What is DNOW's net debt?

DNOW (DNOW) reported net debt of $621M in Q1 2026.

How has DNOW's net debt changed year-over-year?

DNOW's net debt increased by 448.9% year-over-year, from -$178M to $621M.

What is the long-term trend for DNOW's net debt?

Over 5 years (2020 to 2025), DNOW's net debt has grown at a 6.1% compound annual growth rate (CAGR), from -$334M to $450M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

DNOW DNOW Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$1.2B+97.5%

Gross profit$193.0M+39.9%

Operating income-$50.0M-272%

Net income-$44.0M-310%

EPS (diluted)-$0.24-226%

Balance sheet

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Cash & equivalents$116.0M-47.0%

Total debt$737.0M+1,698%

Total equity$2.1B+87.7%

Total assets$3.9B+138%

Cash flow

See full

Operating cash flow-$95.0M-494%

CapEx$8.0M+33.3%

Free cash flow-$103.0M-368%

Valuation

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Market cap$2.39B+22.9%

Enterprise value$3.01B+74.6%

P/S0.7×-0.1×

Profitability

See full

Gross margin15.6%-6.8pp

Operating margin-5.1%-9.6pp

Net margin-4.6%-7.8pp

FCF margin1.6%-6.2pp

Returns & leverage

See full

Return on equity-9.5%-16.5pp

Debt / equity0.3×+0.3×

Current ratio2.4×+0.1×

Where this comes from

Calculated from DNOW’s reported figures.

$737.0Mtotal debt−$116.0Mcash and equivalents=$621M

The official record: DNOW’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is DNOW's net debt?: DNOW (DNOW) reported net debt of $621M in Q1 2026.
How has DNOW's net debt changed year-over-year?: DNOW's net debt increased by 448.9% year-over-year, from -$178M to $621M.
What is the long-term trend for DNOW's net debt?: Over 5 years (2020 to 2025), DNOW's net debt has grown at a 6.1% compound annual growth rate (CAGR), from -$334M to $450M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.