NOV · CIK 1021860
What NOV Inc. told the SEC could break it.
NOV's disclosures reflect an oilfield-equipment maker whose demand and geography are tied to the global oil business. Demand for its equipment is driven by oil and gas prices and drilling activity — WTI averaged $65.46 a barrel in 2025, down 14.5%, with worldwide rig activity off 6.6% — so sustained low prices could materially cut demand. About 66% of its revenue comes from outside the U.S. across every major oil-producing region, and its supply chain is integrated through the U.S., Mexico, Canada, the EU and China with heavy cross-border trade, leaving it exposed to tariffs. Ukraine-related sanctions also forced the deconsolidation of its Russian subsidiaries, producing $5 million of impairment and other charges in 2025.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- Russia/Belarus sanctions; deconsolidationmedium
Sanctions tied to the Ukraine conflict restricted control of NOV's Russian operations and forced deconsolidation of its Russian subsidiaries, producing $5 million of impairment/other charges in 2025, with possible litigation and severance costs pending sale of the Russia business.
“As a consequence of the conflict in Ukraine and related sanctions on activities related to Russia and Belarus, we recorded impairment and other charges of $5 million for the year ended December 31, 2025 due to the deconsolidation of Russian subsidiaries.”
- tariffs across US/Mexico/Canada/EU/China supply chainmedium
NOV's supply chain is integrated across the U.S., Mexico, Canada, the EU and China with significant cross-border trade, so changes in tariffs could materially affect financial results.
“Our supply chain is integrated through numerous countries, with significant trade into and out of many jurisdictions, including the U.S., Mexico, Canada, the EU and China. As a result, changes in tariffs could have a material adverse effect on our financial results.”
Commodity & input dependence
- oil & gas prices / drilling rig activitymedium
Demand for NOV's equipment and services is driven by oil and gas prices and drilling activity; 2025 WTI averaged $65.46/bbl (down 14.5%) and worldwide rig activity fell 6.6%, and sustained low prices could materially reduce demand for the capital equipment NOV manufactures.
“Oil and gas prices may remain below a range that is acceptable to certain of our customers, which could result in a reduced demand for our products and have a material adverse effect on our financial condition, results of operations and cash flows.”
Geographic concentration
- non-U.S. operations (~66% of revenue)low
About 66% of 2025 revenue came from operations outside the U.S., with significant operations in Norway, Saudi Arabia, Brazil, China, the UK, the Netherlands, Denmark, Canada and Mexico, exposing NOV to political, social, economic, sanctions and currency risks across many jurisdictions.
“Approximately 66% of our revenues in 2025 were derived from operations outside the United States (based on revenue destination). Our foreign operations include significant operations in every oil producing region in the world.”
SEC filing →As of 2026
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