Stock

NOV

Oil & Gas Equipment & Services · Energy

Also trades as: 0K58.L GBP 0.15 (+0.00%)

Price

$19.76

+1.00 (+5.33%)

Market Cap

$7.04B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Mixed

8/30

Growth

Weak

2/20

Cash Flow

Strong

8/10

Stability

Strong

7/10

Valuation

Good

5/10

Ownership

Weak

2/15

Dividends

Weak

1/5

33 of 100 counted points = Winston Score 33.

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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)

§Winston Score History

The full picture

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.

Score breakdown

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Quality

Profit per sale

Gross Margin

24.4%

Thin — 24.4% gross margin

Profit after running costs

Operating Margin

9.0%

Modest — 9.0% operating margin

Return on the money invested

ROCE

6.0%

Weak — 6.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-1.7%

Shrinking sales (-1.7% YoY)

Profit growth

EPS YoY

-78.7%

Earnings shrinking (-78.7% YoY)

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

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

954%

Turns 954% of profit into real cash

Spare cash per sale

FCF Margin

6.5%

Modest free cash flow (6.5%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.37

Conservative — low debt load (0.37)

Covers its interest

Interest Cover

5.85x

Adequate interest coverage (5.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

76.0x

Expensive — P/E 76.0

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

Cheaper or dearer next year

P/E vs Forward

+62.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (76.0 → 13.4)

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Dividends

Dividend

Dividend Yield

1.90%

Small dividend — 1.90% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-17.2%

Dividend cut (-17.2% YoY) — warning sign

Payout Ratio

158%

no trend

Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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