A Business at a Glance
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NOV Inc.
NOV
$7.7B
Mkt Cap
$20.76
+3.13%
NOV Inc. (NOV) has a current P/E ratio of 53.2, compared to its historical median P/E of 24.4. The stock is currently considered Expensive based on its historical valuation range.
NOV Inc. (NOV) has a 5-year average return on invested capital (ROIC) of 3.4%. This is below average and may indicate limited pricing power.
NOV Inc. (NOV) has a market capitalization of $7.5B. It is classified as a mid-cap stock.
Yes, NOV Inc. (NOV) pays a dividend with a trailing twelve-month yield of 2.61%. The company also returns capital through share buybacks, with a buyback yield of 4.02%.
Based on historical P/E analysis, NOV Inc. (NOV) appears expensive. The current P/E of 53.2 is 118% above its historical median of 24.4. The estimated fair value CAGR (P/E method) is 52.2%.
NOV Inc. (NOV) operates in the Oil & Gas Field Machinery & Equipment industry, within the Industrials sector.
NOV Inc. (NOV) reported annual revenue of $8.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
NOV is a diversified oilfield equipment and services company operating through two primary segments: Energy Equipment and Energy Products and Services. The Energy Equipment segment designs and manufactures capital equipment for offshore production, drilling, and construction, including subsea flexible pipe systems, offshore processing modules, drilling rigs and equipment, marine construction vessels, and aftermarket parts and services for offshore drilling contractors. The Energy Products and Services segment provides shorter-cycle rental equipment, capital equipment, and consumable products for land and offshore drilling operations, including downhole tools, drill pipe, composite pipe solutions, and intervention and stimulation equipment. NOV's business model combines capital equipment sales with recurring aftermarket services and rentals, generating revenue from both large project awards and ongoing customer support. The company serves international oil and gas operators, drilling contractors, and service companies across North America, the Middle East, Latin America, and offshore markets, with particular strength in deepwater and unconventional resource development where its technology portfolio provides competitive advantages in subsea systems, gas processing, and drilling automation.
【Offshore-led recovery ahead】 Management expects a meaningful recovery in activity beginning in the second half of 2026 and extending into 2027, driven by the need to restore curtailed production and advance long-cycle deepwater developments following recent geopolitical disruptions. The company anticipates accelerating demand for offshore production equipment, subsea flexible pipe, and gas processing systems as FPSO FIDs increase, with industry forecasts suggesting six to eight additional FIDs through the remainder of 2026 and an average of eight FIDs per year through 2030. NOV is investing in capacity expansion, including a $200 million subsea flexible pipe manufacturing facility expansion in Brazil, to capitalize on strengthening offshore project economics driven by standardization and industrialization. Cost reduction initiatives are expected to begin offsetting tariff and inflationary pressures in the second half of 2026, with the company targeting over $100 million in annual savings by year-end 2026 through process simplification and operational efficiency improvements.
| Metric | Target | Period |
|---|---|---|
| Capital expenditures | $340 million to $370 million | FY2026 |
| EBITDA free cash flow conversion | 40% to 50% | FY2026 |
Capital expenditures (FY2026): “Capital expenditures for the year, including our investment in our flexibles facility in Brazil, should be between $340 million and $370 million.”
EBITDA free cash flow conversion (FY2026): “We continue to expect to convert between 40% to 50% of 2026 EBITDA to free cash flow, with generation of cash ramping through the remainder of the year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.7B | 8.7B | 8.9B | 8.6B | 7.2B | 5.5B |
| Net Income | 91M | 145M | 635M | 993M | 155M | -250M |
| EPS | $0.24 | $0.39 | $1.60 | $2.50 | $0.39 | $-0.65 |
| Free Cash Flow | 734M | 876M | 953M | -140M | -393M | 90M |
| ROIC | 1.5% | 3.6% | 7.5% | 7.5% | 2.3% | -3.6% |
| Gross Margin | 19.5% | 20.2% | 22.7% | 21.4% | 18.4% | 14.0% |
| Debt/Equity | 0.52 | 0.57 | 0.57 | 0.67 | 0.81 | 0.83 |
| Dividends/Share | $0.54 | $0.51 | $0.28 | $0.20 | $0.20 | $0.05 |
| Operating Income | 389M | 494M | 876M | 651M | 264M | -134M |
| Operating Margin | 4.5% | 5.6% | 9.9% | 7.6% | 3.6% | -2.4% |
| ROE | 1.5% | 2.3% | 10.1% | 17.6% | 3.1% | -4.9% |
| Shares Outstanding | 360M | 372M | 397M | 397M | 397M | 385M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 21.4B | 14.8B | 7.3B | 7.3B | 8.5B | 8.5B | 6.1B | 5.5B | 7.2B | 8.6B | 8.9B | 8.7B | 8.7B |
| Gross Margin | 27.1% | 20.8% | -1.4% | 12.2% | 17.1% | 10.0% | 7.1% | 14.0% | 18.4% | 21.4% | 22.7% | 20.2% | 19.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.1B | 1.8B | 1.3B | 1.2B | 1.2B | 1.3B | 968M | 908M | 1.1B | 1.2B | 1.1B | 1.2B | 1.2B |
| EBIT | 3.6B | -390M | -2.4B | -277M | 211M | -6.3B | -2.4B | -134M | 264M | 651M | 876M | 494M | 389M |
| Op. Margin | 16.9% | -2.6% | -33.3% | -3.8% | 2.5% | -74.1% | -39.8% | -2.4% | 3.6% | 7.6% | 9.9% | 5.6% | 4.5% |
| Net Income | 2.5B | -769M | -2.4B | -237M | -31M | -6.1B | -2.5B | -250M | 155M | 993M | 635M | 145M | 91M |
| Net Margin | 11.7% | -5.2% | -33.3% | -3.2% | -0.4% | -71.9% | -41.7% | -4.5% | 2.1% | 11.6% | 7.2% | 1.7% | 1.0% |
| Non-Recurring | 104M | 1.5B | 972M | 0 | 0 | 3.5B | 1.3B | 0 | 0 | 0 | 130M | 40M | 40M |
| Returns on Capital | |||||||||||||
| ROIC | 11.5% | -3.5% | -13.1% | -1.4% | 0.7% | -46.8% | -30.2% | -3.6% | 2.3% | 7.5% | 7.5% | 3.6% | 1.5% |
| ROE | 11.7% | -4.1% | -15.9% | -1.7% | -0.2% | -56.4% | -39.1% | -4.9% | 3.1% | 17.6% | 10.1% | 2.3% | 1.5% |
| ROA | 7.3% | -2.6% | -10.2% | -1.1% | -0.2% | -37.0% | -22.0% | -2.6% | 1.6% | 9.3% | 5.6% | 1.3% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.6B | 1.3B | 960M | 832M | 521M | 714M | 926M | 291M | -179M | 143M | 1.3B | 1.3B | 1.1B |
| Free Cash Flow | 1.9B | 879M | 676M | 640M | 277M | 481M | 700M | 90M | -393M | -140M | 953M | 876M | 734M |
| Owner Earnings | 470M | -929M | 150M | 10M | -279M | 51M | 469M | -93M | -547M | -225M | 891M | 829M | -4.2B |
| CapEx | 699M | 453M | 284M | 192M | 244M | 233M | 226M | 201M | 214M | 283M | 351M | 375M | 356M |
| Maint. CapEx | 2.0B | 2.2B | 703M | 698M | 690M | 533M | 352M | 306M | 301M | 302M | 343M | 355M | 5.2B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.0M | 20M | 0 |
| D&A | 2.0B | 2.2B | 703M | 698M | 690M | 533M | 352M | 306M | 301M | 302M | 343M | 355M | 5.2B |
| CapEx/OCF | 26.7% | 34.0% | 29.6% | 23.1% | 46.8% | 32.6% | 24.4% | 69.1% | N/A | 197.9% | 26.9% | 30.0% | 32.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 703M | 710M | 230M | 76M | 76M | 77M | 19M | 20M | 78M | 79M | 108M | 190M | 195M |
| Dividend Yield | 2.6% | 4.6% | 2.1% | 0.6% | 0.6% | 0.9% | 0.4% | 0.4% | 1.1% | 1.1% | 1.6% | 3.8% | 2.6% |
| Share Buybacks | 779M | 2.2B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 229M | 315M | 301M |
| Buyback Yield | 3.2% | 19.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.1% | 5.4% | 4.0% |
| Stock-Based Comp | 101M | 109M | 107M | 124M | 110M | 130M | 105M | 78M | 67M | 66M | 70M | 67M | 77M |
| Debt Repayment | 155M | 10.6B | 4.9B | 500M | 8.0M | 1.0B | 217M | 183M | 4.0M | 192M | 431M | 26M | 26M |
| Balance Sheet | |||||||||||||
| Net Debt | 649M | 1.8B | 1.8B | 4.3B | 4.1B | 3.4B | 2.6B | 2.6B | 3.1B | 3.3B | 2.4B | 2.0B | 1.9B |
| Cash & Equiv. | 3.5B | 2.1B | 1.4B | 1.4B | 1.4B | 1.2B | 1.7B | 1.6B | 1.1B | 816M | 1.2B | 1.6B | 1.3B |
| Long-Term Debt | 3.0B | 3.9B | 2.7B | 2.7B | 2.5B | 2.0B | 1.8B | 1.7B | 1.7B | 1.7B | 1.7B | 1.7B | 1.7B |
| Debt/Equity | 0.20 | 0.24 | 0.23 | 0.41 | 0.40 | 0.58 | 0.83 | 0.83 | 0.81 | 0.67 | 0.57 | 0.57 | 0.52 |
| Interest Coverage | 34.4 | -3.8 | -23.0 | -2.7 | 2.3 | -62.8 | -28.9 | -1.7 | 3.4 | 7.4 | 9.6 | 5.6 | 4.4 |
| Equity | 20.7B | 16.4B | 13.9B | 14.1B | 13.8B | 7.8B | 5.2B | 5.0B | 5.1B | 6.2B | 6.4B | 6.3B | 6.2B |
| Total Assets | 33.6B | 26.0B | 21.1B | 20.2B | 19.8B | 13.1B | 9.9B | 9.6B | 10.1B | 11.3B | 11.4B | 11.3B | 11.1B |
| Total Liabilities | 12.8B | 9.5B | 7.1B | 6.0B | 5.9B | 5.3B | 4.7B | 4.5B | 5.0B | 5.1B | 4.9B | 5.0B | 4.9B |
| Intangibles | 4.4B | 3.8B | 3.5B | 3.3B | 3.0B | 852M | 527M | 503M | 490M | 450M | 508M | 455M | 442M |
| Retained Earnings | 13.2B | 9.9B | 7.3B | 7.0B | 6.9B | 690M | -1.9B | -2.1B | -2.1B | -1.2B | -628M | -673M | -687M |
| Working Capital | 8.8B | 7.5B | 4.8B | 4.9B | 4.9B | 3.9B | 3.3B | 3.0B | 3.1B | 3.4B | 3.4B | 3.4B | 3.4B |
| Current Assets | 16.2B | 11.4B | 7.9B | 7.2B | 7.3B | 6.1B | 5.2B | 4.9B | 5.5B | 5.8B | 5.8B | 5.8B | 5.7B |
| Current Liabilities | 7.4B | 4.0B | 3.0B | 2.4B | 2.3B | 2.2B | 1.9B | 1.9B | 2.4B | 2.4B | 2.3B | 2.4B | 2.3B |
| Per Share Data | |||||||||||||
| EPS | 5.82 | -1.99 | -6.41 | -0.63 | -0.08 | -15.96 | -6.62 | -0.65 | 0.39 | 2.50 | 1.60 | 0.39 | 0.24 |
| Owner EPS | 1.09 | -2.40 | 0.40 | 0.03 | -0.72 | 0.13 | 1.22 | -0.24 | -1.38 | -0.57 | 2.25 | 2.23 | -11.55 |
| Book Value | 48.13 | 42.40 | 37.05 | 37.47 | 35.66 | 20.37 | 13.57 | 12.99 | 12.82 | 15.53 | 16.07 | 16.86 | 17.24 |
| Cash Flow/Share | 6.08 | 3.45 | 2.55 | 2.21 | 1.34 | 1.87 | 2.41 | 0.76 | -0.45 | 0.36 | 3.29 | 3.36 | 14.61 |
| Dividends/Share | 1.64 | 1.84 | 0.61 | 0.20 | 0.20 | 0.20 | 0.05 | 0.05 | 0.20 | 0.20 | 0.28 | 0.51 | 0.54 |
| Shares Out. | 429.9M | 386.4M | 376.3M | 376.2M | 387.5M | 381.9M | 384.0M | 384.6M | 397.4M | 397.2M | 396.9M | 371.8M | 360.3M |
| Valuation | |||||||||||||
| P/E Ratio | 9.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 48.3 | 7.8 | 8.7 | 40.1 | 86.2 |
| P/FCF | 12.7 | 13.3 | 19.0 | 18.9 | 32.8 | 18.2 | 6.9 | 54.1 | N/A | N/A | 5.8 | 6.6 | 10.2 |
| EV/EBIT | 5.7 | N/A | N/A | N/A | 41.3 | N/A | N/A | N/A | 26.9 | 12.0 | 5.5 | 9.0 | 24.0 |
| Price/Book | 1.2 | 0.7 | 0.9 | 0.9 | 0.7 | 1.1 | 0.9 | 1.0 | 1.5 | 1.2 | 0.9 | 0.9 | 1.2 |
| Price/Sales | 6.2 | 5.0 | 5.9 | 1.6 | 1.6 | 1.0 | 0.8 | 0.9 | 0.9 | 0.8 | 0.8 | 0.6 | 0.9 |
| FCF Yield | 7.9% | 7.5% | 5.3% | 5.3% | 3.0% | 5.5% | 14.6% | 1.8% | -5.3% | -1.8% | 17.3% | 15.1% | 9.8% |
| Market Cap | 24.3B | 11.7B | 12.9B | 12.1B | 9.1B | 8.7B | 4.8B | 4.9B | 7.5B | 7.7B | 5.5B | 5.8B | 7.5B |
| Avg. Price | 61.78 | 39.70 | 29.69 | 31.58 | 35.53 | 21.96 | 12.51 | 13.20 | 17.15 | 18.21 | 16.84 | 13.54 | 20.76 |
| Year-End Price | 56.46 | 30.16 | 34.17 | 32.13 | 23.45 | 22.89 | 12.51 | 12.65 | 18.83 | 19.38 | 13.92 | 15.62 | 20.76 |
NOV Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
NOV Inc. trades at 53.2x trailing earnings, compared to its 15-year median P/E of 24.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.5x vs a median of 18.5x. The company's 5-year average ROIC is 3.4% with a gross margin of 19.3%. Total shareholder yield (dividends + buybacks) is 6.6%. At current prices, the estimated annualized return to fair value is +10.4%.
NOV Inc. (NOV) has a net profit margin of 1.7%. This is a modest margin.
NOV Inc. (NOV) generated $876 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NOV Inc. (NOV) has a debt-to-equity ratio of 0.57. This indicates moderate leverage.
NOV Inc. (NOV) reported earnings per share (EPS) of $0.39 in its most recent fiscal year.
NOV Inc. (NOV) has a return on equity (ROE) of 2.3%. This indicates moderate shareholder returns.
NOV Inc. (NOV) has a 5-year average gross margin of 19.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for NOV Inc. (NOV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NOV Inc. (NOV) has a book value per share of $16.86, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects a meaningful recovery in activity beginning in the second half of 2026 and extending into 2027, driven by the need to restore curtailed production and advance long-cycle deepwater developments following recent geopolitical disruptions. The company anticipates accelerating demand for offshore production equipment, subsea flexible pipe, and gas processing systems as FPSO FIDs increase, with industry forecasts suggesting six to eight additional FIDs through the remainder of 2026 and an average of eight FIDs per year through 2030. NOV is investing in capacity expansion, including a $200 million subsea flexible pipe manufacturing facility expansion in Brazil, to capitalize on strengthening offshore project economics driven by standardization and industrialization. Cost reduction initiatives are expected to begin offsetting tariff and inflationary pressures in the second half of 2026, with the company targeting over $100 million in annual savings by year-end 2026 through process simplification and operational efficiency improvements.
Based on recent SEC filings and earnings calls, NOV Inc. (NOV) has provided the following forward guidance: Capital expenditures: $340 million to $370 million (FY2026); EBITDA free cash flow conversion: 40% to 50% (FY2026).