NOV Inc. (NOV) Stock Price & How to Invest
Last updated July 2026
Short answer
You can invest in NOV Inc (NOV) by buying shares or fractional shares at any major broker, through an energy-sector ETF that holds it, or as one holding in a thematic basket. NOV is one of the largest oilfield equipment and technology manufacturers in the world, generating roughly $8.74 billion in 2025 revenue, and the investment picture hinges on offshore and international capital-equipment demand offsetting a soft North American drilling market.
NOV stock price
As of 2026-07-17, NOV Inc. (NOV) last closed at $19.52, up 51.1% over the past year. Over the past 52 weeks it has traded between $11.88 and $21.45.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or NOV Inc.'s investor relations page. Walnut is informational, not investment advice.
What does NOV Inc. (NOV) do?
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.
The investment picture is defined by cyclicality and a shift in where demand is coming from. In 2025 total revenue fell about 1% to roughly $8.74 billion even as global drilling activity dropped around 7%, because strong offshore capital-equipment orders in the Energy Equipment segment (about 58% of revenue) offset a 4% decline in the shorter-cycle Energy Products and Services segment tied to land rig counts. NOV closed 2025 with a $4.34 billion backlog, generated about $1.03 billion in adjusted EBITDA and $876 million of free cash flow, and returned $505 million to shareholders. The bull case rests on multi-year offshore and international project spending plus disciplined cash generation, while the bear case is a prolonged downturn in drilling capital budgets.
What's driving NOV Inc. (NOV)?
1. Offshore and International Equipment Cycle
NOV's Energy Equipment segment, roughly 58% of revenue, is benefiting from a multi-year recovery in offshore and international project sanctioning, with Q4 2025 segment revenue up 7% sequentially and 4% year over year. Deepwater, subsea, and production-systems orders tend to be long-cycle and less sensitive to short-term oil price swings than land drilling. This mix shift is the primary reason NOV has held revenue roughly flat while global activity declined.
2. Backlog and Book-to-Bill Visibility
The company ended 2025 with a $4.34 billion backlog and a book-to-bill ratio near 91%, giving multi-quarter revenue visibility even as new orders soften. A backlog above four billion dollars provides a cushion against a weak spot market for drilling equipment. Investors watch order intake closely, since a book-to-bill below 100% signals the backlog is drawing down rather than building.
3. Cash Generation and Shareholder Returns
NOV produced about $876 million of free cash flow and $1.03 billion of adjusted EBITDA in 2025, exceeding the billion-dollar EBITDA mark for the third consecutive year. The company returned $505 million to shareholders through dividends and buybacks, including $190 million in dividends. This cash discipline, paired with a modest dividend, is central to the story given the muted growth outlook.
4. Energy Transition and Diversification Optionality
NOV supplies equipment for offshore wind installation vessels, process and flow technologies, and industrial markets that sit alongside its core oilfield business. This diversification gives the company exposure to energy-transition capital spending without abandoning its dominant conventional franchise. The scale of that contribution is still small relative to oil and gas, so it is an option on future growth rather than a current earnings driver.
What are the risks to NOV Inc. (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. Q1 2026 results underscored the fragility, with revenue of $2.05 billion, adjusted EBITDA of $177 million, and EPS of just $0.05 that missed estimates, hurt by Middle East conflict-related disruptions. Full-year 2026 guidance calls for slightly lower revenue and EBITDA in line to slightly below 2025, with results weighted to the second half. A declining backlog and book-to-bill below 100%, geopolitical instability in key regions, and a slower-than-expected offshore recovery all add uncertainty, and net income of $145 million in 2025 leaves the trailing valuation sensitive to any further earnings weakness.
How is NOV Inc. (NOV) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see NOV Inc.'s investor relations page or your broker.
- 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)
- Backlog (year-end 2025): ~$4.34 billion (book-to-bill ~91%)
- P/E Ratio (TTM): ~70x to ~75x on depressed 2025 earnings (~18x forward)
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.
Who competes with NOV Inc. (NOV)?
Large Oilfield Services and Equipment Peers (SLB, Halliburton, Baker Hughes)
SLB, Halliburton, and Baker Hughes are the diversified giants of the oilfield sector and overlap with NOV in various equipment, drilling technology, and production-systems categories. Baker Hughes in particular competes directly in equipment and industrial and process technologies, while SLB's OneSubsea and production lines overlap with NOV's offshore and subsea offerings. All are publicly traded in the US and are compared on margins, backlog, and international exposure, though NOV is more equipment-and-manufacturing focused and less of a field-services provider.
Drilling Equipment and Tubular Specialists (Tenaris, Weatherford, ChampionX)
In its Energy Products and Services segment, NOV competes with tubular and downhole specialists. Tenaris and other pipe makers compete in drill pipe and oil-country tubular goods, Weatherford overlaps in drilling tools and completions, and production-focused firms compete in artificial lift and chemistry. These companies tend to be more narrowly focused on specific product lines, whereas NOV spans a broad catalog of drilling and production equipment.
Offshore and Marine Equipment Suppliers
For rig systems, subsea, floating production, and offshore wind installation equipment, NOV competes with marine and offshore engineering firms and specialized capital-equipment manufacturers, including TechnipFMC in subsea and production systems. This category is driven by long-cycle offshore project sanctioning, and NOV's large installed base of rig equipment provides recurring aftermarket parts and service revenue that competitors must displace.
How to invest in NOV Inc. (NOV)
There are three common ways to get NOV exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so NOV sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where NOV fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on NOV Inc. (NOV)
NOV is a scaled oilfield-equipment and technology supplier whose Energy Equipment segment (offshore, subsea, and production systems) is carrying the company through a weak land-drilling cycle, and the stock reflects that transition: a large trailing P/E on depressed 2025 earnings, a growing offshore backlog, and management guiding 2026 to be flat to slightly softer.
More on NOV Inc. (NOV)
Whether NOV is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NOV a buy?, and where the stock could go from here in the NOV stock forecast.
For income investors, whether NOV pays a dividend and how the payout looks is covered in does NOV pay a dividend?
Build a basket around NOV with Walnut
Use NOV Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does NOV Inc do?
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NOV Inc, formerly National Oilwell Varco, designs and manufactures equipment, technology, and components for the oil and gas industry. It runs two segments: Energy Equipment, which builds offshore rig systems, subsea and production equipment, and process technologies, and Energy Products and Services, which supplies drill pipe, downhole tools, drill bits, coiled tubing, and aftermarket parts. It sells globally to drilling contractors and oil companies.
Is NOV a good stock to buy right now?
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That depends on your view of the oilfield equipment cycle and offshore spending. NOV generated about $8.74 billion in 2025 revenue and $876 million of free cash flow but earned only $145 million in net income, so the trailing P/E looks very high while the forward multiple is near 18x. Management guides 2026 to be flat to slightly softer. Whether that is attractive is a judgment based on your own goals and time horizon.
Why is NOV's P/E ratio so high?
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The high trailing P/E of roughly 70x to 75x is driven by a low earnings denominator, not a high price. NOV earned just $145 million, or about $0.39 per diluted share, in 2025 despite roughly $8.74 billion of revenue, because margins are cyclically depressed. On cash flow and forward earnings estimates near 18x, the valuation looks far less extreme, which is why investors focus on EBITDA, free cash flow, and backlog for this stock.
Does NOV pay a dividend?
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Yes. NOV pays a quarterly cash dividend, with an indicated annual rate around $0.36 per share and a yield near 2% at recent prices. The company paid about $190 million in dividends in 2025 as part of $505 million in total capital returned to shareholders through dividends and buybacks. Because the business is cyclical, the dividend has varied over time and depends on cash flow through the drilling cycle.
Who are NOV's main competitors?
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NOV competes with the large diversified oilfield firms SLB, Halliburton, and Baker Hughes across various equipment and technology lines, with Baker Hughes overlapping most directly in equipment. In tubulars and drilling products it competes with Tenaris and Weatherford, and in subsea and offshore production systems it competes with TechnipFMC. NOV is more of an equipment manufacturer than a field-services provider, which differentiates it from the services giants.
What was NOV's revenue and earnings in its most recent quarter?
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For Q1 2026, reported in late April 2026, NOV posted revenue of about $2.05 billion (down roughly 2% year over year), adjusted EBITDA of about $177 million, and diluted EPS of $0.05, which missed the consensus estimate of about $0.16. Management cited Middle East conflict-related disruptions as a material drag on the quarter, and the stock fell after the report.
How does the oil price affect NOV stock?
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NOV's demand is tied to oil and gas capital spending rather than the day-to-day oil price. When crude prices are strong and sustained, operators and drilling contractors invest more in rigs, drill pipe, and equipment, which lifts NOV's orders and backlog. When prices fall or activity declines, as it did about 7% globally in 2025, demand for NOV's shorter-cycle products drops quickly, though its long-cycle offshore backlog cushions the impact.
What are the biggest risks to owning NOV stock?
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The main risk is the oilfield capital-spending cycle: a downturn in drilling budgets reduces demand for NOV's equipment and products and can shrink its backlog. Q1 2026 showed the sensitivity, with EPS of just $0.05 missing estimates amid Middle East disruptions, and 2026 guidance calls for slightly lower revenue and flat-to-lower EBITDA. Geopolitical instability, a book-to-bill below 100%, a slow offshore recovery, and depressed net income that keeps the trailing valuation elevated add further uncertainty.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with NOV Inc.'s investor relations page or your broker before making investment decisions.