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NOV Inc. (NOV)

NEUTRAL
EnergyOil & Gas Equipment & ServicesUnited States

Fundamental

51

Precio

$19.58

Capitalización Bursátil

$7.13B

Parte 1 · Cuánto vale la empresa

Resumen

NOV designs, manufactures and services the equipment used to drill and produce oil and gas wells, from drill bits and drill pipe to complete land rigs and offshore production systems. It also rents tools and provides field services such as tubular inspection and solids control. A growing minority of its work — carbon capture equipment, offshore wind installation vessels, geothermal drilling tools — serves energy transition markets, though oil and gas activity still drives most of its revenue.

Cómo genera ingresos

Revenue comes from selling and renting physical equipment and from services billed by the job, not from subscriptions. NOV recognizes revenue when equipment ships or a service is performed; large capital-equipment orders carry a backlog delivered over one to three years and often require customer down payments. About 66% of 2025 revenue came from outside the United States. Margins depend heavily on the volume of oil and gas drilling worldwide, since fixed manufacturing costs are spread over a swinging order book.

Ingresos por segmento

Energy Equipment55.7%

Capital equipment for drilling and production — land rigs, offshore systems, fracturing and well-intervention equipment — sold under multi-year contracts, plus spare parts and repair for the installed base.

Energy Products and Services44.3%

Consumable and rented products for drilling and completion — drill bits, drill pipe, downhole tools — plus inspection, solids-control and digital services billed by the job.

Ventaja competitiva

Sin ventaja identificada · Ninguna

NOV competes with national, regional and foreign manufacturers across every product line, and states in its own filings that some rivals have greater financial and technical resources. Its business depends on winning individual contracts rather than on a durable structural advantage, and its scale in a fragmented industry offers no clear pricing power over well-funded competitors.

Qué impulsa la demanda

Cíclico

Demand tracks worldwide oil and gas drilling activity, which in turn follows oil and gas prices, capital budgets of exploration companies, and OPEC production decisions — all of which NOV says it cannot control. The industry has swung between shortage and oversupply repeatedly; a backlog of $4.34 billion in equipment orders can still be delayed or cancelled if customer economics deteriorate.

Riesgos clave

  • Dependence on oil and gas drilling activity — NOV states that demand for its products and services depends primarily on the level of worldwide oil and gas drilling, which has historically been highly volatile and can swing sharply within a short period.
  • Revenue concentrated outside the United States — About 66% of 2025 revenue came from operations outside the United States, exposing NOV to political instability, sanctions, currency swings and expropriation risk in the many countries where it does business.
  • Fixed-price contract risk — NOV's capital-equipment backlog includes multi-year, fixed-price contracts. Cost overruns, supplier delays, tariffs or inflation in materials can erode margins on work already committed, and some customers cannot cancel for convenience but can still delay payment.
  • Supply chain and tariff exposure — The company depends on third-party vendors for raw materials and components; shortages, higher prices, shipping delays or new tariffs — including Section 232 steel tariffs — can raise costs or interrupt production.
  • Climate policy and sentiment pressure on oil and gas demand — Future laws restricting greenhouse gas emissions, carbon taxes, or negative investor and customer sentiment toward fossil fuels could reduce demand for oil and gas — and therefore for NOV's products — regardless of the company's own actions.

Los argumentos a favor

Buyers argue that NOV's shift toward carbon capture, offshore wind and geothermal work diversifies it beyond oil and gas, that its $4.34 billion equipment backlog provides revenue visibility, and that consolidation among oilfield-equipment makers has left it with scale few competitors can match.

Los argumentos en contra

Sellers fear that NOV's fortunes remain tied to volatile oil and gas capital spending it cannot influence, that intense competition from well-funded rivals limits its pricing power, and that fixed-price, multi-year contracts expose it to cost overruns if inflation or tariffs raise input costs faster than expected.

Datos por segmento del ejercicio fiscal 2025Fuentes: NOV Inc. — Form 10-K per l'esercizio chiuso al 31 dicembre 2025

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Balance y Liquidez

Ingresos

$8.69B

Últimos 12 meses (hasta 31/3/2026)

Beneficio Neto

$91M

Últimos 12 meses (hasta 31/3/2026)

Flujo de Caja Libre

$876M

Patrimonio Neto Total

$6.27B

Pasivo Total

$4.97B

Ratio de Liquidez

2.47

Cobertura de Intereses

4.42

Deuda/EBITDA

2.76

Beneficio Por Acción

Ingresos y Beneficio Neto

Flujo de Caja Libre

Desglose de Ingresos

Estado histórico

Márgenes en el tiempo

La deuda en el tiempo

Cuánto pesa la deuda

Cuadro de crecimiento

Crecimiento — Ingresos

Estimación de Valor Justo

Infravalorado

Valor Justo

$46.44

Precio Actual

$19.58

Margen de Seguridad

+57.8%

Rango de Valor Justo

$30.18 - $62.69

Métodos de Estimación

Analyst Target:$22.24
DCF:$146.73
PE-based:$4.65
Graham Growth:$4.40
EPV:$9.73
Consenso de Analistas:Comprar (11B / 11H / 2S)
Última Sorpresa de Resultados:+86.30%

Métricas de Valoración

Ratio P/E

79.04

ROE

2.3%

Ratio P/B

1.14

P/FCF

9.66

Margen Bruto

19.5%

ROIC

3.5%

Radar de Rentabilidad

Value Creation (Economic Moat)

ROIC

3.5%

WACC

8.2%

ROIC − WACC

-4.7 pp

ROIC is below the cost of capital — the company is destroying value for every dollar invested.

Criterios de Análisis Fundamental

Superado (11)

  • P/FCF 9.66
  • P/B Ratio 1.14
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • DCF valuation (Undervalued)
  • Revenue Growth 5Y 7.5%
  • Earnings Quality (OCF/NI) 11.98
  • Share Dilution -6.3%

Fallido (15)

  • EPS shows upward trend
  • EPS CAGR -11.83%
  • Price CAGR -5.88%
  • ROIC 3.5%
  • Gross Margin 19.5%
  • Operating Margin 4.5%
  • CapEx intensity
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • ROE 1.5%
  • Analyst Consensus 46% Buy
  • Earnings Surprise avg -36.6%
  • Net Margin Trend 1.0% vs 6.7%
  • Piotroski F-Score 4/9

No disponible (2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

4/9

Señales mixtas: algunas áreas requieren atención

score
criteria

Calidad de los Beneficios

11.98

Alta calidad: beneficios respaldados por efectivo

Dilución de Acciones

-6.3%

Recomprando acciones. Favorable para el accionista

Gobernanza

Equipo Directivo

NombreCargoEdad
Mr. Jose A. BayardoPresident, CEO & Chairman53
Mr. Rodney C. ReedSenior VP & CFO44
Mr. Craig L. Weinstock J.D.Senior VP, General Counsel & Secretary66
Mr. Joseph W. RovigPresident of Energy Equipment64
Ms. Christy H. NovakVP, Corporate Controller & Chief Accounting Officer52
Mr. David ReidChief Marketing Officer & CTO-
Mr. Alex PhilipsChief Information Officer-
Ms. Bonnie HoustonChief Administrative Officer-
Amie D'AmbrosioDirector of Investor Relations-
Mr. Mike LoucaidesChief Health, Safety, Security & Environmental Officer-

Riesgo de Auditoría

6

Riesgo del Consejo

5

Riesgo de Compensación

2

Riesgo de Derechos del Accionista

3

Parte 2 · El precio y el momento de entrar

Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.

Latest News

Recent headlines for NOV, sourced from Markets Gazette.

  • 4/15/2026NEGATIVE
    Oil-Gear Maker NOV Cuts Earnings Guidance as Iran War Hikes Costs and Snarls Deliveries

    NOV Inc., a major US oilfield equipment manufacturer, has significantly lowered its first-quarter earnings forecast. The downward revision is attributed to escalating operational costs and disruptions in equipment delivery chains, directly impacted by the ongoing conflict in the Middle East. This development signals increased financial pressure on the company due to geopolitical instability and supply chain vulnerabilities, potentially affecting investor sentiment and future revenue projections.

via Markets Gazette