Baker Hughes vs NOV
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The short version
- Baker Hughes is the larger business, with $27.7B of revenue in fiscal 2025 against $8.7B for NOV, about 3.2 times as much.
- Baker Hughes grew revenue faster (−0.3%, against −1.4%).
- NOV turned more of its sales into free cash flow (10.0% FCF margin, against 9.2%).
- Baker Hughes earned a higher return on the capital invested in it (14.1%, against 3.5%).
| Latest fiscal year | BKR · FY25 | NOV · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $7.2B |
| Revenue | $27.7B | $8.7B |
| Free cash flow | $2.5B | $876M |
| Net income | $2.6B | $145M |
| Growth | ||
| Revenue growth | −0.3% | −1.4% |
| 5-year growth | 6.0% | 7.5% |
| Share count change | — | −5.3% |
| Profitability | ||
| Gross margin | — | 20.2% |
| Operating margin | — | 5.7% |
| Net margin | 9.3% | 1.7% |
| FCF margin | 9.2% | 10.0% |
| Return on capital | 14.1% | 3.5% |
| Return on equity | 14.5% | 2.3% |
| Balance sheet | ||
| Net debt | $2.4B | $428M |
| Net debt / EBITDA | 0.5x | 0.5x |
| Dividends and buybacks | $1.3B | $505M |
| Valuation & quality | ||
| P/E | — | 79.0x |
| Piotroski F-score | — | 5 |
Revenue
FY16
BKR $13.1B
NOV $7.3B
FY17
BKR $17.2B
NOV $7.3B
FY18
BKR $22.9B
NOV $8.5B
FY19
BKR $23.8B
NOV $8.5B
FY20
BKR $20.7B
NOV $6.1B
FY21
BKR $20.5B
NOV $5.5B
FY22
BKR $21.2B
NOV $7.2B
FY23
BKR $25.5B
NOV $8.6B
FY24
BKR $27.8B
NOV $8.9B
FY25
BKR $27.7B
NOV $8.7B
BKR
NOV
Operating margin
FY16
BKR 3.5%
NOV −33.3%
FY17
BKR −1.7%
NOV −3.8%
FY18
BKR 3.1%
NOV 2.5%
FY19
BKR 4.5%
NOV −74.1%
FY20
BKR −77.2%
NOV −39.8%
FY21
BKR 6.4%
NOV −2.4%
FY22
BKR 5.6%
NOV 3.7%
FY23
BKR 9.1%
NOV 7.6%
FY24
BKR 11.1%
NOV 9.9%
FY25
BKR —
NOV 5.7%
BKR
NOV
Free cash flow
FY16
BKR −$162M
NOV $676M
FY17
BKR −$1.5B
NOV $640M
FY18
BKR $767M
NOV $277M
FY19
BKR $886M
NOV $481M
FY20
BKR $330M
NOV $700M
FY21
BKR $1.5B
NOV $90.0M
FY22
BKR $899M
NOV −$393M
FY23
BKR $1.8B
NOV −$140M
FY24
BKR $2.1B
NOV $953M
FY25
BKR $2.5B
NOV $876M
BKR
NOV
Return on capital
FY16
BKR —
NOV −11.2%
FY17
BKR −0.8%
NOV −1.4%
FY18
BKR 0.9%
NOV 0.7%
FY19
BKR 1.4%
NOV −40.8%
FY20
BKR −42.4%
NOV −26.2%
FY21
BKR 3.2%
NOV −1.9%
FY22
BKR 3.1%
NOV 3.0%
FY23
BKR 9.2%
NOV 9.7%
FY24
BKR 14.7%
NOV 9.2%
FY25
BKR 14.1%
NOV 3.5%
BKR
NOV
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.