Latest Ratios: P/E Ratio 46.9x · EV/EBITDA 8.0x · ROE 2.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.6B | $5.9B | $5.8B | $8.1B | $8.2B | $5.2B | $5.3B | $9.6B | $9.7B | $13.6B | $14.1B |
| Enterprise Value | $7.4B | $6.6B | $6.9B | $9.6B | $9.5B | $6.0B | $6.1B | $11.2B | $11.0B | $14.9B | $15.9B |
| P/E Ratio → | 46.87 | 40.08 | 9.13 | 8.11 | 53.56 | — | — | — | — | — | — |
| P/S Ratio | 0.75 | 0.67 | 0.65 | 0.94 | 1.14 | 0.95 | 0.87 | 1.13 | 1.15 | 1.86 | 1.94 |
| P/B Ratio | 1.08 | 0.93 | 0.90 | 1.29 | 1.60 | 1.03 | 1.00 | 1.22 | 0.70 | 0.95 | 1.01 |
| P/FCF | 7.63 | 6.78 | 6.07 | — | — | 58.11 | 7.53 | 19.89 | 35.07 | 21.22 | 20.82 |
| P/OCF | 5.32 | 4.73 | 4.43 | 56.30 | — | 17.97 | 5.69 | 13.40 | 18.65 | 16.32 | 14.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.76 | 0.78 | 1.12 | 1.32 | 1.09 | 1.01 | 1.32 | 1.30 | 2.03 | 2.19 |
| EV / EBITDA | 8.03 | 7.24 | 5.69 | 10.09 | 16.86 | 35.04 | — | — | 12.21 | 35.28 | — |
| EV / EBIT | 13.09 | 14.36 | 7.52 | 13.73 | 30.15 | — | — | — | 82.08 | — | — |
| EV / FCF | — | 7.70 | 7.28 | — | — | 66.97 | 8.77 | 23.23 | 39.71 | 23.21 | 23.50 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.2% | 20.2% | 22.7% | 21.4% | 18.4% | 14.0% | 7.1% | 10.0% | 17.1% | 12.2% | -1.4% |
| Operating Margin | 6.5% | 6.5% | 9.9% | 7.6% | 3.6% | -2.4% | -39.8% | -74.1% | 2.5% | -3.8% | -33.3% |
| Net Profit Margin | 1.7% | 1.7% | 7.2% | 11.6% | 2.1% | -4.5% | -41.7% | -71.9% | -0.4% | -3.2% | -33.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.3% | 2.3% | 10.0% | 17.5% | 3.0% | -4.8% | -38.7% | -56.1% | -0.2% | -1.7% | -15.8% |
| ROA | 1.3% | 1.3% | 5.6% | 9.3% | 1.6% | -2.6% | -22.0% | -37.0% | -0.2% | -1.1% | -10.1% |
| ROIC | 5.8% | 5.8% | 8.5% | 6.9% | 3.2% | -1.7% | -23.3% | -38.2% | 1.0% | -1.3% | -10.6% |
| ROCE | 6.3% | 6.3% | 9.8% | 7.9% | 3.4% | -1.7% | -25.6% | -44.3% | 1.2% | -1.5% | -11.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.37 | 0.38 | 0.46 | 0.47 | 0.48 | 0.35 | 0.20 | 0.19 | 0.23 |
| Debt / EBITDA | 2.55 | 2.55 | 1.96 | 2.49 | 4.19 | 13.88 | — | — | 3.01 | 6.44 | — |
| Net Debt / Equity | — | 0.12 | 0.18 | 0.25 | 0.25 | 0.16 | 0.16 | 0.20 | 0.09 | 0.09 | 0.13 |
| Net Debt / EBITDA | 0.86 | 0.86 | 0.95 | 1.64 | 2.30 | 4.63 | — | — | 1.43 | 3.03 | — |
| Debt / FCF | — | 0.91 | 1.21 | — | — | 8.86 | 1.23 | 3.34 | 4.64 | 1.99 | 2.67 |
| Interest Coverage | 5.26 | 5.26 | 10.13 | 7.95 | 4.05 | -1.99 | -32.08 | -63.62 | 1.44 | -2.84 | -23.98 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.42 | 2.42 | 2.46 | 2.40 | 2.25 | 2.57 | 2.79 | 2.72 | 3.11 | 3.07 | 2.58 |
| Quick Ratio | 1.67 | 1.67 | 1.64 | 1.51 | 1.51 | 1.87 | 2.04 | 1.74 | 1.83 | 1.79 | 1.49 |
| Cash Ratio | 0.65 | 0.65 | 0.52 | 0.34 | 0.44 | 0.83 | 0.91 | 0.52 | 0.61 | 0.61 | 0.46 |
| Asset Turnover | — | 0.77 | 0.78 | 0.76 | 0.71 | 0.58 | 0.61 | 0.64 | 0.43 | 0.36 | 0.34 |
| Inventory Turnover | 3.88 | 3.88 | 3.55 | 3.14 | 3.26 | 3.57 | 4.02 | 3.47 | 2.35 | 2.14 | 2.21 |
| Days Sales Outstanding | — | 95.88 | 98.60 | 112.44 | 122.26 | 117.75 | 112.98 | 107.53 | 115.12 | 125.43 | 138.33 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 3.2% | 1.9% | 1.0% | 0.9% | 0.4% | 0.4% | 0.8% | 0.8% | 0.6% | 1.6% |
| Payout Ratio | 131.0% | 131.0% | 17.0% | 8.0% | 50.3% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.5% | 11.0% | 12.3% | 1.9% | — | — | — | — | — | — |
| FCF Yield | 13.1% | 14.7% | 16.5% | — | — | 1.7% | 13.3% | 5.0% | 2.9% | 4.7% | 4.8% |
| Buyback Yield | 4.8% | 5.4% | 4.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.5% | 8.6% | 5.8% | 1.0% | 0.9% | 0.4% | 0.4% | 0.8% | 0.8% | 0.6% | 1.6% |
| Shares Outstanding | — | $375M | $396M | $397M | $394M | $386M | $384M | $382M | $378M | $377M | $376M |
Cyclical Revenue Stagnation
According to current market data, NOV trades at a trailing P/E of 47.85, which appears significantly elevated compared to peers like SLB and Baker Hughes, suggesting that investors may be pricing in a recovery that has yet to materialize in the company's stagnant top-line performance.
The forward P/E of 22.44 implies a market expectation for meaningful earnings expansion, yet this valuation seems disconnected from the recent trend of negative revenue growth. Investors should monitor whether this premium is supported by potential software-driven margin expansion or if it represents an overvaluation of legacy manufacturing assets.
Based on reported financial statements, NOV's ROIC has languished between 0.5% and 2.9% over the last ten quarters, indicating that the firm is currently failing to generate returns that exceed its cost of capital, a trend that warrants further investigation into the productivity of its massive asset base.
The persistent inability to drive ROIC above low single digits suggests that the company's heavy manufacturing footprint is not currently optimized for the prevailing industry cycle. This lack of compounding returns implies that capital allocation, while conservative, has not yet translated into meaningful value creation for shareholders.
As indicated by recent quarterly filings, NOV's cash conversion cycle has remained elevated, peaking at 187 days in 2024Q2, which highlights a structural inefficiency in managing inventory and receivables compared to more agile service-oriented competitors within the broader oilfield services sector.
The high days-inventory-outstanding (DIO) suggests that the company may be holding significant amounts of specialized equipment that are slow to move in the current environment. This working capital drag appears to be a primary factor in the volatility of the company's free cash flow generation.
As reported in financial statements, the P/E ratio is frequently misapplied to NOV, as it fails to account for the significant non-operating charges and restructuring costs that distort net income, making EV/EBITDA a more reliable metric for assessing the company's true operational earning power.
Relying on P/E in a cyclical manufacturing context often leads to misleading conclusions during periods of margin compression. Analysts should instead focus on EV/EBITDA to strip away the impact of capital structure and non-recurring accounting items, providing a clearer view of the company's underlying cash-generating capacity.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NOV stock.
NOV Inc.'s current P/E ratio is 46.9x. The historical average is 22.7x. This places it at the 90th percentile of its historical range.
NOV Inc.'s current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.5x.
NOV Inc.'s return on equity (ROE) is 2.3%. The historical average is 4.8%.
Based on historical data, NOV Inc. is trading at a P/E of 46.9x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NOV Inc.'s current dividend yield is 2.77% with a payout ratio of 131.0%.
NOV Inc. has 20.2% gross margin and 6.5% operating margin.
NOV Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.