NESR

MKT CAP:$2B

National Energy Services Reunited Corp.

Market Cap

$2B

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Equipment & Services·🇺🇸·NASDAQ

Stock Price

$23.96+$8.17 (+51.71%)

Apr 21, 2026

Company Details

National Energy Services Reunited Corp. provides oilfield services to oil and gas companies in the Middle East, North Africa, and the Asia Pacific regions. It operates through two segments, Production Services; and Drilling and Evaluation S...

CEO

Sherif Foda

IPO Date

Jun 5, 2017

Website

www.nesr.com

Key Metrics TTM

Revenue

$1.3B

+1.7% YoY

Net Income

$51M

EPS (Diluted)

$0.53

Free Cash Flow

$121M

Revenue / Share

$12.95

Gross Margin

12.4%

Operating Margin

7.4%

Net Margin

3.9%

FCF Margin

9.1%

P/S

1.9x

P/E

48.2x

Earnings Reports

FY 2025

Mar 6, 2026

$1.3B+1.7%EPS $0.52

Q4 2025

Mar 6, 2026

$398M+15.9%EPS $0.08

Q3 2025

Nov 13, 2025

$295M-12.2%EPS $0.18

Q2 2025

Aug 20, 2025

$327M+0.7%EPS $0.16

Q1 2025

Jun 3, 2025

$303M+2.1%EPS $0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$213M	$31M	$12M
Q1 21	$212M	$34M	$16M
Q2 21	$235M	$36M	$14M
Q3 21	$218M	$27M	$8M
Q4 21	$211M	-$113M	-$82M
Q2 23	$280M	$32M	$17M
Q3 23	$300M	$45M	$28M
Q4 23	$308M	$44M	$28M
Q1 24	$297M	$43M	$25M
Q2 24	$325M	$53M	$34M
Q3 24	$336M	$53M	$35M
Q4 24	$344M	$59M	$44M
Q1 25	$303M	$37M	$21M
Q2 25	$327M	$44M	$27M
Q3 25	$295M	$35M	$20M
Q4 25	$398M	$48M	$31M

Valuation

Quarter	P/S	P/E
Q4 20	1.0x	17.0x
Q1 21	1.3x	22.1x
Q2 21	1.5x	28.0x
Q3 21	1.3x	29.8x
Q4 21	1.0x	—
Q2 23	0.3x	—
Q3 23	0.5x	—
Q4 23	0.7x	—
Q1 24	0.7x	26.7x
Q2 24	0.7x	18.8x
Q3 24	0.7x	17.4x
Q4 24	0.6x	11.0x
Q1 25	0.5x	9.2x
Q2 25	0.4x	7.9x
Q3 25	0.8x	14.4x
Q4 25	1.2x	29.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$33M	$9M
Q4 20	$47M	$33M
Q1 21	$46M	$35M
Q2 21	$33M	$12M
Q3 21	$35M	$17M
Q4 21	$13M	-$43M
Q3 23	$68M	$40M
Q4 23	$37M	$34M
Q1 24	$70M	$31M
Q2 24	$43M	$28M
Q3 24	$71M	$43M
Q4 24	$46M	$21M
Q1 25	$20M	-$10M
Q2 25	$98M	$69M
Q3 25	$7M	-$34M
Q4 25	$139M	$96M

Capital Expenditures

Quarter	CapEx
Q3 20	$25M
Q4 20	$15M
Q1 21	$11M
Q2 21	$21M
Q3 21	$18M
Q4 21	$56M
Q3 23	$28M
Q4 23	$2M
Q1 24	$38M
Q2 24	$14M
Q3 24	$27M
Q4 24	$25M
Q1 25	$30M
Q2 25	$30M
Q3 25	$41M
Q4 25	$43M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+15.1%	+14.7%
Q1 21	+6.6%	+8.7%
Q2 21	+15.6%	+19.1%
Q3 21	-0.2%	+5.2%
Q4 21	-0.8%	+45.7%
Q2 23	+32.0%	+33.9%
Q3 23	+27.7%	+23.2%
Q4 23	+41.1%	+33.4%
Q1 24	+40.4%	-7.0%
Q2 24	+15.9%	+10.6%
Q3 24	+12.0%	+10.6%
Q4 24	+11.8%	+7.2%
Q1 25	+2.1%	+3.6%
Q2 25	+0.7%	+3.2%
Q3 25	-12.2%	-8.3%
Q4 25	+15.9%	+22.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$2M	1.0%
Q4 20	$2M	0.9%
Q1 21	$2M	0.7%
Q2 21	$3M	1.3%
Q3 21	$3M	1.3%
Q4 21	$2M	1.1%
Q3 23	$2M	0.5%
Q4 23	$2M	0.5%
Q1 24	$1M	0.5%
Q2 24	$677.0K	0.2%
Q3 24	$2M	0.5%
Q4 24	$2M	0.7%
Q1 25	$2M	0.6%
Q2 25	$2M	0.5%
Q3 25	$2M	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 20	$19M
Q1 21	$18M
Q2 21	$22M
Q3 21	$19M
Q2 23	$10M
Q3 23	$12M
Q4 23	$12M
Q1 24	$14M
Q2 24	$14M
Q3 24	$13M
Q4 24	$11M
Q1 25	$12M
Q2 25	$12M
Q3 25	$11M
Q4 25	$13M

Revenue Segments

Quarter	Drilling and Evaluation Services	Production Services
Q1 21	$76M	$137M
Q2 21	$82M	$153M
Q3 21	$80M	$138M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 20	$49M	$0	$49M
Q2 20	$79M	$0	$79M
Q3 20	$50M	$0	$50M
Q4 20	$75M	$0	$75M
Q1 21	$89M	$0	$89M
Q2 21	$66M	$0	$66M
Q3 21	$101M	$0	$101M
Q4 21	$206M	$0	$206M
Q4 23	$68M	$0	$68M
Q2 24	$75M	$0	$75M
Q3 24	$118M	$0	$118M
Q4 24	$108M	$0	$108M
Q1 25	$79M	$0	$79M
Q2 25	$132M	$0	$132M
Q3 25	$70M	$0	$70M
Q4 25	$125M	$0	$125M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	90M	+0.3%	+3.4%
Q1 21	92M	+2.0%	+5.4%
Q2 21	95M	+2.9%	+7.3%
Q3 21	93M	-1.6%	+3.6%
Q4 21	91M	-2.2%	+1.0%
Q2 23	95M	+4.2%	+3.2%
Q3 23	95M	+0.1%	+0.3%
Q4 23	95M	+0.2%	+2.2%
Q1 24	95M	+0.3%	+4.8%
Q2 24	96M	+0.1%	+0.7%
Q3 24	96M	+0.1%	+0.7%
Q4 24	96M	-0.0%	+0.5%
Q1 25	97M	+1.1%	+1.3%
Q2 25	98M	+1.0%	+2.2%
Q3 25	101M	+3.2%	+5.3%
Q4 25	102M	+1.5%	+6.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$38.2K	6K
Q1 21	$38.1K	6K
Q2 21	$42.1K	6K
Q3 21	$39.1K	6K
Q4 21	$37.9K	6K
Q2 23	$50.2K	6K
Q3 23	$53.8K	6K
Q4 23	$54.7K	6K
Q1 24	$52.8K	6K
Q2 24	$57.8K	6K
Q3 24	$59.8K	6K
Q4 24	$57.6K	6K
Q1 25	$50.8K	6K
Q2 25	$54.9K	6K
Q3 25	$49.5K	6K
Q4 25	$63.9K	6K

Revenue / Employee