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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%
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 (at or below 0.5: strong)
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%) (below 0%: weak)
This Y EPS Growth 100.63% (at or above 15%: strong)
Next Y EPS Growth 58.48% (at or above 15%: strong)
Next Y revenue growth 50.15% (at or above 10%: strong)
Next 5Y EPS Growth 64.07% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 1.0×; over the ten years it ranged from 0.6× in 2025 to 2.2× in 2026.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

National Energy Services Reunited vs peers in Oil & Gas Equipment & Services (Q) = latest quarter vs a year earlier

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.

National Energy Services Reunited (NESR) Latest News

11 May

Impact 5 ·
stockrow.com/NESR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com