National Energy Services Reunited (NESR) vs WaterBridge Infrastructure LLC (WBI)

National Energy Services Reunited and WaterBridge Infrastructure LLC are both Oil & Gas Equipment & Services companies. WaterBridge Infrastructure LLC is the larger, with a market value of $3.7B against $3.3B — 1.1× the size. National Energy Services Reunited trades at the lower P/E: 34.2× against 373×. National Energy Services Reunited has the higher net margin (5.77% vs −0.63%) and the higher return on invested capital (8.28% vs 2.15%). Across the 17 metrics below, National Energy Services Reunited leads on 11 and WaterBridge Infrastructure LLC on 6.

Valuation

Metric NESR WBI Oil & Gas Equipment & Services median
P/E 34.18 372.50 24.78
P/S 2.00 1.94 1.28
P/B 3.11 0.79 1.85
Price to free cash flow 20.04 n/m 15.03
EV/EBITDA 11.48 8.33 8.93
EV/Sales 2.06 4.02 1.40
Earnings yield 2.93% 0.27% 3.12%
Free cash flow yield 4.99% (8.31%) 5.01%

Profitability

Metric NESR WBI Oil & Gas Equipment & Services median
Gross margin 13.37% 56.99% 23.27%
Operating margin 9.34% 15.54% 9.34%
Net margin 5.77% (0.63%) 4.69%
Free cash flow margin 9.99% (16.08%) 5.05%
Return on equity 9.44% (0.38%) 4.92%
Return on assets 4.76% (0.24%) 2.37%
Return on invested capital 8.28% 2.15% 4.32%

Growth

Metric NESR WBI Oil & Gas Equipment & Services median
Revenue growth (TTM) 23.55% — 6.08%
EPS growth (last fiscal year) (35.00%) — —
Revenue growth, 5-year CAGR 9.68% — 10.60%
Net income growth, 5-year CAGR 0.41% — 0.00%

Health

Metric NESR WBI Oil & Gas Equipment & Services median
Debt to equity 0.26 0.88 0.46
Current ratio 1.02 1.54 2.11
Net debt to EBITDA 0.77 6.16 0.76

Dividend

Metric NESR WBI Oil & Gas Equipment & Services median
Dividend yield — — 2.12%
Payout ratio — — 0.00

Size

Metric NESR WBI Oil & Gas Equipment & Services median
Market cap 3.30b 3.70b 1.81b

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