NOV

Oil & Gas Equipment & Services · Energy

Price

$19.52

+0.05 (+0.26%)

Market Cap

$7.01B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−2.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 386.0M (2021) → 375.0M (2025)

NOV Inc. makes equipment and tools used to drill for oil and gas. Its main products include drilling rigs, drill bits, pipes, and pumping systems. The company sells to oil and gas producers and drilling contractors all over the world, making it one of the largest suppliers of drilling equipment globally.

NOV earns money by selling hardware, replacement parts, and related services to energy companies. It operates in over 60 countries, with revenue tied closely to how much drilling activity is happening worldwide. Its large installed base of equipment creates a steady stream of parts and service revenue, which gives it some stability. The biggest risk the company faces is that when oil prices fall, energy companies cut drilling budgets quickly, which directly reduces demand for NOV's products and squeezes its already thin margins.

Winston Score History

Score breakdown

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Quality

Gross Margin

18.5%

Thin — 18.5% gross margin

Operating Margin

2.3%

Thin — 2.3% operating margin

ROCE

0.6%

Weak — 0.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-1.4%

Shrinking sales (-1.4% YoY)

EPS YoY

-84.0%

Earnings shrinking (-84.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

1185%

Turns 1185% of profit into real cash

FCF Margin

8.4%

Modest free cash flow (8.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.28

Conservative — low debt load (0.28)

Interest Cover

5.22x

Adequate interest coverage (5.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

81.3x

Expensive — P/E 81.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+68.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (81.3 → 12.4)

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Dividends

Dividend Yield

2.15%

Moderate income — 2.15% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-20.7%

Dividend cut (-20.7% YoY) — warning sign

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