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NOV

NOV NYSE Oil & Gas Equipment & Services Financials FY2016–FY2025

NOV's revenue fell 1.4% to $8.7 billion in fiscal 2025. Its operating margin was 5.7%, down from 9.9% a year earlier. Free cash flow was $876 million, down 8.1%. It paid out $505 million in dividends and buybacks, 58% of free cash flow. The diluted share count fell 5.3%.

Last close · Oct 23, 2026

$19.76

5.3%
Value it Compare
Revenue Total sales reported in the income statement.
$8.7B
1.4% vs prior year
Operating margin Operating income as a share of revenue.
5.7%
4.2 pts
Net income Profit after all expenses, interest and tax.
$145M
77.2%
Free cash flow Cash from operations minus capital spending.
$876M
8.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.5%
5.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
79.0x
On $0.25 EPS (TTM)

What NOV does

No business description yet.

Legal name
NOV INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-048350
0001021860

Revenue and margins

NOV had $8.7B of revenue in fiscal 2025, down 1.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $876M in fiscal 2025, 10.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NOV returned $505M to shareholders in fiscal 2025, 58% of free cash flow. The diluted share count fell 5.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value NOV yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$428M and divides by 375.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 79.0x · peers 23.8x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably NOV can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.6B$1.1B$816M$1.2B$1.6B
Debt incl. finance leases $2.0B$2.0B$2.0B$2.0B$2.0B
Net debt / EBITDA 2.1x1.6x1.2x0.6x0.5x
Debt / equity 0.4x0.4x0.3x0.3x0.3x
Interest coverage −1.7x3.4x7.4x9.6x5.6x
Current ratio 2.6x2.3x2.4x2.5x2.4x
Quick ratio 1.9x1.5x1.5x1.6x1.7x
Total assets $9.6B$10.1B$11.3B$11.4B$11.3B
Total liabilities $4.5B$5.0B$5.1B$4.9B$5.0B
Shareholders' equity $5.0B$5.1B$6.2B$6.4B$6.3B
Net debt (− = net cash) $364M$896M$1.1B$783M$428M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

1 insider

Sold, 12 months

$4.6M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jul 31, 2026 David D HarrisonDirector Sold 9,594 $19.21 $0.2M Form 4
Feb 23, 2026 Craig L. WeinstockSr. VP. & Gen. Counsel Sold 70,000 $20.08 $1.4M Form 4
Feb 23, 2026 Joseph W RovigPresident - Energy Equipment Sold 151,086 $20.17 $3.0M Form 4
Nov 21, 2025 Christian S KendallDirector Bought 70,000 $14.46 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 97 / 95 / 9
Accruals ratio 7.9%−5.9%−9.8%
Altman Z'' 3.333.683.42

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
NOV NOV $7.2B −1.4% 5.7% 10.0% 3.5% 79.0x 5
TechnipFMC FTI $28.3B 9.4% 14.5% 14.6% 37.2% 24.3x 8 Compare →
Weatherford International WFRD $6.3B −10.8% 15.4% 9.2% 29.7% 15.5x 6 Compare →
Liberty Energy LBRT $2.5B −7.2% 1.8% 0.4% 2.2% 65.0x 4 Compare →
Halliburton HAL $29.1B −3.3% 10.2% 7.5% 10.5% 23.3x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.3B $7.3B $8.5B $8.5B $6.1B $5.5B $7.2B $8.6B $8.9B $8.7B
Gross profit −$101M $892M $1.4B $845M $434M $774M $1.3B $1.8B $2.0B $1.8B
Operating income −$2.4B −$277M $211M −$6.3B −$2.4B −$134M $264M $651M $876M $494M
Interest expense $105M $102M $93.0M $100M $84.0M $77.0M $78.0M $88.0M $91.0M $88.0M
Pretax income −$2.6B −$392M $41.0M −$6.5B −$2.8B −$230M $238M $612M $831M $375M
Income tax −$207M −$156M $63.0M −$369M −$242M $15.0M $83.0M −$373M $196M $224M
Net income −$2.4B −$237M −$31.0M −$6.1B −$2.5B −$250M $155M $993M $635M $145M
Diluted EPS −$6.41 −$0.63 −$0.08 −$15.96 −$6.62 −$0.65 $0.39 $2.50 $1.60 $0.39
Diluted shares 0.38B 0.38B 0.38B 0.38B 0.38B 0.39B 0.39B 0.40B 0.40B 0.38B
Cash flow
Cash from operations $960M $832M $521M $714M $926M $291M −$179M $143M $1.3B $1.3B
Capital expenditure $284M $192M $244M $233M $226M $201M $214M $283M $351M $375M
Free cash flow $676M $640M $277M $481M $700M $90.0M −$393M −$140M $953M $876M
Depreciation and amortization $703M $698M $690M $533M $352M $306M $301M $302M $343M $355M
Stock-based compensation $107M $124M $110M $130M $105M $78.0M $67.0M $66.0M $70.0M $67.0M
Acquisitions $230M $86.0M $280M $180M $14.0M $52.0M $49.0M $22.0M $298M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $229M $315M
Dividends paid $230M $76.0M $76.0M $77.0M $19.0M $20.0M $78.0M $79.0M $108M $190M
Dividends and buybacks $230M $76.0M $76.0M $77.0M $19.0M $20.0M $78.0M $79.0M $337M $505M
Balance sheet
Cash and short-term investments $1.4B $1.4B $1.4B $1.2B $1.7B $1.6B $1.1B $816M $1.2B $1.6B
Total debt $3.2B $2.7B $2.7B $2.0B $1.8B $1.7B $1.7B $1.7B $1.7B $1.7B
Finance lease liabilities $0.0M $0.0M $229M $280M $264M $242M $235M $239M $273M $262M
Current assets $7.9B $7.2B $7.3B $6.1B $5.2B $4.9B $5.5B $5.8B $5.8B $5.8B
Current liabilities $3.0B $2.4B $2.3B $2.2B $1.9B $1.9B $2.4B $2.4B $2.3B $2.4B
Inventory $3.3B $3.0B $3.0B $2.2B $1.4B $1.3B $1.8B $2.2B $1.9B $1.8B
Property and equipment, net $3.2B $3.0B $2.8B $2.4B $1.9B $1.8B $1.8B $1.9B $1.9B $2.1B
Total assets $21.1B $20.2B $19.8B $13.1B $9.9B $9.6B $10.1B $11.3B $11.4B $11.3B
Total liabilities $7.1B $6.0B $5.9B $5.3B $4.7B $4.5B $5.0B $5.1B $4.9B $5.0B
Shareholders' equity $13.9B $14.1B $13.8B $7.8B $5.2B $5.0B $5.1B $6.2B $6.4B $6.3B
Margins
Gross margin −1.4% 12.2% 17.1% 10.0% 7.1% 14.0% 18.4% 21.4% 22.7% 20.2%
Operating margin −33.3% −3.8% 2.5% −74.1% −39.8% −2.4% 3.7% 7.6% 9.9% 5.7%
EBITDA margin −23.6% 5.8% 10.7% −67.8% −34.0% 3.1% 7.8% 11.1% 13.7% 9.7%
Net margin −33.3% −3.2% −0.4% −71.9% −41.7% −4.5% 2.1% 11.6% 7.2% 1.7%
FCF margin 9.3% 8.8% 3.3% 5.7% 11.5% 1.6% −5.4% −1.6% 10.7% 10.0%
Returns
Return on capital −11.2% −1.4% 0.7% −40.8% −26.2% −1.9% 3.0% 9.7% 9.2% 3.5%
Return on capital employed −12.0% −1.5% 1.2% −44.3% −25.6% −1.7% 3.4% 7.9% 9.8% 5.5%
Return on equity −15.9% −1.7% −0.2% −56.4% −39.1% −4.9% 3.1% 17.6% 10.1% 2.3%
Return on assets −10.2% −1.2% −0.2% −37.0% −22.0% −2.6% 1.6% 9.3% 5.6% 1.3%
Growth
Revenue growth −50.9% 0.7% 15.7% 0.3% −28.2% −9.3% 31.0% 18.6% 3.3% −1.4%
Net income growth — — — — — — — 540.7% −36.1% −77.2%
EPS growth — — — — — — — 541.0% −36.0% −75.6%
FCF growth −23.1% −5.3% −56.7% 73.7% 45.5% −87.1% −536.7% — — −8.1%
Share count change −2.8% 0.3% 0.3% 1.1% 0.5% 0.5% 2.1% 0.8% −0.3% −5.3%
Financial health
Net debt / EBITDA — 3.0x 1.7x — — 2.1x 1.6x 1.2x 0.6x 0.5x
Debt / equity 0.2x 0.2x 0.2x 0.3x 0.4x 0.4x 0.4x 0.3x 0.3x 0.3x
Interest coverage −23.0x −2.7x 2.3x −62.8x −28.9x −1.7x 3.4x 7.4x 9.6x 5.6x
Current ratio 2.6x 3.1x 3.1x 2.7x 2.8x 2.6x 2.3x 2.4x 2.5x 2.4x
Quick ratio 1.5x 1.8x 1.8x 1.7x 2.0x 1.9x 1.5x 1.5x 1.6x 1.7x
Capital allocation
Capex / revenue 3.9% 2.6% 2.9% 2.8% 3.7% 3.6% 3.0% 3.3% 4.0% 4.3%
Stock comp / revenue 1.5% 1.7% 1.3% 1.5% 1.7% 1.4% 0.9% 0.8% 0.8% 0.8%
Payouts / FCF 34.0% 11.9% 27.4% 16.0% 2.7% 22.2% — — 35.4% 57.7%
Quality scores
Piotroski F-score 3.0 7.0 6.0 4.0 5.0 5.0 5.0 7.0 7.0 5.0
Altman Z'' 3.9 5.1 5.3 0.4 1.1 2.4 2.6 3.3 3.7 3.4
Accruals ratio −14.3% −5.2% −2.8% −41.3% −30.1% −5.6% 3.4% 7.9% −5.9% −9.8%

Source: SEC EDGAR XBRL filings (CIK 0001021860). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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