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US oilfield equipment manufacturer supplying drilling rigs, downhole tools and completion equipment to the energy industry.
US oilfield equipment manufacturer supplying drilling rigs, downhole tools and completion equipment to the energy industry.
Sells large rig packages and offshore equipment against long-lead orders, but depends on a steadier stream of replacement parts, repairs and consumables for the rigs already running, plus drill pipe and downhole tools that wear out. Orders for new equipment follow drilling companies' spending, which swings with oil prices, while aftermarket work is steadier.
Moat: narrow (installed base, IP / patents). Large installed base of rigs/equipment and long-standing engineering IP support recurring aftermarket sales.
Headquarters: Houston, Texas, US · Founded: 2005 · Employees: 31,605
Size NOV (NOV) is a United States Energy company (Oilfield Services/Equipment) with a market value of $6.26B, the 1033rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $17.56 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against -13.6% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 16 in its peer set.
Growth Revenue fell 1.0% over the last twelve months (peer median +13.0%); the operating margin is 6.4% (peer median 18.7%).
Valuation It trades at 14.8× forward earnings against a peer median of 15.1× (8th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points below its cost of capital (8.6% WACC).
Backlog Backlog (remaining performance obligations) was $4.27B at 30 Sep 2026, down 15% on a year earlier — 0.5 years of trailing revenue. Backlog detail →
Credit NOV has 2 bonds outstanding ($1.60B), rated BBB by the agencies and trading like BBB- at a weighted spread of 126 bp.
Short interest Short interest is 7.8% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.69B | $8.74B | $8.87B | $8.57B | $7.23B |
| Revenue growth | — | -1% | +3% | +18% | — |
| Gross profit | $1.81B | $1.86B | $2.13B | $1.81B | $1.32B |
| EBITDA | $926M | $1.03B | $1.34B | $933M | $556M |
| Net income | $143M | $145M | $635M | $993M | $155M |
| Free cash flow | $270M | $876M | $953M | -$140M | -$393M |
| Capital expenditure | $335M | $375M | $351M | $283M | $214M |
| Total debt | $2.32B | $2.34B | $2.39B | $2.38B | $2.37B |
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 |
|---|---|---|---|---|---|---|
| NOV NOV | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
| Baker Hughes BKR | $47.5B | -25% | +4% | 12% | 17.4× | 10.0% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| Weatherford International WFRD | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% |
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 | NOV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.5% | -9.0% | 5th highest of 16 |
| 6-month return | -8.8% | -13.6% | 5th highest of 16 |
| Distance from 52-week high | -19.9% | -29.0% | 4th highest of 16 |
| Revenue growth (TTM) | -1.0% | +13.0% | 3rd lowest of 16 |
| Operating margin | 6.4% | 18.7% | 2nd lowest of 16 |
| Forward P/E | 14.8× | 15.1× | 8th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 6.8% | 3.3% | 5th most demanding of 13 |
| Growth delivered (Del g) | +7.6% | +12.9% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | -0.8 pp | -10.2 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -2.8 pp | +2.8 pp | 4th lowest of 16 |
| EV / EBITDA | 8.2× | 8.3× | 7th cheapest of 15 |
| Net debt / EBITDA | 1.4× | 1.7× | 8th least indebted of 15 |
| Bond spread | 126 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NOV NOV | United States | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% | +7.6% |
| Weatherford International WFRD | United States | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% | +5.9% |
| SBM Offshore SBMO.AS | Netherlands | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% | +11.3% |
| Archrock AROC | United States | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% | +11.2% |
| Cactus WHD | United States | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% | +25.4% |
| Solaris Energy Infrastructure SEI | United States | $4.63B | -21% | +71% | 24% | 16.8× | n/a | n/a |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| Subsea 7 SUBC.OL | Norway | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% | +17.7% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Yantai Jereh Oilfield Services 002353.SZ | China | $12.2B | -42% | +13% | 19% | 24.1× | 14.8% | +14.5% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| TechnipFMC FTI | United States | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% | +8.5% |
NOV has 2 bonds outstanding with $1.60B face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 6.22%, a spread of 126 bp over government bonds.
NOV reported $4.27B of remaining performance obligations at 30 Sep 2026, down 15% from a year earlier and down 4% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.92.