NOV Inc.NOV
NYSE•Energy•Oil & Gas Equipment & Services
NOV Inc. designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates in two segments, Energy Equipment, and Energy Products and Services. The Energy Products and Services segment offers drill bits and borehole enlargement products; independent drilling and intervention downhole tools equipment; frac plugs, frac sleeves, toe initiation burst port systems, and recyclable setting tools; electric submersible pumps, high viscosity pumps, and surface pumps; tubular coating and inspection services for drill-pipe and other oil country tubular goods; solids control and waste management equipment and services; data and digital solutions; precision-engineered drill pipe and drill-stem equipment; connectors and integral thread solutions, including conductor strings, surface casing, and liners; and composite pipe, tanks, and structures. Its Energy Equipment segment provides drilling equipment, such as land rigs, complete offshore drilling packages, and rig components; capital equipment, related consumables, and digital products for hydraulic stimulation, coiled tubing, and wireline services; marine and construction solutions; processing solutions for the separation and treatment of oil, gas, solids, seawater, and produced water production; flexible subsea pipe systems; cavity pumps, specialized mixers and heat exchangers; and reciprocating, multistage, and progressive cavity pumps, midstream products, including closures, transfer pumps, chokes and valves, as well as artificial lift support systems that include production BOPs and stuffing boxes. The company was formerly known as National Oilwell Varco, Inc. and changed its name to NOV Inc. in January 2021. NOV Inc. was founded in 1862 and is based in Houston, Texas.
NOV Inc. (NOV) reported trailing twelve months revenue of $8.69B as of March 2026, a 1.4% decline year-over-year. Quarterly revenue reached $2.05B, reflecting a contraction in sales.
NOV Inc. generated $91.00M in TTM net income, with quarterly EBITDA of $139.00M. The operating margin contracted from 7.2% to 2.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (2.3%) and net margin (0.9%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 3.5% a year ago, reflecting increased costs or interest expense.
NOV trades at a P/E of 76.6x (a premium multiple) and a P/S of 0.8x. The price-to-book ratio of 1.1x reflects a moderate premium to book value.
The company reported negative free cash flow of $-91.00M, indicating cash consumption over the period. The balance sheet shows $11.14B in total assets with $1.69B in long-term debt against $6.21B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~7.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.7% on average, adequate but below the threshold typically associated with wide moats.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 54.6% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue has softened, declining in 6 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 8.6% — net buybacks are reducing shares outstanding and boosting per-share value.