EQNR vs. SLB: Equinor vs. SLB Stock Comparison

November 11, 2026

How do Equinor (EQNR) and SLB (SLB) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Equinor (EQNR) and SLB (SLB) both fall under the Energy industry group, but EQNR is classified in Oil, Gas & Consumable Fuels while SLB is classified in Energy Equipment & Services.

SLB (SLB) trades as ordinary local shares, while Equinor (EQNR) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Equinor (EQNR) and SLB (SLB)
Profile Item	EQNR	SLB
Name	Equinor ASA Sponsored ADR	SLB N.V.
Country/Region	Norway	United States
GICS Sector	Energy	Energy
GICS Industry Group	Energy	Energy
GICS Industry	Oil, Gas & Consumable Fuels	Energy Equipment & Services
GICS Sub-Industry	Integrated Oil & Gas	Oil & Gas Equipment & Services
Market Capitalization	99.39 billion USD	73.68 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	June 18, 2001	December 31, 1981
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

EQNR

SLB

GSPC

Equinor (EQNR) vs. SLB (SLB), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Equinor (EQNR) and SLB (SLB). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Equinor (EQNR) and SLB (SLB). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Equinor (EQNR) and SLB (SLB)
Metric	EQNR	SLB
Total Return (1Y)	78.03%	41.53%
Total Return (3Y, Annualized)	17.56%	1.23%
Total Return (5Y, Annualized)	17.66%	10.62%

Risk Profile

Drawdown History

EQNR

SLB

GSPC

Equinor (EQNR) vs. SLB (SLB), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Equinor (EQNR) and SLB (SLB). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Equinor (EQNR) and SLB (SLB)
Metric	EQNR	SLB
Volatility (1Y, Annualized)	40.50%	37.07%
Beta (5Y)	0.18	0.80
Max Drawdown (5Y)	-34.57%	-46.63%
Avg. Volume (3M)	3.77M	12.57M

Risk-Adjusted Performance

Risk-Return Positioning

EQNR and SLB are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Equinor (EQNR) and SLB (SLB)
Metric	EQNR	SLB
Sharpe Ratio (1Y)	1.82	1.00
Sortino Ratio (1Y)	2.76	1.59

Profitability

ROE (TTM)

Equinor (EQNR) at 27.57% sits in the top ROE quartile, while SLB (SLB) at 11.66% is closer to the peer norm — stronger capital efficiency for EQNR.

EQNR

Energy industry group

27.57%

Max: 53.85%
EQNR: 27.57%
Q3: 24.79%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

SLB

Energy industry group

11.66%

Max: 53.85%
Q3: 24.79%
Median: 12.85%
SLB: 11.66%
Q1: 2.03%
Min: -29.09%

Equinor (EQNR) vs. SLB (SLB): A comparison of their ROE against the Energy industry group benchmark.

Net Margin (TTM)

Both Equinor (EQNR) at 9.79% and SLB (SLB) at 8.40% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

EQNR

Energy industry group

9.79%

Max: 56.92%
Q3: 22.92%
Median: 10.10%
EQNR: 9.79%
Q1: 0.07%
Min: -27.38%

SLB

Energy industry group

8.40%

Max: 56.92%
Q3: 22.92%
Median: 10.10%
SLB: 8.40%
Q1: 0.07%
Min: -27.38%

Equinor (EQNR) vs. SLB (SLB): A comparison of their net margin against the Energy industry group benchmark.

Operating Margin (TTM)

Equinor (EQNR) at 37.00% operates in the top operating margin quartile, ahead of SLB (SLB) at 14.03%, which runs around its industry’s norm.

EQNR

Energy industry group

37.00%

Max: 71.31%
EQNR: 37.00%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

SLB

Energy industry group

14.03%

Max: 71.31%
Q3: 33.75%
Median: 18.73%
SLB: 14.03%
Q1: 6.94%
Min: -24.52%

Equinor (EQNR) vs. SLB (SLB): A comparison of their operating margin against the Energy industry group benchmark.

Profitability Metrics

Profitability metrics for Equinor (EQNR) and SLB (SLB)
Metric	EQNR	SLB
ROE (TTM)	27.57%	11.66%
ROA (TTM)	17.10%	5.72%
Net Margin (TTM)	9.79%	8.40%
Operating Margin (TTM)	37.00%	14.03%
Gross Margin (TTM)	43.18%	16.59%

Growth

Revenue Growth

Both Equinor (EQNR) at 3.24% and SLB (SLB) at -1.60% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Equinor (EQNR) vs. SLB (SLB): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Equinor (EQNR) at -37.62% and SLB (SLB) at -24.44% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Equinor (EQNR) vs. SLB (SLB): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Equinor (EQNR) and SLB (SLB)
Metric	EQNR	SLB
Revenue Growth (YoY)	3.24%	-1.60%
Revenue Growth (3Y CAGR)	-10.78%	8.33%
EPS Growth (YoY)	-37.62%	-24.44%
EPS Growth (3Y CAGR)	-40.11%	-0.56%

Financial Strength

Current Ratio (MRQ)

Both Equinor (EQNR) at 1.18 and SLB (SLB) at 1.39 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

EQNR

Energy industry group

1.18

Max: 3.64
Q3: 2.21
Median: 1.41
EQNR: 1.18
Q1: 0.88
Min: 0.24

SLB

Energy industry group

1.39

Max: 3.64
Q3: 2.21
Median: 1.41
SLB: 1.39
Q1: 0.88
Min: 0.24

Equinor (EQNR) vs. SLB (SLB): A comparison of their current ratio against the Energy industry group benchmark.

Debt / Equity (MRQ)

Both Equinor (EQNR) at 0.66 and SLB (SLB) at 0.47 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

EQNR

Energy industry group

0.66

Max: 1.75
Q3: 0.93
EQNR: 0.66
Median: 0.54
Q1: 0.30
Min: 0.00

SLB

Energy industry group

0.47

Max: 1.75
Q3: 0.93
Median: 0.54
SLB: 0.47
Q1: 0.30
Min: 0.00

Equinor (EQNR) vs. SLB (SLB): A comparison of their debt-to-equity ratio against the Energy industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Equinor (EQNR) and SLB (SLB)
Metric	EQNR	SLB
Current Ratio (MRQ)	1.18	1.39
Debt / Equity (MRQ)	0.66	0.47
Net Debt / EBITDA	0.12	1.25

Dividends

Dividend Yield (TTM)

Equinor (EQNR) at 3.67% delivers top-quartile income for its industry, while SLB (SLB) at 2.36% pays a more typical yield — both are credible income propositions, EQNR the richer one.

EQNR

Energy industry group

3.67%

Max: 8.57%
EQNR: 3.67%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

SLB

Energy industry group

2.36%

Max: 8.57%
Q3: 3.58%
SLB: 2.36%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Equinor (EQNR) vs. SLB (SLB): A comparison of their dividend yield against the Energy industry group benchmark.

Dividend Payout Ratio (TTM)

Equinor (EQNR) at 31.54% pays out a band-typical share of earnings, while SLB (SLB) at 56.80% distributes more than its industry norm — less retained, thinner cover.

EQNR

Energy industry group

31.54%

Max: 133.24%
Q3: 53.31%
EQNR: 31.54%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

SLB

Energy industry group

56.80%

Max: 133.24%
SLB: 56.80%
Q3: 53.31%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

Equinor (EQNR) vs. SLB (SLB): A comparison of their payout ratio against the Energy industry group benchmark.

Dividend Metrics

Dividend metrics for Equinor (EQNR) and SLB (SLB)
Metric	EQNR	SLB
Dividend Yield (TTM)	3.67%	2.36%
Dividend Payout Ratio (TTM)	31.54%	56.80%

Valuation

P/E Ratio (TTM)

Equinor (EQNR) at 8.71 is near its industry’s usual P/E ratio, while SLB (SLB) at 24.23 sits in the richer quartile — SLB needs stronger growth or earnings quality to justify the premium.

EQNR

Energy industry group

8.71

Max: 39.54
Q3: 21.72
Median: 12.19
EQNR: 8.71
Q1: 7.71
Min: 2.99

SLB

Energy industry group

24.23

Max: 39.54
SLB: 24.23
Q3: 21.72
Median: 12.19
Q1: 7.71
Min: 2.99

Equinor (EQNR) vs. SLB (SLB): A comparison of their P/E ratio against the Energy industry group benchmark.

P/S Ratio (TTM)

Equinor (EQNR) at 0.82 sits in the cheaper P/S ratio quartile while SLB (SLB) at 2.00 prices around its industry’s middle — EQNR costs less per dollar of sales, though read it alongside growth and margins.

EQNR

Energy industry group

0.82

Max: 5.40
Q3: 2.85
Median: 1.69
Q1: 0.88
EQNR: 0.82
Min: 0.00

SLB

Energy industry group

2.00

Max: 5.40
Q3: 2.85
SLB: 2.00
Median: 1.69
Q1: 0.88
Min: 0.00

Equinor (EQNR) vs. SLB (SLB): A comparison of their P/S ratio against the Energy industry group benchmark.

P/B Ratio (MRQ)

Both look rich against book: SLB (SLB) at 2.83 sits in the upper P/B ratio quartile, and Equinor (EQNR) at 4.44 prices even higher, above its industry range.

EQNR

Energy industry group

4.44

EQNR: 4.44
Max: 4.21
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

SLB

Energy industry group

2.83

Max: 4.21
SLB: 2.83
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

Equinor (EQNR) vs. SLB (SLB): A comparison of their P/B ratio against the Energy industry group benchmark.

Valuation Metrics

Valuation metrics for Equinor (EQNR) and SLB (SLB)
Metric	EQNR	SLB
P/E Ratio (TTM)	8.71	24.23
P/S Ratio (TTM)	0.82	2.00
P/B Ratio (MRQ)	4.44	2.83
Free Cash Flow Yield (TTM)	32.55%	4.18%