National Energy Services Reunited Corp. (NESR) 10-Year Financial Performance & Capital Metrics

NESR • • Industrial / General

EnergyOilfield ServicesPressure Pumping & Hydraulic FracturingPressure Pumping Services

AboutNational 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 Services. The Production Services segment offers hydraulic fracturing services; coiled tubing services, including nitrogen lifting, fishing, milling, clean-out, scale removal, and other well applications; stimulation and pumping services; primary and remedial cementing services; nitrogen services; filtration services, as well as frac tanks and pumping units; and pipeline services, such as water filling and hydro testing, nitrogen purging, and de-gassing and pressure testing, as well as cutting/welding and cooling down piping/vessels systems. It also provides production assurance chemicals; laboratory services; artificial lift services; and surface and subsurface safety systems, high-pressure packer systems, flow controls, service tools, expandable liner technology, vacuum insulated tubing technology, and engineering capabilities with manufacturing capacity and testing facilities, as well as sources, treats, and disposes water for oil and gas, municipal, and industrial use. The Drilling and Evaluation Services segment offers drilling and workover rigs; rig services; fishing and remedial solutions; directional and turbines drilling services; drilling fluid systems and related technologies; wireline logging services; slickline services for removal of scale, wax and sand build-up, setting plugs, changing out gas lift valves, and fishing and other well applications; and well testing services to measure solids, gas, and oil and water produced from a well, as well as rents drilling tools. It also provides oilfield solutions for thru-tubing intervention; tubular running services; and a range of wellhead products, flow control equipment, and frac equipment. The company was incorporated in 2017 and is headquartered in Houston, Texas.Show more

Revenue $1.3B +13.6%
EBITDA $280M +25.8%
Net Income $76M +506.6%
EPS (Diluted) 0.80 +515.4%
Gross Margin 16.03% +41.4%
EBITDA Margin 21.55% +10.8%
Operating Margin 10.58% +50.2%
Net Margin 5.86% +434.0%
ROE 8.82% +469.5%
ROIC 8.44% +76.2%
Debt/Equity 0.45 -23.7%
Interest Coverage 3.45 +96.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Momentum leader: RS Rating 94 (top 6%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.6%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 2.0%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y14.61%

3Y14.08%

TTM7.57%

Profit (Net Income) CAGR

10Y-

5Y14.16%

3Y-

TTM259.32%

EPS CAGR

10Y-

5Y12.2%

3Y-

TTM247.12%

ROCE

10Y Avg6.21%

5Y Avg3.33%

3Y Avg5.71%

Latest10.87%

Peer Comparison

Pressure Pumping Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NESRNational Energy Services Reunited Corp.	1.86B	18.45	23.06	13.6%	5.53%	7.33%	6.68%	0.45
RESRPC, Inc.	1.37B	6.19	14.40	-12.52%	3.12%	4.35%	9.48%	0.03
LBRTLiberty Energy Inc.	3.31B	20.46	10.94	-9.11%	4.76%	8.99%	5.38%	0.27
ACDCProFrac Holding Corp.	792.22M	4.38	-3.17	-16.7%	-16.8%	-34.52%	14.18%	1.18
PUMPProPetro Holding Corp.	1.08B	10.42	-7.95	-11.42%	-1.31%	-2.06%	10.34%	0.21

Profit & Loss

	Dec 2017	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	271.32M	658.38M	834.15M	876.73M	909.52M	1.15B	1.3B
Revenue Growth %	-	1.43%	0.27%	0.05%	0.04%	0.26%	0.14%
Cost of Goods Sold+	200.15M	522.73M	772.06M	891.99M	862.9M	1.02B	1.09B
COGS % of Revenue	0.74%	0.79%	0.93%	1.02%	0.95%	0.89%	0.84%
Gross Profit+	71.17M	135.65M	62.09M	-15.26M	46.61M	129.88M	208.67M
Gross Margin %	0.26%	0.21%	0.07%	-0.02%	0.05%	0.11%	0.16%
Gross Profit Growth %	-	0.91%	-0.54%	-1.25%	4.05%	1.79%	0.61%
Operating Expenses+	30.94M	63.84M	26.81M	28.07M	47.53M	49.17M	70.97M
OpEx % of Revenue	0.11%	0.1%	0.03%	0.03%	0.05%	0.04%	0.05%
Selling, General & Admin	30.34M	63.84M	26.81M	28.07M	47.53M	49.17M	52.2M
SG&A % of Revenue	0.11%	0.1%	0.03%	0.03%	0.05%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	-573K	0	0	0	0	0	18.77M
Operating Income+	39.66M	71.81M	35.28M	-43.33M	-917K	80.7M	137.7M
Operating Margin %	0.15%	0.11%	0.04%	-0.05%	-0%	0.07%	0.11%
Operating Income Growth %	-	0.81%	-0.51%	-2.23%	0.98%	89.01%	0.71%
EBITDA+	78.07M	159.93M	156M	78.79M	114.93M	222.93M	280.49M
EBITDA Margin %	0.29%	0.24%	0.19%	0.09%	0.13%	0.19%	0.22%
EBITDA Growth %	-	1.05%	-0.02%	-0.49%	0.46%	0.94%	0.26%
D&A (Non-Cash Add-back)	38.41M	88.11M	120.72M	122.13M	115.84M	142.23M	142.78M
EBIT	39.66M	71.41M	44.97M	-45.41M	4.33M	75.67M	135.38M
Net Interest Income+	-6.72M	-18.97M	-15.88M	-15.17M	-34.13M	-45.83M	-39.88M
Interest Income	0	0	0	0	0	0	0
Interest Expense	6.72M	18.97M	15.88M	15.17M	34.13M	45.83M	39.88M
Other Income/Expense	-7.29M	-19.38M	-6.18M	-17.25M	-28.88M	-50.86M	-42.21M
Pretax Income+	32.94M	52.44M	29.09M	-60.58M	-29.8M	29.85M	95.5M
Pretax Margin %	0.12%	0.08%	0.03%	-0.07%	-0.03%	0.03%	0.07%
Income Tax+	4.59M	13.07M	12.54M	3.99M	6.62M	17.27M	19.19M
Effective Tax Rate %	0.93%	0.75%	0.57%	1.07%	1.22%	0.42%	0.8%
Net Income+	30.63M	39.36M	16.55M	-64.57M	-36.42M	12.58M	76.31M
Net Margin %	0.11%	0.06%	0.02%	-0.07%	-0.04%	0.01%	0.06%
Net Income Growth %	-	0.29%	-0.58%	-4.9%	0.44%	1.35%	5.07%
Net Income (Continuing)	28.35M	39.36M	16.55M	-64.57M	-36.42M	12.58M	76.31M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	-8K	0	0	0	0
EPS (Diluted)+	0.71	0.45	0.18	-0.71	-0.39	0.13	0.80
EPS Growth %	-	-0.37%	-0.6%	-4.94%	0.45%	1.33%	5.15%
EPS (Basic)	0.71	0.45	0.19	-0.71	-0.39	0.13	0.80
Diluted Shares Outstanding	42.97M	87M	89.12M	91.04M	92.96M	94.75M	95.65M
Basic Shares Outstanding	42.88M	87M	88.85M	91.04M	92.96M	94.75M	95.43M
Dividend Payout Ratio	0.65%	-	-	-	-	-	-

Balance Sheet

	Dec 2017	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	868.52K	403.21M	515.22M	627.37M	537.81M	541.72M	540.52M
Cash & Short-Term Investments	741.1K	73.2M	75.01M	205.77M	78.85M	67.82M	107.96M
Cash Only	741.1K	73.2M	75.01M	205.77M	78.85M	67.82M	107.96M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	0	189.16M	293.75M	315.25M	331.43M	355.46M	318.55M
Days Sales Outstanding	-	104.87	128.53	131.25	133.01	113.22	89.32
Inventory	0	78.84M	94.26M	93.86M	110.52M	98.43M	96.77M
Days Inventory Outstanding	-	55.05	44.56	38.41	46.75	35.36	32.32
Other Current Assets	0	52.41M	40.72M	6.44M	16.67M	10.76M	7.09M
Total Non-Current Assets+	230.55M	1.12B	1.18B	1.2B	1.29B	1.26B	1.23B
Property, Plant & Equipment	0	419.31M	437.74M	425.51M	491.03M	474.29M	464.19M
Fixed Asset Turnover	-	1.57x	1.91x	2.06x	1.85x	2.42x	2.80x
Goodwill	0	574.76M	620.92M	645.1M	645.1M	645.1M	645.1M
Intangible Assets	0	122.71M	110.38M	121.62M	102.91M	84.3M	65.7M
Long-Term Investments	0	0	0	0	0	0	0
Other Non-Current Assets	230.55M	2.37M	2.8M	11.71M	51.47M	52.33M	58.18M
Total Assets+	231.42M	1.53B	1.69B	1.83B	1.83B	1.8B	1.77B
Asset Turnover	1.17x	0.43x	0.49x	0.48x	0.50x	0.64x	0.73x
Asset Growth %	-	5.59%	0.11%	0.08%	-0%	-0.02%	-0.01%
Total Current Liabilities+	3.47M	228.14M	359.37M	431.87M	544.07M	533.45M	503.51M
Accounts Payable	3.47M	65.7M	144.61M	314.57M	353.54M	351.24M	305.31M
Days Payables Outstanding	6.33	45.88	68.37	128.72	149.54	126.18	101.95
Short-Term Debt	0	52.96M	89.86M	87.07M	143.24M	120.63M	128.46M
Deferred Revenue (Current)	989	0	0	1000K	1000K	0	0
Other Current Liabilities	0	101.93M	115.47M	5.41M	11.3M	31.07M	29.09M
Current Ratio	0.25x	1.77x	1.43x	1.45x	0.99x	1.02x	1.07x
Quick Ratio	0.25x	1.42x	1.17x	1.24x	0.79x	0.83x	0.88x
Cash Conversion Cycle	-	114.04	104.73	40.93	30.22	22.41	19.68
Total Non-Current Liabilities+	9.02M	411.48M	387.45M	578.39M	481.91M	442.8M	361.93M
Long-Term Debt	0	330.56M	308.61M	508.76M	391.86M	331.56M	254.39M
Capital Lease Obligations	0	0	0	0	25.05M	25.14M	20.84M
Deferred Tax Liabilities	0	29.94M	25.25M	8.89M	0	0	5.63M
Other Non-Current Liabilities	9.02M	50.98M	53.59M	37.2M	65M	86.09M	81.07M
Total Liabilities	12.5M	639.62M	746.81M	1.01B	1.03B	976.25M	865.45M
Total Debt+	0	383.53M	398.47M	595.84M	566.41M	484.75M	409.13M
Net Debt	-741.1K	310.33M	323.46M	390.07M	487.56M	416.93M	301.18M
Debt / Equity	-	0.43x	0.42x	0.73x	0.71x	0.59x	0.45x
Debt / EBITDA	-	2.40x	2.55x	7.56x	4.93x	2.17x	1.46x
Net Debt / EBITDA	-0.01x	1.94x	2.07x	4.95x	4.24x	1.87x	1.07x
Interest Coverage	5.90x	3.79x	2.22x	-2.86x	-0.03x	1.76x	3.45x
Total Equity+	218.93M	886.47M	944.42M	821.03M	802.35M	821.49M	908.23M
Equity Growth %	-	3.05%	0.07%	-0.13%	-0.02%	0.02%	0.11%
Book Value per Share	5.10	10.19	10.60	9.02	8.63	8.67	9.49
Total Shareholders' Equity	218.93M	886.47M	944.43M	821.03M	802.35M	821.49M	908.23M
Common Stock	221.79M	801.54M	826.61M	856.79M	877.3M	883.87M	894.29M
Retained Earnings	-2.86M	67.66M	117.75M	-35.83M	-75.02M	-62.44M	13.87M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	29K	64K	69K	69K	69K	69K
Minority Interest	0	0	-8K	0	0	0	0

Cash Flow

	Dec 2017	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	83.19M	89.09M	134.45M	127.74M	92.58M	176.96M	229.33M
Operating CF Margin %	0.31%	0.14%	0.16%	0.15%	0.1%	0.15%	0.18%
Operating CF Growth %	-	0.07%	0.51%	-0.05%	-0.28%	0.91%	0.3%
Net Income	28.35M	39.36M	16.55M	-64.57M	-36.42M	12.58M	76.31M
Depreciation & Amortization	38.41M	88.11M	120.72M	122.13M	115.84M	142.23M	142.78M
Stock-Based Compensation	106K	5.65M	7.83M	9.76M	9.27M	6.76M	6.03M
Deferred Taxes	598K	-3.94M	-3.24M	-12.14M	-10.26M	-3.75M	-2.72M
Other Non-Cash Items	7.94M	2.71M	-4.56M	9.79M	12.91M	11.43M	16.09M
Working Capital Changes	7.89M	-42.81M	-2.85M	62.78M	1.23M	7.71M	-9.16M
Change in Receivables	-5M	-39.18M	-2.62M	-8.29M	-29.25M	-22.97M	9.42M
Change in Inventory	-8.12M	-21.31M	-11.87M	-3.24M	-16.76M	11.95M	-633K
Change in Payables	9.17M	36.64M	5.27M	0	0	0	0
Cash from Investing+	-52.04M	-107.34M	-96.44M	-164.54M	-146.71M	-83.46M	-111.13M
Capital Expenditures	-48.66M	-107.94M	-82.63M	-107.08M	-122.42M	-68.19M	-105.11M
CapEx % of Revenue	0.18%	0.16%	0.1%	0.12%	0.13%	0.06%	0.08%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-51.42M	600K	-587K	-5.54M	-6.93M	758K	-6.03M
Cash from Financing+	-32.14M	66.58M	-36.24M	167.54M	-72.8M	-104.53M	-78.06M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	-20M	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	-4.27M	-5.72M	-3.83M	-23.39M	-14.44M	-15.77M	-3.94M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	34.54M	-18.85M	51.82M	20.67M	-29.84M	108.77M	124.22M
FCF Margin %	0.13%	-0.03%	0.06%	0.02%	-0.03%	0.09%	0.1%
FCF Growth %	-	-1.55%	3.75%	-0.6%	-2.44%	4.65%	0.14%
FCF per Share	0.80	-0.22	0.58	0.23	-0.32	1.15	1.30
FCF Conversion (FCF/Net Income)	2.72x	2.26x	8.12x	-1.98x	-2.54x	14.07x	3.01x
Interest Paid	7.99M	17.29M	13.05M	9.89M	19.24M	33.91M	38.31M
Taxes Paid	3.29M	19.19M	15.64M	12.78M	10.99M	15.22M	12.94M

Key Ratios

Metric	2017	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.99%	7.12%	1.81%	-7.31%	-4.49%	1.55%	8.82%
Return on Invested Capital (ROIC)	13.63%	7.61%	2.15%	-2.62%	-0.06%	4.79%	8.44%
Gross Margin	26.23%	20.6%	7.44%	-1.74%	5.13%	11.33%	16.03%
Net Margin	11.29%	5.98%	1.98%	-7.36%	-4%	1.1%	5.86%
Debt / Equity	-	0.43x	0.42x	0.73x	0.71x	0.59x	0.45x
Interest Coverage	5.90x	3.79x	2.22x	-2.86x	-0.03x	1.76x	3.45x
FCF Conversion	2.72x	2.26x	8.12x	-1.98x	-2.54x	14.07x	3.01x
Revenue Growth	-	142.66%	26.7%	5.1%	3.74%	25.99%	13.6%

Revenue by Segment

	2022	2023	2024
Production Services	567.25M	785.64M	878.08M
Production Services Growth	-	38.50%	11.77%
Drilling and Evaluation Services	342.27M	360.27M	423.63M
Drilling and Evaluation Services Growth	-	5.26%	17.59%

Revenue by Geography

	2022	2023	2024
World	-	-	18.78M
World Growth	-	-	-
world	15.88M	13.59M	-
world Growth	-	-14.41%	-

Frequently Asked Questions

Valuation & Price

National Energy Services Reunited Corp. (NESR) has a price-to-earnings (P/E) ratio of 23.1x. This is roughly in line with market averages.

Growth & Financials

National Energy Services Reunited Corp. (NESR) reported $1.27B in revenue for fiscal year 2024. This represents a 368% increase from $271.3M in 2017.

National Energy Services Reunited Corp. (NESR) grew revenue by 13.6% over the past year. This is steady growth.

Yes, National Energy Services Reunited Corp. (NESR) is profitable, generating $70.2M in net income for fiscal year 2024 (5.9% net margin).

Dividend & Returns

National Energy Services Reunited Corp. (NESR) has a return on equity (ROE) of 8.8%. This is below average, suggesting room for improvement.

National Energy Services Reunited Corp. (NESR) generated $46.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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National Energy Services Reunited Corp. (NESR) 10-Year Financial Performance & Capital Metrics

NESR • • Industrial / General

EnergyOilfield ServicesPressure Pumping & Hydraulic FracturingPressure Pumping Services

Revenue $1.3B +13.6%
EBITDA $280M +25.8%
Net Income $76M +506.6%
EPS (Diluted) 0.80 +515.4%
Gross Margin 16.03% +41.4%
EBITDA Margin 21.55% +10.8%
Operating Margin 10.58% +50.2%
Net Margin 5.86% +434.0%
ROE 8.82% +469.5%
ROIC 8.44% +76.2%
Debt/Equity 0.45 -23.7%
Interest Coverage 3.45 +96.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Momentum leader: RS Rating 94 (top 6%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.6%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 2.0%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y14.61%

3Y14.08%

TTM7.57%

Profit (Net Income) CAGR

10Y-

5Y14.16%

3Y-

TTM259.32%

EPS CAGR

10Y-

5Y12.2%

3Y-

TTM247.12%

ROCE

10Y Avg6.21%

5Y Avg3.33%

3Y Avg5.71%

Latest10.87%

Peer Comparison

Pressure Pumping Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NESRNational Energy Services Reunited Corp.	1.86B	18.45	23.06	13.6%	5.53%	7.33%	6.68%	0.45
RESRPC, Inc.	1.37B	6.19	14.40	-12.52%	3.12%	4.35%	9.48%	0.03
LBRTLiberty Energy Inc.	3.31B	20.46	10.94	-9.11%	4.76%	8.99%	5.38%	0.27
ACDCProFrac Holding Corp.	792.22M	4.38	-3.17	-16.7%	-16.8%	-34.52%	14.18%	1.18
PUMPProPetro Holding Corp.	1.08B	10.42	-7.95	-11.42%	-1.31%	-2.06%	10.34%	0.21

Profit & Loss

	Dec 2017	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	271.32M	658.38M	834.15M	876.73M	909.52M	1.15B	1.3B
Revenue Growth %	-	1.43%	0.27%	0.05%	0.04%	0.26%	0.14%
Cost of Goods Sold+	200.15M	522.73M	772.06M	891.99M	862.9M	1.02B	1.09B
COGS % of Revenue	0.74%	0.79%	0.93%	1.02%	0.95%	0.89%	0.84%
Gross Profit+	71.17M	135.65M	62.09M	-15.26M	46.61M	129.88M	208.67M
Gross Margin %	0.26%	0.21%	0.07%	-0.02%	0.05%	0.11%	0.16%
Gross Profit Growth %	-	0.91%	-0.54%	-1.25%	4.05%	1.79%	0.61%
Operating Expenses+	30.94M	63.84M	26.81M	28.07M	47.53M	49.17M	70.97M
OpEx % of Revenue	0.11%	0.1%	0.03%	0.03%	0.05%	0.04%	0.05%
Selling, General & Admin	30.34M	63.84M	26.81M	28.07M	47.53M	49.17M	52.2M
SG&A % of Revenue	0.11%	0.1%	0.03%	0.03%	0.05%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	-573K	0	0	0	0	0	18.77M
Operating Income+	39.66M	71.81M	35.28M	-43.33M	-917K	80.7M	137.7M
Operating Margin %	0.15%	0.11%	0.04%	-0.05%	-0%	0.07%	0.11%
Operating Income Growth %	-	0.81%	-0.51%	-2.23%	0.98%	89.01%	0.71%
EBITDA+	78.07M	159.93M	156M	78.79M	114.93M	222.93M	280.49M
EBITDA Margin %	0.29%	0.24%	0.19%	0.09%	0.13%	0.19%	0.22%
EBITDA Growth %	-	1.05%	-0.02%	-0.49%	0.46%	0.94%	0.26%
D&A (Non-Cash Add-back)	38.41M	88.11M	120.72M	122.13M	115.84M	142.23M	142.78M
EBIT	39.66M	71.41M	44.97M	-45.41M	4.33M	75.67M	135.38M
Net Interest Income+	-6.72M	-18.97M	-15.88M	-15.17M	-34.13M	-45.83M	-39.88M
Interest Income	0	0	0	0	0	0	0
Interest Expense	6.72M	18.97M	15.88M	15.17M	34.13M	45.83M	39.88M
Other Income/Expense	-7.29M	-19.38M	-6.18M	-17.25M	-28.88M	-50.86M	-42.21M
Pretax Income+	32.94M	52.44M	29.09M	-60.58M	-29.8M	29.85M	95.5M
Pretax Margin %	0.12%	0.08%	0.03%	-0.07%	-0.03%	0.03%	0.07%
Income Tax+	4.59M	13.07M	12.54M	3.99M	6.62M	17.27M	19.19M
Effective Tax Rate %	0.93%	0.75%	0.57%	1.07%	1.22%	0.42%	0.8%
Net Income+	30.63M	39.36M	16.55M	-64.57M	-36.42M	12.58M	76.31M
Net Margin %	0.11%	0.06%	0.02%	-0.07%	-0.04%	0.01%	0.06%
Net Income Growth %	-	0.29%	-0.58%	-4.9%	0.44%	1.35%	5.07%
Net Income (Continuing)	28.35M	39.36M	16.55M	-64.57M	-36.42M	12.58M	76.31M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	-8K	0	0	0	0
EPS (Diluted)+	0.71	0.45	0.18	-0.71	-0.39	0.13	0.80
EPS Growth %	-	-0.37%	-0.6%	-4.94%	0.45%	1.33%	5.15%
EPS (Basic)	0.71	0.45	0.19	-0.71	-0.39	0.13	0.80
Diluted Shares Outstanding	42.97M	87M	89.12M	91.04M	92.96M	94.75M	95.65M
Basic Shares Outstanding	42.88M	87M	88.85M	91.04M	92.96M	94.75M	95.43M
Dividend Payout Ratio	0.65%	-	-	-	-	-	-

Balance Sheet

	Dec 2017	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	868.52K	403.21M	515.22M	627.37M	537.81M	541.72M	540.52M
Cash & Short-Term Investments	741.1K	73.2M	75.01M	205.77M	78.85M	67.82M	107.96M
Cash Only	741.1K	73.2M	75.01M	205.77M	78.85M	67.82M	107.96M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	0	189.16M	293.75M	315.25M	331.43M	355.46M	318.55M
Days Sales Outstanding	-	104.87	128.53	131.25	133.01	113.22	89.32
Inventory	0	78.84M	94.26M	93.86M	110.52M	98.43M	96.77M
Days Inventory Outstanding	-	55.05	44.56	38.41	46.75	35.36	32.32
Other Current Assets	0	52.41M	40.72M	6.44M	16.67M	10.76M	7.09M
Total Non-Current Assets+	230.55M	1.12B	1.18B	1.2B	1.29B	1.26B	1.23B
Property, Plant & Equipment	0	419.31M	437.74M	425.51M	491.03M	474.29M	464.19M
Fixed Asset Turnover	-	1.57x	1.91x	2.06x	1.85x	2.42x	2.80x
Goodwill	0	574.76M	620.92M	645.1M	645.1M	645.1M	645.1M
Intangible Assets	0	122.71M	110.38M	121.62M	102.91M	84.3M	65.7M
Long-Term Investments	0	0	0	0	0	0	0
Other Non-Current Assets	230.55M	2.37M	2.8M	11.71M	51.47M	52.33M	58.18M
Total Assets+	231.42M	1.53B	1.69B	1.83B	1.83B	1.8B	1.77B
Asset Turnover	1.17x	0.43x	0.49x	0.48x	0.50x	0.64x	0.73x
Asset Growth %	-	5.59%	0.11%	0.08%	-0%	-0.02%	-0.01%
Total Current Liabilities+	3.47M	228.14M	359.37M	431.87M	544.07M	533.45M	503.51M
Accounts Payable	3.47M	65.7M	144.61M	314.57M	353.54M	351.24M	305.31M
Days Payables Outstanding	6.33	45.88	68.37	128.72	149.54	126.18	101.95
Short-Term Debt	0	52.96M	89.86M	87.07M	143.24M	120.63M	128.46M
Deferred Revenue (Current)	989	0	0	1000K	1000K	0	0
Other Current Liabilities	0	101.93M	115.47M	5.41M	11.3M	31.07M	29.09M
Current Ratio	0.25x	1.77x	1.43x	1.45x	0.99x	1.02x	1.07x
Quick Ratio	0.25x	1.42x	1.17x	1.24x	0.79x	0.83x	0.88x
Cash Conversion Cycle	-	114.04	104.73	40.93	30.22	22.41	19.68
Total Non-Current Liabilities+	9.02M	411.48M	387.45M	578.39M	481.91M	442.8M	361.93M
Long-Term Debt	0	330.56M	308.61M	508.76M	391.86M	331.56M	254.39M
Capital Lease Obligations	0	0	0	0	25.05M	25.14M	20.84M
Deferred Tax Liabilities	0	29.94M	25.25M	8.89M	0	0	5.63M
Other Non-Current Liabilities	9.02M	50.98M	53.59M	37.2M	65M	86.09M	81.07M
Total Liabilities	12.5M	639.62M	746.81M	1.01B	1.03B	976.25M	865.45M
Total Debt+	0	383.53M	398.47M	595.84M	566.41M	484.75M	409.13M
Net Debt	-741.1K	310.33M	323.46M	390.07M	487.56M	416.93M	301.18M
Debt / Equity	-	0.43x	0.42x	0.73x	0.71x	0.59x	0.45x
Debt / EBITDA	-	2.40x	2.55x	7.56x	4.93x	2.17x	1.46x
Net Debt / EBITDA	-0.01x	1.94x	2.07x	4.95x	4.24x	1.87x	1.07x
Interest Coverage	5.90x	3.79x	2.22x	-2.86x	-0.03x	1.76x	3.45x
Total Equity+	218.93M	886.47M	944.42M	821.03M	802.35M	821.49M	908.23M
Equity Growth %	-	3.05%	0.07%	-0.13%	-0.02%	0.02%	0.11%
Book Value per Share	5.10	10.19	10.60	9.02	8.63	8.67	9.49
Total Shareholders' Equity	218.93M	886.47M	944.43M	821.03M	802.35M	821.49M	908.23M
Common Stock	221.79M	801.54M	826.61M	856.79M	877.3M	883.87M	894.29M
Retained Earnings	-2.86M	67.66M	117.75M	-35.83M	-75.02M	-62.44M	13.87M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	29K	64K	69K	69K	69K	69K
Minority Interest	0	0	-8K	0	0	0	0

Cash Flow

	Dec 2017	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	83.19M	89.09M	134.45M	127.74M	92.58M	176.96M	229.33M
Operating CF Margin %	0.31%	0.14%	0.16%	0.15%	0.1%	0.15%	0.18%
Operating CF Growth %	-	0.07%	0.51%	-0.05%	-0.28%	0.91%	0.3%
Net Income	28.35M	39.36M	16.55M	-64.57M	-36.42M	12.58M	76.31M
Depreciation & Amortization	38.41M	88.11M	120.72M	122.13M	115.84M	142.23M	142.78M
Stock-Based Compensation	106K	5.65M	7.83M	9.76M	9.27M	6.76M	6.03M
Deferred Taxes	598K	-3.94M	-3.24M	-12.14M	-10.26M	-3.75M	-2.72M
Other Non-Cash Items	7.94M	2.71M	-4.56M	9.79M	12.91M	11.43M	16.09M
Working Capital Changes	7.89M	-42.81M	-2.85M	62.78M	1.23M	7.71M	-9.16M
Change in Receivables	-5M	-39.18M	-2.62M	-8.29M	-29.25M	-22.97M	9.42M
Change in Inventory	-8.12M	-21.31M	-11.87M	-3.24M	-16.76M	11.95M	-633K
Change in Payables	9.17M	36.64M	5.27M	0	0	0	0
Cash from Investing+	-52.04M	-107.34M	-96.44M	-164.54M	-146.71M	-83.46M	-111.13M
Capital Expenditures	-48.66M	-107.94M	-82.63M	-107.08M	-122.42M	-68.19M	-105.11M
CapEx % of Revenue	0.18%	0.16%	0.1%	0.12%	0.13%	0.06%	0.08%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-51.42M	600K	-587K	-5.54M	-6.93M	758K	-6.03M
Cash from Financing+	-32.14M	66.58M	-36.24M	167.54M	-72.8M	-104.53M	-78.06M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	-20M	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	-4.27M	-5.72M	-3.83M	-23.39M	-14.44M	-15.77M	-3.94M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	34.54M	-18.85M	51.82M	20.67M	-29.84M	108.77M	124.22M
FCF Margin %	0.13%	-0.03%	0.06%	0.02%	-0.03%	0.09%	0.1%
FCF Growth %	-	-1.55%	3.75%	-0.6%	-2.44%	4.65%	0.14%
FCF per Share	0.80	-0.22	0.58	0.23	-0.32	1.15	1.30
FCF Conversion (FCF/Net Income)	2.72x	2.26x	8.12x	-1.98x	-2.54x	14.07x	3.01x
Interest Paid	7.99M	17.29M	13.05M	9.89M	19.24M	33.91M	38.31M
Taxes Paid	3.29M	19.19M	15.64M	12.78M	10.99M	15.22M	12.94M

Key Ratios

Metric	2017	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.99%	7.12%	1.81%	-7.31%	-4.49%	1.55%	8.82%
Return on Invested Capital (ROIC)	13.63%	7.61%	2.15%	-2.62%	-0.06%	4.79%	8.44%
Gross Margin	26.23%	20.6%	7.44%	-1.74%	5.13%	11.33%	16.03%
Net Margin	11.29%	5.98%	1.98%	-7.36%	-4%	1.1%	5.86%
Debt / Equity	-	0.43x	0.42x	0.73x	0.71x	0.59x	0.45x
Interest Coverage	5.90x	3.79x	2.22x	-2.86x	-0.03x	1.76x	3.45x
FCF Conversion	2.72x	2.26x	8.12x	-1.98x	-2.54x	14.07x	3.01x
Revenue Growth	-	142.66%	26.7%	5.1%	3.74%	25.99%	13.6%

Revenue by Segment

	2022	2023	2024
Production Services	567.25M	785.64M	878.08M
Production Services Growth	-	38.50%	11.77%
Drilling and Evaluation Services	342.27M	360.27M	423.63M
Drilling and Evaluation Services Growth	-	5.26%	17.59%

Revenue by Geography

	2022	2023	2024
World	-	-	18.78M
World Growth	-	-	-
world	15.88M	13.59M	-
world Growth	-	-14.41%	-

Frequently Asked Questions

Valuation & Price

National Energy Services Reunited Corp. (NESR) has a price-to-earnings (P/E) ratio of 23.1x. This is roughly in line with market averages.

Growth & Financials

National Energy Services Reunited Corp. (NESR) reported $1.27B in revenue for fiscal year 2024. This represents a 368% increase from $271.3M in 2017.

National Energy Services Reunited Corp. (NESR) grew revenue by 13.6% over the past year. This is steady growth.

Yes, National Energy Services Reunited Corp. (NESR) is profitable, generating $70.2M in net income for fiscal year 2024 (5.9% net margin).

Dividend & Returns

National Energy Services Reunited Corp. (NESR) has a return on equity (ROE) of 8.8%. This is below average, suggesting room for improvement.

National Energy Services Reunited Corp. (NESR) generated $46.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.