National Energy Services Reunited
NESR Energy Oil & Gas Equipment & Services
National Energy Services Reunited’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 1.72% from fiscal 2024. In the quarter to June 2026, revenue grew 59.1%, EPS grew 175.0%, free cash flow grew 45.8% and total debt fell 22.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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National Energy Services Reunited (NESR) Altman Z-score
National Energy Services Reunited's Altman Z-score for fiscal 2025 is 2.00, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.00 | 0.38 |
| FY2024 | 1.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.02 | |
| Retained earnings / total assets | 0.04 | — | 0.05 | |
| EBIT / total assets | 0.05 | — | 0.18 | |
| Market value of equity / total liabilities | 1.74 | — | 1.05 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Grey zone | 2.00 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.71 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INVX Innovex International, Inc. compare | 6.3× |
| RES RPC, Inc. compare | 4.6× |
| LBRT Liberty Energy Inc. compare | 2.9× |
| XPRO Expro Group Holdings N.V. compare | 2.1× |
| NESR National Energy Services Reunited | 2.0× |
| WTTR Select Water Solutions, Inc. compare | 2.0× |
| HOS Hornbeck Offshore Services Inc compare | 1.6× |
| FLOC Flowco Holdings Inc. compare | 1.2× |
| NEXT NextDecade Corporation compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets