At a glance
Now Inc is worth $2.98B. Revenue grew 18.8% to $2.82B in fiscal 2025, at a loss; over 5 years it has grown 11.7% a year. It pays no dividend; it spent $117.0M buying back its shares over FY2021–FY2025. The stock returned +12.1% over the past year with dividends reinvested and +17.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.1% in the 2020 crash (S&P 500: 33.7%) and 29.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows.
The business in plain English
DNOW is a distributor. It buys pipe, valves and fittings (PVF), pumps and related equipment from many manufacturers, stocks them near customers and resells them. It also assembles and tests process and production equipment and sells maintenance, repair and operating (MRO) supplies, the everyday consumables that keep sites running. The Houston-based company earns the difference between what it pays suppliers and what it charges. That difference, as a share of sales, is called gross margin; it was 17% in fiscal 2025, the year ended December 31, 2025.
Energy companies are the core customers. In fiscal 2025, upstream customers, who drill for and produce oil and gas, brought in 62.3% of the $2.82 billion in revenue. Midstream pipeline and gathering operators added 20.9%, refining, chemical and other industrial customers 10.2%, and gas utilities 6.6%. By region, the U.S. produced 81.3% of revenue, international markets 11.1% and Canada 7.6%.
On November 6, 2025, DNOW completed an all-stock purchase of fellow distributor MRC Global, so fiscal 2025 includes MRC Global only from that date. In the quarter ended June 30, 2026, revenue was $1.31 billion, up 108% from a year earlier. The combined company has about 5,300 employees in about 300 locations, manages purchasing and warehouses for some customers, and sells online through its DigitalNOW and MRCGO platforms.
Price history
The interactive chart needs JavaScript.
DNOW +12.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Upstream | $1.76B | 62.3% |
| Midstream | $590.0M | 20.9% |
| Downstream And Industrial | $288.0M | 10.2% |
| Gas Utilities | $185.0M | 6.6% |
By geography
| US | $2.29B | 81.3% |
| International | $312.0M | 11.1% |
| CA | $214.0M | 7.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.31B, up 108.1% from a year earlier, and net income was $-21.0M (-250.0%).
- For fiscal 2025, revenue was $2.82B (+18.8% year over year; +11.7% a year from FY2020 to FY2025) with a -3.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.7% good |
|---|---|
| Operating margin | -3.3% weak |
| Free cash flow margin | 4.8% watch |
| Return on equity (FY2025) | -4% weak |
| Return on assets (FY2025) | -2.3% weak |
| Net cash (cash minus debt) | $-360.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.62B | $-427.0M | $181.0M |
| FY2021 | $1.63B | $5.0M | $25.0M |
| FY2022 | $2.14B | $128.0M | $-9.0M |
| FY2023 | $2.32B | $250.0M | $171.0M |
| FY2024 | $2.37B | $78.0M | $289.0M |
| FY2025 | $2.82B | $-89.0M | $134.0M |
Valuation snapshot
| Market value | $2.98B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Now’s market value went from $2.20B at the end of 2016 to $2.98B on Oct 28, 2026, up 36%; since the end of 2025 it is up 114%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.98B | +114.4% |
| 2025 | $1.39B | +1.0% |
| 2024 | $1.38B | +14.4% |
| 2023 | $1.20B | -14.2% |
| 2022 | $1.40B | +48.6% |
| 2021 | $944.2M | +20.2% |
| 2020 | $785.3M | -35.8% |
| 2019 | $1.22B | -3.1% |
| 2018 | $1.26B | +6.1% |
| 2017 | $1.19B | -46.0% |
| 2016 | $2.20B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DNOW price data to Oct 28, 2026 | +24.5% | +12.1% | +15.0% | +17.8% | -2.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +24.5% |
| 2025 | +1.8% |
| 2024 | +14.9% |
| 2023 | -10.9% |
| 2022 | +48.7% |
| 2021 | +18.9% |
| 2020 | -36.1% |
| 2019 | -3.4% |
| 2018 | +5.5% |
| 2017 | -46.1% |
| 2016 | +29.4% |
| 2015 | -38.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.3% over that stretch · deepest drop along the way 55.1%, back to its old high 10.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 20.3% over that stretch · deepest drop along the way 29.4%, back to its old high 3.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (22 read): 0 open-market purchases and 7 sales ($7.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | David A Cherechinsky President and CEO, Director | sell | $3.3M |
| Aug 10, 2026 | David A Cherechinsky President and CEO, Director | sell | $969K |
| Aug 10, 2026 | Mark B Johnson See Remarks | sell | $843K |
| Aug 10, 2026 | Raymond W Chang VP and General Counsel | sell | $741K |
| Aug 10, 2026 | Mark B Johnson See Remarks | sell | $683K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15% | Mar 31, 2025 |
| Wellington Management Group LLP | 10.6% | May 29, 2026 |
| Vanguard Portfolio Management | 5.63% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4.4% | Jun 30, 2026 |
| Pacer US Small Cap Cash Cows ETF | 1.31% | Mar 31, 2025 |
ETFs with the most weight in DNOW
| TXSS Texas Capital Texas Small Cap Equity Index ETF | 3.09% |
| BOUT Innovator IBD Breakout Opportunities ETF | 2.18% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 1.76% |
| FSGS First Trust SMID Growth Strength ETF | 1.32% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.22% |
| FDLS Inspire Fidelis Multi Factor ETF | 1.03% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.84% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.69% |
What could go wrong
- MRC Global integration may stumble. DNOW bought MRC Global in an all-stock deal in November 2025. It says the expected benefits may not materialize and it may keep struggling to stabilize MRC Global's U.S. business-management (ERP) software.
- Heavy reliance on oil and gas spending. Upstream oil and gas producers supplied 62.3% of fiscal 2025 revenue. Lower oil or gas prices can lead these customers to cut spending, which can quickly reduce orders for DNOW's products.
- Steel prices can hurt either way. Falling steel prices can lower DNOW's margins and the value of inventory bought at higher prices. Rising steel prices may not be fully passed along to customers.
- Trade policy and tariff shifts. Existing U.S. tariffs and duties apply to imported line pipe, used in pipelines, and some other products. Lifting them could bring in more low-cost supply; new tariffs could raise DNOW's costs.
- Few long-term customer commitments. Many customers have no long-term agreement, and existing ones generally carry no minimum purchase requirement. Losing a large customer, or a shift toward lower-margin products or projects, could hurt results.
- Debt could strain finances in a downturn. As of June 30, 2026, DNOW had $474 million of debt and $114 million of cash. Debt payments and loan terms could limit its flexibility, especially if weaker energy demand cuts cash flow.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
DNOW pays no dividend. It paid none from fiscal 2021 through fiscal 2025, and its annual report says it cannot promise to pay one. For income investors, any return must come from share price gains, so drawing cash means selling shares. The company spent $117 million on buybacks (repurchasing its own stock) over those five years, yet the share count rose about 64%, from about 110.6 million in October 2021 to about 180.8 million in July 2026, a span that includes the all-stock MRC Global purchase. The price has swung widely. In the 2020 COVID crash the stock fell 55% between February 20 and March 18 and regained its peak by February 2021. From January to October 2022, as the broad market fell, it gained about 20%. Through October 28, 2026, its deepest fall since listing in 2014 was 89%. As a single stock, DNOW carries more risk than a diversified fund.
Questions investors ask
How does DNOW make money?
DNOW makes money mainly as a distributor. It buys pipe, valves, fittings, pumps and related equipment from manufacturers, stocks them near customers and resells them at a markup. Its gross margin, the share of sales left after the cost of the goods, was 17% in fiscal 2025. It also assembles and tests process equipment and manages purchasing and warehouses for some customers. Upstream oil and gas producers supplied 62.3% of its $2.82 billion in fiscal 2025 revenue, and the U.S. supplied 81.3%.
Does DNOW pay a dividend?
No. DNOW paid no dividends from fiscal 2021 through fiscal 2025, and its annual report says it cannot assure investors that it will pay any. Instead, it has returned cash through share buybacks, or repurchases of its own stock, spending $117 million over those five years, including $37 million in fiscal 2025. Investors who need regular income would have to sell shares to raise cash. The price has also been volatile: its largest drop in the year to October 28, 2026 was 34%.
Did DNOW buy MRC Global?
Yes. DNOW agreed on June 26, 2025 to buy MRC Global, another distributor, in an all-stock deal and completed it on November 6, 2025. It keeps the MRC Global brand and the MRCGO online ordering platform. Revenue in the quarter ended June 30, 2026 was $1.31 billion, up 108% from a year earlier. DNOW warns the expected benefits may not materialize and that it may keep having trouble stabilizing the U.S. business-management (ERP) software inherited from MRC Global.
Is DNOW profitable?
Not in fiscal 2025, its latest full year. DNOW lost $89 million, or $0.76 per diluted share, on $2.82 billion of revenue that year, and lost $21 million in the quarter ended June 30, 2026. It earned $250 million in fiscal 2023 and $78 million in fiscal 2024. Cash flow held up better: free cash flow, the cash left after operating costs and capital spending, was $134 million in fiscal 2025.
How has DNOW stock performed over the long term?
Strong over five years, weak over ten. As of October 28, 2026, DNOW shares returned about 17.8% a year over five years, a 127% total gain, but lost about 2.7% a year over ten years, a 24% total decline. Over one year they gained 12.1%. The ride has been rough: the deepest fall since the stock began trading in 2014 was 89%, and the largest drop in the year to that date was 34%.