NOW Inc.

NOW Inc. is a publicly traded corporation listed on the New York Stock Exchange under the ticker DNOW. It was formed in May 2014 when National Oilwell Varco completed a tax-free spin-off of its distribution business to existing NOV shareholders. The company operates through its principal subsidiaries DistributionNOW and DNOW International.

NOW Inc. operates as a pure-play distributor of maintenance, repair, and operating supplies and equipment. The company purchases products from thousands of manufacturers and sells them to customers in the energy and industrial sectors. Revenue is driven by volume of goods sold, with margins coming from the markup on distribution and logistics services rather than manufacturing.

NOW Inc. serves customers from more than 300 locations worldwide. Its US operations are conducted under the DistributionNOW brand, while international operations span Canada, the UK, Norway, the Netherlands, Australia, Singapore, and the United Arab Emirates, among other countries. The company generated approximately $2.3 billion in total revenue for fiscal 2024.

Unlike vertically integrated manufacturers that produce their own equipment lines, NOW Inc. is an asset-light, supplier-agnostic distributor. It does not own manufacturing facilities and instead manages a large network of supplier relationships. This allows the company to offer a broad catalog of products and adjust its cost structure more nimbly during industry downturns.

Yes, the company periodically acquires smaller distributors to expand geographic reach and product lines. In May 2024, NOW Inc. acquired Whitco Supply, a Louisiana-based distributor of pipes, valves, and fittings, for $60 million in cash. The company targets acquisitions that strengthen its distribution density in core operating regions.