.8B
HAL
SLB
FY16
HAL −27.7%
SLB 5.5%
FY17
HAL 4.0%
SLB —
FY18
HAL 12.9%
SLB —
FY19
HAL −2.1%
SLB 7.4%
FY20
HAL −13.5%
SLB 6.1%
FY21
HAL 14.2%
SLB 10.7%
FY22
HAL 15.4%
SLB 16.0%
FY23
HAL 22.6%
SLB 19.6%
FY24
HAL 19.4%
SLB 17.5%
FY25
HAL 10.5%
SLB 12.7%
HAL
SLB
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.