PEMBINA PIPELINE CORPORATION vs SLB LIMITED/NV, two Oil & Gas stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Pembina runs debt-free tolling oil and gas through its Canadian pipelines; SLB carries 0.35 turns as the world's largest oilfield-services firm, and the two sit at different links of the chain, one moving hydrocarbons, one helping extract them. Pembina earns 10.1% on equity against SLB's 12.2%, the service company's activity leverage edging the pipeline's contracted stability. Pembina nets 21.8% of revenue on midstream tolls to SLB's 9.3% on services. Pembina trades at 24 times earnings against SLB's 20.7, both premium, and yields more free cash, 8.85% against 6.58%. The pair prices a midstream toll against a service provider; Pembina's contracted throughput is the steadier cash, SLB's drilling technology the more cyclical, and the market prices both near the high end of energy multiples.
Comparison updated 2026-07-11.
| Metric | PBA | SLB |
|---|---|---|
| Price | $47.20 | $46.95 |
| Market cap | $27.4B | $71.1B |
| Sector | Oil & Gas | Oil & Gas |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | -2.7% | +7.3% |
| P/E | 24.0 | 20.7 |
| P/B | 2.22 | 2.60 |
| P/S | 4.80 | 1.98 |
| EV/EBITDA | 13.2 | 29.0 |
| Revenue growth | +2.8% | -0.3% |
| Gross margin | 41.0% | — |
| Operating margin | 36.1% | — |
| Net margin | 21.8% | 9.3% |
| Return on equity | 10.1% | 12.2% |
| Return on assets | 4.8% | 6.1% |
| Return on invested capital | 12.9% | — |
| FCF yield | 8.8% | 6.6% |
| Dividend yield | — | 1.8% |
| Debt / equity | 0.00 | 0.35 |
| Current ratio | 0.61 | 1.34 |
| Altman Z (solvency) | 1.64 | 2.81 |
| Piotroski F (quality) | 5 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.