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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
NOV reported revenue of $8.7B in the fiscal year ended Dec 2025, down 1.4% from the year before. Operating income was $494M, an operating margin of 5.6%, and net income was $145M. Operating cash flow of $1.3B less capital expenditure of $375M left free cash flow of $876M. Net debt was $166M.
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 | 5,524 | 7,237 | 8,583 | 8,870 | 8,744 |
| Cost of revenue | 4,750 | 5,903 | 6,750 | 6,860 | 6,977 |
| Gross profit | 774 | 1,334 | 1,833 | 2,010 | 1,767 |
| Selling, general & admin | 908 | 1,070 | 1,182 | 1,134 | 1,203 |
| Operating income | −134 | 264 | 651 | 876 | 494 |
| Interest expense | 77.0 | 78.0 | 88.0 | 91.0 | 88.0 |
| Pre-tax income | −230 | 238 | 612 | 831 | 375 |
| Income tax | 15.0 | 83.0 | −373 | 196 | 224 |
| Net income | −250 | 155 | 993 | 635 | 145 |
| Diluted EPS | −0.65 | 0.39 | 2.50 | 1.60 | 0.39 |
| Diluted shares | 386 | 394 | 397 | 396 | 375 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,591 | 1,069 | 816 | 1,230 | 1,552 |
| Receivables | 1,321 | 1,739 | 1,905 | 1,819 | 1,701 |
| Inventory | 1,331 | 1,813 | 2,151 | 1,932 | 1,799 |
| Current assets | 4,902 | 5,493 | 5,840 | 5,770 | 5,820 |
| Net PP&E | 1,823 | 1,781 | 1,865 | 1,922 | 2,050 |
| Goodwill | 1,527 | 1,505 | 1,562 | 1,630 | 1,582 |
| Total assets | 9,550 | 10,135 | 11,294 | 11,361 | 11,291 |
| Payables | 612 | 906 | 904 | 837 | 831 |
| Deferred revenue | 392 | 444 | 532 | 492 | 565 |
| Current liabilities | 1,910 | 2,437 | 2,435 | 2,347 | 2,406 |
| Short-term debt | 5.0 | 13.0 | 13.0 | 37.0 | 30.0 |
| Long-term debt | 1,708 | 1,717 | 1,712 | 1,703 | 1,688 |
| Total liabilities | 4,486 | 5,001 | 5,052 | 4,933 | 4,969 |
| Shareholders' equity | 4,997 | 5,096 | 6,168 | 6,376 | 6,268 |
| Backlog (remaining obligations) | 4,224 | 4,161 | 4,492 | 4,801 | 4,775 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 291 | −179 | 143 | 1,304 | 1,251 |
| Capital expenditure | 201 | 214 | 283 | 351 | 375 |
| Free cash flow | 90.0 | −393 | −140 | 953 | 876 |
| Depreciation & amortisation | 306 | 301 | 302 | 343 | 355 |
| Stock-based compensation | 78.0 | 67.0 | 66.0 | 70.0 | 67.0 |
| Acquisitions | 52.0 | 49.0 | 22.0 | 298 | 0.0 |
| Share buybacks | – | – | – | 229 | 315 |
| Dividends paid | 20.0 | 78.0 | 79.0 | 108 | 190 |
| Dividend per share | 0.05 | 0.20 | 0.20 | 0.28 | 0.51 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.0% | 18.6% | 3.3% | −1.4% |
| Operating income growth (YoY) | – | – | 146.6% | 34.6% | −43.6% |
| EPS growth (YoY) | – | – | 541.0% | −36.0% | −75.6% |
| Gross margin | 14.0% | 18.4% | 21.4% | 22.7% | 20.2% |
| Operating margin | −2.4% | 3.6% | 7.6% | 9.9% | 5.6% |
| Net margin | −4.5% | 2.1% | 11.6% | 7.2% | 1.7% |
| Return on equityBlank when equity is negative | −5.0% | 3.0% | 16.1% | 10.0% | 2.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.8% | 3.4% | 7.3% | 9.7% | 5.6% |
| Free cash flow margin | 1.6% | −5.4% | −1.6% | 10.7% | 10.0% |
| Cash conversion (CFO ÷ net income) | −1.16x | −1.15x | 0.14x | 2.05x | 8.63x |
| Receivable days | 87 | 88 | 81 | 75 | 71 |
| Inventory days | 102 | 112 | 116 | 103 | 94 |
| Payable days | 47 | 56 | 49 | 45 | 43 |
| Interest cover | −1.74x | 3.38x | 7.40x | 9.63x | 5.61x |
| Debt ÷ equity | 0.34x | 0.34x | 0.28x | 0.27x | 0.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 122 | 661 | 909 | 510 | 166 |
| Current ratio | 2.57x | 2.25x | 2.40x | 2.46x | 2.42x |
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.