Is NOV, Inc. overvalued or undervalued?

As of 22 August 2025, the valuation grade for NOV, Inc. has moved from expensive to fair. Based on the current metrics, the company appears to be fairly valued. Key ratios include a P/E ratio of 8, a Price to Book Value of 0.74, and an EV to EBITDA of 4.00. In comparison to peers, Weatherford International plc has a P/E of 7.99, while Cactus, Inc. has a P/E of 15.00, indicating that NOV, Inc. is positioned competitively within its industry.
Despite its fair valuation, NOV, Inc. has underperformed relative to the S&P 500, with a year-to-date return of -11.16% compared to the S&P 500's 12.22%. This trend is further reflected in the longer-term performance, where NOV, Inc. has seen a 3-year return of -24.24%, contrasting sharply with the S&P 500's 70.41% return over the same period.