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Distributes pipes, valves and fittings and other products to oil & gas, industrial and energy-transition customers.
Distributes pipes, valves and fittings and other products to oil & gas, industrial and energy-transition customers.
Buys pipe, valves and fittings from manufacturers and resells them through branches and on-site stores at a markup, so profit is the gap between buying and selling prices on high volume. Demand follows drilling, pipeline and plant activity. It was spun off from National Oilwell Varco in 2014.
Moat: none (distribution). Distribution scale and branch network, but PVF distribution is competitive and largely commoditized.
Headquarters: Houston, Texas · Founded: 2014 · Employees: 5,300
Size DNOW (DNOW) is a United States Industrials company (Wholesale Distributors) with a market value of $2.40B, the 1683rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $13.27 on 6 Nov 2026.
Performance Over six months the shares gained 1.5%, against +3.6% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 69.8% over the last twelve months (peer median +7.1%); the operating margin is -2.5% (peer median 5.9%).
Valuation It trades at 23.6× forward earnings against a peer median of 15.2× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.9 points below its cost of capital (8.7% WACC).
Short interest Short interest is 5.4% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.08B | $2.82B | $2.37B | $2.32B | $2.14B |
| Revenue growth | — | +19% | +2% | +9% | — |
| Gross profit | $649M | $478M | $531M | $535M | $506M |
| EBITDA | -$27.0M | $35.0M | $157M | $174M | $170M |
| Net income | -$188M | -$89.0M | $78.0M | $243M | $126M |
| Free cash flow | $136M | $134M | $289M | $171M | -$9.00M |
| Capital expenditure | $28.0M | $21.0M | $9.00M | $17.0M | $9.00M |
| Total debt | $631M | $614M | $67.0M | $63.0M | $49.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| DNOW DNOW | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% |
| Morguard MRC.TO | $844M | -6% | -1% | 49% | 5.1× | n/a |
| DXP Enterprises DXPE | $2.18B | -10% | +11% | 9% | 20.7× | 6.6% |
| Russel Metals RUS.TO | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% |
| Ferguson Enterprises FERG | $45.2B | -3% | +8% | 10% | 19.4× | 9.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DNOW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.2% | -5.0% | 4th lowest of 21 |
| 6-month return | +1.5% | +3.6% | 11th highest of 21 |
| Distance from 52-week high | -23.1% | -20.7% | 10th lowest of 21 |
| Revenue growth (TTM) | +69.8% | +7.1% | highest of 21 |
| Operating margin | -2.5% | 5.9% | lowest of 20 |
| Forward P/E | 23.6× | 15.2× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 9.8% | 4.6% | 5th most demanding of 20 |
| Growth delivered (Del g) | +11.7% | +8.7% | 5th highest of 20 |
| Hurdle (Req g minus delivered) | -1.9 pp | -2.9 pp | 9th most demanding of 20 |
| ROIC minus cost of capital | -11.9 pp | +1.0 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DNOW DNOW | United States | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% | +11.7% |
| Boise Cascade BCC | United States | $2.44B | -1% | +1% | 3% | 24.1× | 7.7% | +3.2% |
| OEM International OEM-B.ST | Sweden | $2.34B | +11% | +11% | 15% | 29.9× | 14.6% | +10.1% |
| Hanwa 8078.T | Japan | $2.29B | +7% | +6% | 2% | 7.8× | -4.2% | +8.8% |
| Xinhua Winshare Publishing & Media 601811.SS | China | $2.52B | +26% | -4% | 7% | 15.2× | -11.4% | +5.4% |
| Bufab BUFAB.ST | Sweden | $2.55B | +16% | +8% | 13% | 29.2× | 18.7% | +11.2% |
| Workman 7564.T | Japan | $2.57B | -31% | +21% | 19% | 17.1× | 4.6% | +8.7% |
| DXP Enterprises DXPE | United States | $2.18B | -10% | +11% | 9% | 20.7× | 6.6% | +14.9% |
| IWATANI 8088.T | Japan | $2.73B | -4% | +5% | 5% | 7.6× | 4.3% | +10.1% |
| Marco Polo 001386.SZ | China | $2.80B | -15% | -12% | 21% | n/a | -7.2% | -5.5% |
| Jiangsu Azure 002245.SZ | China | $2.82B | -21% | +27% | 12% | 14.6× | 11.8% | +13.8% |
| Shanghai Xinhua Media 600825.SS | China | $2.03B | +118% | +1% | -1% | n/a | 44.5% | +2.3% |
| Inchcape INCH.L | United Kingdom | $2.87B | -21% | +7% | 6% | 7.5× | -6.0% | +5.9% |
| Currys CURY.L | United Kingdom | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% | -2.2% |
| Nagase & 8012.T | Japan | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% | +3.2% |
| BIC Cameras 3048.T | Japan | $1.94B | +10% | +7% | 4% | 15.2× | -8.2% | +4.5% |
| Russel Metals RUS.TO | Canada | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% | +11.5% |
| Dalrymple Bay Infrastructure DBI.AX | Australia | $1.92B | +6% | +11% | 29% | 26.2× | 7.8% | +104.8% |
| ARE 5857.T | Japan | $1.89B | +1% | +38% | 7% | 9.3× | 2.0% | +29.4% |
| Travis Perkins TPK.L | United Kingdom | $1.86B | +28% | 0% | 3% | 23.2× | 8.5% | +4.3% |
| Jiangxi Tungsten Rare and Precious Equipment 600397.SS | China | $1.86B | -13% | -92% | n/a | 156.9× | n/a | n/a |