Selected Financial Data
since 2005
Income Statement
National Oilwell Varco Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating profit (loss) | Net income (loss) attributable to Company |
|---|---|---|---|
| Dec 31, 2015 | 14,757) | (390) | (769) |
| Dec 31, 2014 | 21,440) | 3,613) | 2,502) |
| Dec 31, 2013 | 22,869) | 3,423) | 2,327) |
| Dec 31, 2012 | 20,041) | 3,557) | 2,491) |
| Dec 31, 2011 | 14,658) | 2,937) | 1,994) |
| Dec 31, 2010 | 12,156) | 2,447) | 1,667) |
| Dec 31, 2009 | 12,712) | 2,315) | 1,469) |
| Dec 31, 2008 | 13,431) | 2,918) | 1,952) |
| Dec 31, 2007 | 9,789) | 2,044) | 1,337) |
| Dec 31, 2006 | 7,026) | 1,111) | 684) |
| Dec 31, 2005 | 4,645) | 477) | 287) |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial data reveals several notable trends over the examined period.
- Revenue
- Revenue experienced a strong upward trend from 2005 to 2013, growing from $4,645 million to a peak of $22,869 million. This represents near a fivefold increase over eight years. After reaching this peak in 2013, revenue slightly declined to $21,440 million in 2014 and then more sharply to $14,757 million by the end of 2015. The initial growth phase suggests expanding business operations or market demand, while the decline in the last two years signals potential challenges or market contraction during that period.
- Operating Profit (Loss)
- Operating profit grew consistently alongside revenue from 2005 through 2014, increasing from $477 million to a high of $3,613 million. This indicates improving operational efficiency or favorable cost management accompanying the revenue growth. However, in 2015, operating profit swung to a loss of $390 million, a significant reversal from the previous years. This suggests operational difficulties, potentially due to increased costs, lower sales prices, or other factors negatively impacting profitability.
- Net Income (Loss)
- Net income attributable to the company also reflected a similar growth pattern, rising steadily from $287 million in 2005 to $2,502 million in 2014. This steady increase in profitability aligns with the revenue and operating profit trends, indicating overall healthy financial performance through this period. The net income turned negative in 2015, with a loss of $769 million, which further confirms the emergence of serious profitability challenges in that year. The magnitude of the net loss exceeds the operating loss, suggesting additional non-operating expenses, extraordinary items, or tax effects may have exacerbated the financial decline.
In summary, the data shows a prolonged period of robust financial growth and profitability up to 2013-2014, followed by a sharp downturn in 2015. The drop in revenue, operating profit, and net income all point to significant adverse developments impacting financial performance during the final year observed.
Balance Sheet: Assets
National Oilwell Varco Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2015 | 11,801) | 26,725) |
| Dec 31, 2014 | 16,162) | 33,562) |
| Dec 31, 2013 | 16,423) | 34,812) |
| Dec 31, 2012 | 15,678) | 31,484) |
| Dec 31, 2011 | 12,110) | 25,515) |
| Dec 31, 2010 | 10,535) | 23,050) |
| Dec 31, 2009 | 9,598) | 21,532) |
| Dec 31, 2008 | 9,657) | 21,479) |
| Dec 31, 2007 | 7,594) | 12,115) |
| Dec 31, 2006 | 4,966) | 9,019) |
| Dec 31, 2005 | 2,998) | 6,679) |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The data reveal a general upward trend in both current assets and total assets over the observed period from the end of 2005 through the end of 2014, followed by a decline in 2015.
- Current Assets
- Current assets increased steadily from 2,998 million USD in 2005 to a peak of 16,678 million USD in 2012. This growth represents more than a fivefold increase over seven years, indicating significant expansion in short-term resources available to the company.
- From 2012 onward, the current assets plateaued, with a slight decline to 16,423 million USD in 2013 and 16,162 million USD in 2014, followed by a more pronounced decrease to 11,801 million USD in 2015. This reduction suggests a possible shift in working capital management or changes in liquidity.
- Total Assets
- Total assets also showed substantial growth, rising from 6,679 million USD in 2005 to a peak of 34,812 million USD in 2013. Notably, there was a sharp increase between 2007 and 2008, from 12,115 million USD to 21,479 million USD, indicating significant asset acquisition or revaluation during that period.
- After reaching the peak in 2013, total assets declined to 33,562 million USD in 2014 and further to 26,725 million USD in 2015, reflecting an overall contraction. This reduction implies asset disposals, impairments, or a strategic refocusing of the asset base.
In summary, the company experienced robust asset growth throughout most of the examined years, with the most substantial increases occurring in the earlier part of the period. The decline in assets in the latter years, particularly in 2015, may indicate operational or strategic changes that merit further investigation.
Balance Sheet: Liabilities and Stockholders’ Equity
National Oilwell Varco Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Short-term borrowings and long-term debt | Total Company stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2015 | 4,249) | 10,265) | 3,930) | 16,383) |
| Dec 31, 2014 | 7,374) | 12,790) | 3,166) | 20,692) |
| Dec 31, 2013 | 6,678) | 12,482) | 3,150) | 22,230) |
| Dec 31, 2012 | 5,649) | 11,128) | 3,149) | 20,239) |
| Dec 31, 2011 | 5,416) | 7,787) | 510) | 17,619) |
| Dec 31, 2010 | 4,536) | 7,188) | 887) | 15,748) |
| Dec 31, 2009 | 4,174) | 7,304) | 883) | 14,113) |
| Dec 31, 2008 | 5,624) | 8,755) | 874) | 12,628) |
| Dec 31, 2007 | 4,027) | 5,391) | 891) | 6,661) |
| Dec 31, 2006 | 2,665) | 3,960) | 840) | 5,024) |
| Dec 31, 2005 | 1,187) | 2,460) | 841) | 4,194) |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial data reveals several key trends in the company's liabilities and equity structure over the period analyzed.
- Current Liabilities
- The current liabilities exhibit a rising trend from 2005 through 2014, increasing from $1,187 million to a peak of $7,374 million. However, in 2015, there is a notable decline to $4,249 million. This pattern suggests a significant accumulation of short-term obligations over the years, followed by a reduction in the most recent year.
- Total Liabilities
- Total liabilities also show a consistent upward trajectory from 2005 to 2014, growing from $2,460 million to $12,790 million. In 2015, total liabilities decrease to $10,265 million. The increase over the years indicates rising overall debt and obligations, with a slight reversal in the final year.
- Short-term Borrowings and Long-term Debt
- Borrowings and long-term debt remain relatively stable and low between 2005 and 2010, fluctuating around the $840-$890 million range. From 2011 onward, there is a sharp increase, spiking to $3,149 million in 2012 and maintaining similar levels through 2014, before rising further to $3,930 million in 2015. This pattern suggests a strategic increase in financed debt during the later years.
- Total Company Stockholders’ Equity
- Equity shows a strong upward trend from 2005 through 2013, expanding substantially from $4,194 million to $22,230 million. However, in 2014 equity declines to $20,692 million and further decreases to $16,383 million in 2015. This indicates that after a period of growth in owned capital and retained earnings, there was a reduction in equity during the last two years examined.
Overall, the data indicates increased leverage and growth in obligations over the period, complemented by growing equity up to 2013. The declines in both total liabilities and equity in the final year may warrant further investigation to understand underlying causes such as asset sales, restructuring, or changes in market conditions.
Cash Flow Statement
National Oilwell Varco Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2015 | 1,332) | (514) | (2,163) |
| Dec 31, 2014 | 2,525) | (1,092) | (1,343) |
| Dec 31, 2013 | 3,397) | (2,964) | (305) |
| Dec 31, 2012 | 620) | (3,428) | 2,583) |
| Dec 31, 2011 | 2,143) | (1,458) | (464) |
| Dec 31, 2010 | 1,542) | (743) | (102) |
| Dec 31, 2009 | 2,095) | (552) | (491) |
| Dec 31, 2008 | 2,294) | (2,473) | (74) |
| Dec 31, 2007 | 1,188) | (575) | 150) |
| Dec 31, 2006 | 1,217) | (530) | 41) |
| Dec 31, 2005 | 78) | 38) | (40) |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of the cash flow activities over the examined periods reveals distinct trends and fluctuations in operating, investing, and financing activities.
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities shows substantial variability. There is a significant increase from $78 million in 2005 to a peak of $2,294 million in 2008. This peak is followed by a decline in 2009 and 2010, dropping to $1,542 million in 2010. The trend alternates thereafter, with a sharp decrease to $620 million in 2012 but then rebounding to a peak of $3,397 million in 2013. A subsequent decline occurs in 2014 and 2015, with amounts falling to $1,332 million. Overall, operating cash flow demonstrates periods of strong growth interrupted by marked decreases, suggesting variability in core operational performance or external influences affecting cash generation.
- Net Cash Used in Investing Activities
- Investing activities largely reflect cash outflows, especially after 2005. From a positive $38 million in 2005, the company shifts to considerable negative cash flows, with the most significant outflows occurring in 2008 and 2012, at $-2,473 million and $-3,428 million respectively. The pattern indicates heavy investment expenditures or acquisitions during this timeframe. Although outflows remain negative in the following years, a gradual reduction is evident after 2012, reaching $-514 million in 2015. This trend suggests a potential scaling back of investing activities or completion of major investments during the later years.
- Net Cash Provided by (Used in) Financing Activities
- Financing activities display a more erratic pattern with alternating inflows and outflows. The amounts range from a $-491 million outflow in 2009 to a substantial inflow of $2,583 million in 2012. Notably, after several years of negative or limited positive cash flow, 2012 stands out as an anomalous year with a large financing cash inflow. Following this, the company experiences notable outflows in 2014 and 2015, peaking at $-2,163 million in 2015. This variability might reflect changing strategies in capital raising, debt repayments, dividend payments, or share repurchases aligned with operational or market conditions.
Per Share Data
National Oilwell Varco Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2015 | -1.99 | -1.99 | 1.84 |
| Dec 31, 2014 | 5.85 | 5.82 | 1.64 |
| Dec 31, 2013 | 5.46 | 5.44 | 0.91 |
| Dec 31, 2012 | 5.86 | 5.83 | 0.49 |
| Dec 31, 2011 | 4.73 | 4.70 | 0.45 |
| Dec 31, 2010 | 3.99 | 3.98 | 0.41 |
| Dec 31, 2009 | 3.53 | 3.52 | 1.10 |
| Dec 31, 2008 | 4.91 | 4.90 | 0.00 |
| Dec 31, 2007 | 3.77 | 3.76 | 0.00 |
| Dec 31, 2006 | 1.95 | 1.94 | 0.00 |
| Dec 31, 2005 | 0.92 | 0.91 | 0.00 |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
- Basic Earnings Per Share (EPS)
- The basic earnings per share showed a consistent upward trend from 2005 to 2012, increasing from $0.92 in 2005 to a peak of $5.86 in 2012. After reaching this peak, there was a slight decline in the following years, with EPS decreasing to $5.46 in 2013 and slightly recovering to $5.85 in 2014. However, in 2015, there was a significant downturn, with basic EPS falling sharply to a negative value of -$1.99, indicating a substantial profit reduction or a loss for that year.
- Diluted Earnings Per Share (EPS)
- The diluted earnings per share mirrored the trend observed in basic EPS over the analyzed period. It increased steadily from $0.91 in 2005 to $5.83 in 2012, followed by a moderate decline to $5.44 in 2013 and a marginal increase to $5.82 in 2014. Similar to the basic EPS, diluted EPS experienced a marked drop in 2015, registering a negative value of -$1.99, signaling diminished profitability or losses.
- Dividend Per Share
- Dividend payments began to appear in 2010 at $1.10 per share. This was followed by a significant reduction to $0.41 in 2011. From 2011 onwards, dividends showed a gradual increase each year, rising from $0.41 in 2011 to $1.84 in 2015. The increase in dividends over this period suggests a growing confidence in the company's financial health and a commitment to returning value to shareholders, despite the negative earnings reported in 2015.