SLB N.V.: Geographical Diversification May Deliver Growth, But Expect Near-Term Headwinds

SLB N.V. faces significant near-term headwinds from the ongoing Iran conflict, impacting regional operations and creating supply chain disruptions. SLB's growth outlook is supported by potential shifts in exploration to Latin America, modular data center expansion, and a strategic Nvidia partnership. Despite margin pressure in eFY26, SLB's strong balance sheet, share repurchases, and 2.10% dividend yield offer an appealing risk/reward profile.