Nov Inc
NYSE:NOV
Nov Inc
Nov Inc. is an influential player in the oilfield services industry, weaving a legacy that has expanded over more than a century. As an integral backbone of the energy sector, Nov Inc. specializes in providing the technologies and services that operators worldwide depend on to access and extract oil and gas. The company’s operations are spread across multiple continents, encompassing diverse environments and challenges. At its core, Nov Inc. is an engineering powerhouse, designing and manufacturing the tools, equipment, and systems necessary for drilling, production, and operating efficiency. From the drilling rigs used offshore to the advanced analytics guiding downhole operations, Nov's innovations are embedded in energy exploration and production's everyday complexities.
The company's revenue streams are as dynamic as the industry it serves, anchored in three primary segments: Rig Technologies, Wellbore Technologies, and Completion & Production Solutions. Rig Technologies offers a suite of products and services ensuring both new rigs and aging fleets operate with precision and safety. Wellbore Technologies provides critical tools and equipment that help drill operators maintain control and reliability when penetrating the earth's crust. Finally, the Completion & Production segment focuses on technologies that optimize well completions and enhance productivity over a well’s life. This diversified portfolio enables Nov Inc. to capture value across the oil and gas development lifecycle, securing a steady flow of revenue while adapting to the evolving demands of the global energy landscape.
Nov Inc. is an influential player in the oilfield services industry, weaving a legacy that has expanded over more than a century. As an integral backbone of the energy sector, Nov Inc. specializes in providing the technologies and services that operators worldwide depend on to access and extract oil and gas. The company’s operations are spread across multiple continents, encompassing diverse environments and challenges. At its core, Nov Inc. is an engineering powerhouse, designing and manufacturing the tools, equipment, and systems necessary for drilling, production, and operating efficiency. From the drilling rigs used offshore to the advanced analytics guiding downhole operations, Nov's innovations are embedded in energy exploration and production's everyday complexities.
The company's revenue streams are as dynamic as the industry it serves, anchored in three primary segments: Rig Technologies, Wellbore Technologies, and Completion & Production Solutions. Rig Technologies offers a suite of products and services ensuring both new rigs and aging fleets operate with precision and safety. Wellbore Technologies provides critical tools and equipment that help drill operators maintain control and reliability when penetrating the earth's crust. Finally, the Completion & Production segment focuses on technologies that optimize well completions and enhance productivity over a well’s life. This diversified portfolio enables Nov Inc. to capture value across the oil and gas development lifecycle, securing a steady flow of revenue while adapting to the evolving demands of the global energy landscape.
Revenue: NOV reported Q4 2025 revenue of $2.28 billion, up 5% sequentially but down 1% year-over-year, and full-year revenue of $8.74 billion, down 1%.
Profitability: The company posted a Q4 net loss of $78 million, or $0.21 per share, mainly due to higher tax rates and asset impairments.
Cash Flow: Free cash flow was $472 million in Q4 and $876 million for 2025, with over 85% EBITDA conversion for the second consecutive year.
Backlog & Orders: Year-end backlog stood at $4.34 billion, with a 2025 book-to-bill ratio of 91%. Offshore-related backlog grew over 10%.
Guidance: NOV expects slightly lower revenue and flat-to-slightly-lower EBITDA in 2026, with a cautious start to the year and improvement in the second half.
Cost & Tariffs: The $100 million cost reduction program remains on track, but tariffs and inflation persist as headwinds.
Shareholder Returns: The company returned $505 million to shareholders in 2025 via buybacks and dividends, and $842 million over the last two years.
Market Outlook: Management sees a challenging near-term market but is optimistic about growth in offshore, international, and automation/digital markets.
