NOV (NOV)
Market Price (12/27/2025): $15.615 | Market Cap: $5.8 BilSector: Energy | Industry: Oil & Gas Equipment & Services
NOV (NOV)
Market Price (12/27/2025): $15.615Market Cap: $5.8 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8%, FCF Yield is 15% | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -98% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg QQuarterly Revenue Change % is -0.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% | Key risksNOV key risks include [1] decreased North American demand and project delays impacting its higher-margin aftermarket business, Show more. | |
| Low stock price volatilityVol 12M is 45% | ||
| Megatrend and thematic driversMegatrends include US Energy Independence, Offshore Wind Development, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, Dividend Yield is 3.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8%, FCF Yield is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include US Energy Independence, Offshore Wind Development, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -98% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg QQuarterly Revenue Change % is -0.7% |
| Key risksNOV key risks include [1] decreased North American demand and project delays impacting its higher-margin aftermarket business, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
1. Stronger-than-Expected Revenue in Q3 2025 Earnings Despite EPS Miss<br><br>
NOV reported its third-quarter 2025 earnings on October 28, 2025, with an Earnings Per Share (EPS) of $0.11, which missed analysts' consensus estimates of $0.24-$0.25. However, the company's revenue of $2.18 billion slightly exceeded forecasts. Despite the EPS miss, NOV's stock experienced a 6.72% increase on the day of the earnings announcement, closing at $14.89, suggesting a positive market reaction to the revenue performance and the company's focus on operational efficiency and cost control.
2. Strategic Leadership Change with New CEO Appointment<br><br>
On November 19, 2025, NOV announced the retirement of its longstanding Chairman, President, and CEO, Clay Williams, and the appointment of Jose Bayardo as the new CEO, effective January 1, 2026. This significant leadership transition, which included Bayardo's prior appointment to the Board of Directors on October 27, 2025, may have been perceived by investors as a positive move towards a fresh strategic direction or renewed focus for the company.
Stock Movement Drivers
Fundamental Drivers
The 16.4% change in NOV stock from 9/26/2025 to 12/26/2025 was primarily driven by a 41.2% change in the company's P/E Multiple.| 9262025 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 13.42 | 15.62 | 16.41% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 8790.00 | 8775.00 | -0.17% |
| Net Income Margin (%) | 5.36% | 4.36% | -18.54% |
| P/E Multiple | 10.68 | 15.09 | 41.25% |
| Shares Outstanding (Mil) | 375.00 | 370.00 | 1.33% |
| Cumulative Contribution | 16.39% |
Market Drivers
9/26/2025 to 12/26/2025| Return | Correlation | |
|---|---|---|
| NOV | 16.4% | |
| Market (SPY) | 4.3% | 43.0% |
| Sector (XLE) | -3.9% | 67.1% |
Fundamental Drivers
The 24.0% change in NOV stock from 6/27/2025 to 12/26/2025 was primarily driven by a 85.1% change in the company's P/E Multiple.| 6272025 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 12.60 | 15.62 | 23.97% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 8818.00 | 8775.00 | -0.49% |
| Net Income Margin (%) | 6.68% | 4.36% | -34.66% |
| P/E Multiple | 8.15 | 15.09 | 85.14% |
| Shares Outstanding (Mil) | 381.00 | 370.00 | 2.89% |
| Cumulative Contribution | 23.86% |
Market Drivers
6/27/2025 to 12/26/2025| Return | Correlation | |
|---|---|---|
| NOV | 24.0% | |
| Market (SPY) | 12.6% | 37.3% |
| Sector (XLE) | 4.5% | 64.6% |
Fundamental Drivers
The 12.5% change in NOV stock from 12/26/2024 to 12/26/2025 was primarily driven by a 197.6% change in the company's P/E Multiple.| 12262024 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 13.88 | 15.62 | 12.54% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 8905.00 | 8775.00 | -1.46% |
| Net Income Margin (%) | 12.05% | 4.36% | -63.78% |
| P/E Multiple | 5.07 | 15.09 | 197.60% |
| Shares Outstanding (Mil) | 392.00 | 370.00 | 5.61% |
| Cumulative Contribution | 12.19% |
Market Drivers
12/26/2024 to 12/26/2025| Return | Correlation | |
|---|---|---|
| NOV | 12.5% | |
| Market (SPY) | 15.8% | 58.1% |
| Sector (XLE) | 7.1% | 75.0% |
Fundamental Drivers
The -19.8% change in NOV stock from 12/27/2022 to 12/26/2025 was primarily driven by a -97.8% change in the company's P/E Multiple.| 12272022 | 12262025 | Change | |
|---|---|---|---|
| Stock Price ($) | 19.49 | 15.62 | -19.85% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 6681.00 | 8775.00 | 31.34% |
| Net Income Margin (%) | 0.16% | 4.36% | 2550.94% |
| P/E Multiple | 692.70 | 15.09 | -97.82% |
| Shares Outstanding (Mil) | 391.00 | 370.00 | 5.37% |
| Cumulative Contribution | -20.08% |
Market Drivers
12/27/2023 to 12/26/2025| Return | Correlation | |
|---|---|---|
| NOV | -20.5% | |
| Market (SPY) | 48.0% | 51.3% |
| Sector (XLE) | 9.7% | 72.4% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NOV Return | -45% | -1% | 56% | -2% | -27% | 11% | -32% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| NOV Win Rate | 33% | 42% | 58% | 42% | 42% | 83% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| NOV Max Drawdown | -68% | -15% | 0% | -32% | -30% | -23% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See NOV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | NOV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -43.3% | -25.4% |
| % Gain to Breakeven | 76.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -68.6% | -33.9% |
| % Gain to Breakeven | 218.1% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -62.4% | -19.8% |
| % Gain to Breakeven | 166.0% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -80.5% | -56.8% |
| % Gain to Breakeven | 412.6% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
NOV's stock fell -43.3% during the 2022 Inflation Shock from a high on 1/26/2023. A -43.3% loss requires a 76.3% gain to breakeven.
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NOV Inc. designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. It also provides solids control and waste management equipment and services; portable power generation products; drill and wired pipes; drilling optimization and automation services; tubular inspection, repair, and coating services; instrumentation; measuring and monitoring services; downhole and fishing tools; steerable technologies; and drill bits. The company offers equipment and technologies for hydraulic fracture stimulation, including downhole multistage fracturing tools, pressure pumping trucks, blenders, sanders, hydration and injection units, flowline, and manifolds; coiled tubing units, and wireline units and tools; connections and liner hangers; onshore production consists of composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and offshore production, such as floating production systems and subsea production technologies, as well as manufactures industrial pumps and mixers. It also provides substructures, derricks, and masts; cranes; jacking systems; pipe lifting, racking, rotating, and assembly systems; mud pumps; pressure control equipment; drives and generators; rig instrumentation and control systems; mooring, anchor, and deck handling machinery; equipment components for offshore wind construction vessels; and pipelay and construction systems. NOV Inc. offers spare parts, repair, and rentals as well as comprehensive remote equipment monitoring, technical support, field service, and customer training. 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.
AI Analysis | Feedback
Here are 1-2 brief analogies for NOV:
- NOV is like the Caterpillar of the oil and gas industry, providing heavy equipment and components for drilling and production.
- NOV is like the Boeing of oilfield equipment, manufacturing large-scale, complex machinery crucial for oil and gas extraction.
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- Drilling Rigs & Equipment: Provides entire drilling rigs and essential components like top drives, drawworks, and pipe handling systems for land and offshore operations.
- Drilling & Intervention Tools: Manufactures a wide range of downhole tools for drilling, measurement-while-drilling (MWD), and wellbore intervention.
- Completion & Production Equipment: Offers critical equipment for preparing wells for production and extracting oil and gas, including artificial lift systems and surface processing units.
- Wellbore Technologies & Services: Develops advanced solutions for drilling fluid management, solids control, and tubular running services.
- Rig Aftermarket & Support: Delivers spare parts, maintenance, upgrades, and digital solutions to optimize the performance and extend the life of drilling assets.
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Major Customers of NOV (National Oilwell Varco)
NOV primarily sells to other companies within the global oil and gas industry. According to NOV's public filings (e.g., its 2023 Annual Report on Form 10-K), no single customer accounts for more than 10% of its consolidated revenues, indicating a diverse customer base. Therefore, NOV does not identify individual "major customers" in the traditional sense of those contributing a significant portion of its revenue.
However, NOV serves a broad spectrum of companies across the upstream oil and gas value chain. Its customer base generally falls into the following categories. The companies listed below are prominent examples within each category and represent the types of entities that would typically procure NOV's equipment, technology, and services, rather than being specific disclosed "major customers" of NOV:
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Exploration and Production (E&P) Companies: These companies are involved in finding, extracting, and producing crude oil and natural gas.
- Exxon Mobil Corporation (XOM)
- Chevron Corporation (CVX)
- ConocoPhillips (COP)
- Shell plc (SHEL)
- BP p.l.c. (BP)
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Drilling Contractors: These companies own and operate drilling rigs and provide drilling services to E&P companies.
- Valaris Limited (VAL)
- Transocean Ltd. (RIG)
- Helmerich & Payne, Inc. (HP)
-
Oilfield Service Companies: These companies provide specialized services, equipment, and technology for drilling, completion, and production operations.
- Schlumberger Limited (SLB)
- Halliburton Company (HAL)
- Baker Hughes Company (BKR)
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Clay C. Williams Chairman and Chief Executive OfficerMr. Williams is the Chairman and Chief Executive Officer of NOV, a position he assumed in February 2014. He previously served as NOV's President and Chief Operating Officer, and Executive Vice President and Chief Financial Officer. Prior to NOV's merger with National Oilwell, he was Varco's Chief Financial Officer. His earlier roles at Varco and Tuboscope included Vice President of finance, Vice President of corporate development, and Vice President of pipeline services. Before Tuboscope, he worked for SCF Partners and Shell Oil Company. Varco merged with National Oilwell, and he also came to Varco through an earlier merger with Tuboscope. He also previously held the position of President for Ameron International Corp.
Jose Bayardo President and Chief Operating Officer
Mr. Bayardo was promoted to President and Chief Operating Officer in March 2025. He previously served as NOV's Senior Vice President and Chief Financial Officer, a role he held since joining the company in 2015. Prior to NOV, he was Senior Vice President, Resource and Business Development at Continental Resources, Inc. He also spent nine years at Complete Production Services, Inc., where his roles included Senior Vice President, Chief Financial Officer, and Treasurer. Complete Production Services, Inc. was acquired by Superior Energy Services Inc. Earlier in his career, he was an investment banker with J.P. Morgan.
Rodney Reed Senior Vice President and Chief Financial Officer
Mr. Reed was appointed Senior Vice President and Chief Financial Officer in March 2025. Since joining NOV in 2014, he has held several leadership positions, including President of NOV Process Flow Technologies, President of NOV Completion Tools, Vice President of Corporate Development, and Vice President of Internal Audit. Before joining NOV, he was a Senior Manager at Ernst & Young.
Alex Philips Chief Information Officer
Mr. Philips serves as the Chief Information Officer of NOV. His previous roles at NOV include Chief Information Security Officer, ERP Director, and IT Infrastructure Manager. Before his tenure at NOV, he worked as an IT Network Administrator at Phoenix Energy Services.
Christy H. Novak Chief Accounting Officer, Vice President and Corporate Controller
Ms. Novak has been the Chief Accounting Officer, Vice President and Corporate Controller of NOV since November 2021. She previously served as NOV's Vice President of Accounting Systems, and prior to that, she was the Vice President of Finance for the company's Rig Technologies operating segment. She has held various positions of increasing responsibility during her 16 years with NOV.
AI Analysis | Feedback
The key risks to NOV's business include:
- Macroeconomic and Geopolitical Uncertainties: NOV's business is highly sensitive to macroeconomic conditions, global trade tensions, and geopolitical events. Macroeconomic uncertainty, the rapid unwinding of OPEC+ production quotas, and conflicts in the Middle East have led to increased caution among customers, deferred orders, and lower revenues. Weakening economic conditions are expected to dampen oilfield activity, particularly in North America, Mexico, and Saudi Arabia. A significant decline in oil prices and a recession would reduce capital expenditures from oil and gas companies, directly impacting demand for NOV's products and services. These uncertainties are anticipated to persist through the second half of 2025.
- Decreased Demand and Project Delays: The company faces decreased demand, particularly in the North American market, characterized by customers trimming oil-directed drilling. This structural weakness in North America makes NOV increasingly reliant on more volatile international and offshore markets. Additionally, delays in offshore production vessel deliveries and final investment decisions for projects are impacting orders and reducing near-term revenue visibility. These delays are attributed to supply constraints, long lead times for equipment, shipyard congestion, inflation, and broader macroeconomic uncertainties, and are expected to result in a decline in the company's higher-margin aftermarket business.
- Rising Costs and Pressure on Profit Margins: NOV is contending with significant cost pressures stemming from tariffs and inflation. Tariff expenses are projected to increase, and while the company is implementing mitigation strategies, these costs are expected to erode profit margins. Inflationary pressures from U.S. suppliers further exacerbate this issue. These rising costs, combined with a shift in sales mix, have negatively impacted the company's margins and contributed to a decline in net income.
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The accelerating global energy transition away from fossil fuels presents a clear emerging threat to NOV. As nations and corporations commit to decarbonization and increased investment in renewable energy sources, the long-term demand for NOV's core oil and gas drilling and production equipment and services faces a significant structural decline. While NOV is actively diversifying into renewable energy solutions, its primary revenue stream remains heavily tied to the upstream oil and gas industry, making the pace and scale of this energy transition a fundamental threat to its traditional market.
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NOV Inc. (National Oilwell Varco) provides technology, equipment, and services primarily to the oil and gas industry, operating through three main segments: Rig Technologies, Wellbore Technologies, and Completion & Production Solutions.
Addressable Markets for NOV's Main Products and Services:
-
Oilfield Services Market:
- Globally, the oilfield services market was valued at approximately $113.7 billion in 2022 and is projected to reach $161.1 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 3.6% from 2023 to 2032.
- Another estimate places the global oilfield services market size at $133.1 billion in 2023, projected to grow to $166.4 billion by 2030 at a CAGR of 3.4%.
- In 2024, the global oilfield services market was valued at $322.83 billion and is projected to grow to $606.63 billion by 2035, exhibiting a CAGR of 5.90% from 2025 to 2035.
- North America held the largest revenue share in the oilfield services market, accounting for 31.95% in 2023, with the U.S. alone representing 75.07% of the North American market.
-
Oilfield Equipment Market:
- The global oilfield equipment market was valued at approximately $129.71 billion in 2023 and is anticipated to reach $172.22 billion by 2032, growing at a CAGR of 3.20% from 2024 to 2032.
- Another assessment estimates the global oilfield equipment market size at $126.91 billion in 2023, projected to reach $156.50 billion by 2030 with a CAGR of 3.1%.
- North America held the largest revenue share of 39.3% in the oilfield equipment market in 2023.
-
Drilling Equipment Market (part of Rig Technologies):
- The global drilling equipment market size is estimated to be $8,962.58 million (approximately $8.96 billion) in 2025 and is expected to reach $14,285.0 million (approximately $14.28 billion) by 2033, with a CAGR of 6.00% from 2025 to 2033.
- North America held the major market share of over 37% of the global revenue for drilling equipment in 2025, with a market size of $3,316.15 million (approximately $3.32 billion).
-
Wellbore Technologies (including Wellbore Cleaning Tools and Well Logging Tools):
- The global wellbore cleaning tool market was valued at $3.36 billion in 2024 and is expected to reach $4.96 billion by 2032, with a CAGR of 5.00%.
- North America dominated the wellbore cleaning tool market with a 42.15% revenue share in 2024.
- The global well logging tools market size was valued at $7.18 billion in 2024 and is projected to reach $13.3 billion by 2033, registering a CAGR of 7.1% during the forecast period (2025-2033).
-
Completion & Production Solutions (including Completion Equipment and Subsea Production Systems):
- The global completion equipment and service market revenue was valued at $9.18 billion in 2023, with North America holding a majority share of $3.5 billion.
- The global well completion equipment and services market is projected to grow from $8,367.1 million (approximately $8.37 billion) in 2024 to $13,880 million (approximately $13.88 billion) by 2030, at a CAGR of 8.8%.
- The global subsea production and processing system market was valued at $18.63 billion in 2023 and is anticipated to exceed $40.9 billion by 2033, growing at a CAGR of 8.18% from 2023 to 2033.
- Another report states the global subsea production and processing system market size is estimated at $21.63 billion in 2025 and is expected to reach $32.53 billion by 2030, at a CAGR of 8.51%.
AI Analysis | Feedback
National Oilwell Varco (NOV) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market trends:
-
Expansion in International and Offshore Markets: NOV has consistently highlighted that growth in international and offshore markets is a significant contributor to its financial performance, helping to offset any declines experienced in North America. The company has seen increased demand due to technology investments in regions such as Angola and the Arabian Gulf.
-
Strong Demand and Backlog for Capital Equipment: The company is experiencing robust demand for its capital equipment, particularly for offshore production equipment. This has led to an increase in its project backlog. Specifically, NOV's Subsea Flexible Pipe business has achieved record quarterly revenue and bookings, with its project backlog reaching an all-time high. Additionally, its gas-focused process systems businesses are also seeing strong performance.
-
Adoption of New Technologies, Digitalization, and Automation: NOV's strategic focus on developing and deploying new technologies, including robotics, digital automation platforms, and performance-enhancing solutions, is generating heightened customer demand. These innovations are designed to deliver safer and more efficient oilfield operations and to help customers achieve lower emissions, thereby providing a foundation for continued growth. The Max Completions platform, for example, is enabling improved efficiencies in intervention and stimulation operations.
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Share Repurchases
- NOV authorized a share repurchase program for up to $1.00 billion of common stock over a 36-month period, announced in April 2024.
- During the first quarter of 2025, NOV repurchased 5.4 million shares for $81 million.
- In the second quarter of 2025, NOV repurchased approximately 5.5 million shares for $69 million.
Capital Expenditures
- NOV anticipates a 50% increase in capital expenditure spending for deepwater development between 2025 and 2027, compared to the 2020–2024 period.
- For the first quarter of 2025, capital expenditures totaled $84 million.
- The primary focus of capital expenditures includes advanced natural gas dehydration, CO2 handling, produced water treatment systems, and offshore wind products.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| NOV Earnings Notes | ||
| NOV Earnings Notes | ||
| How Low Can NOV Stock Really Go? | Return | |
| NOV vs Charter Communications: Which Is A Better Investment? | Counter-Intuitive Comparisons | |
| NOV vs Devon Energy: Which Is A Better Investment? | Counter-Intuitive Comparisons | |
| How Does NOV Stock Stack Up Against Its Peers? | Peer Comparison | |
| NOV (NOV) Operating Cash Flow Comparison | Financials | |
| NOV (NOV) EBITDA Comparison | Financials | |
| NOV (NOV) Net Income Comparison | Financials | |
| NOV (NOV) Debt Comparison | Financials |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to NOV. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 12.1% | 12.1% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.4% | 6.4% | 0.0% |
| 10102025 | COP | ConocoPhillips | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.4% | 5.4% | -2.3% |
| 10102025 | HAL | Halliburton | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 28.1% | 28.1% | -0.7% |
| 10102025 | OXY | Occidental Petroleum | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.9% | -4.9% | -7.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for NOV
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.32 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 12.3% |
| Op Mgn 3Y Avg | 12.2% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 17.5% |
| CFO/Rev 3Y Avg | 17.1% |
| FCF/Rev LTM | 14.1% |
| FCF/Rev 3Y Avg | 12.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 158.8 |
| P/S | 2.7 |
| P/EBIT | 21.2 |
| P/E | 33.0 |
| P/CFO | 16.2 |
| Total Yield | 5.2% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.7% |
| 3M Rtn | 7.5% |
| 6M Rtn | 19.6% |
| 12M Rtn | 13.4% |
| 3Y Rtn | 73.6% |
| 1M Excs Rtn | -1.1% |
| 3M Excs Rtn | 3.2% |
| 6M Excs Rtn | 7.3% |
| 12M Excs Rtn | -1.7% |
| 3Y Excs Rtn | -6.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Energy Equipment | 4,669 | ||||
| Energy Products and Services | 4,077 | ||||
| Eliminations | -163 | ||||
| Completion & Production Solutions | 2,588 | 1,963 | 2,433 | 2,771 | |
| Eliminations and corporate costs | -162 | -137 | -129 | -188 | |
| Rig Technologies | 2,034 | 1,739 | 1,919 | 2,682 | |
| Wellbore Technologies | 2,777 | 1,959 | 1,867 | 3,214 | |
| Total | 8,583 | 7,237 | 5,524 | 6,090 | 8,479 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Energy Products and Services | 507 | ||||
| Energy Equipment | 371 | ||||
| Eliminations | -227 | ||||
| Completion & Production Solutions | 69 | -65 | -977 | -1,934 | |
| Eliminations and corporate costs | -253 | -186 | -228 | -270 | |
| Rig Technologies | 144 | 43 | -362 | -524 | |
| Wellbore Technologies | 304 | 74 | -858 | -3,551 | |
| Total | 651 | 264 | -134 | -2,425 | -6,279 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Energy Equipment | 5,509 | ||||
| Energy Products and Services | 4,777 | ||||
| Eliminations | 1,008 | ||||
| Completion & Production Solutions | 2,748 | 2,465 | 2,472 | 3,826 | |
| Eliminations and corporate costs | 1,321 | 1,794 | 1,869 | 1,487 | |
| Rig Technologies | 3,074 | 2,621 | 2,923 | 3,758 | |
| Wellbore Technologies | 2,992 | 2,670 | 2,665 | 4,078 | |
| Total | 11,294 | 10,135 | 9,550 | 9,929 | 13,149 |
Price Behavior
Price Behavior
| Market Price | $15.62 | |
| Market Cap ($ Bil) | 5.8 | |
| First Trading Date | 10/29/1996 | |
| Distance from 52W High | -6.1% | |
| 50 Days | 200 Days | |
| DMA Price | $15.10 | $13.33 |
| DMA Trend | up | up |
| Distance from DMA | 3.4% | 17.2% |
| 3M | 1YR | |
| Volatility | 41.4% | 45.4% |
| Downside Capture | 106.33 | 110.29 |
| Upside Capture | 158.11 | 106.03 |
| Correlation (SPY) | 43.3% | 58.1% |
NOV Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.20 | 1.51 | 1.33 | 1.25 | 1.34 | 1.20 |
| Up Beta | 1.19 | 0.68 | 1.39 | 1.39 | 1.33 | 1.19 |
| Down Beta | 3.66 | 2.81 | 2.53 | 2.03 | 1.77 | 1.60 |
| Up Capture | 96% | 176% | 110% | 112% | 93% | 60% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 12 | 24 | 33 | 66 | 118 | 362 |
| Down Capture | 82% | 88% | 55% | 71% | 106% | 104% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 7 | 17 | 28 | 56 | 125 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of NOV With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| NOV | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 15.4% | 8.6% | 17.8% | 72.1% | 8.6% | 4.4% | -8.3% |
| Annualized Volatility | 45.1% | 24.4% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 0.45 | 0.29 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 75.1% | 58.1% | 2.0% | 49.5% | 45.5% | 22.6% | |
ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of NOV With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| NOV | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 4.0% | 21.8% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 43.9% | 26.7% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.23 | 0.75 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 76.0% | 38.7% | 13.2% | 51.8% | 28.5% | 12.8% | |
ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of NOV With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| NOV | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -6.2% | 8.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 47.8% | 29.8% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.05 | 0.33 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 78.1% | 48.8% | 3.6% | 51.5% | 37.0% | 13.0% | |
ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2025 | 7.2% | 7.9% | 7.7% |
| 7/29/2025 | -8.0% | -13.7% | -9.1% |
| 4/29/2025 | -2.0% | -2.9% | -0.3% |
| 2/5/2025 | 12.7% | 11.8% | -1.6% |
| 10/25/2024 | 3.0% | 1.6% | 8.8% |
| 7/26/2024 | 6.3% | 5.0% | -3.6% |
| 4/26/2024 | -0.4% | -2.1% | -3.7% |
| 2/2/2024 | -1.8% | -2.4% | -3.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 15 | 11 |
| # Negative | 14 | 9 | 13 |
| Median Positive | 6.7% | 5.6% | 8.8% |
| Median Negative | -2.3% | -2.9% | -3.7% |
| Max Positive | 12.7% | 14.6% | 58.3% |
| Max Negative | -8.1% | -15.0% | -50.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10282025 | 10-Q 9/30/2025 |
| 6302025 | 7292025 | 10-Q 6/30/2025 |
| 3312025 | 4292025 | 10-Q 3/31/2025 |
| 12312024 | 2142025 | 10-K 12/31/2024 |
| 9302024 | 10252024 | 10-Q 9/30/2024 |
| 6302024 | 7292024 | 10-Q 6/30/2024 |
| 3312024 | 4262024 | 10-Q 3/31/2024 |
| 12312023 | 2142024 | 10-K 12/31/2023 |
| 9302023 | 10272023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4272023 | 10-Q 3/31/2023 |
| 12312022 | 2142023 | 10-K 12/31/2022 |
| 9302022 | 10282022 | 10-Q 9/30/2022 |
| 6302022 | 7282022 | 10-Q 6/30/2022 |
| 3312022 | 4292022 | 10-Q 3/31/2022 |
| 12312021 | 2112022 | 10-K 12/31/2021 |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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