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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
DNOW reported revenue of $2.8B in the fiscal year ended Dec 2025, up 18.8% from the year before. Operating income was −$93M, an operating margin of −3.3%, and net income was −$89M. Operating cash flow of $155M less capital expenditure of $21M left free cash flow of $134M. Net debt was $247M.
Ranks among the 17 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,632 | 2,136 | 2,321 | 2,373 | 2,820 |
| Cost of revenue | 1,275 | 1,630 | 1,782 | 1,842 | 2,342 |
| Gross profit | 357 | 506 | 539 | 531 | 478 |
| Selling, general & admin | – | – | 395 | 416 | 559 |
| Operating income | 9.0 | 131 | 144 | 109 | −93.0 |
| Pre-tax income | 12.0 | 139 | 142 | 110 | −100 |
| Income tax | 7.0 | 10.0 | −109 | 31.0 | −12.0 |
| Net income | 5.0 | 128 | 250 | 78.0 | −89.0 |
| Diluted EPS | 0.05 | 1.13 | 2.27 | 0.71 | −0.76 |
| Diluted shares | 110 | 111 | 108 | 107 | 118 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 313 | 212 | 299 | 256 | 164 |
| Receivables | 304 | 398 | 384 | 388 | 874 |
| Inventory | 250 | 381 | 366 | 352 | 1,192 |
| Current assets | 883 | 1,017 | 1,068 | 1,028 | 2,278 |
| Net PP&E | 111 | 119 | 131 | 157 | 264 |
| Goodwill | 67.0 | 116 | 139 | 230 | 617 |
| Total assets | 1,104 | 1,320 | 1,532 | 1,621 | 3,924 |
| Payables | 235 | 304 | 288 | 300 | 653 |
| Deferred revenue | 27.0 | 33.0 | 28.0 | 31.0 | 50.0 |
| Current liabilities | 369 | 439 | 418 | 442 | 974 |
| Long-term debt | – | – | – | 0.0 | 411 |
| Total liabilities | 392 | 476 | 466 | 493 | 1,686 |
| Shareholders' equity | 711 | 842 | 1,060 | 1,124 | 2,233 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 30.0 | 0.0 | 188 | 298 | 155 |
| Capital expenditure | 5.0 | 9.0 | 17.0 | 9.0 | 21.0 |
| Free cash flow | 25.0 | −9.0 | 171 | 289 | 134 |
| Depreciation & amortisation | 23.0 | 19.0 | 26.0 | 34.0 | 52.0 |
| Stock-based compensation | 8.0 | 11.0 | 15.0 | 13.0 | 29.0 |
| Acquisitions | 96.0 | 80.0 | 32.0 | 299 | 574 |
| Share buybacks | 0.0 | 7.0 | 50.0 | 23.0 | 37.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.9% | 8.7% | 2.2% | 18.8% |
| Operating income growth (YoY) | – | 1355.6% | 9.9% | −24.3% | −185.3% |
| EPS growth (YoY) | – | 2160.0% | 100.9% | −68.7% | −207.0% |
| Gross margin | 21.9% | 23.7% | 23.2% | 22.4% | 17.0% |
| Operating margin | 0.6% | 6.1% | 6.2% | 4.6% | −3.3% |
| Net margin | 0.3% | 6.0% | 10.8% | 3.3% | −3.2% |
| Return on equityBlank when equity is negative | 0.7% | 15.2% | 23.6% | 6.9% | −4.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.2% | 14.9% | 12.9% | 9.2% | −3.2% |
| Free cash flow margin | 1.5% | −0.4% | 7.4% | 12.2% | 4.8% |
| Cash conversion (CFO ÷ net income) | 6.00x | 0.00x | 0.75x | 3.82x | −1.74x |
| Receivable days | 68 | 68 | 60 | 60 | 113 |
| Inventory days | 72 | 85 | 75 | 70 | 186 |
| Payable days | 67 | 68 | 59 | 59 | 102 |
| Debt ÷ equity | – | – | – | 0.00x | 0.18x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −256 | 247 |
| Current ratio | 2.39x | 2.32x | 2.56x | 2.33x | 2.34x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.