DNOW Inc.
DNOW Industrials Industrial Distribution
DNOW Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 18.8% from fiscal 2024. In the quarter to June 2026, revenue grew 108.1%, EPS fell 182.5% and free cash flow grew 202.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
Follow DNOW
DNOW Inc. (DNOW) Piotroski F-score
DNOW Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (2.00) |
| FY2024 | 5 | (1.00) |
| FY2023 | 6 | (1.00) |
| FY2021 | 7 | 2.00 |
| FY2020 | 5 | 2.00 |
| FY2019 | 3 | (5.00) |
| FY2018 | 8 | 4.00 |
| FY2017 | 4 | (1.00) |
| FY2016 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (3.21%) | 4.95% | Fail | 0 |
| Positive operating cash flow | 155.00m | 298.00m | Pass | 1 |
| Rising return on assets | (3.21%) | 4.95% | Fail | 0 |
| Cash flow above net income | 244.00m | 220.00m | Pass | 1 |
| Falling long-term leverage | 0.15 | 0.00 | Fail | 0 |
| Rising current ratio | 2.34 | 2.33 | Pass | 1 |
| No new shares issued | 118,000,000 | 106,000,000 | Fail | 0 |
| Rising gross margin | 16.95% | 22.38% | Fail | 0 |
| Rising asset turnover | 1.02 | 1.51 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| SITE SiteOne Landscape Supply, Inc. compare | 8 |
| DXPE DXP Enterprises, Inc. compare | 7 |
| DSGR Distribution Solutions Group, Inc. compare | 7 |
| GIC Global Industrial Company compare | 7 |
| MSM MSC Industrial Direct Company, Inc. compare | 6 |
| POOL Pool Corporation compare | 5 |
| XMTR Xometry, Inc. compare | 3 |
| DNOW DNOW Inc. | 3 |
| REZI Resideo Technologies, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover