A-CLUSTER EQUITY INTELLIGENCE
NOV Inc. · Static research snapshot · 4 September 2026
Identity & Business Core
NOV Inc. NOV
NYSE · Energy · Oil & Gas Equipment & Services · Houston, Texas
52-Week Range
$12.29–21.86
Business Model & Strategic Prospects
How NOV monetizes the energy equipment cycle
NOV designs, manufactures and services the equipment, systems and consumables used to drill, complete and produce oil and gas, with growing exposure to offshore production and selected industrial and renewable-energy applications. Its economics combine long-cycle capital equipment sales with aftermarket parts, rentals, services and consumables, giving the company both backlog-driven visibility and shorter-cycle exposure to drilling activity. Revenue and margins therefore depend on global E&P capital spending, offshore project sanctioning, rig activity, equipment utilization, manufacturing execution and NOV's ability to monetize its installed base.
- Offshore cycle: 57% of Energy Equipment backlog is offshore, giving NOV direct leverage to subsea and floating-production investment.
- International expansion: 94% of equipment backlog is destined for international markets, reducing reliance on North American drilling alone.
- Flexible pipe capacity: manufacturing expansion targets rising subsea infrastructure demand.
- Digital services: growth in digital offerings can increase recurring/service revenue and improve customer stickiness.
- Shareholder returns: management targets at least 50% of Excess Free Cash Flow for dividends and opportunistic buybacks.
Earnings History & Revenue Architecture
SEC EDGAR and NOV investor relations
Next EarningsNot announced
Latest PeriodQ2 2026
Latest Revenue$2.13B
GAAP EPS$0.31
| Period | Revenue | YoY | Net Income | GAAP EPS |
|---|
| Q2 2026 | $2.134B | -2% | $112M | $0.31 |
| Q1 2026 | $2.052B | -2% | $19M | $0.05 |
| Q4 2025 | $2.28B | -1% | -$78M | -$0.21 |
| Q3 2025 | $2.18B | -1% | $42M | $0.11 |
Q2 2026 adjusted EBITDA was $283M, including roughly $40M of tariff-refund benefit. The next Q3 date is intentionally shown as “not announced” because NOV's IR events page has not yet posted a formal Q3 conference-call date.
Q2 2026 Revenue by Operating Segment
Energy Products & Services45.6%
Segment percentages use reported segment revenue before $58M of intersegment eliminations, so the two gross segment percentages exceed 100% of consolidated revenue when expressed separately.
Destination Mix
End-Market Mix
NOV also discloses revenue streams: Energy Equipment is primarily capital equipment plus aftermarket; Energy Products & Services combines services/rentals, shorter-lived equipment and consumable-product sales.
Historical & Short-Term Performance
Static embedded observations · no live API dependency
Monthly Adjusted Price · Jan 2010–Sep 2026
Dividend-adjusted history
2026 YTD Price Action
Month-end closes + latest
Latest Company Intelligence
Company-specific developments selected for investment relevance
19 Aug 2026 · NOV IR
NOV declares regular quarterly dividend
Why it matters: confirms continued cash-return discipline alongside the existing repurchase program.
28 Jul 2026 · NOV IR
Q2 execution improves despite volatile energy markets
Why it matters: operating profit rose 35% year over year while revenue declined 2%, showing better mix and project execution, although tariff refunds helped.
28 Jul 2026 · NOV IR
Capital-equipment opportunity pipeline is improving
Why it matters: management cited better demand across major regions even as geopolitical volatility caused project deferrals.
25 Mar 2026 · NOV IR
Subsea flexible-pipe manufacturing capacity expanded
Why it matters: the investment directly targets one of NOV's strongest structural exposures: international offshore development.
Investment Thesis
Structural catalysts versus structural risks
Bulls Say
- The offshore investment cycle is long-duration and equipment-intensive, supporting NOV's backlog and higher-value production systems.
- A 94% international equipment backlog provides exposure to markets where drilling and production spending can be less constrained than U.S. shale.
- Aftermarket, rentals, consumables and digital services provide recurring economics around a very large installed equipment base.
- Management's excess-FCF return framework can support per-share value creation if execution and working-capital conversion normalize.
Bears Say
- NOV remains highly cyclical: oil-price volatility, project delays and lower rig activity can quickly affect orders, utilization and manufacturing absorption.
- Q2 bookings of $474M represented only a 74% book-to-bill, which can pressure future backlog if weak ordering persists.
- International and offshore exposure creates geopolitical, logistics, execution and customer-concentration risks.
- Recent profitability benefited from tariff refunds, so reported margin improvement should not be extrapolated mechanically.
Defensive Moat & Resource Management
A-CLUSTER assessment · first half 2026 cash deployment
Economic Moat
NARROW
NOV's defense comes from its installed base, engineering know-how, product breadth and long-standing customer relationships across drilling and production systems. These advantages create aftermarket pull-through and qualification/switching frictions, but the business remains exposed to cyclical procurement, competitive bidding and customer capex discipline, which limits the case for a wide moat.
Installed BaseAftermarketEngineering Know-HowProduct Breadth
Capital Deployment · H1 2026
Affiliate Investments
$159M
Bars are independently scaled for readability, not a 100% allocation pie. NOV states that it expects to return at least 50% of Excess Free Cash Flow through base dividends, opportunistic buybacks and an annual supplemental dividend.
Profile Snapshot
Fast classification layer
SectorEnergy
IndustryOilfield Equipment
Revenue ModelEquipment + Services
CyclicalityHigh
Capital IntensityMedium-High
International Mix~64%
MoatNarrow
Growth ProfileCyclical / Offshore
Sources & Methodology
Primary filings first
Fundamentals and revenue architecture: NOV Inc. Form 10-Q for quarter ended 30 June 2026 and NOV investor-relations earnings releases. Historical prices: monthly adjusted-price history from Digrin; current price and 52-week range cross-checked against StockAnalysis/MarketWatch on 4 September 2026. Moat and thesis: A-CLUSTER analytical assessment. Static research snapshot; not investment advice.