Liberty Energy
LBRT · Oil & Gas Equipment & Services
$15.59
1.4%NOV
NOV · Oil & Gas Equipment & Services
$19.76
5.3%The short version
- NOV is the larger business, with $8.7B of revenue in fiscal 2025 against $4.0B for Liberty Energy, about 2.2 times as much.
- NOV grew revenue faster (−1.4%, against −7.2%).
- NOV kept more of each dollar of sales as operating profit (5.7% operating margin, against 1.8% operating margin).
- NOV turned more of its sales into free cash flow (10.0% FCF margin, against 0.4% FCF margin).
- NOV earned a higher return on the capital invested in it (3.5%, against 2.2%).
- Investors pay more for each dollar of NOV’s earnings: a P/E of 79.0x against 65.0x for Liberty Energy.
| Latest fiscal year | LBRT · FY25 | NOV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.5B | $7.2B |
| Revenue | $4.0B | $8.7B |
| Free cash flow | $14.1M | $876M |
| Net income | $148M | $145M |
| Growth | ||
| Revenue growth | −7.2% | −1.4% |
| 5-year growth | 32.9% | 7.5% |
| Share count change | −2.4% | −5.3% |
| Profitability | ||
| Gross margin | 20.9% | 20.2% |
| Operating margin | 1.8% | 5.7% |
| Net margin | 3.7% | 1.7% |
| FCF margin | 0.4% | 10.0% |
| Return on capital | 2.2% | 3.5% |
| Return on equity | 7.3% | 2.3% |
| Balance sheet | ||
| Net debt | $527M | $428M |
| Net debt / EBITDA | 0.9x | 0.5x |
| Dividends and buybacks | $79.4M | $505M |
| Valuation & quality | ||
| P/E | 65.0x | 79.0x |
| Piotroski F-score | 4 | 5 |
FY16
LBRT $375M
NOV $7.3B
FY17
LBRT $1.5B
NOV $7.3B
FY18
LBRT $2.2B
NOV $8.5B
FY19
LBRT $2.0B
NOV $8.5B
FY20
LBRT $966M
NOV $6.1B
FY21
LBRT $2.5B
NOV $5.5B
FY22
LBRT $4.1B
NOV $7.2B
FY23
LBRT $4.7B
NOV $8.6B
FY24
LBRT $4.3B
NOV $8.9B
FY25
LBRT $4.0B
NOV $8.7B
LBRT
NOV
FY16
LBRT −14.5%
NOV −33.3%
FY17
LBRT 12.2%
NOV −3.8%
FY18
LBRT 14.2%
NOV 2.5%
FY19
LBRT 5.2%
NOV −74.1%
FY20
LBRT −18.3%
NOV −39.8%
FY21
LBRT −7.3%
NOV −2.4%
FY22
LBRT 12.0%
NOV 3.7%
FY23
LBRT 16.0%
NOV 7.6%
FY24
LBRT 9.0%
NOV 9.9%
FY25
LBRT 1.8%
NOV 5.7%
LBRT
NOV
FY16
LBRT −$143M
NOV $676M
FY17
LBRT −$117M
NOV $640M
FY18
LBRT $92.4M
NOV $277M
FY19
LBRT $65.9M
NOV $481M
FY20
LBRT −$18.2M
NOV $700M
FY21
LBRT −$63.3M
NOV $90.0M
FY22
LBRT $78.5M
NOV −$393M
FY23
LBRT $411M
NOV −$140M
FY24
LBRT $178M
NOV $953M
FY25
LBRT $14.1M
NOV $876M
LBRT
NOV
FY16
LBRT —
NOV −11.2%
FY17
LBRT —
NOV −1.4%
FY18
LBRT 35.3%
NOV 0.7%
FY19
LBRT 11.1%
NOV −40.8%
FY20
LBRT −12.7%
NOV −26.2%
FY21
LBRT −10.5%
NOV −1.9%
FY22
LBRT 32.5%
NOV 3.0%
FY23
LBRT 30.1%
NOV 9.7%
FY24
LBRT 13.5%
NOV 9.2%
FY25
LBRT 2.2%
NOV 3.5%
LBRT
NOV
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.