National Oilwell Varco Inc. (NOV)

Free Cash Flow to The Firm (FCFF)

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National Oilwell Varco Inc., FCFF calculation

USD $ in millions

	12 months ended	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
	Net income attributable to Company
	Net (income) loss attributable to noncontrolling interests
	Net noncash charges
	Change in operating assets and liabilities, net of acquisitions
	Net cash provided by operating activities
	Cash payments during the period for interest, net of tax
	Purchases of property, plant and equipment
	Free cash flow to the firm (FCFF)

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the National Oilwell Varco Inc.'s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	National Oilwell Varco Inc.'s FCFF increased from 2010 to 2011 but then declined significantly from 2011 to 2012.

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National Oilwell Varco Inc., current EV/FCFF

	National Oilwell Varco Inc.	Oil & Gas
Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

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National Oilwell Varco Inc., EV/FCFF calculation

		Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
	Selected Financial Data (USD $ in millions)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	EV/FCFF, Comparison to Industry
	National Oilwell Varco Inc.³
	Industry, Oil & Gas

2012 Calculations

³ EV/FCFF = EV ÷ FCFF
= ÷ =

Ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	National Oilwell Varco Inc.'s EV/FCFF ratio declined from 2010 to 2011 but then increased from 2011 to 2012 exceeding 2010 level.