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NESR

National Energy Services Reunited Corp.

NESR

National Energy Services Reunited Corp. • NASDAQ
$13.94 ▼ -0.43% (-0.06)
Market Cap $1.40 B
52w High $14.50
52w Low $5.20
Dividend Yield 0%
P/E 19.36
Volume 281.29K
Outstanding Shares 100.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $295.315M ▼ $15.754M ▼ $17.737M ▲ 6.006% ▲ $0.18 ▲ $54.933M ▼
Q2-2025 $327.368M ▲ $16.793M ▲ $15.201M ▲ 4.643% ▲ $0.16 ▲ $63.908M ▲
Q1-2025 $303.102M ▼ $16.514M ▲ $10.391M ▼ 3.428% ▼ $0.11 ▼ $58.035M ▼
Q4-2024 $343.682M ▲ $15.599M ▼ $26.837M ▲ 7.809% ▲ $0.28 ▲ $79.666M ▲
Q3-2024 $336.205M $17.963M $20.618M 6.133% $0.22 $70.199M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $69.683M ▼ $1.809B ▼ $852.472M ▼ $956.651M ▲
Q2-2025 $131.802M ▲ $1.827B ▲ $890.186M ▲ $936.904M ▲
Q1-2025 $78.695M ▼ $1.769B ▼ $848.844M ▼ $920.479M ▲
Q4-2024 $107.956M ▼ $1.774B ▼ $865.446M ▼ $908.232M ▲
Q3-2024 $118.169M $1.803B $929.3M $873.548M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.737M ▲ $6.681M ▼ $-44.355M ▼ $-24.445M ▼ $-62.119M ▼ $-34.072M ▼
Q2-2025 $15.201M ▲ $98.486M ▲ $-30.952M ▲ $-14.437M ▲ $53.107M ▲ $68.733M ▲
Q1-2025 $10.391M ▼ $20.485M ▼ $-31.487M ▼ $-18.259M ▲ $-29.261M ▼ $-9.639M ▼
Q4-2024 $26.837M ▲ $46.26M ▼ $-26.976M ▲ $-29.497M ▼ $-10.213M ▼ $21.208M ▼
Q3-2024 $20.618M $70.788M $-27.451M $-165K $43.172M $43.433M

Revenue by Products

Product Q3-2020Q1-2021Q2-2021Q3-2021
Drilling and Evaluation Services
Drilling and Evaluation Services
 $70.00M ▲$80.00M ▲$80.00M ▲$80.00M ▲
Production Services
Production Services
 $150.00M ▲$140.00M ▼$150.00M ▲$140.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with a clear acceleration in the last two. Profitability has moved from patchy and loss‑making in the middle of the period to solidly positive more recently. Margins, while still not at the level of the largest global peers, have improved meaningfully as the business has scaled, suggesting better pricing, cost control, and mix of higher‑value services. The main message: NESR has shifted from a “break‑even with volatility” profile to a more consistently profitable one, but its earnings are still exposed to the usual swings of the oilfield services cycle and execution on large contracts.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable, with total assets and equity holding steady over time rather than expanding aggressively. Debt was built up earlier in the period and has since been nudged down, which modestly reduces financial risk but still leaves the company meaningfully levered. Cash levels are adequate but not abundant, so NESR does not appear over‑stretched, yet it does not have a large liquidity cushion either. Overall, it looks like a “steady, moderately leveraged” profile rather than either a cash‑rich or highly strained balance sheet.

Cash Flow

Cash Flow NESR has generated positive operating cash flow every year, and that cash generation has strengthened as profits improved. After funding its equipment and technology investments, free cash flow has generally been positive, with only a brief dip when investment outpaced cash generation. The company appears to be funding growth through a mix of internal cash and some debt, but not through overly aggressive spending. The key point is that cash flows now broadly support the level of investment, which helps underpin the recent improvement in earnings quality.

Competitive Edge

Competitive Edge NESR’s edge lies in being a regional “national champion” in the Middle East and surrounding markets rather than a global giant. Deep relationships with national oil companies, strong local hiring and investment, and a reputation for tailoring solutions to local geology give it a real foothold that is hard for some international competitors to copy quickly. At the same time, it operates in a highly competitive, cyclical industry, faces customer concentration risk with large national clients, and remains sensitive to regional policy and spending decisions. Its position is strong in its chosen niche but not insulated from sector and geopolitical volatility.

Innovation and R&D

Innovation and R&D NESR is leaning heavily on innovation to stand out. The ROYA drilling platform shows it can develop and deploy advanced tools that improve drilling performance, while the NORI research center anchors serious in‑region technical capability. The NEDA environmental and decarbonization line gives it a forward‑looking angle tied to water management, emissions reduction, and more sustainable operations—areas where customers are under growing pressure to improve. Rather than trying to invent everything itself, NESR also partners with specialized technology firms, which keeps it nimble but depends on effective collaboration and commercialization. Future success will hinge on scaling these technologies profitably, not just announcing them.

Summary

NESR has transitioned from a period of uneven profitability to one of clearer, more consistent growth in both revenue and earnings, supported by healthier cash generation. Its balance sheet carries moderate debt but appears manageable, and cash flows now better support its investment needs. Strategically, the company has carved out a defensible niche as a locally rooted oilfield services partner to national oil companies in MENA, reinforced by targeted innovation in drilling technology and environmental solutions. The main opportunities lie in expanding its advanced tools, unconventional gas work, and decarbonization offerings across the region; the main risks stem from industry cyclicality, reliance on a concentrated customer base, and the need to keep turning a strong innovation story into durable, high‑margin business.

NEWS

November 13, 2025 · 6:00 AM UTC

National Energy Services Reunited Corp. Reports Third Quarter 2025 Financial Results

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November 6, 2025 · 6:00 AM UTC

NESR to Release Third Quarter 2025 Financial Results on November 13th

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October 29, 2025 · 7:40 AM UTC

Saudi Aramco Awards Multi-Billion Dollar Unconventional Contract to NESR

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October 8, 2025 · 9:20 AM UTC

KDC and NESR Secure Award for Integrated Well Delivery Campaign in Jordan

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