DNOW
Distributor of pipe, valves, fittings and industrial supplies to energy and gas utility operators.
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Profile
Pipe, valves, fittings and industrial MRO distributor to energy and gas utility customers, spun out of National Oilwell Varco in 2014. The November 2025 absorption of MRC Global doubled the company's location count and broadened end-market exposure from primarily upstream oil and gas to include substantial midstream, gas utility and industrial demand.
Distributes pipe, valves, fittings, pumps and packaged process equipment from roughly 300 locations to upstream oil and gas, midstream, gas utility, downstream and industrial customers. Revenue is transactional, earned on fulfilled orders rather than contracted at scale.
Spun out of National Oilwell Varco in 2014, it operated as an independent energy distributor before absorbing MRC Global in an all-stock transaction that closed November 2025 and roughly doubled its footprint. The combined entity retains both the DNOW and MRC Global brands.
Operations run across three geographic segments — U.S., Canada and International — with the U.S. generating the large majority of revenue. Demand tracks capital and maintenance spending by energy producers and gas utilities, so volume moves with commodity-price cycles. Active ERP integration work follows the MRC Global close.
Company facts
Categories
Key statistics
Year to date +19.2% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | DA Davidson | Reiterate | Buy | $17 | $19 | |
| Jun 15, 2026 | D.A. Davidson | Target | $17 | |||
| Feb 23, 2026 | Stifel Nicolaus | Target | $18 | $16 | ||
| Dec 18, 2025 | KeyBanc | Target | $19 | |||
| Nov 21, 2025 | Susquehanna | Upgrade | Neutral | Positive | $16 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.09 | $0.12 | +27.7% | $1.27B | $1.31B | +3.3% | +8.23% |
| May 7, 2026Q1 FY26 | $0.05 | $0.01 | −80.0% | $1.08B | $1.18B | +10.0% | +0.15% |
| Feb 20, 2026Q4 FY25 | $0.15 | $0.15 | 0.0% | $969.5M | $959.0M | −1.1% | −10.43% |
| Nov 5, 2025Q3 FY25 | $0.24 | $0.26 | +8.3% | $969.5M | $634.0M | −34.6% | −6.80% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $599.0M | $628.0M | $634.0M | $959.0M | $1.18B | $1.31B | |
| Gross profit | $139.0M | $144.0M | $145.0M | $68.0M | $193.0M | $243.0M | |
| Operating income | $33.0M | $39.0M | $37.0M | −$107.0M | −$45.0M | $1.0M | |
| Net income | $22.0M | $25.0M | $25.0M | −$147.0M | −$44.0M | −$21.0M | |
| Diluted EPS | $0.20 | $0.24 | $0.23 | −$0.95 | −$0.24 | −$0.11 | |
| Gross margin | 23.2% | 22.9% | 22.9% | 7.1% | 16.3% | 18.6% | |
| Operating margin | 5.5% | 6.2% | 5.8% | -11.2% | -3.8% | 0.1% |
Fiscal years (4-quarter sums)FY21 $1.63B · FY22 $2.14B · FY23 $2.32B · FY24 $2.37B · FY25 $2.82B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $114.0M · Total debt $631.0M · Total assets $3.82B · Shareholders' equity $2.10B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 182.55M · Float 179.37M · 98.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 28.91M | 15.84% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 19.51M | 10.69% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 10.40M | 5.70% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 8.20M | 4.49% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 7.96M | 4.36% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 10, 2026 | Mark B. Johnson | officer: See Remarks | −90,856 | $16.79 |
| Aug 10, 2026 | David A. Cherechinsky | director, officer: President and CEO | −198,213 | $16.73 |
| Aug 10, 2026 | Raymond W. Chang | officer: VP and General Counsel | −32,617 | $16.98 |
Peers
- Ferguson
Industrial PVF and MRO supply to oil, gas, refining, and process customers
- Core & Main
Specialty PVF and metering distributor with gas-utility supply overlap
- WESCO International
Electrical, utility, and industrial MRO with PVF and I&E overlap
- Applied Industrial Technologies
Pumps, flow control, and energy MRO distribution overlap
- W.W. Grainger
Broad-line MRO distributor overlapping on pumps, electrical, and flow control
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| DNOW | $15.93 | +0.03% | $2.91B | — | 30.2 | 0.7 | +108.1% |
| Ferguson | $228.49 | +0.03% | $44.31B | 21.9 | 19.0 | 1.4 | +3.0% |
| Core & Main | $42.86 | −0.37% | $8.05B | 18.3 | 13.4 | 1.1 | −0.1% |
| WESCO International | $336.42 | 0.00% | $16.39B | 23.2 | 18.5 | 0.7 | +13.0% |
| Applied Industrial Technologies | $329.11 | +2.18% | $11.91B | 29.4 | 26.9 | 2.4 | +10.5% |
| W.W. Grainger | $1,306.30 | +0.02% | $61.67B | 33.3 | 26.9 | 3.3 | +10.3% |
| Median | 23.2 | 19.0 | 1.4 | +10.3% |