NOV Inc.
NOV Inc. is a U.S.-based industrial equipment and technology company serving the oilfield and broader energy infrastructure markets. It designs, manufactures, rents, and services equipment used in drilling, well construction, production, and related energy applications through two reporting segments: Energy Products and Services and Energy Equipment.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueConsumables, rentals, aftermarket parts, and field services for drilling and well operations.
Capital equipment, engineered systems, and large project deliveries for oilfield customers.
Products and engineering capabilities applied to geothermal, CCS, and nuclear markets.
Products
Reported · share of revenue- Products66.6 %
- Services22.3 %
- Rental11.0 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
NOV sells primarily to oil and gas producers, oilfield service companies, drilling contractors, and shipyards. Customers buy NOV’s equipment and technology to improve drilling efficiency, standardize fleets, reduce downtime, and support long-lived operations across global energy basins.
Buy drilling, completion, and production-related equipment to lower operating cost and improve uptime.
Purchase tools, systems, and technologies used in field operations and well construction.
Buy rig packages, pipe, and related equipment for land and offshore drilling programs.
Use offshore systems such as mooring, turret, and marine handling equipment.
Buy engineering and industrial capabilities for geothermal, CCS, and nuclear applications.
Strategy
NOV’s strategy centers on developing proprietary technologies that reduce the marginal cost and environmental footprint of energy production. It also emphasizes broad product availability, global distribution, and a conservative capital structure so it can serve fragmented markets and operate through commodity cycles.
Differentiated products help reduce customer operating cost and support pricing power.
Serving many operators and contractors reduces dependence on any single customer group.
These markets are important for future incremental oil and gas supply and large project demand.
The business is exposed to drilling and commodity cycles, so capacity and cost flexibility matter.
Geography
2025NOV operates globally and reports operations in 57 countries, with sales and service activity spread across North America, international onshore markets, and offshore basins. Its backlog and capital equipment deliveries are heavily tied to international and offshore demand, while North America remains important for drilling activity and aftermarket service.
Share of the revenue the company reports by geography.
Risks
NOV is exposed to oil and gas drilling cycles, commodity prices, and customer capital-spending decisions, which directly affect equipment orders and service activity. Its large project backlog also creates execution, supply-chain, tariff, and contract-estimation risk, while cyberattacks, sanctions, and geopolitical restrictions can disrupt operations and payments.
- Supply chain, tariffs, and trade restrictionsImpact: HighLikelihood: High
The company relies on third-party parts and global manufacturing flows.
Exposure: International sourcing and delivery
- Oil and gas industry cyclicalityImpact: HighLikelihood: Medium
Demand depends on rig counts, drilling activity, and customer capex.
Exposure: Global drilling and workover markets
- Backlog execution and contract riskImpact: HighLikelihood: Medium
Large capital equipment orders can be delayed, repriced, or canceled.
Exposure: Energy Equipment backlog
- Geopolitical and sanctions exposureImpact: MediumLikelihood: High
Trade restrictions and sanctions can affect sales, collections, and subsidiaries.
Exposure: Russia and other restricted markets
- Cybersecurity and systems disruptionImpact: MediumLikelihood: Medium
NOV depends on information systems for operations, finance, and customer data.
Exposure: Enterprise IT and customer-facing systems
Accounting
Judgemental itemsEstimated costs and progress determine when and how much revenue is recorded.
Impact: Can shift reported revenue and margin between periods
Large equipment orders are recognized as milestones are met and products ship.
Impact: Creates quarter-to-quarter volatility in revenue
Oilfield downturns or lower valuations can trigger non-cash write-downs.
Impact: Can materially reduce earnings and equity
Facility closures, severance, and long-lived asset impairments affect operating results.
Impact: Can distort comparability across periods
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Last updated: 24/09/2026