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National Energy Services Reunited Corp. (NESR)

NASDAQ / Energy / Oil & Gas Equipment & Services

Share price

19.11 USD Market dataClose of Oct 15, 2026

Market capitalisation

1.93B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 6, 2026
Ratios computed
Oct 15, 2026
Filed years
9, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

7.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

36.75x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

6.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Net income: 8.3M USDFY2017 Net income: 28.4M USDFY2019 Net income: 39.4M USDFY2020 Revenue: 834.2M USDFY2020 Net income: 16.6M USDFY2021 Revenue: 876.7M USDFY2021 Net income: -64.6M USDFY2022 Revenue: 909.5M USDFY2022 Net income: -36.4M USDFY2023 Revenue: 1.15B USDFY2023 Net income: 12.6M USDFY2024 Revenue: 1.30B USDFY2024 Net income: 76.3M USDFY2025 Revenue: 1.32B USDFY2025 Net income: 51.1M USD
Revenue Net income9 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 36.75x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Oil & Gas Equipment & Services industry (33 companies), 36.75x sits at the 69th percentile; the middle half of that group runs from 15.28x to 46.63x.

Is it good

Return on invested capital was 7.1% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Energy sector (108 companies), 7.1% sits at the 47th percentile; the middle half of that group runs from 2.6% to 11.9%.

Is it safe

Interest coverage was 3.02x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether National Energy Services Reunited Corp.'s return on invested capital stayed above the median of the Energy sector, year by year. (FY2024 to FY2025, 2 fiscal years of National Energy Services Reunited Corp. with a comparable figure)
The direction
Which way National Energy Services Reunited Corp.'s return on equity has moved, and how steadily. (FY2017 to FY2025, 8 filed years of National Energy Services Reunited Corp.)
What could explain it
What in National Energy Services Reunited Corp.'s filed statements could explain the movements. (10 readings drawn from the statement lines National Energy Services Reunited Corp. filed)
What to check next
What to check next on National Energy Services Reunited Corp., and where in its filings. (4 questions for National Energy Services Reunited Corp.)
In one paragraph
One paragraph on National Energy Services Reunited Corp.'s returns, cash, balance sheet and price. (14 of sixteen figures read for National Energy Services Reunited Corp.)

These are NESR’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NESRPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 6, 2026, accession 0001493152-26-009139.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

National Energy Services Reunited Corp: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax7.1% ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Return on equity5.3% ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Return on capital employed, pre-tax7.9% ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Return on assets2.8% ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Gross margin12.4% ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Operating margin7.4% ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Net margin3.9% ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
NESR 3.9%
PUMP 0.1%AESI -4.6%VTOL 8.7%XPRO 1.3%NPKI 14.1%
-4.6%14.1%
Net margin: NESR against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

National Energy Services Reunited Corp: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.34 ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Current ratio1.04 ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Quick ratio0.89 ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Interest coverage3.02x ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Altman Z-score2.24 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Net debt208.8M ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Total assets 1.85BTotal liabilities 883.6MShareholders' equity 967.9MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What National Energy Services Reunited Corp owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 6, 2026, 0001493152-26-009139).

National Energy Services Reunited Corp: balance sheet position
Total assets1.85B FiledFY2025 10-K, filed Mar 6, 2026
Total liabilities883.6M FiledFY2025 10-K, filed Mar 6, 2026
Shareholders' equity967.9M FiledFY2025 10-K, filed Mar 6, 2026
Cash124.8M FiledFY2025 10-K, filed Mar 6, 2026
Total debt333.5M FiledFY2025 10-K, filed Mar 6, 2026
Net debt208.8M
Current ratio1.04
Debt to equity0.34

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

National Energy Services Reunited Corp: what the market charges, each with its source
FigureValue, source and document
Price to earnings36.75x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
P/E on trailing twelve months20.55x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.96x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Price to sales1.43x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Enterprise value to EBIT21.39x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Enterprise value to EBITDA8.76x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Diluted earnings per share0.52 USD FiledFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Graham number10.69 USD ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139

We publish no fair value or price target of our own. Value NESR on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for National Energy Services Reunited Corp today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

National Energy Services Reunited Corp: valuation
Share price19.11 USD
Market capitalisation1.93B USD
Enterprise value to EBITDA8.76x
Graham number10.69 USD
Diluted earnings per share, FY20250.52 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since May 11, 2026: low 20.55x, median 244.05x, high 299.30x, latest 20.55x. 110 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like National Energy Services Reunited Corp

  1. ProPetro Holding Corp. (PUMP)Market cap 975.2M USD
  2. Atlas Energy Solutions Inc. (AESI)Market cap 1.29B USD
  3. Bristow Group Inc. (VTOL)Market cap 1.12B USD
  4. Expro Group Holdings N.V. (XPRO)Market cap 1.76B USD
  5. NPK International Inc. (NPKI)Market cap 906.0M USD

Same industry (Oil & Gas Equipment & Services) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

National Energy Services Reunited Corp: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield6.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Free cash flow120.8M USD ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Free cash flow margin9.1% ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
FY2016 Net income: 8.3M USDFY2017 Net income: 28.4M USDFY2019 Net income: 39.4M USDFY2020 Net income: 16.6M USDFY2021 Free cash flow: 20.7M USDFY2021 Net income: -64.6M USDFY2022 Free cash flow: -29.8M USDFY2022 Net income: -36.4M USDFY2023 Free cash flow: 108.8M USDFY2023 Net income: 12.6M USDFY2024 Free cash flow: 124.2M USDFY2024 Net income: 76.3M USDFY2025 Free cash flow: 120.8M USDFY2025 Net income: 51.1M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

National Energy Services Reunited Corp.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
36.75xFY2025Oct 15, 2026
1.96xFY2025Oct 15, 2026
21.39xFY2025Oct 15, 2026
6.4%FY2025Oct 15, 2026
7.1%FY2025Mar 6, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.34FY2025Mar 6, 2026
1.04FY2025Mar 6, 2026
1.43xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
2.24FY2025Oct 15, 2026
-2.50FY2025Mar 6, 2026
4/9FY2025Mar 6, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 9 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

9 filed fiscal years, FY2016 to FY2025, read from the annual reports National Energy Services Reunited Corp filed with the SEC. Each year names its filing. Amounts in USD, as filed.

National Energy Services Reunited Corp: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.32B98.3M51.1M0.52120.8M7.4%5.3%10-K, Mar 6, 20260001493152-26-009139
FY20241.30B137.7M76.3Mn/a124.2M10.6%8.4%20-F, Mar 28, 20250001641172-25-001136
FY20231.15B80.7M12.6M0.13108.8M7.0%1.5%10-K, Mar 6, 20260001493152-26-009139
FY2022909.5M-917.0K-36.4Mn/a-29.8M-0.1%-4.5%20-F, Dec 29, 20230001493152-23-046470
FY2021876.7M-43.3M-64.6Mn/a20.7M-4.9%-7.9%20-F, Dec 29, 20230001493152-23-046470
FY2020834.2M35.3M16.6Mn/an/a4.2%1.8%20-F, Mar 24, 20210001493152-21-006706
FY2019n/an/a39.4Mn/an/an/a4.4%20-F, Mar 18, 20200001493152-20-004179
FY2017n/an/a28.4Mn/an/an/a51.9%20-F, Mar 12, 20190001493152-19-003164
FY2016n/an/a8.3Mn/an/an/an/a20-F, Mar 12, 20190001493152-19-003164
  • Revenue, compound annual growth FY2020 to FY2025: 9.7%
  • Earnings, compound annual growth FY2016 to FY2025: 22.3%
  • Earnings per share, compound annual growth FY2023 to FY2025: 100.0%
  • Free cash flow, compound annual growth FY2021 to FY2025: 55.5%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

National Energy Services Reunited Corp: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.50 ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Piotroski F-score4/9 ComputedFY2025 10-K, filed Mar 6, 2026, 0001493152-26-009139
Named tests met0 of 30 Computed
Beta1.07 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 27 not met, 3 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
High yield, low payout; Dividends and buybacks; Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(8)
  • Positive Earnings Streak: We hold 1 profitable filed year in a row; the test needs 10.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 8 figures could not be read on this company, among them Positive Earnings Streak, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 3 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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