At a glance
NOV Inc. is worth $6.87B, about 49 times its fiscal 2025 earnings. Revenue fell 1.4% to $8.74B in fiscal 2025, with 1.7% kept as profit; over 5 years it has grown 7.5% a year. It pays a 2.28% dividend yield, and returned $1.02B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +31.8% over the past year with dividends reinvested and +7.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.9% in the 2020 crash (S&P 500: 33.7%) and 35.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 32 months and 3 months after the lows.
The business in plain English
NOV Inc., formerly National Oilwell Varco, designs and manufactures the equipment and technology used to drill, complete and produce oil and gas wells. Its customers are oilfield service companies, drilling contractors and energy producers in 57 countries. They range from global majors and national oil companies to independents. NOV calls itself the largest independent equipment and technology provider to oilfield service companies, and it makes its products available to every industry player. It also earns aftermarket revenue by servicing its large installed base of equipment.
NOV reports two segments. Energy Equipment made up about 56% of fiscal 2025 revenue of $8.74 billion. It builds large drilling and production equipment, often under multi-year contracts with down payments and staged billing as work advances. Its backlog of orders not yet delivered was $4.34 billion as of December 31, 2025. Energy Products and Services, about 45%, supplies drill bits, downhole tools and completion tools, plus shorter-cycle services and rentals. The two shares add to more than 100% because sales between the segments are removed from the total.
By type, products made up about 67% of fiscal 2025 revenue, services 22% and rentals 11%. The US supplied about 34%, Norway and Brazil about 10% each, and other countries the rest. NOV also supplies equipment for geothermal wells, vessels that install offshore wind turbines, and advanced nuclear projects.
Price history
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NOV +31.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $5.83B | 66.6% |
| Service | $1.95B | 22.3% |
| Rental | $963.0M | 11% |
| Royalty | $57.0M | 0.7% |
By business segment
| Energy Equipments | $4.93B | 56.4% |
| Energy Products And Services | $3.98B | 45.5% |
By geography
| Other Countries | $3.94B | 45.1% |
| US | $3.00B | 34.3% |
| NO | $907.0M | 10.4% |
| BR | $896.0M | 10.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.23B, up 2.3% from a year earlier, and net income was $90.0M (+114.3%).
- For fiscal 2025, revenue was $8.74B (-1.4% year over year; +7.5% a year from FY2020 to FY2025) with a 1.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.5% good |
|---|---|
| Operating margin | 5.6% watch |
| Free cash flow margin | 10% good |
| Return on equity (FY2025) | 2.3% weak |
| Return on assets (FY2025) | 1.3% weak |
| Net cash (cash minus debt) | $-649.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.09B | $-2.54B | $700.0M |
| FY2021 | $5.52B | $-250.0M | $90.0M |
| FY2022 | $7.24B | $155.0M | $-393.0M |
| FY2023 | $8.58B | $993.0M | $-140.0M |
| FY2024 | $8.87B | $635.0M | $953.0M |
| FY2025 | $8.74B | $145.0M | $876.0M |
Valuation snapshot
| Market value | $6.87B |
|---|---|
| P/E ratio | 49.4 |
| Dividend yield | 2.28% |
Rank among 1514 US companies
Market value at each year end
NOV’s market value went from $14.14B at the end of 2016 to $6.87B on Oct 28, 2026, down 51%; since the end of 2025 it is up 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.87B | +20.5% |
| 2025 | $5.70B | +0.4% |
| 2024 | $5.68B | -28.9% |
| 2023 | $7.99B | -2.6% |
| 2022 | $8.21B | +55.0% |
| 2021 | $5.29B | -0.7% |
| 2020 | $5.33B | -44.8% |
| 2019 | $9.67B | -1.9% |
| 2018 | $9.85B | -28.0% |
| 2017 | $13.69B | -3.2% |
| 2016 | $14.14B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NOV price data to Oct 28, 2026 | +25.5% | +31.8% | +2.1% | +7.6% | -4.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.5% |
| 2025 | +11.4% |
| 2024 | -26.7% |
| 2023 | -1.9% |
| 2022 | +55.7% |
| 2021 | -0.9% |
| 2020 | -44.9% |
| 2019 | -1.7% |
| 2018 | -28.3% |
| 2017 | -3.2% |
| 2016 | +13.9% |
| 2015 | -46.7% |
| 2014 | -6.6% |
| 2013 | +17.8% |
| 2012 | +1.2% |
| 2011 | +1.7% |
| 2010 | +54.0% |
| 2009 | +85.0% |
| 2008 | -66.7% |
| 2007 | +140.1% |
| 2006 | -2.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 65.7% over that stretch · deepest drop along the way 80.5%, back to its old high 66.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.1% over that stretch · deepest drop along the way 63.9%, back to its old high 31.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 25.3% over that stretch · deepest drop along the way 35.5%, back to its old high 3.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($4.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 23, 2026 | Joseph W Rovig President - Energy Equipment | sell | $3.0M |
| Feb 23, 2026 | Craig L. Weinstock Sr. VP. & Gen. Counsel | sell | $600K |
| Feb 23, 2026 | Craig L. Weinstock Sr. VP. & Gen. Counsel | sell | $406K |
| Feb 23, 2026 | Craig L. Weinstock Sr. VP. & Gen. Counsel | sell | $209K |
| Feb 23, 2026 | Craig L. Weinstock Sr. VP. & Gen. Counsel | sell | $190K |
Who owns it
Large shareholders (13G filings)
| PZENA INVESTMENT MANAGEMENT LLC | 11% | Sep 30, 2024 |
| First Eagle Investment Management, LLC | 8.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.25% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5% | Sep 30, 2025 |
| Hotchkis and Wiley Capital Management, LLC | 4.14% | Mar 31, 2026 |
ETFs with the most weight in NOV
| PXJ Invesco Oil & Gas Services ETF | 4.96% |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 4.71% |
| OIH VanEck Oil Services ETF | 4.48% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 4.46% |
| FXN First Trust Energy AlphaDEX Fund | 3.97% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 1.88% |
| CAMX Cambiar Aggressive Value ETF | 1.35% |
| PEXL Pacer US Export Leaders ETF | 0.94% |
What could go wrong
- Large equipment orders can be cancelled or delayed. Energy Equipment had $4.34 billion of undelivered orders as of December 31, 2025. Cost misjudgments, supplier delays, steel tariffs or customers' financial trouble could squeeze margins or lead to cancelled or delayed projects.
- Fixed-price contracts can leave NOV absorbing overruns. Some engineered packages are priced up front for multi-year jobs. If labor, materials or supplier costs rise, NOV may absorb the difference and face claims for liquidated damages, which are pre-agreed penalty payments.
- Demand rises and falls with drilling activity. Orders depend on rig counts, wells drilled and completions, which follow oil and gas prices, OPEC output limits and energy policy. Drilling activity can change quickly, especially in the US and Canada.
- Heavy reliance on foreign markets, including Russia. Only about 34% of fiscal 2025 revenue came from the US. Working in 57 countries exposes NOV to sanctions, export controls, currency swings and political conflict, and its operations in Russia carry added risks.
- Rivals and expiring patents could erode sales. Competitors keep launching new products, and patents protecting NOV's own technology eventually expire. Either could force lower prices or cost NOV customers, reducing revenue and earnings.
- Climate policy and alternative energy could curb drilling. Stricter emissions rules, climate policies and growth in alternative energy could reduce oil and gas development. NOV is expanding into geothermal, offshore wind and nuclear, but its demand depends mainly on oil and gas activity.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results; Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
- Executive or board change
For income and retirement investors
NOV pays a dividend, but its record of increases is short. Dividends per share rose from $0.05 in fiscal 2020 to $0.51 in 2025, with increases only in 2022, 2024 and 2025. The yield was 2.28% as of October 28, 2026. In fiscal 2025, dividends equaled 131% of earnings after profit fell 77%. They used only about 22% of free cash flow, which is the cash left after capital spending. NOV also repurchased $229 million of stock in fiscal 2024 and $315 million in 2025. The share count fell about 9% from February 2022 to October 2026.
The stock has fallen hard in market downturns. It dropped about 81% in the 2008 financial crisis and took about 67 months to recover. It fell about 64% in the 2020 COVID crash and took about 32 months to recover. In the 2022 bear market it fell about 36% at one point but still gained 25% from the market's peak to its low. Single stocks like NOV carry more risk than diversified funds.
Questions investors ask
How does NOV make money?
NOV earns its money by manufacturing, renting and servicing equipment for oil and gas wells. In fiscal 2025, products brought in about 67% of its $8.74 billion revenue, services about 22% and rentals 11%. Its Energy Equipment segment builds large drilling and production equipment, while Energy Products and Services supplies drill bits, downhole tools and completion tools. Customers include energy producers, drilling contractors and oilfield service companies in 57 countries.
Is NOV the same company as National Oilwell Varco?
Yes. NOV Inc. was formerly called National Oilwell Varco Inc., and before that National Oilwell Inc. It trades on the New York Stock Exchange under the ticker NOV and is incorporated in Delaware. The company says it and its predecessors have spent more than 160 years working in oil and gas development. It reports two segments: Energy Equipment and Energy Products and Services.
Does NOV raise its dividend every year?
No. NOV raised its dividend in fiscal 2024 and 2025, a two-year streak, but the record is uneven. Dividends per share were $0.05 in fiscal 2020 and 2021, $0.20 in 2022 and 2023, $0.275 in 2024 and $0.51 in 2025. The yield was 2.28% as of October 28, 2026. In fiscal 2025, dividends were 131% of earnings, more than the company earned, but they used only about 22% of free cash flow.
How much debt does NOV have?
NOV had about $1.71 billion of total debt as of September 30, 2026. It also held about $1.06 billion of cash and investments, which left net debt of roughly $649 million. Shareholders' equity was about $6.25 billion, and total assets were about $11.2 billion. NOV's fiscal 2025 annual report says it keeps a conservative balance sheet with an investment-grade credit rating. That means rating agencies see its risk of default as relatively low.
How has NOV stock performed over the long term?
The record is mixed: the stock is down over 10 years but up over five. Based on share price as of October 28, 2026, NOV was down about 34% over 10 years, up about 45% over five years and up about 32% over one year. The price swings widely. In about 21 years of price history, its largest drop from a peak was about 90%. In the three years to that date, it fell about 46% at its worst point.