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National Oilwell Varco (NOV) USD

At a glance: strengths & risks
✓Low leverage (0.9x EBITDA)✗Profit falling (-77%)✗Margins compressing (14%→10%)✗Pricier than own history (EV/EBITDA 11.1 vs avg 7.4)

Sector: Oil services

Geography: United States

COMM_NOV

Price chart

20.13 USDDay -0.98%

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
20.13 USD · -0.98%
Market cap
7.3 bn USD

Growth

Δ revenue y/y
-2.4%
Δ EBITDA y/y
-42.3%

Multiples

P/E (LTM)
79.8x
3y avg: 18.2x
P/B (FY)
1.2x
P/E (ann.)
95.6x
EV/EBITDA (LTM)
11.1x
3y avg: 7.4x
EV/EBITDA (ann.)
14.9x

Cash return

Dividend yield
2.1%
FCF yield (LTM)
9.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+31.7%
↓ details

Liquidity

Daily turnover (listing)
60.1 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
2026-03-31Q1 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

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%0%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-400-20002004006002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05001 0001 5002 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas Equipment and Services

Proved reserves
0.80 mln tons
2023
Annual production
0.00 mln boe
2023

Proved reserves

YearReserves, mln tons
20230.80

Production

YearProduction, mln boeper day
20230.00 * (3M)2.0

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 100spot vs LTM +31%

Commodity-player potential

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

Upside: +31.7% ▲ +18.3 pp 1d

Main driver: Brent +31% vs LTM; revenue ×1.19 vs costs ×1.04; EBITDA 747→1 363; at 8.4× EV/EBITDA → +32%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+60%100.2276.5880.38+31%+5%

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

1 · Reported baseline (LTM)
LTM revenue8 693
LTM EBITDA747
LTM cash costs (revenue − EBITDA)7 946
2 · Revenue projection
Revenue multiplier — spot×1.185 (+19%)
= Spot revenue10 303
Revenue multiplier — 3y price×1.030 (+3%)
= 3-year-price revenue8 952
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs8 264
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs8 264
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 039
= 3-year-price EBITDA688
Conservative EBITDA = min(spot, avg)1 363
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.4x
Target EV = EV/EBITDA × conservative EBITDA11 412
Net debt997
Target market cap = EV − net debt10 415
Current market cap7 907

Upside = target market cap ÷ current − 1 = +31.7%

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 Q22 0931 704+22.8%252-73—
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%

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 6.2x · target 75th pct (3y) 8.4x · LTM avg 10.0x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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.

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.

Frequently asked questions

What is National Oilwell Varco (NOV)'s P/E ratio?
National Oilwell Varco (NOV) trades at a P/E of 79.8x (price to trailing 12-month earnings).
What is National Oilwell Varco (NOV)'s EV/EBITDA?
National Oilwell Varco (NOV) trades at 11.1x EV/EBITDA.
What is National Oilwell Varco (NOV)'s P/B ratio?
National Oilwell Varco (NOV) trades at a P/B of 1.2x.
What is National Oilwell Varco (NOV)'s dividend yield?
National Oilwell Varco (NOV)'s trailing 12-month dividend yield is 2.1%.
What is National Oilwell Varco (NOV)'s return on equity (ROE)?
National Oilwell Varco (NOV)'s ROE is 1.2%.
What is National Oilwell Varco (NOV)'s market capitalization?
National Oilwell Varco (NOV)'s market cap is 7.3 bn USD.