NOV Inc. (NOV)
NEUTRALFondamental
51
Prix
$19.58
Capitalisation boursière
$7.13B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par segment
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.
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.
Avantage concurrentiel
Aucun avantage identifié · AucunNOV 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.
Ce qui stimule la demande
CycliqueDemand 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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.
Written by the editors, published on 18 août 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.
Bilan & Liquidités
Chiffre d'affaires
$8.69B
12 derniers mois (au 31/03/2026)
Résultat net
$91M
12 derniers mois (au 31/03/2026)
Flux de trésorerie libre
$876M
Capitaux propres totaux
$6.27B
Passif total
$4.97B
Ratio de liquidité général
2.47
Couverture des intérêts
4.42
Dette/EBITDA
2.76
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$46.44
Prix actuel
$19.58
Marge de sécurité
+57.8%
Fourchette de juste valeur
$30.18 - $62.69
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
79.04
ROE
2.3%
Ratio P/B
1.14
P/FCF
9.66
Marge brute
19.5%
ROIC
3.5%
Radar de rentabilité
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.
Critères d'analyse fondamentale
Réussi (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%
Échoué (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
Indisponible (2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Jose A. Bayardo | President, CEO & Chairman | 53 |
| Mr. Rodney C. Reed | Senior VP & CFO | 44 |
| Mr. Craig L. Weinstock J.D. | Senior VP, General Counsel & Secretary | 66 |
| Mr. Joseph W. Rovig | President of Energy Equipment | 64 |
| Ms. Christy H. Novak | VP, Corporate Controller & Chief Accounting Officer | 52 |
| Mr. David Reid | Chief Marketing Officer & CTO | - |
| Mr. Alex Philips | Chief Information Officer | - |
| Ms. Bonnie Houston | Chief Administrative Officer | - |
| Amie D'Ambrosio | Director of Investor Relations | - |
| Mr. Mike Loucaides | Chief Health, Safety, Security & Environmental Officer | - |
Risque d'audit
6
Risque du conseil
5
Risque de rémunération
2
Risque droits des actionnaires
3
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for NOV, sourced from Markets Gazette.
- 4/15/2026NEGATIVEOil-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