DNOW (DNOW)
Distributor of pipe, valves, fittings and industrial supplies to energy and gas utility operators.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 10, 2026 | Freedom Broker | Downgrade | ||
| Aug 10, 2026 | DA Davidson | Reiterate | Rating: —Target: $17 | Target: $19 |
| Jun 15, 2026 | D.A. Davidson | Target | Target: — | Target: $17 |
| Feb 23, 2026 | Stifel Nicolaus | Target | Target: $18 | Target: $16 |
| Dec 18, 2025 | KeyBanc | Target | Target: — | Target: $19 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $114.0M · Total debt $631.0M · Total assets $3.82B · Shareholders' equity $2.10B
- Revenue
- $1.31B
- Operating income
- $1.0M
- Net income
- −$21.0M
No dividends on record.
| Institutions | 107.01% | 195.34M shares | |
|---|---|---|---|
| 318 holders · as of Jun 30, 2026 | |||
| Insiders | 1.06% | 1.93M shares | |
| 14 holders · as of Aug 12, 2026 | |||
| Adds to | 108.07% | ||
182.55M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 108.07%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.84% | 28.91M | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 10.69% | 19.51M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.70% | 10.40M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.49% | 8.20M | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 4.36% | 7.96M | as of Jun 30, 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 |
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- WESCO International
Electrical, utility, and industrial MRO with PVF and I&E overlap
- Applied Industrial Technologies
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- W.W. Grainger
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| DNOW | $15.56 | −0.13% | $2.84B | — | 28.5 | 0.7 | +108.1% |
| Ferguson | $221.17 | −0.03% | $41.92B | — | 18.4 | — | +3.0% |
| Core & Main | $43.01 | −0.06% | $8.06B | 17.8 | 13.4 | 1.0 | +2.5% |
| WESCO International | $362.08 | +0.01% | $17.32B | 24.6 | 19.9 | 0.7 | +13.0% |
| Applied Industrial Technologies | $329.79 | −0.07% | $11.84B | 29.3 | 27.5 | 2.4 | +10.5% |
| W.W. Grainger | $1,267.35 | −0.05% | $60.33B | 32.6 | 26.1 | 3.2 | +10.3% |
| Median | 26.9 | 19.9 | 1.7 | +10.3% |