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DNOW Inc.

DNOW Clue Score42
United States Fiscal year ends December CIK 0001599617
$15.57 -0.51% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $15.57 +76.13% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2,107.0Operating income−222.0Net income−234.0EPS, diluted−2.18Fiscal year 2017Revenue2,648.0 +25.7%Operating income−41.0Net income−52.0EPS, diluted−0.48Fiscal year 2018Revenue3,127.0 +18.1%Operating income73.0Net income52.0EPS, diluted0.47Fiscal year 2019Revenue2,951.0 −5.6%Operating income−83.0Net income−97.0 −286.5%EPS, diluted−0.89 −289.4%Fiscal year 2020Revenue1,619.0 −45.1%Operating income−420.0Net income−427.0EPS, diluted−3.91Fiscal year 2021Revenue1,632.0 +0.8%Operating income9.0Net income5.0EPS, diluted0.05Fiscal year 2022Revenue2,136.0 +30.9%Operating income131.0Net income128.0 +2,460.0%EPS, diluted1.13 +2,160.0%Fiscal year 2023Revenue2,321.0 +8.7%Operating income144.0Net income250.0 +95.3%EPS, diluted2.27 +100.9%Fiscal year 2024Revenue2,373.0 +2.2%Operating income109.0Net income78.0 −68.8%EPS, diluted0.71 −68.7%Fiscal year 2025Revenue2,820.0 +18.8%Operating income−93.0Net income−89.0 −214.1%EPS, diluted−0.76 −207.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,107.0 2,648.0 3,127.0 2,951.0 1,619.0 1,632.0 2,136.0 2,321.0 2,373.0 2,820.0
Growth +25.7% +18.1% −5.6% −45.1% +0.8% +30.9% +8.7% +2.2% +18.8%
Operating income −222.0 −41.0 73.0 −83.0 −420.0 9.0 131.0 144.0 109.0 −93.0
Net income −234.0 −52.0 52.0 −97.0 −427.0 5.0 128.0 250.0 78.0 −89.0
Growth −286.5% +2,460.0% +95.3% −68.8% −214.1%
EPS, diluted −2.18 −0.48 0.47 −0.89 −3.91 0.05 1.13 2.27 0.71 −0.76
Growth −289.4% +2,160.0% +100.9% −68.7% −207.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Operating margin−10.5%Net margin−11.1%Free cash flow margin11.0%Fiscal year 2017Operating margin−1.5%Net margin−2.0%Free cash flow margin−4.5%Fiscal year 2018Operating margin2.3%Net margin1.7%Free cash flow margin2.0%Fiscal year 2019Operating margin−2.8%Net margin−3.3%Free cash flow margin7.2%Fiscal year 2020Operating margin−25.9%Net margin−26.4%Free cash flow margin11.2%Fiscal year 2021Operating margin0.6%Net margin0.3%Free cash flow margin1.5%Fiscal year 2022Operating margin6.1%Net margin6.0%Free cash flow margin−0.4%Fiscal year 2023Gross margin23.2%Operating margin6.2%Net margin10.8%Free cash flow margin7.4%Fiscal year 2024Gross margin22.4%Operating margin4.6%Net margin3.3%Free cash flow margin12.2%Fiscal year 2025Gross margin17.0%Operating margin−3.3%Net margin−3.2%Free cash flow margin4.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a n/a n/a n/a n/a 23.2% 22.4% 17.0%
Operating margin −10.5% −1.5% 2.3% −2.8% −25.9% 0.6% 6.1% 6.2% 4.6% −3.3%
Net margin −11.1% −2.0% 1.7% −3.3% −26.4% 0.3% 6.0% 10.8% 3.3% −3.2%
Free cash flow margin 11.0% −4.5% 2.0% 7.2% 11.2% 1.5% −0.4% 7.4% 12.2% 4.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow235.0Capital expenditure−4.0Free cash flow231.0Fiscal year 2017Operating cash flow−115.0Capital expenditure−4.0Free cash flow−119.0 −151.5%Fiscal year 2018Operating cash flow73.0Capital expenditure−11.0Free cash flow62.0Fiscal year 2019Operating cash flow224.0Capital expenditure−12.0Free cash flow212.0 +241.9%Fiscal year 2020Operating cash flow189.0Capital expenditure−8.0Free cash flow181.0 −14.6%Buybacks0.0Fiscal year 2021Operating cash flow30.0Capital expenditure−5.0Free cash flow25.0 −86.2%Buybacks0.0Fiscal year 2022Operating cash flow0.0Capital expenditure−9.0Free cash flow−9.0 −136.0%Buybacks−7.0Fiscal year 2023Operating cash flow188.0Capital expenditure−17.0Free cash flow171.0Buybacks−50.0Fiscal year 2024Operating cash flow298.0Capital expenditure−9.0Free cash flow289.0 +69.0%Buybacks−23.0Fiscal year 2025Operating cash flow155.0Capital expenditure−21.0Free cash flow134.0 −53.6%Buybacks−37.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 235.0 −115.0 73.0 224.0 189.0 30.0 0.0 188.0 298.0 155.0
Capital expenditure −4.0 −4.0 −11.0 −12.0 −8.0 −5.0 −9.0 −17.0 −9.0 −21.0
Free cash flow 231.0 −119.0 62.0 212.0 181.0 25.0 −9.0 171.0 289.0 134.0
Growth −151.5% +241.9% −14.6% −86.2% −136.0% +69.0% −53.6%
Buybacks n/a n/a n/a n/a 0.0 0.0 −7.0 −50.0 −23.0 −37.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash106.0Total debt65.0Net cash (debt)41.0Shareholders’ equity1,183.0Debt to equity0.05Fiscal year 2017Cash98.0Total debt162.0Net cash (debt)−64.0Shareholders’ equity1,185.0Debt to equity0.14Fiscal year 2018Cash116.0Total debt132.0Net cash (debt)−16.0Shareholders’ equity1,214.0Debt to equity0.11Fiscal year 2019Cash183.0Shareholders’ equity1,144.0Fiscal year 2020Cash387.0Shareholders’ equity699.0Fiscal year 2021Cash313.0Shareholders’ equity711.0Fiscal year 2022Cash212.0Shareholders’ equity842.0Fiscal year 2023Cash299.0Shareholders’ equity1,060.0Fiscal year 2024Cash256.0Total debt0.0Net cash (debt)256.0Shareholders’ equity1,124.0Debt to equity0.00Fiscal year 2025Cash164.0Total debt411.0Net cash (debt)−247.0Shareholders’ equity2,233.0Debt to equity0.18
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 106.0 98.0 116.0 183.0 387.0 313.0 212.0 299.0 256.0 164.0
Total debt 65.0 162.0 132.0 n/a n/a n/a n/a n/a 0.0 411.0
Net cash (debt) 41.0 −64.0 −16.0 n/a n/a n/a n/a n/a 256.0 −247.0
Shareholders’ equity 1,183.0 1,185.0 1,214.0 1,144.0 699.0 711.0 842.0 1,060.0 1,124.0 2,233.0
Debt to equity 0.05 0.14 0.11 n/a n/a n/a n/a n/a 0.00 0.18

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
2,107.0 2,648.0 3,127.0 2,951.0 1,619.0 1,632.0 2,136.0 2,321.0 2,373.0 2,820.0
Growth +25.7% +18.1% −5.6% −45.1% +0.8% +30.9% +8.7% +2.2% +18.8%
1,762.0 2,147.0 2,497.0 2,365.0 1,327.0 1,275.0 1,630.0 1,782.0 1,842.0 2,342.0
n/a n/a n/a n/a n/a n/a n/a 539.0 531.0 478.0
Growth −1.5% −10.0%
n/a n/a n/a n/a n/a n/a n/a 395.0 416.0 559.0
−222.0 −41.0 73.0 −83.0 −420.0 9.0 131.0 144.0 109.0 −93.0
Growth −213.7% +1,355.6% +9.9% −24.3% −185.3%
−230.0 −52.0 58.0 −93.0 −430.0 12.0 139.0 142.0 110.0 −100.0
4.0 n/a 6.0 4.0 −3.0 7.0 10.0 −109.0 31.0 −12.0
−234.0 −52.0 52.0 −97.0 −427.0 5.0 128.0 250.0 78.0 −89.0
Growth −286.5% +2,460.0% +95.3% −68.8% −214.1%
Per share
−2.18 −0.48 0.47 −0.89 −3.91 0.05 1.14 2.29 0.72 −0.76
−2.18 −0.48 0.47 −0.89 −3.91 0.05 1.13 2.27 0.71 −0.76
Growth −289.4% +2,160.0% +100.9% −68.7% −207.0%
107.4 107.7 108.3 108.8 109.4 110.4 110.7 107.4 106.4 117.9
107.4 107.7 108.6 108.8 109.4 110.5 111.2 108.4 107.1 117.9
Growth +0.3% +0.8% +0.1% +0.6% +1.0% +0.7% −2.5% −1.2% +10.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 11.7% a year over five years.
  • The diluted share count rose 7.7% in five years, which is dilution.
  • Operating margin is up 22.6 points on five years ago, at -3.3%.
  • A net loss in 5 of 10 years on file.