Core Insights - Harvey Partners disclosed a new position in DNOW, acquiring 1,939,399 shares valued at $25.70 million as of February 17, 2026 [1][2] Company Overview - DNOW Inc. is a leading distributor of energy and industrial products, operating a vast network across the U.S., Canada, and international markets [5] - The company specializes in providing essential solutions to energy infrastructure and industrial clients, leveraging its supply chain expertise and broad product portfolio [5] - DNOW's market capitalization is $2 billion, with a revenue of $2.82 billion and a net income of -$89 million for the trailing twelve months (TTM) [4] Recent Developments - DNOW recently completed the acquisition of MRC Global, which is expected to enhance its scale and long-term growth opportunities [9] - For 2025, DNOW reported revenue of $2.82 billion and adjusted EBITDA of $209 million, representing 7.4% of sales [9] Market Performance - As of the latest data, DNOW shares are priced at $12.33, reflecting an 18% decline over the past year, underperforming the S&P 500's approximate 16% gain during the same period [7] - The recent share price drop is attributed to integration risks and near-term challenges rather than a decline in underlying demand [10] Investment Implications - The new DNOW stake represents 2.3% of Harvey Partners' reportable 13F assets under management as of December 31, 2025 [7] - The investment strategy appears to focus on operationally leveraged businesses during transitional periods, with potential for long-term gains if merger synergies and energy infrastructure spending improve margins [10]