DNOW Inc.
DNOW · Oil & Gas Field Machinery & Equipment · 182.5M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $35M (gross $50M, SBC $15M)
Reference price $17.47 · est. market cap ~$3.2B — last insider sale, 2025-02-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Scaled, diversified energy/industrial PVF distributor with strong free cash flow, masked this year by a transformational MRC merger.
Strengths
- $134M free cash flow (FCF margin 50th pct) and strong liquidity (current ratio 2.3, low leverage)
- 160-year scaled distribution franchise broadened by the MRC Global acquisition and digital platforms
- Diversified end-markets across upstream, midstream, gas utilities and industrial
Risks
- Reported net and operating margins negative, partly reflecting merger/LIFO accounting noise
- Thin gross margin (17%, 25th pct) inherent to distribution; oil-and-gas demand cyclicality
- Integration execution risk on the large all-stock MRC Global combination
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -3.2%)
- Strong balance sheetStrong balance sheet — $164M cash & investments
- Pending mergerOn June 26, 2025, DNOW entered into an Agreement and Plan of Merger (the “Merger Agreement”) with MRC Global Inc
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
17.0%
Operating margin
-3.3%
Net margin
-3.2%
Return on equity
-4.0%
Return on assets
-2.3%
ROIC
-2.8%
Revenue growth (QoQ)
23.4%
Net-income growth
-214.1%
Debt / equity
0.2×
Current ratio
2.3×
Free cash flow
$134M
EBITDA
-$41M
Tangible book value
$1.1B
Cash & investments
$164M
Stock comp / revenue
1.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | Reed Sonya | Grant | 12K | — |
| 2026-05-20 | Bonno Terry | Grant | 12K | — |
| 2026-05-20 | JADIN RONALD L | Grant | 12K | — |
| 2026-05-20 | COPPINGER PAUL M | Grant | 12K | — |
| 2026-05-20 | ALARIO RICHARD J | Grant | 17K | — |
| 2026-05-20 | David-Green Karen | Grant | 12K | — |
| 2026-05-20 | Cobb Galen | Grant | 12K | — |
| 2026-05-20 | Damiris George John | Grant | 12K | — |
| 2026-03-12 | Anderson Gillian | Tax withheld | 834 | $11.29 |
| 2026-02-23 | Chang Raymond W | Grant | 40K | — |
| 2026-02-23 | Johnson Mark B | Grant | 62K | — |
| 2026-02-23 | Munson Kelly T. | Grant | 29K | — |
| 2026-02-23 | Anderson Gillian | Grant | 19K | — |
| 2026-02-23 | Cherechinsky David A | Grant | 204K | — |
| 2026-02-20 | Cherechinsky David A | Tax withheld | 53K | $13.23 |
| 2026-02-20 | Cherechinsky David A | Grant | 90K | — |
| 2026-02-20 | Cherechinsky David A | Tax withheld | 35K | $13.23 |
| 2026-02-20 | Johnson Mark B | Tax withheld | 12K | $13.23 |
| 2026-02-20 | Johnson Mark B | Grant | 21K | — |
| 2026-02-20 | Johnson Mark B | Tax withheld | 8.3K | $13.23 |
| 2026-02-20 | Chang Raymond W | Tax withheld | 13K | $13.23 |
| 2026-02-20 | Chang Raymond W | Grant | 21K | — |
| 2026-02-20 | Chang Raymond W | Tax withheld | 8.3K | $13.23 |
| 2026-02-20 | Munson Kelly T. | Tax withheld | 8.8K | $13.23 |
| 2026-02-20 | Munson Kelly T. | Grant | 15K | — |
| 2026-02-20 | Munson Kelly T. | Tax withheld | 5.9K | $13.23 |
| 2026-02-07 | Anderson Gillian | Tax withheld | 1.2K | $16.76 |
| 2025-05-21 | ALARIO RICHARD J | Grant | 15K | — |
| 2025-05-21 | Reed Sonya | Grant | 10K | — |
| 2025-05-21 | Bonno Terry | Grant | 10K | — |
| 2025-05-21 | COPPINGER PAUL M | Grant | 10K | — |
| 2025-05-21 | EADS RODNEY W | Grant | 10K | — |
| 2025-05-21 | Cobb Galen | Grant | 10K | — |
| 2025-05-21 | David-Green Karen | Grant | 10K | — |
| 2025-02-25 | Chang Raymond W | Grant | 24K | — |
| 2025-02-25 | Cherechinsky David A | Grant | 121K | — |
| 2025-02-25 | Johnson Mark B | Grant | 33K | — |
| 2025-02-25 | Surratt Fanny R. | Grant | 8.9K | — |
| 2025-02-25 | Munson Kelly T. | Grant | 18K | — |
| 2025-02-22 | Surratt Fanny R. | Tax withheld | 3.9K | $17.43 |
| 2025-02-22 | Surratt Fanny R. | Grant | 18K | — |
| 2025-02-22 | Surratt Fanny R. | Tax withheld | 7.1K | $17.43 |
| 2025-02-22 | Chang Raymond W | Tax withheld | 17K | $17.43 |
| 2025-02-22 | Chang Raymond W | Grant | 50K | — |
| 2025-02-22 | Chang Raymond W | Tax withheld | 21K | $17.43 |
| 2025-02-22 | Cherechinsky David A | Tax withheld | 70K | $17.43 |
| 2025-02-22 | Cherechinsky David A | Grant | 216K | — |
| 2025-02-22 | Cherechinsky David A | Tax withheld | 85K | $17.43 |
| 2025-02-22 | Johnson Mark B | Tax withheld | 16K | $17.43 |
| 2025-02-22 | Johnson Mark B | Grant | 50K | — |
| 2025-02-22 | Johnson Mark B | Tax withheld | 20K | $17.43 |
| 2025-02-22 | Munson Kelly T. | Tax withheld | 12K | $17.43 |
| 2025-02-22 | Munson Kelly T. | Grant | 36K | — |
| 2025-02-22 | Munson Kelly T. | Tax withheld | 14K | $17.43 |
| 2025-02-19 | Munson Kelly T. | Option exercise | 10K | $9.90 |
| 2025-02-19 | Munson Kelly T. | Sell | 10K | $17.47 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-20 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-02-27 | Exec/director change | filing ↗ |
| 2026-02-20 | ResultsExhibits | filing ↗ |
| 2026-01-16 | Exhibits | filing ↗ |
| 2025-11-06 | Material agreementAcquisition/dispositionDebt obligationExec/director changeReg FDExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-10-07 | Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-20 | 2026-05-20 | 0001193125-26-232622 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210260 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211564 ↗ |
| 8-K | 2026-02-27 | 2026-02-25 | 0001193125-26-082843 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-072828 ↗ |
| 8-K | 2026-02-20 | 2026-02-20 | 0001193125-26-060320 ↗ |
| 8-K/A | 2026-01-16 | 2025-11-06 | 0001193125-26-015345 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-269726 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001193125-25-265677 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001193125-25-266494 ↗ |
| 8-K | 2025-10-07 | 2025-10-07 | 0001193125-25-232544 ↗ |
| 8-K | 2025-09-09 | 2025-09-09 | 0001193125-25-199184 ↗ |