EFXT vs NOV: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: EFXT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. EFXT and NOV share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined EFXT and NOV exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Enerflex Ltd. is a Calgary-based provider of natural gas compression, processing and treating infrastructure, listed on the NYSE as EFXT and on the Toronto Stock Exchange as EFX. It reports in three geographic segments (North America, Latin America and the Eastern Hemisphere) and operates three product lines. Engineered Systems designs and fabricates gas-handling equipment to customer order and books revenue as projects are executed. Energy Infrastructure owns and operates compression and processing assets under multi-year contracts and collects a fee. After-Market Services maintains the installed base. In the second quarter of 2026, Energy Infrastructure and After-Market Services together produced about 69% of consolidated gross margin before depreciation, and the company puts recurring sources at roughly 65% of adjusted gross margin through a full cycle. Enerflex is a Canadian issuer but reports in US dollars, and it declares its dividend in Canadian dollars, so a US shareholder holds a USD-reporting company that pays a CAD distribution.

Full EFXT guide

NOV Inc, known as National Oilwell Varco until its 2021 rebrand, is a Houston-based designer and manufacturer of equipment, technology, and components used across the oil and gas industry. The company operates through two reporting segments: Energy Equipment, which builds capital equipment for offshore rigs, subsea production, floating and land drilling systems, wind installation vessels, and process and flow technologies, and Energy Products and Services, which supplies drill pipe, downhole tools, drill bits, coiled tubing, composite pipe, and aftermarket parts and repair. NOV sells into a global customer base of drilling contractors, national and international oil companies, and service firms, and increasingly positions parts of its portfolio toward offshore wind and industrial process markets.

Full NOV guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• EFXT drivers: The deleveraging cycle is finished; Recurring margin from infrastructure and services.
• NOV drivers: Offshore and International Equipment Cycle; Backlog and Book-to-Bill Visibility.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Engineered Systems bookings depend on customer capital budgets, which are driven by natural gas prices and LNG project timing, so a 1.6x book-to-bill quarter tells you nothing about the next one and revenue has already been declining year over year. For NOV, the largest risk is the oil and gas capital-spending cycle: when operators and drilling contractors cut budgets, demand for NOV's equipment, drill pipe, and aftermarket parts falls quickly, and global drilling activity already declined about 7% in 2025.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick EFXT if you believe its drivers more; NOV if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the EFXT and NOV guides.

EFXT. Figures are approximate, tied to the asOf date, and reported in US dollars even though Enerflex is a Canadian issuer whose quarterly dividend of C$0.0425 is declared in Canadian dollars. The multiple looks undemanding against annualized EBITDA, but two things complicate it: earnings are still falling year over year, and the pending sale of most Asia Pacific operations to INNIO will change the revenue and EBITDA base before the year is out. Return on capital employed was 15.4% in Q2 2026 after a record 17.3% in Q1, which is a more useful read on this business than the P/E because so much of the asset base is owned, depreciating infrastructure.

NOV. NOV's full-year 2025 revenue of roughly $8.74 billion was down about 1% year over year, a resilient outcome against a 7% drop in global drilling activity, driven by offshore capital-equipment strength in the Energy Equipment segment. The unusually high trailing P/E of roughly 70x to 75x reflects a low denominator, with 2025 net income of only $145 million (~$0.39 per diluted share), so the forward multiple near 18x and cash-flow metrics are more informative than trailing earnings. Q1 2026 was soft, with EPS of $0.05 missing consensus of $0.16 amid Middle East disruptions, and management guided 2026 to slightly lower revenue with EBITDA in line to modestly below 2025.

Headline figures (approximate, August 2026): EFXT shows revenue (ttm) ~$2.57 billion (Q2 2026 was ~$582 million, down from ~$615 million a year earlier), adjusted ebitda ~$128 million in Q2 2026, ~$265 million across the first half of 2026, net income (q2 2026) ~$30 million, or ~$0.25 per diluted share (versus ~$60 million and ~$0.49 a year earlier), engineered systems backlog ~$1.45 billion at June 30, 2026, on ~$488 million of quarterly bookings (1.6x book-to-bill); NOV shows revenue (fy 2025) ~$8.74 billion, revenue (q1 2026) ~$2.05 billion, adjusted ebitda (fy 2025) ~$1.03 billion, net income (fy 2025) ~$145 million (~$0.39 diluted EPS).

EFXT and NOV are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined EFXT and NOV exposure against your real portfolio. It is not an investment adviser.