Bull case
SLB is positioned to outperform because it combines global scale and a leading competitive position in a fragmented oilfield-services market with a high-quality digital platform that generated $2.7 billion of revenue in 2025, about $1 billion of annual recurring revenue, and roughly $900 million of adjusted EBITDA at a 35% margin. Its digital business has grown faster than the broader company since 2021, benefits from over $3 billion of digital R&D, proprietary AI and automation capabilities, and a TAM that management sees rising from about $25 billion to $35 billion by 2030, with potential upside to $50 billion. Meanwhile, more than three-fourths of revenue comes from international markets, capital discipline remains strong with expected 2025 FCF margins of at least 10%, and a low net debt to EBITDA ratio supports shareholder returns and flexibility.