Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>NOV Inc. reported second quarter 2026 revenues of $2.13 billion, marking a 4% sequential increase but a 2.5% decline year-over-year.</li>
<li>Net income reached $112 million, or $0.31 per diluted share, supported by adjusted EBITDA of $283 million, which included a $40 million benefit from tariff refunds related to IEEPA.</li>
<li>Excluding this one-time benefit, adjusted EBITDA was $243 million, with approximately 80% incremental EBITDA conversion on sequential revenue growth, highlighting operational efficiencies partially offsetting rising tariff expenses.</li>
</ul>


NOV Inc. reported second quarter 2026 revenues of $2.13 billion, marking a 4% sequential increase but a 2.5% decline year-over-year.
Net income reached $112 million, or $0.31 per diluted share, supported by adjusted EBITDA of $283 million, which included a $40 million benefit from tariff refunds related to IEEPA.
Excluding this one-time benefit, adjusted EBITDA was $243 million, with approximately 80% incremental EBITDA conversion on sequential revenue growth, highlighting operational efficiencies partially offsetting rising tariff expenses.


NOV’s $64 Million Cash Flow Deficit: Timing Issue Or Deeper Warning?

<ul>
<li>NOV Inc., a global provider of capital equipment and technologies for the oil and gas industry, reported first quarter 2026 revenues of $2.05 billion, representing a 2% year-over-year decline, and net income of $19 million ($0.05 per diluted share).</li>
<li>Adjusted EBITDA reached $177 million, or 9% of sales, reflecting operational pressures primarily related to external geopolitical disruptions and cost inflation.</li>
<li>The quarter was marked by significant operational challenges stemming from the conflict in the Middle East, which negatively impacted revenue and EBITDA by approximately $54 million and $32 million, respectively.</li>
</ul>


NOV Inc., a global provider of capital equipment and technologies for the oil and gas industry, reported first quarter 2026 revenues of $2.05 billion, representing a 2% year-over-year decline, and net income of $19 million ($0.05 per diluted share).
Adjusted EBITDA reached $177 million, or 9% of sales, reflecting operational pressures primarily related to external geopolitical disruptions and cost inflation.
The quarter was marked by significant operational challenges stemming from the conflict in the Middle East, which negatively impacted revenue and EBITDA by approximately $54 million and $32 million, respectively.


Why NOV Earns An Underperform Despite A $4.23 Billion Backlog And 8% Cost Cuts!

<ul>
<li>National Oilwell Varco, Inc. (NOV) reported financial results for the fourth quarter and full year of 2025, indicating both strengths and challenges in its performance.</li>
<li>For the fourth quarter, NOV's revenue reached $2.28 billion, though it was accompanied by a net loss of $78 million.</li>
<li>This quarterly performance reflects a year-over-year decrease in revenue by 1%, and a mixed operating environment against a backdrop of declining global drilling activity.</li>
</ul>


National Oilwell Varco, Inc. (NOV) reported financial results for the fourth quarter and full year of 2025, indicating both strengths and challenges in its performance.
For the fourth quarter, NOV's revenue reached $2.28 billion, though it was accompanied by a net loss of $78 million.
This quarterly performance reflects a year-over-year decrease in revenue by 1%, and a mixed operating environment against a backdrop of declining global drilling activity.


NOV: Inside the Offshore Recovery — What’s Fueling the Rig Rebound?

<ul>
<li>The latest development in NOV’s evolving strategic landscape emerged when Natura Resources acquired Shepherd Power—an NOV subsidiary—and simultaneously entered into a commercial partnership with NOV to accelerate molten salt small modular reactor (SMR) deployment.</li>
<li>While Natura did not acquire NOV itself, the transaction marks the first time an advanced nuclear developer has strategically aligned with NOV’s manufacturing, engineering, and project delivery capabilities.</li>
<li>This has sparked investor speculation about whether such collaboration could expand into deeper strategic interest over time.</li>
</ul>


The latest development in NOV’s evolving strategic landscape emerged when Natura Resources acquired Shepherd Power—an NOV subsidiary—and simultaneously entered into a commercial partnership with NOV to accelerate molten salt small modular reactor (SMR) deployment.
While Natura did not acquire NOV itself, the transaction marks the first time an advanced nuclear developer has strategically aligned with NOV’s manufacturing, engineering, and project delivery capabilities.
This has sparked investor speculation about whether such collaboration could expand into deeper strategic interest over time.


NOV Enters the SMR Race—And It Could Reshape the Energy Future!

<ul>
<li>National Oilwell Varco (NOV) has reported its third-quarter 2025 financial outcomes amid a challenging macro environment.</li>
<li>The company recorded revenues of $2.18 billion, down slightly from the previous quarter, reflecting a less than 1% year-over-year and sequential decline in oilfield activity.</li>
<li>Net income stood at $42 million, or $0.11 per diluted share, while the adjusted EBITDA rose to $258 million, which is 11.9% of revenue.</li>
</ul>


National Oilwell Varco (NOV) has reported its third-quarter 2025 financial outcomes amid a challenging macro environment.
The company recorded revenues of $2.18 billion, down slightly from the previous quarter, reflecting a less than 1% year-over-year and sequential decline in oilfield activity.
Net income stood at $42 million, or $0.11 per diluted share, while the adjusted EBITDA rose to $258 million, which is 11.9% of revenue.


NOV Expands Globally: Inside Its Bold Play for Argentina, Saudi, & Beyond!

United States

NOV Inc offers equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The Company serves customers worldwide.

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NOV (NOV US)

NOV’s $64 Million Cash Flow Deficit: Timing Issue Or Deeper Warning?

NOV Inc. reported second quarter 2026 revenues of $2.13 billion, marking a 4% sequential increase but a 2.5% decline year-over-year.

Baptista Research

Why NOV Earns An Underperform Despite A $4.23 Billion Backlog And 8% Cost Cuts!

Adjusted EBITDA reached $177 million, or 9% of sales, reflecting operational pressures primarily related to external geopolitical disruptions and...

Baptista Research

NOV: Inside the Offshore Recovery — What’s Fueling the Rig Rebound?

National Oilwell Varco, Inc. (NOV) reported financial results for the fourth quarter and full year of 2025, indicating both strengths and...

Baptista Research

NOV Enters the SMR Race—And It Could Reshape the Energy Future!

While Natura did not acquire NOV itself, the transaction marks the first time an advanced nuclear developer has strategically aligned with NOV’s...

Baptista Research

NOV Expands Globally: Inside Its Bold Play for Argentina, Saudi, & Beyond!

National Oilwell Varco (NOV) has reported its third-quarter 2025 financial outcomes amid a challenging macro environment.

Baptista Research

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