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Companies · NOV

NOV Reported this cycle

NOV Inc.

Houston, TX Composites

AI-generated · informational only · not investment advice · verify before relying.

Latest analysis

Updated Oct 28, 2026

NOV Q3 2026: Offshore production FID acceleration and international unconventional ramp drive $1.5B EBITDA path with growing conviction

NOV delivered $2.23 billion in Q3 2026 revenue and $281 million in adjusted EBITDA, with both segments expanding margins sequentially as operational efficiency gains and favorable mix offset Middle East logistics headwinds. The most consequential signal is the acceleration of offshore FPSO FIDs in 2026, which management expects to convert into materially stronger bookings in 2027 and 2028, consistent with a documented multi-quarter lag from sanction to equipment procurement. The fiberglass systems business — NOV's primary composites-relevant operation — achieved its fourth consecutive quarter of book-to-bill above 100% with backlog up 30% year-over-year, driven by oil and gas market demand and record fuel handling product sales.

Tone: bullish

Revenue

$8.7B

NOV 10-K · FY 2025

Employees

31,605

Revenue FY2024

$8.9B

Headquarters

Houston, TX

Profile

NOV 10-K Item 1 · Feb 12, 2026

NOV Inc. is a leading independent equipment and technology provider to the global energy industry, serving customers in 57 countries across upstream oil and gas, renewables, and industrial markets. The company operates through two segments — Energy Products and Services and Energy Equipment — offering everything from drill bits and downhole tools to complete offshore drilling packages, subsea pipe systems, and digital solutions. NOV is also expanding into adjacent energy markets including geothermal, offshore wind, carbon capture, and advanced nuclear.

Read filing description ↓

NOV Inc. ('NOV' or the 'Company') is a leading independent equipment and technology provider to the global energy industry. NOV and its predecessor companies have spent over 160 years helping transform oil and gas development and improving its cost-effectiveness, efficiency, safety, and environmental impact. NOV's extensive proprietary technology portfolio supports the industry's drilling, completion, and production needs. With unmatched cross-segment capabilities, scope, and scale, NOV continues to develop and introduce technologies that further enhance the economics and efficiencies of energy production, with a focus on digital, automation, and robotics solutions. Lower-cost, reliable sources of energy significantly contribute to raising the global standard of living by powering economic development, enabling better infrastructure and facilitating the production of goods and services that improve quality of life. Over the past few decades, the Company has pioneered and refined key technologies to improve the economic viability of frontier resources, including unconventional and deepwater oil and gas. More recently, by applying its deep expertise and technology, NOV has developed solutions to improve the economics of alternative energy sources. NOV serves major-diversified, national, and independent service companies, contractors, and energy producers in 57 countries. NOV operates under two segments, Energy Equipment and Energy Products and Services.

Primary products

  • Drill Bits
  • Downhole Tools
  • Completion Tools
  • Artificial Lift Systems
  • Tubular Inspection & Coating Services
  • Solids Control and Waste Management Services

Business segments

Energy Products and Services Energy Equipment

End markets

upstream oil and gas renewables industrial marine offshore wind geothermal carbon capture and sequestration advanced nuclear

Geographies

United States Middle East Africa Latin America Far East Canada Europe Asia Pacific China
“NOV has resisted the trend toward vertical integration, leaving the Company in an attractive and unique position as the largest global independent technology and equipment provider to the oilfield service sector.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

NOV generated revenue of $8.74 billion in 2025, a 1% decline from prior year despite a 7% decrease in global activity levels due to increased demand for offshore capital equipment.

The rest of NOV is for subscribers

Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

SeventhBiz analysis 6 signals 20 diligence answers 1 M&A transactions SWOT