National Energy Services Reunited Corp.
NESR Nasdaq Oil & Gas Field Services, Nec Financials FY2023–FY2025
What National Energy Services Reunited Corp. does
No business description yet.
- Legal name
- National Energy Services Reunited Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 6, 2026
- Accession · CIK
- 0001493152-26-009139
0001698514
Revenue and margins
National Energy Services Reunited Corp. had $1.3B of revenue in fiscal 2025, up 1.7% on the year before.
Net income and earnings per share
From fiscal 2023 to 2025, diluted EPS grew 100.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $121M in fiscal 2025, 9.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
National Energy Services Reunited Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 3.5%.
Balance sheet
Cash, debt and the ratios that show how comfortably National Energy Services Reunited Corp. can carry it.
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $67.8M | $108M | $125M |
| Debt incl. finance leases | — | $388M | $312M |
| Net debt / EBITDA | — | 1.0x | 0.8x |
| Debt / equity | — | 0.4x | 0.3x |
| Interest coverage | 1.8x | 3.5x | 3.0x |
| Current ratio | — | 1.1x | 1.0x |
| Quick ratio | — | 0.9x | 0.9x |
| Total assets | — | $1.8B | $1.9B |
| Total liabilities | — | $865M | $884M |
| Shareholders' equity | $821M | $908M | $968M |
| Net debt (− = net cash) | — | $280M | $187M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | — | ✕ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 5 | 4 / 9 |
| Accruals ratio | — | −8.6% | −11.8% |
| Altman Z'' | — | 1.79 | 1.71 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $1.1B | $1.3B | $1.3B |
| Gross profit | $149M | $209M | $165M |
| Operating income | $80.7M | $138M | $98.3M |
| Interest expense | $45.8M | $39.9M | $32.5M |
| Pretax income | $29.8M | $95.5M | $60.4M |
| Income tax | $17.3M | $19.2M | $9.3M |
| Net income | $12.6M | $76.3M | $51.1M |
| Net income to common | $0.0M | $76.3M | $51.1M |
| Diluted EPS | $0.13 | $0.80 | $0.52 |
| Diluted shares | 0.09B | 0.10B | 0.10B |
| Cash flow | |||
| Cash from operations | $177M | $229M | $264M |
| Capital expenditure | $68.2M | $105M | $143M |
| Free cash flow | $109M | $124M | $121M |
| Depreciation and amortization | $142M | $143M | $142M |
| Stock-based compensation | $6.8M | $6.0M | $8.3M |
| Balance sheet | |||
| Cash and short-term investments | $67.8M | $108M | $125M |
| Total debt | — | $383M | $310M |
| Finance lease liabilities | — | $5.3M | $2.0M |
| Current assets | — | $541M | $630M |
| Current liabilities | — | $504M | $605M |
| Inventory | — | $96.8M | $94.8M |
| Property and equipment, net | — | $438M | $465M |
| Goodwill | — | $645M | $645M |
| Intangible assets | — | $65.7M | $47.1M |
| Total assets | — | $1.8B | $1.9B |
| Total liabilities | — | $865M | $884M |
| Shareholders' equity | $821M | $908M | $968M |
| Margins | |||
| Gross margin | 13.0% | 16.0% | 12.4% |
| Operating margin | 7.0% | 10.6% | 7.4% |
| EBITDA margin | 19.5% | 21.5% | 18.1% |
| Net margin | 1.1% | 5.9% | 3.9% |
| FCF margin | 9.5% | 9.5% | 9.1% |
| Returns | |||
| Return on capital | — | 9.3% | 7.2% |
| Return on capital employed | — | 10.8% | 7.9% |
| Return on equity | 1.5% | 8.8% | 5.5% |
| Return on assets | — | 4.3% | 2.8% |
| Return on tangible equity | 0.0% | 38.6% | 18.5% |
| Growth | |||
| Revenue growth | — | 13.6% | 1.7% |
| Net income growth | — | 506.6% | −33.0% |
| EPS growth | — | 515.4% | −35.0% |
| FCF growth | — | 14.2% | −2.8% |
| Share count change | — | 1.0% | 3.5% |
| Financial health | |||
| Net debt / EBITDA | — | 1.0x | 0.8x |
| Debt / equity | — | 0.4x | 0.3x |
| Interest coverage | 1.8x | 3.5x | 3.0x |
| Current ratio | — | 1.1x | 1.0x |
| Quick ratio | — | 0.9x | 0.9x |
| Capital allocation | |||
| Capex / revenue | 6.0% | 8.1% | 10.8% |
| Stock comp / revenue | 0.6% | 0.5% | 0.6% |
| Quality scores | |||
| Piotroski F-score | — | — | 4.0 |
| Altman Z'' | — | 1.8 | 1.7 |
| Accruals ratio | — | −8.6% | −11.8% |
Source: SEC EDGAR XBRL filings (CIK 0001698514). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.