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NOV Inc. (NOV) stock

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NYSE: NOV NYSE Oil & Gas Equipment & Services Next results ~January 27, 2027

C+ Fundamentals grade

NOV Inc. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$28

Cash-flow model

Base case. Range ~$21–$38 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 51% above it.

Price used: $18.68, November 2, 2026

NOV Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 3 selling2 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds235 adding, 214 cuttingOf 66 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter NOV files

10-Q filed October 28: NOV

Revenue for the twelve months to September 2026 was $8.69bn, down 1.0% on a year earlier, a smaller fall than the 1.7% decline a quarter earlier. Free-cash-flow margin fell to 3.1% from 10.0% a year earlier. The diluted share count is down 4.5% on a year earlier, which lifts each remaining share. Our model value is little changed at $28.02 a share, against a share price of $19.23. The rating stays Buy. At that price, our model says the market is pricing in cash flow shrinking about 3.6% a year for five years, slower than the 9.5% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: NOV

Revenue for the twelve months to June 2026 came in at $8.69bn, down 1.0% on a year earlier. That marks a smaller fall than the 1.7% decline recorded a quarter earlier. Free-cash-flow margin slipped to 3.1% from 10.0% a year earlier. Helping the picture, the diluted share count is down 4.5% on a year earlier, lifting the value of each remaining share. The fundamentals grade moves from C to C+. Little changed, our model value stands at $28.24 a share, against a share price of $20.55, and the rating stays Buy. At that price, the model implies the market is pricing in cash flow shrinking about 3.5% a year for five years. That is slower than the 9.5% a year revenue growth already delivered.

10-Q on SEC EDGAR

Where NOV stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.64bn, down 1.7% on a year earlier, about the same pace as a quarter earlier. That puts it 868 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 6.5% from 10.3% a year earlier. Operating margin narrowed to 5.1% from 7.9%. The diluted share count is down 5.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $24.55 a share, against a share price of $18.95. At that price, our model says the market is pricing in cash flow shrinking about 2.2% a year for five years, slower than the 9.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

NOV Inc.'s trailing-twelve-month revenue fell 1.0% year on year, with a free-cash-flow margin of 3.1%. Where it stands out: change in share count of -4.5% ranks 3 of 31 oil & gas equipment & services companies we cover.

Our discounted-cash-flow model values the business at ~$28 per share in the base case (~$21–$38 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Share count shrinking (buybacks): Diluted shares outstanding fell 4.5% year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $18.68 is 51% below our value per share of $28.
  • Shrinking share count. Diluted shares fell 4.5% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 1.0% over the last 12 months.
  • High earnings multiple. The shares trade at 48 times the last 12 months' earnings, so expectations are demanding.
  • Heavily shorted. 13.8% of the shares available to trade are sold short (8.6 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.25 against an average estimate of $0.25: beat by 0.1%
Revenue
$2.23bn, up 2.3% on a year earlier
Share reaction
-5.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
adjusted EBITDA $240m to $270m (third quarter of 2026)
Next report
October 27, 2026; average EPS estimate $0.30

NOV's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.2%
  • 1 week-7.5%
  • 1 month-0.6%
  • This year+21.1%
  • 1 year+30.3%
  • 5 years+41.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.7B
Operating margin
5.5%
Net margin
1.6%
EPS (TTM, diluted)
$0.39

Growth

Revenue growth
−1.0%
Change in growth rate
+0.7 pts
Share count change
−4.5%

Cash

Free cash flow (TTM)
$270M
FCF margin
3.1%
Stock pay % of revenue
0.8%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

NOV Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 4.1% a year for five years.That is slower than the 9.5% a year revenue growth NOV has delivered.

  • Priced in-4.1%
  • Last 12 months-1.0%
  • 3 years a year1.5%
  • 5 years a year9.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($18.76, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$28
Price used
$18.76close November 3, 2026
Implied change
▲ +51%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of NOV Inc.'s free cash flow after stock-based pay with after-tax interest added back ($636M, FY2026 Q3 TTM), growing 2.7% and 2.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$21–~$38 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of NOV Inc.'s free cash flow after stock-based pay ( $636M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value NOV Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.94 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$28 ~$21–$38 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$17 ~$16–$22 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$14 ~$9.3–$20 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$12 ~$10–$14 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$12–$28 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare NOV Inc. with Oil & Gas Equipment & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −29%
  • Last year's free-cash-flow margin change, if it persists ▼ −67%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $24$33$45$61$82$109
8.5% $18$24$33$45$60$79
10% $14$19$26$35$46$61

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$29.18$33.25$32.17$23.07$22.68$12.49$12.38$19.28$18.93$13.85$15.42$18.68
Market value$11.3bn$12.5bn$12.1bn$8.7bn$8.7bn$4.8bn$4.8bn$7.6bn$7.5bn$5.5bn$5.8bn$6.8bn
+ Net debt (− = net cash)$1.8bn$2.3bn$1.3bn$1.3bn$818m$142m$122m$677m$924m$524m$179m$649m
Enterprise value$13.1bn$14.8bn$13.4bn$10.0bn$9.5bn$4.9bn$4.9bn$8.3bn$8.4bn$6.0bn$6.0bn$7.4bn
Multiples
Price / sales 0.8x1.7x1.7x1.0x1.0x0.8x0.9x1.0x0.9x0.6x0.7x0.8x
Price / earnings ———————49.0x7.6x8.6x39.9x47.5x
Price / free cash flow 12.8x18.5x19.0x31.5x18.0x6.9x53.1x——5.8x6.6x25.2x
EV / EBITDA 36.8x—31.9x11.1x——28.5x14.6x8.9x4.9x7.0x8.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard NOV's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median 1.6% of total assets over 10 years.

  • Pricing power 4 / 20

    Gross margin has been a median 15.7%, moving by 6.5 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 0.7%; its worst year was -68.0%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.7% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 5.5% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.92 +136% $8.7bn −1%
Next $1.25 +36% $9.1bn +5%

Next year's EPS estimate has moved −1.4% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +14.4% on 90 days ago. In the last 30 days, 0 analysts raised NOV Inc.'s forecast and 3 cut it.

Consensus EPS forecast NOV Inc., last 90 days
$0.80 $1.00 $1.20 $1.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.80 Current fiscal year, 60 days ago: $0.89 Current fiscal year, 30 days ago: $0.89 Current fiscal year, 7 days ago: $0.89 Current fiscal year, Now: $0.92 $0.92 Next fiscal year, 90 days ago: $1.27 Next fiscal year, 60 days ago: $1.26 Next fiscal year, 30 days ago: $1.26 Next fiscal year, 7 days ago: $1.25 Next fiscal year, Now: $1.25 $1.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.80$1.27
60 days ago $0.89$1.26
30 days ago $0.89$1.26
7 days ago $0.89$1.25
Now $0.92$1.25

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.25 $0.25 +0.1%
Jun 2026 $0.16 $0.31 +93.6%
Mar 2026 $0.14 $0.05 −64.7%
Dec 2025 $0.25 −$0.21 −183.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Adjusted EBITDA third quarter of 2026 $240m to $270m Non-GAAP
    “For the third quarter of 2026, management expects year-over-year consolidated revenues to be flat to up 2 percent, with Adjusted EBITDA expected to be between $240 million and $270 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows NOV Inc.'s revenue by +2.7% next year and +2.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.5%, weight 45%) and the company's own record (+2.0%, weight 55%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy735%
Hold1155%
Sell210%

Monthly trend

  1. Oct 2026251120
  2. Sep 2026351020
  3. Aug 2026351020
  4. Jul 2026361021

Counts of recommendations published by analysts covering NOV Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.8%
of tradable shares
Days to cover
8.58
at average volume
Short interest, 1 month
+7%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.7%
of shares
Employees
31,605
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +30.3%

$14.34 on October 31, 2025 to $18.68

ThenNowEffect
Revenue (last 12 months) $8.8bn $8.6bn −1.7%
Net margin 5.4% 1.1% −79.5%
P/E multiple 11.8x 72.1x +511.8%
Share count 387m 367m +5.6%

Biggest factor: p/e multiple.

Last 3 years −1.3%

$18.93 on November 3, 2023 to $18.68

ThenNowEffect
Revenue (last 12 months) $8.0bn $8.6bn +7.8%
Net margin 5.2% 1.1% −78.9%
P/E multiple 18.0x 72.1x +300.3%
Share count 397m 367m +8.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NOV−1%+56%−2%−27%+11%+21%
Industry peers (median)+9%+38%−7%−5%−1%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NOV42%58%42%42%83%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NOV−35%−36%−43%−32%−32%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 83% from July 31, 2018 to October 28, 2020. Getting back needed a 497% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$14.12 – $21.62
From 52-week high
−13.6%
vs 50-day average
−6.0%
vs 200-day average
−4.4%
Volatility (1 year)
36%
Beta vs S&P 500
0.67

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.3%
After a week
4 up, 7 down
typical move ±4.1%
After a month
6 up, 5 down
typical move ±4.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −5.8% 0.0% — —
July 29, 2026 −2.6% +0.1% −1.6% +4.7%
April 28, 2026 −0.3% −0.5% −3.4% −2.7%
April 15, 2026 +0.4% +1.0% +3.5% +7.9%
February 5, 2026 −2.4% +0.6% −2.0% −2.2%
October 28, 2025 +9.7% +0.3% +5.7% +8.2%
July 29, 2025 −9.7% −0.4% −13.6% −7.4%
April 29, 2025 −5.1% +0.7% −2.9% +0.3%
February 5, 2025 +6.2% +0.8% +9.7% +2.6%
October 25, 2024 +0.9% +0.3% −0.6% +6.5%
July 26, 2024 +6.1% +1.2% +0.1% −3.5%
April 26, 2024 +2.1% +1.3% −2.2% −2.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How NOV Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

NOV Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) NOV Inc.
$8.5B $8.6B $8.7B $8.8B $8.9B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8.6B Revenue (TTM), FY24 Q1: $8.8B Revenue (TTM), FY24 Q2: $8.9B Revenue (TTM), FY24 Q3: $8.9B Revenue (TTM), FY24 Q4: $8.9B Revenue (TTM), FY25 Q1: $8.8B Revenue (TTM), FY25 Q2: $8.8B Revenue (TTM), FY25 Q3: $8.8B Revenue (TTM), FY25 Q4: $8.7B Revenue (TTM), FY26 Q1: $8.7B Revenue (TTM), FY26 Q2: $8.6B Revenue (TTM), FY26 Q3: $8.7B $8.7B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8.6B
FY24 Q1 $8.8B
FY24 Q2 $8.9B
FY24 Q3 $8.9B
FY24 Q4 $8.9B
FY25 Q1 $8.8B
FY25 Q2 $8.8B
FY25 Q3 $8.8B
FY25 Q4 $8.7B
FY26 Q1 $8.7B
FY26 Q2 $8.6B
FY26 Q3 $8.7B
Revenue growth, TTM YoY NOV Inc.
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 18.6% Revenue growth, TTM YoY, FY24 Q1: 14.7% Revenue growth, TTM YoY, FY24 Q2: 11.0% Revenue growth, TTM YoY, FY24 Q3: 7.1% Revenue growth, TTM YoY, FY24 Q4: 3.3% Revenue growth, TTM YoY, FY25 Q1: 0.5% Revenue growth, TTM YoY, FY25 Q2: -1.2% Revenue growth, TTM YoY, FY25 Q3: -1.5% Revenue growth, TTM YoY, FY25 Q4: -1.4% Revenue growth, TTM YoY, FY26 Q1: -1.4% Revenue growth, TTM YoY, FY26 Q2: -1.7% Revenue growth, TTM YoY, FY26 Q3: -1.0% -1.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 18.6%
FY24 Q1 14.7%
FY24 Q2 11.0%
FY24 Q3 7.1%
FY24 Q4 3.3%
FY25 Q1 0.5%
FY25 Q2 -1.2%
FY25 Q3 -1.5%
FY25 Q4 -1.4%
FY26 Q1 -1.4%
FY26 Q2 -1.7%
FY26 Q3 -1.0%
Operating margin (TTM) NOV Inc.
4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 7.6% Operating margin (TTM), FY24 Q1: 7.8% Operating margin (TTM), FY24 Q2: 9.2% Operating margin (TTM), FY24 Q3: 9.3% Operating margin (TTM), FY24 Q4: 9.9% Operating margin (TTM), FY25 Q1: 9.8% Operating margin (TTM), FY25 Q2: 7.9% Operating margin (TTM), FY25 Q3: 6.9% Operating margin (TTM), FY25 Q4: 5.6% Operating margin (TTM), FY26 Q1: 4.5% Operating margin (TTM), FY26 Q2: 5.1% Operating margin (TTM), FY26 Q3: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 7.6%
FY24 Q1 7.8%
FY24 Q2 9.2%
FY24 Q3 9.3%
FY24 Q4 9.9%
FY25 Q1 9.8%
FY25 Q2 7.9%
FY25 Q3 6.9%
FY25 Q4 5.6%
FY26 Q1 4.5%
FY26 Q2 5.1%
FY26 Q3 5.5%
FCF margin (TTM) NOV Inc.
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -1.6% FCF margin (TTM), FY24 Q1: -0.3% FCF margin (TTM), FY24 Q2: 5.3% FCF margin (TTM), FY24 Q3: 8.8% FCF margin (TTM), FY24 Q4: 10.7% FCF margin (TTM), FY25 Q1: 13.1% FCF margin (TTM), FY25 Q2: 10.3% FCF margin (TTM), FY25 Q3: 10.0% FCF margin (TTM), FY25 Q4: 10.0% FCF margin (TTM), FY26 Q1: 8.4% FCF margin (TTM), FY26 Q2: 6.5% FCF margin (TTM), FY26 Q3: 3.1% 3.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -1.6%
FY24 Q1 -0.3%
FY24 Q2 5.3%
FY24 Q3 8.8%
FY24 Q4 10.7%
FY25 Q1 13.1%
FY25 Q2 10.3%
FY25 Q3 10.0%
FY25 Q4 10.0%
FY26 Q1 8.4%
FY26 Q2 6.5%
FY26 Q3 3.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar NOV took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $8.7B
  2. Cost of revenue $7B · 79.8%
  3. Gross profit $1.8B · 20.2%
  4. Selling, general and admin $1.2B · 13.8%
  5. Other operating costs $70M · 0.8%
  6. Operating income $494M · 5.6%
  7. Income tax $224M · 2.6%
  8. Interest and other $125M · 1.4%
  9. Net income $145M · 1.7%

Shares of revenue. Source: NOV's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 12.7 12.2 14.7 17.2 19.2 21.4 14.8 7.3 7.3 8.5 8.5 6.1 5.5 7.2 8.6 8.9 8.7 8.7
Gross profit 3.8 3.8 4.5 5.0 5.1 5.8 3.1 −0.1 0.9 1.4 0.8 0.4 0.8 1.3 1.8 2.0 1.8 1.8
EBITDA 2.8 3.0 3.5 4.0 3.9 4.4 0.4 −1.7 0.4 0.9 −5.7 −2.1 0.2 0.6 1.0 1.2 0.8 0.8
Operating income 2.3 2.4 2.9 3.4 3.2 3.6 −0.4 −2.4 −0.3 0.2 −6.3 −2.4 −0.1 0.3 0.7 0.9 0.5 0.5
Net income 1.5 1.7 2.0 2.5 2.3 2.5 −0.8 −2.4 −0.2 −0.0 −6.1 −2.5 −0.3 0.2 1.0 0.6 0.1 0.1
Diluted EPS $3.52 $3.98 $4.70 $5.83 $5.44 $5.82 −$1.99 −$6.41 −$0.63 −$0.08 −$15.96 −$6.62 −$0.65 $0.39 $2.50 $1.60 $0.39 $0.39
Growth (year on year)
Revenue −5.4% −4.4% +20.6% +17.3% +11.8% +11.5% −31.2% −50.9% +0.7% +15.7% +0.3% −28.2% −9.3% +31.0% +18.6% +3.3% −1.4% −1.0%
EBITDA −15.5% +5.3% +18.2% +14.7% −1.7% +11.5% −91.9% −578.4% — +114.0% −737.7% — — +228.5% +68.7% +27.9% −30.4% −12.5%
Operating income −20.7% +5.7% +20.0% +15.4% −5.6% +12.9% −110.8% — — — <−999% — — — +146.6% +34.6% −43.6% −22.2%
Net income −24.7% +13.5% +19.6% +24.9% −6.6% +7.5% −130.7% — — — — — — — +540.6% −36.1% −77.2% −62.7%
Diluted EPS −28.2% +13.1% +18.1% +24.0% −6.7% +7.0% −134.2% — — — — — — — +541.0% −36.0% −75.6% −60.9%
Margins
Gross margin 29.8% 31.5% 30.7% 29.3% 26.6% 27.1% 20.8% −1.4% 12.2% 17.1% 10.0% 7.1% 14.0% 18.4% 21.4% 22.7% 20.2% 20.7%
EBITDA margin 22.1% 24.3% 23.8% 23.3% 20.5% 20.5% 2.4% −23.6% 5.8% 10.7% −67.8% −34.0% 3.1% 7.8% 11.1% 13.7% 9.7% 9.7%
Operating margin 18.2% 20.1% 20.0% 19.7% 16.6% 16.9% −2.6% −33.3% −3.8% 2.5% −74.1% −39.8% −2.4% 3.6% 7.6% 9.9% 5.6% 5.5%
Net margin 11.6% 13.7% 13.6% 14.5% 12.1% 11.7% −5.2% −33.3% −3.2% −0.4% −71.9% −41.7% −4.5% 2.1% 11.6% 7.2% 1.7% 1.6%
Free-cash-flow margin 14.5% 10.8% 11.3% 0.3% 14.5% 8.9% 6.0% 9.3% 8.8% 3.3% 5.7% 11.5% 1.6% −5.4% −1.6% 10.7% 10.0% 3.1%
Cash flow
Cash from operations 2.1 1.5 2.1 0.6 3.4 2.6 1.3 1.0 0.8 0.5 0.7 0.9 0.3 −0.2 0.1 1.3 1.3 0.6
Capital spending 0.3 0.2 0.5 0.6 0.6 0.7 0.5 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.3
Free cash flow 1.8 1.3 1.7 0.1 2.8 1.9 0.9 0.7 0.6 0.3 0.5 0.7 0.1 −0.4 −0.1 1.0 0.9 0.3
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.8 1.2 1.6 −0.0 2.7 1.8 0.8 0.6 0.5 0.2 0.4 0.6 0.0 −0.5 −0.2 0.9 0.8 0.2
Balance sheet
Cash 2.6 3.3 3.5 3.3 3.4 3.5 2.1 1.4 1.4 1.4 1.2 1.7 1.6 1.1 0.8 1.2 1.6 1.1
Total debt 0.9 0.9 0.5 3.1 3.2 3.2 3.9 3.7 2.7 2.7 2.0 1.8 1.7 1.7 1.7 1.8 1.7 1.7
Net debt (negative = net cash) −1.7 −2.4 −3.0 −0.2 −0.3 −0.4 1.8 2.3 1.3 1.3 0.8 0.1 0.1 0.7 0.9 0.5 0.2 0.6
Diluted shares 417m 419m 424m 427m 428m 430m 387m 376m 377m 378m 382m 384m 386m 394m 397m 396m 375m 364m
Returned to shareholders
Dividends 0.5 0.2 0.2 0.2 0.4 0.7 0.7 0.2 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.1 0.2 0.2
Buybacks — — — — — 0.8 2.2 — — — — — — — — 0.2 0.3 0.2
Total returned 0.5 0.2 0.2 0.2 0.4 1.5 2.9 0.2 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.3 0.5 0.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $11.2bn
Short-term assets $5.8bnLonger-term assets $5.4bn
What it owes, and who funded it · $11.2bn
Short-term liabilities $2.3bnLonger-term liabilities $2.6bnShareholders' equity $6.2bn
  • Short-term assets cover short-term liabilities $5.8bn of assets due within a year against $2.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.8bn short-term assets against $2.6bn of longer-dated liabilities.
  • More cash than debt $1.1bn of cash against $1.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 27% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 35% to 27% over five years.
  • A year's operating cash flow covers at least 20% of debt $605m of operating cash flow against $1.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $474m against $86m of interest.

From NOV Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$230M
Dividends (TTM)
$156M
Returned to shareholders
143%
of free cash flow
Buybacks, last 3 fiscal years
$2.8B
Diluted share count
−4.5%
year over year
Total shareholder yield
5.8%
dividends 2.3% + buybacks 3.5% of market value
Dividend payout ratio
109%
of net income paid out
Sales & admin spending
14.5%
of revenue

Competitors: side by side with peers

Closest by revenue in oil & gas equipment & services
Last 12 months unless stated NOV FTI WFRD LBRT HAL OII Median
Revenue, last 12 months $8.7bn $10.7bn $4.7bn $4.4bn $22.5bn $2.9bn $1.2bn
Revenue growth, last 12 months −1.0% 9.1% −5.7% 13.6% 1.5% 3.0% 3.7%
Revenue growth, 3-year average 1.5% 12.8% −2.0% −3.2% −0.6% 8.1% 2.0%
Revenue growth, latest quarter 2.3% 9.4% −7.2% 26.3% 1.8% 5.6% 7.3%
Gross margin 20.7% — 21.2% 18.0% — 19.9% 21.1%
Operating margin 5.5% 16.8% 12.4% 1.7% 12.6% 10.4% 7.3%
Operating margin, 3-year average 7.2% 14.4% 15.0% 4.9% 13.6% 10.0% 7.2%
Net margin 1.6% 12.0% 8.6% 0.9% 8.9% 11.4% 2.6%
Cash from operations / revenue 7.0% 17.5% 16.4% 12.6% 11.7% 13.1% 11.7%
Free-cash-flow margin 3.1% 14.9% 12.3% −14.7% 7.1% 9.9% 2.0%
Free-cash-flow margin, 3-year average 7.3% 13.5% 10.6% −2.2% 8.7% 6.2% 4.0%
Stock pay / revenue 0.8% 1.1% 1.1% 0.8% — 0.7% 1.1%
Change in share count −4.5% −4.7% −1.2% 0.1% −2.9% −0.9% 1.0%

Median of all 35 companies we cover in oil & gas equipment & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 oil & gas equipment & services companies
Measure Company Peer median Rank
Revenue growth Growth -1.0% 3.7% 24 of 35
Change in growth rate Growth +0.7pp +1.5pp 20 of 34
Gross margin Profitability 20.7% 21.5% 13 of 21
Operating margin Profitability 5.5% 7.2% 18 of 32
Net margin Profitability 1.6% 2.6% 23 of 35
Free-cash-flow margin Cash generation 3.1% 2.0% 15 of 35
Stock pay as % of revenue Cash generation 0.8% 1.1% 11 of 32
Long-term debt as % of assets Balance sheet 15.1% 22.6% 10 of 32
Change in share count Balance sheet -4.5% 1.0% 3 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $5.8B 66.2% ▼ 0.1%
Services $2B 22.2% ▼ 1.9%
Rental $963M 10.9% ▼ 8.2%
Royalty $57M 0.6% ▼ 14.9%
Geography
Region Revenue Share YoY
Other Countries $3.9B 45.1% ▼ 13.4%
United States $3B 34.3% ▲ 0.5%
NO $907M 10.4% ▲ 27.0%
Brazil $896M 10.2% ▲ 45.0%

From NOV Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.2B
Institutions reporting
483
Shares held vs prior quarter
▲ 7.8%
Positions opened / closed
70 / 50

Top buyers and sellers, Q2 2026: 235 institutions bought and 214 sold ; the biggest buyer was First Eagle Investment Management, LLC (+25.0M shares) and the biggest seller First Trust Advisors LP (−3.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Eagle Investment Management, LLC $1.1B 61.4M 15.7% ▲ 68.6%
Blackrock, Inc. $698M 37.6M 9.6% ▼ 0.5%
Pzena Investment Management LLC $675M 36.4M 9.3% ▼ 3.1%
Dimensional Fund Advisors LP $365M 19.7M 5.0% ▲ 1.4%
Vanguard Portfolio Management LLC $351M 18.9M 4.9% ▲ 0.9%
Vanguard Capital Management LLC $302M 16.3M 4.2% ▲ 0.5%
Price T Rowe Associates Inc $276M 14.9M 3.8% ▲ 114.8%
Hotchkis & Wiley Capital Management LLC $266M 14.4M 3.7% ▼ 3.8%
State Street Corp $228M 12.3M 3.1% ▼ 0.9%
American Century Companies Inc $192M 10.4M 2.7% ▲ 3.6%
AQR Capital Management LLC $161M 8.7M 2.2% ▲ 51.7%
Geode Capital Management, LLC $131M 7.1M 1.8% ▲ 1.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not NOV Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 2 trades by 1 insider, last 12 months Insider sales History → $4.6M 6 trades by 3 insiders · 0% under pre-set plans
Net ▼ $3.6M net selling
Insider Date Trade Shares Price Value
Harrison David D Director July 31, 2026 Sell 9,594 $19.21 $184,301
Rovig Joseph W President - Energy Equipment February 23, 2026 Sell 151,086 $20.17 $3M
Weinstock Craig L. Sr. VP. & Gen. Counsel February 23, 2026 Sell 9,505 $19.95 $189,625
Weinstock Craig L. Sr. VP. & Gen. Counsel February 23, 2026 Sell 30,000 $20.00 $600,000
Weinstock Craig L. Sr. VP. & Gen. Counsel February 23, 2026 Sell 20,000 $20.32 $406,400
Weinstock Craig L. Sr. VP. & Gen. Counsel February 23, 2026 Sell 10,495 $19.94 $209,270
Kendall Christian S Director November 21, 2025 Buy 20,000 $14.36 $287,200
Kendall Christian S Director November 21, 2025 Buy 50,000 $14.50 $725,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 9 trades and filings

No trades in NOV Inc. disclosed in the last 12 months; 9 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 16, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 24, 2025, filed August 13, 2025
  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 28, 2026
  • April 15, 2026
  • February 5, 2026
  • October 28, 2025

Recent SEC filings

Data status

When each part of this page on NOV Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

NOV Inc. in brief

What does NOV Inc. do?
NOV Inc. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.
What is NOV Inc.'s stock ticker?
NOV Inc. trades under the ticker NOV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is NOV Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, NOV Inc. reported revenue of $8.7B, 1.0% lower than a year earlier, according to its SEC filings.
What is NOV Inc.'s free cash flow?
NOV Inc.'s free-cash-flow margin is 3.1% of revenue over the trailing twelve months, ranking 15 of the 35 oil & gas equipment & services companies we cover.
What is NOV Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of NOV Inc.'s free cash flow after stock-based pay gives ~$28 per share in the base case, and ~$21–$38 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are NOV Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Eagle Investment Management, LLC, Blackrock, Inc. and Pzena Investment Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is NOV Inc. buying back stock, and does it pay a dividend?
NOV Inc. spent $230M on share repurchases over the trailing twelve months, and its diluted share count fell 4.5% over the year.
What is NOV Inc.'s market cap?
On November 2, 2026, NOV Inc.'s market capitalisation was about $6.8B, with a price-to-earnings ratio of 47.5 and net debt of $649M. Market figures come from third-party market data and may be delayed.
Does NOV Inc. pay a dividend?
Yes: NOV Inc. paid $156M in dividends over the trailing twelve months, a dividend yield of 2.34% and a payout ratio of 109.1%.
How much debt does NOV Inc. have?
NOV Inc.'s debt-to-equity ratio is 27.3%, from its latest balance sheet (34.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are NOV Inc.'s competitors?
In our Oil & Gas Equipment & Services peer group, the companies closest to NOV Inc. are TechnipFMC plc, Weatherford International plc, Liberty Energy Inc., Halliburton and Oceaneering International Inc. The side-by-side comparison below sets their revenue, margins and growth against NOV Inc.'s.
Are insiders buying or selling NOV Inc. stock?
Over the last 12 months, NOV Inc.'s directors and officers reported 2 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is NOV Inc.'s next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — NOV Inc. announces its own schedule.