Baker Hughes vs Schlumberger
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The short version
- Schlumberger is the larger business, with $35.7B of revenue in fiscal 2025 against $27.7B for Baker Hughes.
- Baker Hughes grew revenue faster (−0.3%, against −1.6%).
- Schlumberger turned more of its sales into free cash flow (13.4% FCF margin, against 9.2%).
- Baker Hughes earned a higher return on the capital invested in it (14.1%, against 12.7%).
| Latest fiscal year | BKR · FY25 | SLB · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $79.9B |
| Revenue | $27.7B | $35.7B |
| Free cash flow | $2.5B | $4.8B |
| Net income | $2.6B | $3.4B |
| Growth | ||
| Revenue growth | −0.3% | −1.6% |
| 5-year growth | 6.0% | 8.6% |
| Share count change | — | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 9.3% | 9.5% |
| FCF margin | 9.2% | 13.4% |
| Return on capital | 14.1% | 12.7% |
| Return on equity | 14.5% | 14.3% |
| Balance sheet | ||
| Net debt | $2.4B | $5.5B |
| Net debt / EBITDA | 0.5x | 0.7x |
| Dividends and buybacks | $1.3B | $4.0B |
| Valuation & quality | ||
| P/E | — | 25.6x |
| Piotroski F-score | — | 4 |
Revenue
FY16
BKR $13.1B
SLB $27.8B
FY17
BKR $17.2B
SLB $30.4B
FY18
BKR $22.9B
SLB $32.8B
FY19
BKR $23.8B
SLB $32.9B
FY20
BKR $20.7B
SLB $23.6B
FY21
BKR $20.5B
SLB $22.9B
FY22
BKR $21.2B
SLB $28.1B
FY23
BKR $25.5B
SLB $33.1B
FY24
BKR $27.8B
SLB $36.3B
FY25
BKR $27.7B
SLB $35.7B
BKR
SLB
Operating margin
FY16
BKR 3.5%
SLB 11.8%
FY17
BKR −1.7%
SLB 12.9%
FY18
BKR 3.1%
SLB 12.8%
FY19
BKR 4.5%
SLB 12.1%
FY20
BKR −77.2%
SLB 10.2%
FY21
BKR 6.4%
SLB 14.7%
FY22
BKR 5.6%
SLB 17.8%
FY23
BKR 9.1%
SLB 19.7%
FY24
BKR 11.1%
SLB —
FY25
BKR —
SLB —
BKR
SLB
Free cash flow
FY16
BKR −$162M
SLB $4.2B
FY17
BKR −$1.5B
SLB $3.6B
FY18
BKR $767M
SLB $3.6B
FY19
BKR $886M
SLB $3.7B
FY20
BKR $330M
SLB $1.8B
FY21
BKR $1.5B
SLB $3.5B
FY22
BKR $899M
SLB $2.1B
FY23
BKR $1.8B
SLB $4.7B
FY24
BKR $2.1B
SLB $4.7B
FY25
BKR $2.5B
SLB $4.8B
BKR
SLB
Return on capital
FY16
BKR —
SLB 5.5%
FY17
BKR −0.8%
SLB —
FY18
BKR 0.9%
SLB —
FY19
BKR 1.4%
SLB 7.4%
FY20
BKR −42.4%
SLB 6.1%
FY21
BKR 3.2%
SLB 10.7%
FY22
BKR 3.1%
SLB 16.0%
FY23
BKR 9.2%
SLB 19.6%
FY24
BKR 14.7%
SLB 17.5%
FY25
BKR 14.1%
SLB 12.7%
BKR
SLB
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.