National Energy Services Reunited Corp. (NESR)
National Energy Services Reunited Corp. (NESR), established in 2017 with its headquarters in Houston, Texas, offers an extensive range of oilfield services to energy companies operating across the Middle East, North Africa, and Asia Pacific regions. The company's operations are divided into two main segments: Production Services, and Drilling and Evaluation Services. The Production Services division delivers a variety of solutions aimed at maximizing well output and maintaining essential infrastructure. These encompass hydraulic fracturing and stimulation services designed to boost production, along with numerous coiled tubing applications such as nitrogen lifting, fishing, milling, and wellbore clean-outs. It also provides both primary and remedial cementing services, nitrogen applications, and filtration services, including the supply of frac tanks and pumping units. Furthermore, this segment offers comprehensive pipeline services, covering activities like water filling, hydro testing, nitrogen purging, de-gassing, pressure testing, and critical cutting, welding, and cooling of piping and vessel systems. Additional offerings include production assurance chemicals, laboratory analysis, artificial lift systems, and specialized equipment such as surface and subsurface safety systems, high-pressure packer systems, and flow controls. NESR also supplies service tools, advanced expandable liner technology, vacuum insulated tubing technology, and boasts in-house engineering capabilities with integrated manufacturing and testing facilities. A significant part of its service portfolio also involves water management, including the sourcing, treatment, and disposal of water for oil and gas, municipal, and industrial uses. The Drilling and Evaluation Services segment focuses on the initial stages of oil and gas exploration and well construction, as well as ongoing diagnostics. It supplies various drilling and workover rigs, associated rig services, and specialized solutions for fishing operations and well remediation. This segment also provides advanced directional and turbine drilling services, sophisticated drilling fluid systems, and related technologies. For subsurface analysis and intervention, NESR performs wireline logging and slickline services—the latter being vital for tasks such like removing scale, wax, and sand build-up, setting plugs, exchanging gas lift valves, and other well applications. The segment also conducts well testing to assess the production of solids, gas, oil, and water from a well, and offers rental services for drilling tools. Complementary services include thru-tubing intervention solutions, tubular running services, and the provision of essential wellhead products, flow control apparatus, and frac equipment.
Sector: Oil & Gas Field Services, NEC
Industry: Oil & Gas Equipment & Services
National Energy Services Reunited Corp.
No splits on record
Nothing in NESR's public trading history: no forward or reverse split has affected the share count.
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2017-12-31 | 2016-12-31 |
| Revenue | $1.32B | $1.3B | $1.15B | $909.52M | $876.73M | $834.15M | $658.38M | $271.32M | $0 |
| YoY Growth | 1.7% | 13.6% | 26.0% | 3.7% | 5.1% | 26.7% | 142.7% | - | - |
| Cost of Revenue | $1.18B | $1.09B | $1.02B | $862.9M | $891.99M | $772.06M | $522.73M | $200.15M | $0 |
| Gross Profit | $145.96M | $208.67M | $129.88M | $46.61M | -$15.26M | $62.09M | $135.65M | $71.17M | $0 |
| Gross Margin | 11.0% | 16.0% | 11.3% | 5.1% | -1.7% | 7.4% | 20.6% | 26.2% | - |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $47.64M | $52.2M | $49.17M | $47.53M | $28.07M | $26.81M | $63.84M | $30.34M | $0 |
| Other | $0 | $18.77M | $0 | $0 | $0 | $0 | $0 | -$573K | $0 |
| Total Operating Expenses | $47.64M | $70.97M | $49.17M | $47.53M | $28.07M | $26.81M | $63.84M | $30.94M | $0 |
| Operating Income (EBIT) | $98.32M | $137.7M | $80.7M | -$917K | -$43.33M | $35.28M | $71.81M | $39.66M | $0 |
| Operating Margin | 7.4% | 10.6% | 7.0% | -0.1% | -4.9% | 4.2% | 10.9% | 14.6% | - |
| Interest Expense | $32.51M | $39.88M | $45.83M | $34.13M | $15.17M | $15.88M | $18.97M | $6.72M | $0 |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$37.92M | -$42.21M | -$50.86M | -$28.88M | -$17.25M | -$6.18M | -$19.38M | -$7.29M | $0 |
| Income Before Tax (EBT) | $60.4M | $95.5M | $29.85M | -$29.8M | -$60.58M | $29.09M | $52.44M | $32.94M | $0 |
| Income Tax Expense | $9.27M | $19.19M | $17.27M | $6.62M | $3.99M | $12.54M | $13.07M | $4.59M | $0 |
| Net Income | $51.13M | $76.31M | $12.58M | -$36.42M | -$64.57M | $16.55M | $39.36M | $30.63M | $0 |
| Net Income Margin | 3.9% | 5.9% | 1.1% | -4.0% | -7.4% | 2.0% | 6.0% | 11.3% | - |
| Supplementary Data | |||||||||
| EPS | 0.52 | 0.80 | 0.13 | -0.39 | -0.71 | 0.19 | 0.45 | 0.71 | 0.29 |
| Diluted EPS | 0.52 | 0.80 | 0.13 | -0.39 | -0.71 | 0.18 | 0.45 | 0.71 | 0.29 |
| Weighted Average OS | 98.44M | 95.43M | 94.75M | 92.96M | 91.04M | 88.85M | 87.00M | 42.88M | 28.65M |
| EBITDA | $234.64M | $278.16M | $217.9M | $120.17M | $76.72M | $165.7M | $159.52M | $78.07M | $0 |
| EBITDA Margin | 17.7% | 21.4% | 19.0% | 13.2% | 8.8% | 19.9% | 24.2% | 28.8% | - |
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
| Assets | |||||||||
| Current Assets | |||||||||
| Cash and Cash Equivalents | $124.8M | $107.96M | $67.82M | $78.85M | $205.77M | $75.01M | $73.2M | $19.93M | $741K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $124.8M | $107.96M | $67.82M | $78.85M | $205.77M | $75.01M | $73.2M | $19.93M | $741K |
| Accounts Receivable | $386.84M | $318.55M | $355.46M | $331.43M | $315.25M | $293.75M | $189.16M | $196.66M | $0 |
| Inventory | $94.83M | $96.77M | $98.43M | $110.52M | $93.86M | $94.26M | $78.84M | $60.59M | $0 |
| Other Current Assets | $10.66M | $7.09M | $10.76M | $16.67M | $6.44M | $40.72M | $52.41M | $30.64M | $0 |
| Total Current Assets | $630.37M | $540.52M | $541.72M | $537.81M | $627.37M | $515.22M | $403.21M | $314.79M | $869K |
| Long-Term Assets | |||||||||
| Property, Plant & Equipment Net | $485.75M | $464.19M | $474.29M | $491.03M | $425.51M | $437.74M | $419.31M | $336.47M | $0 |
| Goodwill | $645.1M | $645.1M | $645.1M | $645.1M | $645.1M | $620.92M | $574.76M | $570.54M | $0 |
| Intangible Assets | $47.09M | $65.7M | $84.3M | $102.91M | $121.62M | $110.38M | $122.71M | $134.22M | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $4.18M | $3.72M | $0 | $0 |
| Other Long-Term Assets | $43.21M | $58.18M | $52.33M | $51.47M | $11.71M | $2.8M | $2.37M | $4.17M | $230.55M |
| Total Long-Term Assets | $1.22B | $1.23B | $1.26B | $1.29B | $1.2B | $1.18B | $1.12B | $1.05B | $230.55M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.85B | $1.77B | $1.8B | $1.83B | $1.83B | $1.69B | $1.53B | $1.36B | $231.42M |
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts Payable | $421.06M | $305.31M | $351.24M | $353.54M | $314.57M | $144.61M | $65.7M | $81.35M | $3.47M |
| Short-Term Debt | $121.7M | $128.46M | $120.63M | $143.24M | $87.07M | $89.86M | $52.96M | $70.14M | $0 |
| Current Income Tax Payable | $25.09M | $35.21M | $23.09M | $14.87M | $12.41M | $0 | $0 | $16.8M | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $14.87M | $12.41M | $0 | $0 | $59.13M | $989 |
| Other Current Liabilities | $37.07M | $29.09M | $31.07M | $11.3M | $5.41M | $115.47M | $101.93M | $18.34M | $0 |
| Total Current Liabilities | $604.92M | $503.51M | $533.45M | $544.07M | $431.87M | $359.37M | $228.14M | $228.97M | $3.47M |
| Long-Term Liabilities | |||||||||
| Long-Term Debt | $209.82M | $254.39M | $331.56M | $391.86M | $508.76M | $308.61M | $330.56M | $213.66M | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $23.53M | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $1.69M | $5.63M | $0 | $0 | $8.89M | $25.25M | $29.94M | $29.76M | $0 |
| Other Long-Term Liabilities | $48.72M | $81.07M | $86.09M | $65M | $37.2M | $53.59M | $50.98M | $32.4M | $9.02M |
| Total Long-Term Liabilities | $278.68M | $361.93M | $442.8M | $481.91M | $578.39M | $387.45M | $411.48M | $275.83M | $9.02M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $883.6M | $865.45M | $976.25M | $1.03B | $1.01B | $746.81M | $639.62M | $504.79M | $12.5M |
| Stockholders' Equity | |||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $902.85M | $894.29M | $883.87M | $877.3M | $856.79M | $826.61M | $801.54M | $801.54M | $221.79M |
| Retained Earnings | $65M | $13.87M | -$62.44M | -$75.02M | -$35.83M | $117.75M | $67.66M | $41.47M | -$2.86M |
| Comprehensive Income & Other | $69K | $69K | $69K | $69K | $69K | $64K | $29K | $48K | $0 |
| Other Stockholders' Equity | $69K | $69K | $69K | $69K | $69K | $64K | $17.27M | $12.37M | $0 |
| Total Equity | $967.92M | $908.23M | $821.49M | $802.35M | $821.03M | $944.43M | $886.47M | $855.39M | $218.93M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | -$8K | $0 | $0 | $0 |
| Total Liabilities and Equity | $1.85B | $1.77B | $1.8B | $1.83B | $1.83B | $1.69B | $1.53B | $1.36B | $231.42M |
| Supplementary Data | |||||||||
| Total Debt | $349.97M | $409.13M | $484.75M | $566.41M | $595.84M | $398.47M | $383.53M | $283.8M | $0 |
| Net Debt | $225.17M | $301.18M | $416.93M | $487.56M | $390.07M | $323.46M | $310.33M | $263.86M | -$741K |
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2017-12-31 |
| Operating Activities | ||||||||
| Net Income | $51.13M | $76.31M | $12.58M | -$36.42M | -$64.57M | $16.55M | $39.36M | $28.35M |
| Depreciation & Amortization | $141.73M | $142.78M | $142.23M | $115.84M | $122.13M | $120.72M | $88.11M | $38.41M |
| Deferred Income Tax | -$5.2M | -$2.72M | -$3.75M | -$10.26M | -$12.14M | -$3.24M | -$3.94M | $598K |
| Stock-Based Compensation | $0 | $6.03M | $6.76M | $9.27M | $9.76M | $7.83M | $5.65M | $106K |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | -$58.93M | $9.42M | -$22.97M | -$29.25M | -$8.29M | -$2.62M | -$39.18M | -$5M |
| Inventory | $425K | -$633K | $11.95M | -$16.76M | -$3.24M | -$11.87M | -$21.31M | -$8.12M |
| Accounts Payable | $116.16M | $0 | $0 | $0 | $0 | $5.27M | $36.64M | $9.17M |
| Other Working Capital | -$9.4M | -$17.95M | $18.73M | $47.24M | $74.3M | $6.37M | -$18.96M | $23.68M |
| Total Working Capital Change | $48.25M | -$9.16M | $7.71M | $1.23M | $62.78M | -$2.85M | -$42.81M | $7.89M |
| Other Non-Cash Items | $28.33M | $16.09M | $11.43M | $12.91M | $9.79M | -$4.56M | $2.71M | $7.94M |
| Net Cash from Operating | $264.24M | $229.33M | $176.96M | $92.58M | $127.74M | $134.45M | $89.09M | $83.19M |
| Investing Activities | ||||||||
| Capital Expenditures | -$143.45M | -$105.11M | -$68.19M | -$122.42M | -$107.08M | -$82.63M | -$107.94M | -$48.66M |
| Acquisitions | $4.91M | $0 | $0 | $0 | -$51.92M | -$13.22M | $0 | -$624K |
| Purchases of Investments | $0 | $0 | -$16.03M | -$17.37M | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$13.69M | -$6.03M | $758K | -$6.93M | -$5.54M | -$587K | $600K | -$51.42M |
| Net Cash from Investing | -$152.24M | -$111.13M | -$83.46M | -$146.71M | -$164.54M | -$96.44M | -$107.34M | -$52.04M |
| Financing Activities | ||||||||
| Debt Repaid | $72.64M | $84.94M | $45.87M | $78.67M | -$146.13M | $30.55M | -$79.95M | $7.87M |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$20M |
| Other Financing Activities | -$9.01M | -$3.94M | -$15.77M | -$14.44M | -$23.39M | -$3.83M | -$5.72M | -$4.27M |
| Net Cash from Financing | -$87.26M | -$78.06M | -$104.53M | -$72.8M | $167.54M | -$36.24M | $66.58M | -$32.14M |
| Forex Effect | -$7.9M | $0 | $0 | $8K | $9K | $35K | -$19K | -$45K |
| Net Change in Cash | $16.84M | $40.13M | -$11.03M | -$126.92M | $130.76M | $1.81M | $48.31M | -$1.03M |
| Supplementary Data | ||||||||
| Operating Cash Flow | $264.24M | $229.33M | $176.96M | $92.58M | $127.74M | $134.45M | $89.09M | $83.19M |
| Capital Expenditure | -$143.45M | -$105.11M | -$68.19M | -$122.42M | -$107.08M | -$82.63M | -$107.94M | -$48.66M |
| Free Cash Flow | $120.79M | $124.22M | $108.77M | -$29.84M | $20.67M | $51.82M | -$18.85M | $34.54M |
| Cash at Beginning | $107.96M | $67.82M | $78.85M | $205.77M | $75.01M | $73.2M | $24.89M | $25.53M |
| Cash at End | $124.8M | $107.96M | $67.82M | $78.85M | $205.77M | $75.01M | $73.2M | $24.5M |