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NOV builds the machinery that drilling contractors, oilfield service companies and oil and gas producers use to drill, complete and produce wells. Its larger business, Energy Equipment, sells major equipment and integrated systems for onshore and offshore operations. Customers generally make down payments and pay as projects progress; once equipment is in use, NOV also earns from spare parts, repairs and support. It supplies equipment to marine, industrial and renewable-energy markets as well.
Energy Products and Services supplies tools and consumables used in daily oilfield work, such as drill bits and downhole tools. Customers buy or rent equipment and pay for services, making this business shorter-cycle than the major equipment projects.
Demand depends mainly on global oilfield activity and customers’ willingness to spend on equipment, both strongly influenced by oil and gas prices. Drilling, well completion and workover activity also generate demand for tools and support for equipment already in use. In some countries, local-content rules make market access depend on local hiring or partnerships, while export controls and sanctions can restrict or prevent NOV from doing business.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
HMH Holding Inc. competes with NOV for rig owners’ spending on integrated drilling equipment, replacement parts and maintenance for offshore and onshore fleets. Watch HMH’s spare-parts and aftermarket-service revenue for demand to support installed equipment, especially offshore.
Forum Energy Technologies, Inc. competes with NOV to sell drilling, coiled-tubing, stimulation, artificial-lift and subsea equipment to oil and gas operators and service companies. Its consumables and activity-based equipment accounted for about 80% of 2025 revenue, making those sales a useful gauge of the operating activity that also drives NOV’s product demand.
Weatherford competes with NOV for oil and gas customers’ spending on drilling tools, completion equipment, systems that help lift oil to the surface and software that monitors and improves well performance. Watch its Production and Intervention business for demand in production equipment and digital monitoring, where their offerings overlap.
Baker Hughes competes with NOV for energy customers’ drilling, completion, artificial-lift and offshore production equipment orders. Its Oilfield Services & Equipment business is the part to watch for this overlap, rather than its broader industrial and energy technology business.
SLB competes with NOV to sell well-construction equipment, production systems and digital oilfield technology to energy operators. Watch its Well Construction and Production Systems divisions and digital operations revenue for demand in these overlapping markets.
Halliburton competes with NOV to supply drilling and completion products to oil and gas producers, but also licenses NOV’s drill-bit technology, with royalties disputed in litigation. Watch NOV’s appeal of rulings barring royalties after licensees stopped paying; NOV stopped recording royalty revenue on October 1, 2025, and the litigation outcome remains uncertain.
OIL STATES INTERNATIONAL, INC. competes with NOV to supply offshore manufactured products, downhole technology and completion equipment and services to energy customers. Its completion-service revenue comes from setting up and operating equipment at customers’ wells for daily fees, providing a view of well-site activity relevant to NOV’s completion products.
TechnipFMC competes with NOV for energy customers’ offshore production and surface equipment orders for drilling, stimulation and production projects. Watch its Subsea business for offshore production demand and Surface Technologies for onshore and shallow-water equipment spending.
Innovex International, Inc. competes with NOV to sell and rent well-construction and completion products to oil producers and oilfield service companies. Watch its product sales and tool rentals, keeping in mind that it sells mainly directly to producers rather than service companies.
Transocean’s offshore rig investment and use track demand for NOV’s drilling systems, spare parts and maintenance; Transocean earns fees by providing rigs and crews to drill customers’ oil and gas wells. Watch investment and activity in its ultra-deepwater and harsh-environment fleet, rather than treating it as a confirmed NOV customer.
Noble’s offshore fleet activity and investment help gauge demand for the drilling equipment and aftermarket support NOV sells to rig operators. Noble gets paid by oil and gas companies to drill offshore wells, so watch its fleet deployment and investment plans for signals about that equipment market.
Nabors’ rig operations and upgrades track the market for NOV’s rig equipment, drilling tools and automation systems; drilling customers generally pay Nabors a daily rate for a rig and crew. Watch its rig-upgrade and automation work for the types of equipment investment that drive NOV’s demand.
Patterson-UTI Energy Inc competes with NOV in drill bits, while its drilling and completion fleets serve oil and gas producers in markets that also drive NOV equipment demand. Watch drilling-products results for competition and fleet activity and investment for the equipment-spending signal.
Cactus, Inc. competes with NOV for oilfield customers’ pipe, production equipment and completion-related rentals and services. Watch its wellhead sales for new-well drilling demand and completion-equipment rentals for fracturing activity—two different sources of demand for NOV’s products.
Helmerich & Payne’s land-rig use and investment track demand for the drilling equipment, tools and aftermarket support NOV sells, while oil and gas producers pay H&P for drilling services. Watch how many of its marketed North American rigs are working under contract for a concrete read on land-drilling activity.
Oceaneering International’s underwater services and NOV’s offshore equipment and support share exposure to offshore drilling and subsea development spending. Watch Oceaneering’s services using remotely operated underwater vehicles on floating drilling rigs for a view of activity in the fleets NOV’s equipment market serves.
Drilling Tools International Corporation competes with NOV to provide downhole drilling tools and rentals to customers drilling onshore and offshore wells. Watch its rental-focused Western Hemisphere business for tool demand across North America and Latin America.
EIA Crude Oil Stocks Change (Oct/16)
The weekly EIA report tracks US crude oil and fuel inventories; by influencing oil prices and customers’ spending on NOV’s oilfield equipment and services, inventory shifts can affect NOV’s sales.
A draw in crude or fuel stocks points to tighter supply and may support oil prices, potentially encouraging customers’ oilfield activity and spending on NOV’s equipment and services. A build points to looser supply and may pressure prices and that spending; the effect on NOV depends on how customers respond.
SLB Limited earningsSLB
SLB’s report will show how much energy companies are still spending on well-construction equipment and production systems that it and NOV both sell.
Read SLB’s Well Construction and Production Systems businesses alongside digital operations revenue. Stronger sales in the first two, with digital revenue also growing, would show that operators are still buying physical equipment and systems as well as digital tools, a supportive demand setting for NOV’s comparable products. If the equipment businesses weaken while digital revenue grows, spending may be shifting toward software and digital services, leaving demand for NOV’s equipment less supported. The companies’ product mixes differ, so SLB’s results are not a direct measure of NOV’s performance.
Noble Corporation plc earningsNE
Noble’s report will show whether offshore drillers are deploying rigs and investing in their fleets, a signal for demand for NOV’s offshore equipment and aftermarket support.
Read Noble’s fleet deployment alongside its investment plans. More deployment with higher investment would show offshore drillers are using their fleets and spending on equipment, supporting demand for NOV’s offshore equipment and aftermarket services. If both deployment and investment weaken, demand for new equipment and support may soften. Noble’s results are a market signal, not evidence that it buys from NOV.
NOV Inc. earningsThis company
NOV sells products and services tied to drilling activity as well as long-cycle equipment, and this report will show how sales and profit are holding up across both businesses.
Read Energy Equipment revenue and operating margin alongside backlog, then compare them with revenue and operating margin in Energy Products and Services. Rising equipment revenue with a steady margin would show that longer-cycle orders are becoming sales at a reasonable profit; if backlog grows while revenue and margin weaken, orders are not yet turning into profitable deliveries, and costs or timing may be weighing on results. If revenue and margin improve together in Products and Services, shorter-cycle activity or sales mix is improving; if both weaken, that business remains under pressure.
Industrial Production MoM (Oct)
Industrial production tracks factory, mine and utility output; stronger activity can lift orders for NOV’s non-oil-and-gas composite solutions, while weaker activity can reduce that revenue.
Read stronger production as a possible lift to industrial customers’ purchases of NOV’s non-oil-and-gas composite solutions; weaker production may weigh on those purchases. This reading does not establish a change in demand for NOV’s oilfield offerings.
Helmerich & Payne, Inc. earningsHP
H&P’s report will show how many North American land rigs are working under contract, a read on activity that drives demand for NOV’s drilling products and services.
Watch the number of H&P’s North American land rigs working under contract. A rising count means more rigs are operating, a more supportive activity setting for demand for NOV’s drilling tools and field services; a falling count points to weaker land-drilling activity and possible pressure on demand for NOV’s shorter-cycle products and services. This is an industry signal, not proof that H&P is an NOV customer.
