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) Beneish M-score
National Energy Services Reunited's Beneish M-score for fiscal 2025 is −2.67; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.67 | 0.31 |
| FY2024 | −2.98 | 0.07 |
| FY2023 | −3.05 | 0.26 |
| FY2022 | −3.31 | (30.76) |
| FY2021 | 27.46 | 29.65 |
| FY2020 | −2.20 | 0.28 |
| FY2019 | −2.48 | (1.16) |
| FY2018 | −1.31 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.21 | — | 1.11 | |
| Gross margin index | 1.29 | — | 0.68 | |
| Asset quality index | 0.91 | — | 0.37 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 0.90 | — | −0.15 | |
| Total accruals to total assets | (0.12) | — | −0.54 | |
| Leverage index | 1.01 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.67 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| WTTR Select Water Solutions, Inc. compare | −3.2× |
| LBRT Liberty Energy Inc. compare | −3.0× |
| XPRO Expro Group Holdings N.V. compare | −2.9× |
| FLOC Flowco Holdings Inc. compare | −2.9× |
| RES RPC, Inc. compare | −2.7× |
| NESR National Energy Services Reunited | −2.7× |
| INVX Innovex International, Inc. compare | −2.6× |
| HOS Hornbeck Offshore Services Inc compare | −2.3× |
| NEXT NextDecade Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI