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) Piotroski F-score
National Energy Services Reunited's Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | (3.00) |
| FY2024 | 8 | 0.00 |
| FY2023 | 8 | 3.00 |
| FY2022 | 5 | 2.00 |
| FY2021 | 3 | (3.00) |
| FY2020 | 6 | 2.00 |
| FY2019 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.82% | 4.27% | Pass | 1 |
| Positive operating cash flow | 264.24m | 229.33m | Pass | 1 |
| Rising return on assets | 2.82% | 4.27% | Fail | 0 |
| Cash flow above net income | 213.11m | 153.02m | Pass | 1 |
| Falling long-term leverage | 0.11 | 0.14 | Pass | 1 |
| Rising current ratio | 1.04 | 1.07 | Fail | 0 |
| No new shares issued | 98,445,000 | 95,473,000 | Fail | 0 |
| Rising gross margin | 12.44% | 16.03% | Fail | 0 |
| Rising asset turnover | 0.73 | 0.73 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
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 |
|---|---|
| XPRO Expro Group Holdings N.V. compare | 6 |
| INVX Innovex International, Inc. compare | 6 |
| HOS Hornbeck Offshore Services Inc compare | 6 |
| NESR National Energy Services Reunited | 5 |
| RES RPC, Inc. compare | 4 |
| LBRT Liberty Energy Inc. compare | 4 |
| WTTR Select Water Solutions, Inc. compare | 3 |
| FLOC Flowco Holdings Inc. compare | — |
| NEXT NextDecade Corporation compare | — |
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