Does NOV INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NOV INC. (NOV) 25.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 1, returns on capital 7, balance-sheet safety 61, capital discipline 53.

Is NOV stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $7.45 per share versus a recent price of $19.52 — 162% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has NOV's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 25.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NOV INC.

NOV · Industrials · $7.0B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power1

Median gross margin 15.5% over 10y, variable.

Returns on capital7

Median ROIC -0.3%, above the 9% hurdle in 20% of years.

Balance-sheet safety61

Net debt/EBITDA 0.2x, interest coverage 6x.

Capital discipline53

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

162% above value

Owner earnings (normalized): $242.0M
Est. intrinsic value / share: $7.45
Recent price: $19.52
Discount to value: 162% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

NOV INC. booked $8.7B of revenue in FY2025 in the Industrials sector and kept 20.2% of it as gross profit — a moderate-margin business by that measure. After every other cost, 1.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $9.8B (FY2007) to $8.7B (FY2025) — about −0.6% a year compounded over 18 years.

It earned 5.0% on invested capital in FY2025, with a median of 9.2% across 19 filed years. The Returns on Capital filter above scores it 7/100.

The balance sheet carried $1.7B of total debt in FY2025 against $145.0M of owner earnings — roughly 11.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 61/100.

The share count fell 13.5% between FY2008 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 53/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (61/100) and Pricing Power the weakest (1/100), which is how NOV lands at 25/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$8.7B FY2025

Gross marginRevenue kept after cost of goods20.2% FY2025

Return on invested capitalOperating profit on the capital employed5.0% FY2025

Owner earningsCash an owner could take out$145.0M FY2025

Gaps in a line mean that item isn’t in NOV’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale25.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NOV has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#230 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#228TRS TRIMAS CORPORATION25.5 out of 100, No moatNo moat
#229DNOW DNOW INC.25.5 out of 100, No moatNo moat
#231OUST Ouster, Inc.25.2 out of 100, No moatNo moat
#232MSN EMERSON RADIO CORP25.1 out of 100, No moatNo moat

Compare NOV with its nearest peers →All Industrials companies on the Index →

Common questions about NOV

Does NOV INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NOV INC. (NOV) 25.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 1, returns on capital 7, balance-sheet safety 61, capital discipline 53.
Is NOV stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $7.45 per share versus a recent price of $19.52 — 162% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has NOV's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 25.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NOV. See the disclaimer.