NOV walked into this earnings print with a mixed scorecard and a stock that had edged higher over the past month. However, the first trading day after the release saw the share price slip about 4% to roughly US$19.06. That drop sits against a quarter where NOV produced Q2 2026 revenue of about US$2.13b and net income of US$112m, with adjusted EBITDA margins in the low teens.

The real story for investors is the tension between that margin picture and the stock’s still rich 72x trailing P/E. The rest of this report unpacks whether this quarter narrows or widens that gap.

Is NOV a mispriced recovery story or simply too expensive at 72x trailing P/E with just 1.1% net margins and a recent US$183.0m one off loss in the rearview? You can…