Saturday 17 October 2026 Export NESR’s income statement to Excel — free account

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.

18.73 0.38 −1.99%

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Market cap: $1.9B
P/E: 19.9×
Fwd P/E: 14.9×
Dividend yield: —
F-score: 5/9
Altman Z: 2.00
Beneish M: −2.67
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 141.96

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	4	3	—	2	1	—

Insider Ownership 8.86%

Capital & Financial Ratios $m

Market Cap 1,930.00

Revenue 1,618.91

Net Income 93.38

Free Cash Flow 161.68

Net Debt 99.63

Current Ratio 1.02

Debt/Equity 0.26

P/E ratio 19.93

Fwd P/E 14.90

P/S ratio 1.17

P/B ratio 1.81

Past 5Y EPS Growth (1.47%)

This Y EPS Growth 100.63%

Next Y EPS Growth 58.48%

Next Y revenue growth 50.15%

Next 5Y EPS Growth 64.07%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	Powerpack

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	—	—	—	7.68	5.20	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	—	—	—	9.89	15.83
People
People	Employees	—	—	3,590	4,536	5,581	—	5,968	6,231	6,554	7,352
	Revenue/emp, $m	0.00	0.00	0.14	0.15	0.15	0.00	0.15	0.18	0.20	0.18
Income, $m
Income, $m	Revenue	224	271	486	658	834	877	910	1,146	1,302	1,324
	Gross margin, %	29.78	26.23	27.23	23.02	18.63	0.32	7.20	12.97	16.03	12.44
	EBT	11	33	53	52	61	(61)	(30)	30	95	60
	EBT margin, %	4.91	12.14	11.01	7.96	7.29	(6.91)	(3.28)	2.60	7.34	4.56
	Net income	8	28	42	39	50	(65)	(36)	13	76	51
	Depreciation	52	38	60	88	121	122	116	142	143	142
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
	Earnings	0.02	0.08	0.60	0.45	0.56	(0.72)	(0.39)	0.13	0.80	0.52
	Cash flow	0.23	0.24	0.72	1.02	1.52	1.40	1.00	1.87	2.40	2.68
	Capex	(0.18)	(0.14)	(0.32)	(1.22)	(1.04)	(1.15)	(1.31)	(0.70)	(1.07)	(1.41)
	Free cash flow	0.05	0.10	0.40	(0.20)	0.48	0.26	(0.31)	1.17	1.33	1.28
	Book value	0.00	1.14	9.71	10.19	10.63	9.02	8.63	8.67	9.51	9.83
	Shares, m	341	342	86	87	89	91	93	95	95	98
Valuation, ×
Valuation, ×	P/E	18.92	18.92	18.92	18.92	18.92	18.92	18.92	18.92	11.20	29.55
	P/S	0.71	0.71	0.71	0.71	0.71	0.71	0.71	0.71	0.66	1.16
	P/B	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	0.94	1.59
	EV/Sales	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.87	1.30
	EV/FCF	8.78	8.78	8.78	8.78	8.78	8.78	8.78	8.78	8.88	13.74
Cash, $m
Cash, $m	Operating cash flow	79	83	62	89	135	128	93	177	229	264
	Capex	(61)	(48)	(28)	(106)	(93)	(104)	(122)	(66)	(102)	(139)
	Free cash flow	18	35	34	(17)	43	23	(29)	111	127	126
Balance, $m
Balance, $m	Working capital	—	99	77	175	156	195	(6)	8	37	25
	Total debt	—	156	302	384	398	596	535	452	383	310
	Net debt	—	128	277	310	323	390	456	384	275	185
	Shareholders’ equity	—	389	831	886	944	821	802	821	908	968
Returns, %
Returns, %	ROA	0.00	9.89	4.36	2.75	3.12	(3.67)	(1.99)	0.69	4.27	2.82
	ROIC	0.00	4.86	3.73	3.75	3.33	(2.24)	(0.05)	4.18	7.27	5.33
	ROE	0.00	0.00	7.01	4.58	5.47	(7.31)	(4.49)	1.55	8.82	5.45

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LBRT Liberty Energy Inc.	$2.7B	22.1×	72.8×	+14.01% (above 0%: growing)	−40.91% (below 0%: shrinking)	−342.02% (below 0%: shrinking)	17.53%	1.07%	Compare
WTTR Select Water Solutions, Inc.	$2.4B	69.0×	46.2×	+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	$1.9B	19.9×	14.9×	+59.07% (above 0%: growing)	+175.00% (above 0%: growing)	+45.79% (above 0%: growing)	15.61%	12.45%
INVX Innovex International, Inc.	$1.9B	31.5×	12.0×	+9.21% (above 0%: growing)	+63.64% (above 0%: growing)	−39.84% (below 0%: shrinking)	34.16%	13.79%	Compare
XPRO Expro Group Holdings N.V.	$1.8B	91.4×	20.6×	−6.99% (below 0%: shrinking)	−88.81% (below 0%: shrinking)	+56.10% (above 0%: growing)	20.86%	2.64%	Compare
FLOC Flowco Holdings Inc.	$1.7B	11.7×	16.2×	+22.07% (above 0%: growing)	+38.10% (above 0%: growing)	+7.07% (above 0%: growing)	53.60%	17.48%	Compare
NEXT NextDecade Corporation	$1.6B	— (loss-making)	—	—	n/m	−35.67% (below 0%: shrinking)	0.00%	0.00%	Compare
HOS Hornbeck Offshore Services Inc	$1.5B	25.4×	30.5×	+20.79% (above 0%: growing)	n/m	+320.12% (above 0%: growing)	18.49%	8.79%	Compare
RES RPC, Inc.	$1.3B	64.4×	31.0×	+9.52% (above 0%: growing)	0.00%	−46.52% (below 0%: shrinking)	24.99%	3.21%	Compare
Median of peers	$1.7B	31.5×	30.5×	+9.52%	+19.05%	−14.30%	20.14%	5.95%

All 46 Oil & Gas Equipment & Services stocks →

National Energy Services Reunited (NESR) key facts

Strength: National Energy Services Reunited’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 1.72% from fiscal 2024.
National Energy Services Reunited (NESR) is an Oil & Gas Equipment & Services company in the Energy sector, listed on Nasdaq.
As of October 16, 2026, NESR traded at $18.73, a market capitalization of $1.9 billion.
Return on equity was 5.45% and debt-to-equity 0.26.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.00 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.