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National Oilwell Varco (NOV) USD

NOV Inc. designs and manufactures equipment and components for oil and gas drilling and production, as well as for industrial and renewable energy sectors. It operates through two segments: Energy Equipment, which provides drilling rigs and components, and Energy Products and Services, which offers drill bits, downhole tools, and tubular services.

At a glance: strengths & risks
✓Margins improving (11%→13%, Q2 2026)✓Low leverage (0.9x EBITDA)✗Pricier than own history (EV/EBITDA 11.0 vs avg 7.4)

Sector: Oil services

Geography: United States

COMM_NOV

Price chart

18.76 USDDay -2.65%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
18.76 USD · -2.65%
Market cap
6.8 bn USD

Growth

Δ revenue y/y
-2.5%
Δ EBITDA y/y
24.3%

Multiples

P/E (LTM)
89.1x
3y avg: 18.2x
P/B (FY)
1.1x
P/E (ann.)
15.1x
EV/EBITDA (LTM)
11.0x
3y avg: 7.4x
EV/EBITDA (ann.)
6.4x

Cash return

Dividend yield
2.3%
FCF yield (LTM)
10.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+56.5%
↓ details

Liquidity

Daily turnover (listing)
95.6 mln USD

Shares: yahoo_fundamentals_timeseries/NOV

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK2134.0
y/y -2.5%
146.0
y/y 35.0%
93.0
y/y 6.9%
147.0
y/y 24.3%
93.0
y/y 3.7%
43.0-16.011199.0
y/y -1.4%
6205.0
y/y -4.6%
7.2%542.0Link
2026-03-31Q1 2026 (3M)OK2052.0
y/y -2.4%
47.0
y/y -69.1%
92.0
y/y 3.4%
139.0
y/y -42.3%
19.0
y/y -74.0%
-26.0-65.011143.0
y/y -1.2%
6212.0
y/y -3.5%
1.2%997.0Link
2025-12-31Q4 2025 (3M)OK2277.0
y/y -1.3%
92.0
y/y -55.6%
90.0
y/y 2.3%
182.0
y/y -38.3%
-78.0
y/y -148.8%
573.0-101.011291.0
y/y -0.6%
6268.0
y/y -1.7%
2.3%788.0Link
2025-09-30Q3 2025 (3M)OK2176.0
y/y -0.7%
107.0
y/y -44.8%
89.0
y/y 3.5%
196.0
y/y -30.0%
42.0
y/y -67.7%
352.0-107.011338.0
y/y -0.7%
6455.0
y/y -0.1%
0.9%1148.0Link
2025-06-30Q2 2025 (3M)OK2188.0
y/y -1.3%
143.0
y/y -54.3%
87.0
y/y 1.2%
230.0
y/y -42.4%
108.0
y/y -52.2%
191.0-83.011363.0
y/y 0.6%
6504.0
y/y 2.0%
6.7%1291.0Link
2025-03-31Q1 2025 (3M)OK2103.0
y/y -2.4%
152.0
y/y -6.2%
89.0
y/y 7.2%
241.0
y/y -1.6%
73.0
y/y -38.7%
135.0-84.011273.0
y/y -0.3%
6440.0
y/y 3.1%
4.6%1216.0Link
2024-12-31Q4 2024 (3M)OK2308.0
y/y -1.5%
207.0
y/y 28.6%
88.0
y/y 14.3%
295.0
y/y 23.9%
160.0
y/y -73.2%
591.0-118.011361.0
y/y 0.6%
6376.0
y/y 3.4%
9.9%1156.0Link
2024-09-30Q3 2024 (3M)OK2191.0
y/y 0.3%
194.0
y/y 6.0%
86.0
y/y 11.7%
280.0
y/y 7.7%
130.0
y/y 14.0%
359.0-82.011422.0
y/y 8.8%
6464.0
y/y 17.1%
2.7%1416.0Link
2024-06-30Q2 2024 (3M)OK2216.0
y/y 5.9%
313.0
y/y 72.9%
86.0
y/y 21.1%
399.0
y/y 58.3%
226.0
y/y 45.8%
432.0-82.011297.0
y/y 8.1%
6379.0
y/y 17.4%
14.3%1573.0Link
2024-03-31Q1 2024 (3M)OK2155.0
y/y 9.8%
162.0
y/y 28.6%
83.0
y/y 7.8%
245.0
y/y 20.7%
119.0
y/y -5.6%
-78.0-69.011305.0
y/y 11.1%
6246.0
y/y 19.1%
7.7%2003.0Link
2023-12-31Q4 2023 (3M)OK2343.0
y/y —
161.0
y/y —
77.0
y/y —
238.0
y/y —
598.0
y/y —
377.0-76.011294.0
y/y —
6168.0
y/y —
17.0%1561.0Link
2023-09-30Q3 2023 (3M)OK2185.0
y/y —
183.0
y/y —
77.0
y/y —
260.0
y/y —
114.0
y/y —
40.0-74.010498.0
y/y —
5521.0
y/y —
2.8%1868.0Link
2023-06-30Q2 2023 (3M)OK2093.0
y/y —
181.0
y/y —
71.0
y/y —
252.0
y/y —
155.0
y/y —
-72.0-76.010446.0
y/y —
5434.0
y/y —
11.6%1795.0Link
2023-03-31Q1 2023 (3M)OK1962.0
y/y —
126.0
y/y —
77.0
y/y —
203.0
y/y —
126.0
y/y —
-202.0-57.010177.0
y/y —
5243.0
y/y —
—1603.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)14
Long-term debt (incl. LT leases)1 692
− Cash & equivalents1 164
Net debt542

Net debt / LTM EBITDA: 0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-400-20002004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.10x of reported net profit; after capex, 0.68x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—-1.16x0.14x2.05x8.63x
accruals, % of assets-5.7%3.3%7.5%-5.9%-9.8%
Last twelve months (to 2026-06-30): 14.34x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · EBIT covers interest 5.6x · capex 0.9x of depreciation · dividends 34% of free cash flow · share count -0.7% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Brent

Current 113spot vs LTM +37%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +56.5% ▲ +4.2 pp 1d

Main driver: Brent +48% vs LTM; revenue ×1.29 vs costs ×1.04; EBITDA 803→1 606; at 6.9× EV/EBITDA → +57%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+60%112.9376.5181.15+48%+6%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue8 639
LTM EBITDA803
LTM cash costs (revenue − EBITDA)7 836
2 · Revenue projection
Revenue multiplier — spot×1.286 (+29%)
= Spot revenue11 107
Revenue multiplier — 3y price×1.036 (+4%)
= 3-year-price revenue8 953
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs8 149
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs8 149
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 957
= 3-year-price EBITDA804
Conservative EBITDA = min(spot, avg)1 606
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.9x
Target EV = EV/EBITDA × conservative EBITDA11 114
Net debt542
Target market cap = EV − net debt10 540
Current market cap6 733

Upside = target market cap ÷ current − 1 = +56.5%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q32 1851 988+9.9%260144+80.4%
2023 Q42 3432 068+13.3%238182+30.7%
2024 Q12 1552 137+0.9%245181+35.0%
2024 Q22 2162 241-1.1%399247+61.8%
2024 Q32 1912 142+2.3%280154+81.8%
2024 Q42 3082 094+10.2%295110+168.0%
2025 Q12 1032 137-1.6%241176+36.6%
2025 Q22 1882 013+8.7%23065+254.2%
2025 Q32 1762 098+3.7%196113+73.4%
2025 Q42 2772 049+11.1%18247+290.6%
2026 Q12 0522 373-13.5%139350-60.2%
2026 Q22 1342 700-21.0%286664-56.9%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -1% vs +3% the year before — a -4.8 pp move. 3-year CAGR +7%.
revenue growth by year: 2023 +19% · 2024 +3% · 2025 -1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.0x · target 75th pct (3y) 6.9x · LTM avg 9.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Equinorglobal120.03.2x
Petrobrasglobal165.44.3x
TotalEnergiesglobal203.15.7x
Shellglobal313.46.0x
Valero Energyglobal135.06.9x
Suncor Energyglobal96.47.1x
ConocoPhillipsglobal182.47.4x
Chevronglobal420.88.7x
Marathon Petroleumglobal143.29.6x
Exxon Mobilglobal744.210.5x
Eniglobal89.510.8x
Phillips 66global116.417.9x
Group median7.3x
Group average8.2x
This companyglobal7.011.0x

Group median 7.3x; this company 11.0x — a 52% premium.

Group average 8.2x; against the average this company is at a 34% premium.

At the adjusted group median the market cap would be -38% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-110.09 USDEx-dividend: 0.09 USD per sharePaidYahoo Finance (ex-div)
2026-06-120.09 USDEx-dividend: 0.09 USD per sharePaidYahoo Finance (ex-div)
2026-06-010.09 USDEx-dividend: 0.09 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.09 USDEx-dividend: 0.09 USD per sharePaidYahoo Finance (ex-div)
2025-12-050.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)
2025-09-120.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)
2025-06-020.21 USDEx-dividend: 0.21 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)
2024-12-060.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)
2024-03-130.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2023-12-070.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2023-06-150.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2023-03-160.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2022-12-080.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2022-09-150.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2022-06-090.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2022-03-100.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2021-12-020.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of National Oilwell Varco (NOV) — from primary filings.

Frequently asked questions

What is National Oilwell Varco (NOV)'s P/E ratio?
National Oilwell Varco (NOV) trades at a P/E of 89.1x (price to trailing 12-month earnings).
What is National Oilwell Varco (NOV)'s EV/EBITDA?
National Oilwell Varco (NOV) trades at 11.0x EV/EBITDA.
What is National Oilwell Varco (NOV)'s P/B ratio?
National Oilwell Varco (NOV) trades at a P/B of 1.1x.
What is National Oilwell Varco (NOV)'s dividend yield?
National Oilwell Varco (NOV)'s trailing 12-month dividend yield is 2.3%.
What is National Oilwell Varco (NOV)'s return on equity (ROE)?
National Oilwell Varco (NOV)'s ROE is 7.2%.
What is National Oilwell Varco (NOV)'s market capitalization?
National Oilwell Varco (NOV)'s market cap is 6.8 bn USD.

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