DNOW Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DNOW Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,107	2,648	3,127	2,951	1,619	1,632	2,136	2,321	2,373	2,820
Cost of revenue	1,762	2,147	2,497	2,365	1,327	1,275	1,630	1,782	1,842	2,342
Gross profit	345	501	630	586	292	357	506	539	531	478
Selling, general and administrative								395	416	559
Operating expenses	567	542	557
Operating income	-222	-41	73	-83	-420	9	131	144	109	-93
Other non-operating income				-10	-10	3	8	-2	1	-7
Pre-tax income	-230	-52	58	-93	-430	12	139	142	110	-100
Income tax	4		6	4	-3	7	10	-109	31	-12
Net income to minority interests					0	0	1	1	1	1
Net income	-234	-52	52	-97	-427	5	128	250	78	-89
EBITDA	-169	9	114	-42	-392	32	150	170	143	-41
EPS, basic	-2.18	-0.48	0.47	-0.89	-3.91	0.05	1.14	2.29	0.72	-0.76
EPS, diluted	-2.18	-0.48	0.47	-0.89	-3.91	0.05	1.13	2.27	0.71	-0.76
Shares, basic (weighted)	107	108	108	109	109	110	111	107	106	118
Shares, diluted (weighted)	107	108	109	109	109	110	111	108	107	118

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	106	98	116	183	387	313	212	299	256	164
Receivables	354	423	482	370	198	304	398	384	388	874
Inventory	483	590	602	465	262	250	381	366	352	1,192
Other current assets	16	18	19	15	14	16	26	19	32	48
Total current assets	959	1,129	1,219	1,067	861	883	1,017	1,068	1,028	2,278
Property, plant and equipment	143	119	106	120	98	111	119	131	157	264
Lease right-of-use assets				56	41	27	36	40	40	160
Goodwill	311	328	314	245	0	67	116	139	230	617
Intangible assets	184	166	144	90	0	9	25	28	65	565
Other non-current assets	5	5	10	67	48	34	43	45	8	29
Total assets	1,603	1,749	1,795	1,591	1,008	1,104	1,320	1,532	1,621	3,924
Accounts payable	246	290	329	255	172	235	304	288	300	653
Accrued liabilities	100	103	110	127	95	112	126	120	130	300
Deferred revenue		19	29	34	19	27	33	28	31	50
Short-term debt	44	35
Total current liabilities	347	394	441	396	272	369	439	418	442	974
Long-term debt	65	162	132
Lease liabilities				34	25	17	25	30	29	129
Other non-current liabilities	1	1	2	13	12	6	11	18	22	73
Total liabilities	420	564	581	447	309	392	476	466	493	1,686
Total debt	65	162	132						0	411
Paid-in capital	2,002	2,019	2,034	2,046	2,051	2,060	2,066	2,032	2,023	3,193
Retained earnings	-678	-730	-678	-775	-1,208	-1,203	-1,075	-828	-747	-836
Treasury stock							0		0
Other comprehensive income	-142	-105	-143	-128	-145	-147	-150	-145	-153	-126
Shareholders' equity	1,183	1,185	1,214	1,144	699	711	842	1,060	1,124	2,233
Minority interests						1	2	3	4	5
Total equity	1,183	1,185	1,214	1,144	699	712	844	1,066	1,128	2,238
Total liabilities and equity	1,603	1,749	1,795	1,591	1,008	1,104	1,320	1,529	1,621	3,924
Shares outstanding	107	108	108	109	110	111	110	106	106	186

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-234	-52	52	-97	-427	5	129	251	79	-88
Depreciation and amortization	53	50	41	41	28	23	19	26	34	52
Stock-based compensation	23	20	16	13	6	8	11	15	13	29
Deferred income tax	-2	-1	-1	-2		0	1	-118	24	-16
Change in receivables	102	-64	-69	98	157	-97	-95	16	81	40
Change in inventory	190	-110	-30	109	148	3	-138	12	80	107
Change in payables	22	43	54	-110	-134			-20	-15	-37
Cash from operations	235	-115	73	224	189	30	0	188	298	155
Capital expenditures	-4	-4	-11	-12	-8	-5	-9	-17	-9	-21
Acquisitions	-175	-4		-8	0	-96	-80	-32	-299	-574
Cash from investing	-183	8	-9	-22	22	-96	-87	-48	-304	-590
Stock issued		1	1	2
Share buybacks					0	0	-7	-50	-23	-37
Cash from financing	-47	94	-37	-138	-8	-6	-10	-55	-33	339
Exchange rate effect	11	5	-9
Net change in cash	16	-8	18	67	204	-74	-101	87	-43	-92
Free cash flow	231	-119	62	212	181	25	-9	171	289	134
Interest paid	4	6	9	5				0	0	4
Income taxes paid	-23	2	6	7	2	0	11	10	6	3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.5%	Gross profit / revenue.
Operating margin	-4.6%	Operating income / revenue.
EBITDA margin	-2.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.7%	Pre-tax income / revenue.
Net margin	-4.6%	Net income / revenue.
FCF margin	3.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.0%	Cash from operations / revenue.
Return on equity (ROE)	-9.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.0%	Net income / average total assets.
Return on invested capital (ROIC)	-6.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-185.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-128.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-214.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-207.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-48.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-3.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-53.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-5.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	98.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	38.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	26.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	142.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	43.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	31.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	10.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.14x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.23x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.4%	Total debt / total assets.
Liabilities / assets	45.0%	Total liabilities / total assets.
Net debt	$360.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$1.13B	Current assets - current liabilities.
Goodwill and intangibles / assets	32.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$837.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.07x	Revenue / average total assets.
Fixed asset turnover	15.9x	Revenue / average property, plant and equipment.
Inventory turnover	3.25x	Cost of revenue / average inventory.
Days inventory	112 days	365 x average inventory / cost of revenue.
Receivables turnover	4.59x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	75 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	117 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	17.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.38	Revenue / diluted weighted shares.
FCF per share	$0.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.90	Cash from operations / diluted weighted shares.
Book value per share	$11.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.63	Tangible book value / shares outstanding.
Cash per share	$0.63	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	62.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.88B	Share price x shares outstanding.
Enterprise value	$3.24B	Market cap + total debt - cash - short-term investments.
P/S	0.71x	Market cap / revenue.
P/B	1.38x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.44x	Market cap / tangible book value, when positive.
P/FCF	21.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.6x	Market cap / cash from operations, when positive.
EV/Sales	0.79x	Enterprise value / revenue.
EV/FCF	23.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.7%	Free cash flow / market cap.
Earnings yield	-6.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.

What was DNOW Inc.'s revenue in fiscal 2025?

DNOW Inc. reported revenue of $2.82B for fiscal 2025, 18.8% higher than the year before.

Was DNOW Inc. profitable in fiscal 2025?

No. It reported a net loss of $89.0M.

How much free cash flow did DNOW Inc. generate in fiscal 2025?

Cash from operations of $155.0M minus capital expenditures of $21.0M left free cash flow of $134.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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