Monday 9 November 2026 Export NESR’s income statement to Excel — free account

National Energy Services Reunited

NESR

National Energy Services Reunited’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 1.72% from fiscal 2024.

Revenue: +59.1%
EPS: +175.0%
Free cash flow: +45.8%
Total debt: −22.6%

Quarter to June 2026, against a year earlier

19.96 0.76 +3.96%

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Market cap: $2.0B
P/E: 21.2×
Fwd P/E: 12.6×
Dividend yield: —
F-score: 5/9
ROIC: 8.28%
Net debt / EBITDA: 0.8×
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Net sold: $142.0M
Trades: 10 sells · 0 buys
Ownership: 8.86%

Capital & Financial Ratios $m

Size

Market Cap 2,010

Revenue ttm 1,619

Net income ttm 93

Free cash flow ttm 162

Net debt Q 100

Valuation

P/E 21.2

Forward P/E 12.6

Price / sales 1.2

Forward P/S Powerpack

Price / FCF 12.5

Price / book 1.9

Financial health

Current ratio Q 1.0

Debt / equity Q 0.3

Interest coverage Q 9.2

Growth

Revenue growth Q +59.1%

Operating income growth Q +139.4%

EPS, this year +95.2%

EPS, next year A +61.8%

Revenue, next year A +50.0%

EPS, past 5 yrs −1.5%

EPS, next 5 yrs A +63.6%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 72.36%

10-year low 10-year high

P/S against its own 10 years 72.22%

10-year low 10-year high

P/B against its own 10 years 82.24%

10-year low 10-year high

EV/Sales against its own 10 years 52.40%

10-year low 10-year high

EV/FCF against its own 10 years 52.65%

10-year low 10-year high

Dividends

Yield: —
Annual rate: —
Payout ratio: —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	68	108	125	175
Receivables	307	287	354	437
Inventory	98	97	95	126
Other	59	48	57	77
	542	541	630	815

	2023	2024	2025	Q'26
Payables	351	305	421	603
ST’ Debt	121	128	119	115
Other	31	29	25	29
	533	504	605	802

Compound Annual Growth %

	10y	5y	3y
Sales	—	9.68%	13.34%
Cash Flow	—	14.32%	41.85%
Earnings	—	0.41%	0.00%
Book Value	—	0.49%	6.45%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.35 Actual 0.44

0.11 0.20 0.30 0.39 0.48

Q3 FY25 Beat +0.01

Q4 FY25 Beat +0.06

Q1 FY26 Beat +0.05

Q2 FY26 Beat +0.09

Q3 FY26 — Nov 9

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	0.15	0.16	Beat by 0.01
Q4 FY25	0.26	0.32	Beat by 0.06
Q1 FY26	0.21	0.26	Beat by 0.05
Q2 FY26	0.35	0.44	Beat by 0.09
Q3 FY26	0.36	—	Reports 9 November 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.23	0.43	—	—	—
’25	0.11	0.16	0.18	0.08	0.52
’24	0.10	0.20	0.22	0.28	0.80
’23	—	0.02	0.16	—	0.13
’22	—	—	—	—	(0.39)
’21	0.12	—	—	—	(0.71)
’20	0.13	0.12	0.13	0.18	0.56

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	405	521	—	—	—
’25	303	327	295	398	1,324
’24	297	325	336	344	1,302
’23	—	280	300	—	1,146
’22	—	—	—	—	910
’21	212	—	—	—	877
’20	199	203	218	213	834

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	31	174	—	—	—
’25	20	98	7	139	264
’24	70	43	71	46	229
’23	—	72	68	—	177
’22	—	—	—	—	93
’21	46	—	—	—	128
’20	10	43	33	49	135

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(5)	101	—	—	—
’25	(9)	70	(33)	99	126
’24	31	28	44	23	127
’23	—	35	41	—	111
’22	—	—	—	—	(29)
’21	36	—	—	—	23
’20	(14)	17	9	30	43

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Jun ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	224	271	486	658	834	877	910	1,146	1,302	1,324	1,619		+21.8%	1,986	2,501	2,918	+30.1%
	Gross margin, %	29.78	26.23	27.23	23.02	18.63	0.32	7.20	12.97	16.03	12.44	13.37		(17.3) pt	Powerpack National Energy Services Reunited’s next three years, line by line Analysts expect revenue to grow 30.1% a year to 2028 — faster than the 21.8% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	11	33	53	52	61	(61)	(30)	30	95	60	117		+20.8%
	EBT margin, %	4.91	12.14	11.01	7.96	7.29	(6.91)	(3.28)	2.60	7.34	4.56	7.23		(0.3) pt
	Net income	8	28	42	39	50	(65)	(36)	13	76	51	93		+22.3%
Per share, $
Per share, $	Revenue	0.66	0.79	5.68	7.57	9.39	9.63	9.78	12.09	13.63	13.45	16.05		+39.8%
	Earnings	0.02	0.08	—	0.45	0.56	(0.72)	(0.39)	0.13	0.80	0.52	0.94		+40.4%
	Cash flow	0.23	0.24	0.72	1.02	1.52	1.40	1.00	1.87	2.40	2.68	3.47		+31.3%
	Capex	(0.18)	(0.14)	(0.32)	(1.22)	(1.04)	(1.15)	(1.31)	(0.70)	(1.07)	(1.41)	(1.87)		+25.7%
	Free cash flow	0.05	0.10	0.40	(0.20)	0.48	0.26	(0.31)	1.17	1.33	1.28	1.60		+42.8%
	Book value	0.00	1.14	9.71	10.19	10.63	9.02	8.63	8.67	9.51	9.83	10.33		n/m
	Shares, m	341	342	86	87	89	91	93	95	95	98	100		(12.9%)
Valuation, ×
Valuation, ×	P/E	1,745.00	1,745.00	17.72	20.27	17.73	16.97	12.00	13.68	11.20	29.55	21.23		362.9
	P/S	0.00	0.00	1.53	1.21	1.06	1.01	0.71	0.62	0.66	1.16	1.24		0.8
	P/B	57.43	2.01	0.89	0.90	0.93	0.88	0.62	0.76	0.94	1.59	1.93		6.7
	EV/Sales	0.00	0.00	2.10	1.68	1.45	1.36	1.07	1.01	0.87	1.30	1.31		1.1
	EV/FCF	0.00	0.00	30.03	(64.09)	28.35	12.57	9.84	7.11	8.88	13.74	13.07		4.6
Cash, $m
Cash, $m	Operating cash flow	79	83	62	89	135	128	93	177	229	264	350		+14.4%
	Capex	(61)	(48)	(28)	(106)	(93)	(104)	(122)	(66)	(102)	(139)	(188)		+9.5%
	Free cash flow	18	35	34	(17)	43	23	(29)	111	127	126	162		+24.4%
Balance, $m
Balance, $m	Working capital	—	99	77	175	156	195	(6)	8	37	25	14		(15.7%)
	Net debt	—	128	277	310	323	390	456	384	275	185	100		+4.7%
	Shareholders’ equity	—	389	831	886	944	821	802	821	908	968	1,042		+12.1%
Returns, %
Returns, %	ROA	0.00	9.89	4.36	2.75	3.12	(3.67)	(1.99)	0.69	4.27	2.82	4.76		+2.8 pt
	ROIC	0.00	4.86	3.73	3.75	3.33	(2.24)	(0.05)	4.18	7.27	5.33	8.28		+5.3 pt
	ROE	0.00	0.00	7.01	4.58	5.47	(7.31)	(4.49)	1.55	8.82	5.45	9.44		+5.5 pt
People
People	Employees	—	—	3,590	4,536	5,581	—	5,968	6,231	6,554	7,352	—		+10.8%
	Revenue/emp, $m	0.00	0.00	0.14	0.15	0.15	0.00	0.15	0.18	0.20	0.18	—		n/m

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
EROK EagleRock Land LLC	$2.6B	—	—	—	n/m	—	79.13%	(128.01%)	Compare
EFXT Enerflex Ltd.	$2.4B	33.4×	—	−19.82% (below 0%: shrinking)	+50.13% (above 0%: growing)	+147.62% (above 0%: growing)	22.79%	12.36%	Compare
WTTR Select Water Solutions, Inc.	$2.1B	60.1×	30.1×	+8.67% (above 0%: growing)	+70.00% (above 0%: growing)	+56.98% (above 0%: growing)	19.41%	8.68%	Compare
NESR National Energy Services Reunited	$2.0B	21.2×	12.6×	+59.07% (above 0%: growing)	+175.00% (above 0%: growing)	+45.79% (above 0%: growing)	15.61%	12.45%
LBRT Liberty Energy Inc.	$2.0B	49.8×	68.8×	+26.26% (above 0%: growing)	n/m	−548.07% (below 0%: shrinking)	16.81%	1.61%	Compare
FLOC Flowco Holdings Inc.	$1.8B	9.7×	12.9×	+46.16% (above 0%: growing)	+99.50% (above 0%: growing)	+348.21% (above 0%: growing)	53.01%	18.53%	Compare
INVX Innovex International, Inc.	$1.8B	35.9×	27.5×	+10.44% (above 0%: growing)	−33.33% (below 0%: shrinking)	−74.11% (below 0%: shrinking)	36.17%	12.20%	Compare
NEXT NextDecade Corporation	$1.6B	4.8×	—	—	n/m	+24.70% (above 0%: growing)	0.00%	0.00%	Compare
XPRO Expro Group Holdings N.V.	$1.5B	963×	16.3×	+6.95% (above 0%: growing)	n/m	−23.77% (below 0%: shrinking)	21.65%	1.11%	Compare
Median of peers	$1.9B	35.9×	27.5×	+9.56%	+60.06%	+24.70%	22.22%	5.15%

All 48 Oil & Gas Equipment & Services stocks →

Pay and ownership Proxy statement filed 24 March 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	2.27m	2.27m	226.00
2024	2.27m	2.27m	129.00
2023	2.10m	2.10m	88.00

Ownership

Directors and executive officers, together 9.70%

Yousef Al Nowais 5.30%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement