NOV designs, builds, and sells the machines, tools, and parts that energy companies use to drill wells and produce oil and gas. Its products range from drill bits, drill pipe and pumps to complete land rigs and offshore drilling packages. It also serves industrial and renewable energy customers in the U.S. and internationally.

What is Nov's fair value?

On an owner-earnings DCF, Nov's most-likely fair value is about $25, versus a recent price near $19. A margin-of-safety estimate, not a price target. Analysis, not advice.

Energy · Oil & Gas Equipment & Services · NOV

What Nov Does & How It Makes Money (NOV)

Updated October 2026 · reflects Nov's latest reported financials

Equipment and technology supplier for oil and gas drilling and production. NOV makes money by selling capital equipment such as rigs, drilling packages, and processing systems.

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How Nov makes money

NOV makes money by selling capital equipment such as rigs, drilling packages, and processing systems. It also earns recurring revenue from consumables, downhole tools, inspection and coating services, waste management, and digital solutions.

What Nov does

NOV Inc., formerly National Oilwell Varco, is a Houston-based maker of equipment and components for oil and gas drilling and production. Its roots go back to 1862. It also serves industrial and renewable energy markets in the United States and internationally. The company has two segments. Energy Products and Services covers consumable and service-heavy products: drill bits, downhole tools, frac plugs and sleeves, pumps, drill pipe, tubular coating and inspection, solids control, composite pipe, and digital solutions. Energy Equipment covers larger capital goods: land rigs, offshore drilling packages, equipment for fracturing, coiled tubing and wireline work, processing systems, flexible subsea pipe, marine and construction solutions, and midstream valves and pumps.

Products & services

Land rigs and offshore drilling packages
Drill bits and downhole drilling tools
Drill pipe and drill-stem equipment
Electric submersible and surface pumps
Flexible subsea pipe systems
Solids control and waste management services

What is Nov worth?

On an owner-earnings DCF, Nov's most-likely value is about $25 versus a recent price near $19 (31% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$17) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.

Verdict: Fairly priced — no edge

Owner-earnings fair value · recent price ≈ $19

Fair value (most likely)

$25

Range

$20–$34

No-growth floor

$17

Price

~$19

Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.

Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →

Sector Energy Industry Oil & Gas Equipment & Services HQ United States Ticker NOV Official site

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