DNOW Inc.

DNOW Inc. distributes pipe, valves, fittings, pumps, and related process equipment used to build and maintain energy and industrial infrastructure. The company also fabricates, assembles, and tests production and process equipment, and supports customers with supply-chain services and digital procurement tools across North America and international markets.

−1,5 %

17,0 %

−3,2 %

+18,8 %

2.34

1.11

— DNOW Inc.
%
PVF and gas products45% Distribution of pipe, valves, fittings, gas products and related infrastructure materials.
Pumps and process equipment20% Pumps plus fabricated, assembled and tested production and process equipment.
Industrial and MRO supplies15% Consumables, maintenance items and general industrial products used in operations.
Supply-chain and technical services10% Value-added sourcing, logistics, inventory management and technical support.
Digital commerce and platform services10% Online ordering and procurement tools, including DigitalNOW and MRCGO.

DNOW sells to customers that need mission-critical industrial and energy infrastructure components, especially where...

  • Upstream oil and gasprimary

    Buys PVF, pumps and production equipment for drilling, completions and field operations.

  • Midstream infrastructureprimary

    Buys pipe, valves, fittings and fabricated systems for pipelines, gathering and processing.

  • Downstream and petrochemicalsecondary

    Buys process equipment and maintenance supplies for refineries and chemical plants.

  • Gas utilities and LNG/RNGsecondary

    Buys gas products and infrastructure materials for distribution and energy projects.

  • Industrial and energy-transition end marketsemerging

    Buys supply-chain and equipment solutions for power, data centers, CCUS and water.

DNOW operates through three reportable segments: the United States, Canada and International...

  • •U.S. is the largest operating base and main revenue driver
  • •Canada is a meaningful but smaller market with project exposure
  • •International operations span Europe, the Middle East and Asia-Pacific
  • •Locations are placed near oil, gas and industrial activity centers
  • •Global footprint supports export sales and cross-border sourcing

DNOW is using acquisitions, cross-selling and digital tools to broaden its product set and deepen customer...

01
Integrate MRC Global and realize merger synergiesshort-term

The combined platform should expand customer reach, product breadth and supply-chain scale.

02
Expand into energy transition and industrial marketsmedium-term

Diversification reduces exposure to drilling cycles and opens new demand pools.

03
Increase digital and technical value-added servicesmedium-term

Digital ordering and technical support improve customer stickiness and margin mix.

DNOW is exposed to cyclical energy spending, so lower oil and gas prices or reduced drilling and completions activity...

high

Cyclical energy spending

Customer demand depends on drilling, completions, refining and project activity.

Scope
Lower oil and gas prices or delayed capex can reduce order volumes.
Materiality
high
high

MRC Global integration risk

The company must combine systems, controls and operations after a large acquisition.

Scope
Delays could reduce expected synergies and create reporting/control issues.
Materiality
high
high

Cybersecurity and IT disruption

Order processing, inventory and receivables management rely on complex systems.

Scope
A breach or outage could disrupt operations and damage customer trust.
Materiality
high
medium

Supply chain and supplier pricing

DNOW depends on third-party manufacturers and transportation providers.

Scope
Shortages or cost inflation may not be fully passed through to customers.
Materiality
medium
medium

Goodwill impairment

Acquisitions create goodwill that must be tested against market and cash-flow assumptions.

Scope
A downturn in oilfield activity could trigger non-cash impairment charges.
Materiality
high
Goodwill impairment
A write-down would reduce earnings but not cash flow
Inventory reserves
Reserve changes can affect gross margin and working capital
Allowance for credit losses
Higher provisions would reduce operating income
Purchase price allocation
Allocation affects goodwill, amortization and future impairment risk
Income taxes and tax attributes
Tax estimates may be volatile after the acquisition

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: 28/04/2026