Value Investor
Start free

NOV

NOV on NYSE. Oil & gas field machinery & equipment. Market value $7.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Energy stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
8.3%high

For every $100 of what the whole company costs, it produced $8.30 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
17.2×full

You pay 17.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
5.8%five-year median

Each dollar kept in the business earns 6 cents a year. Above 10 is good.

Quality score: 67 of 100. Price score: 64 of 100. Our list needs 70 on quality and 60 on price.

$19.00 a share, 55% above its 1-year low

Over the past year the price has ranged from $12.29 to $21.93.

Dividend: 2.2% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
-0.4
-0.1
1.0
0.9
0.6
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $562 million in the past 12 months, $876 million in the year to December 2025.

Revenue
$5.5bn$7.2bn$8.6bn$8.9bn$8.7bn
Operating margin
-2.4%3.6%7.6%9.9%5.6%
Debt to equity
0.390.390.320.320.32
Shares outstanding
0.39bn0.39bn0.39bn0.36bn0.36bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.32× equity
  • Revenue growth, five yearsSlow, 7.5% a year
  • Buying back its own sharesYes, 9% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.1 billion last quarter, down 2% on a year ago.
  • Profit: $112 million, up 4% on a year ago.
  • It keeps 5 cents of each $1 of sales as operating profit, down from 8 cents a year earlier.
  • Spare cash over the past 12 months: $562 million, down from $909 million.
  • 4% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $799 million more than cash, down from $922 million a year ago.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.2bn
December 2024$2.3bn
March 2025$2.1bn
June 2025$2.2bn
September 2025$2.2bn
December 2025$2.3bn
March 2026$2.1bn
June 2026$2.1bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$130m
December 2024$160m
March 2025$73m
June 2025$108m
September 2025$42m
December 2025-$78m
March 2026$19m
June 2026$112m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 February 2026
Next quarterly (estimated, 10-Q)
28 October 2026

Who owns it

13 long-term investors we follow own it, down from 14 last quarter. 487 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $1m of shares on the open market. 3 sold $5m.

  • HARRISON DAVID D
    Director
    Sold
    Date
    31 July 2026
    Shares
    9,594
    Price
    $19.21
    Value
    $184,301
  • Weinstock Craig L.
    Sr. VP. & Gen. Counsel
    Sold
    Date
    23 February 2026
    Shares
    70,000
    Price
    $20.08
    Value
    $1m
  • Rovig Joseph W
    President - Energy Equipment
    Sold
    Date
    23 February 2026
    Shares
    151,086
    Price
    $20.17
    Value
    $3m
  • Kendall Christian S
    Director
    Bought
    Date
    21 November 2025
    Shares
    70,000
    Price
    $14.46
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.