NOV
NOV Inc.
NOV's fundamentals are mixed, but it looks expensive: trading at 43x earnings, more than twice its usual 16x. Analysts expect strong earnings growth, though they disagree widely on how much.
NOV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Healthy |
NOV's balance sheet is currently healthy, and its revenue and profitability are stable, but its cash flow is under pressure.
NOV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.2x | $2.94 | -83% |
| Forward | 15x | $17.80 | — |
| Fair | 16x | $6.49 | -64% |
| Current | 43x | $17.80 | — |
| Expensive | 72x | $29.59 | +66% |
Historical ranges are pointers, not guarantees.
NOV's PE is in its expensive range at 43x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its fair range.
NOV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for NOV, with profitability improving. However, they disagree widely on these estimates.
NOV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.19 | +190% |
| Q3 2026 | $0.41 | -59% |
| Q2 2026 | $0.27 | -78% |
| Q1 2026 | $0.25 | -83% |
| Q4 2025 | $0.39 | -76% |
| Q3 2025 | $0.99 | -63% |
| Q2 2025 | $1.21 | -55% |
| Q1 2025 | $1.49 | -40% |
| Q4 2024 | $1.60 | -36% |
NOV's earnings per share have fallen from their peak: $0.41 over the past year, against $2.70 in late 2024.
NOV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.2B | +2.3% |
| Q2 2026 | $2.1B | -2.5% |
| Q1 2026 | $2.1B | -2.4% |
| Q4 2025 | $2.3B | -1.3% |
| Q3 2025 | $2.2B | -0.7% |
| Q2 2025 | $2.2B | -1.3% |
| Q1 2025 | $2.1B | -2.4% |
| Q4 2024 | $2.3B | -1.5% |
NOV's revenue grew through 2023 and has held roughly level since: $2.2B last quarter, up 2.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.4% | +1.5 points |
| Q2 2026 | 9% | +2.5 points |
| Q1 2026 | 2.3% | -4.9 points |
| Q4 2025 | 4% | -4.9 points |
| Q3 2025 | 4.9% | -3.9 points |
| Q2 2025 | 6.5% | -7.6 points |
| Q1 2025 | 7.2% | -0.3 points |
| Q4 2024 | 9% | +2.1 points |
NOV's operating margin was 6.4% last quarter, up 1.5 points from the same quarter a year ago.
NOV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$47M | -119% |
| Q2 2026 | -$64M | -159% |
| Q1 2026 | -$91M | -278% |
| Q4 2025 | $472M | -0.2% |
| Q3 2025 | $245M | -12% |
| Q2 2025 | $108M | -69% |
| Q1 2025 | $51M | +$198M |
| Q4 2024 | $473M | +57% |
NOV usually generates cash, though not every quarter: the latest was −$47M, but it generated $270M over the past year.
NOV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -2M shares |
| 1 year | -3% | -11M shares |
| 3 years | -9.1% | -36M shares |
| 5 years | -7% | -27M shares |
| Available history | -5.8% | -22M shares |
NOV has 360M diluted shares, down 3% from a year ago, with $230M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $15M |
| Q2 2026 | $63M |
| Q1 2026 | $67M |
| Q4 2025 | $85M |
| Q3 2025 | $80M |
| Q2 2025 | $69M |
| Q1 2025 | $81M |
| Q4 2024 | $112M |
NOV spent $230M buying back its own shares over the past year, down 33% from the year before.
NOV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.8x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.5x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.6x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
NOV's net debt is less than a year of its operating earnings (EBITDA).
NOV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.9 | Neutral |
| Stochastic | 15.0 | Oversold |
NOV's weekly RSI is 42 (neutral) and its Stochastic is 15 (oversold).
NOV PE vs Energy Sector
| Metric | NOV | Sector median | Relative |
|---|---|---|---|
| PE | 43x | 13x | 231% above |
| PE % | 69 | 61 | 8 pts above |
NOV is trading at 43x earnings, a 231% premium to the Energy sector's median of 13x.
NOV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.9 | 5.7% below |
| 20 week MA | $19.6 | 9.3% below |
| 50 week MA | $19.1 | 6.9% below |
| 100 week MA | $16.4 | 8.6% above |
| 200 week MA | $17.5 | 2% above |
NOV has slipped below its 8-, 20- and 50-week averages, though it's still 2% above its 200-week average.
NOV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $24.9 | $13.5 | -46% |
| 2021 | $13.5 | $13.5 | +0.1% |
| 2022 | $13.5 | $20.7 | +53% |
| 2023 | $20.7 | $20.3 | -2.1% |
| 2024 | $20.3 | $14.5 | -29% |
| 2025 | $14.5 | $15.6 | +7.9% |
| 2026 YTD | $15.6 | $17.8 | +14% |
NOV has finished lower in three of the last six years. It's up 14% so far in 2026.