Latest Ratios: P/E Ratio 63.1x · EV/EBITDA 14.7x · ROE 5.5%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $1.6B | $857M | $578M | $645M | $860M | $885M | $793M | $428M |
| Enterprise Value | $3.5B | $1.8B | $1.2B | $995M | $1.1B | $1.3B | $1.2B | $1.1B | $427M |
| P/E Ratio → | 63.10 | 30.12 | 11.20 | 46.92 | — | — | 55.17 | 20.27 | 14.01 |
| P/S Ratio | 2.50 | 1.17 | 0.66 | 0.50 | 0.71 | 0.98 | 1.06 | 1.21 | 1.58 |
| P/B Ratio | 3.36 | 1.60 | 0.94 | 0.70 | 0.80 | 1.05 | 0.94 | 0.90 | 1.95 |
| P/FCF | 27.39 | 12.85 | 6.90 | 5.31 | — | 41.63 | 17.08 | — | 12.38 |
| P/OCF | 12.52 | 5.87 | 3.74 | 3.27 | 6.97 | 6.74 | 6.58 | 8.91 | 5.14 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.34 | 0.89 | 0.87 | 1.25 | 1.43 | 1.45 | 1.68 | 1.57 |
| EV / EBITDA | 14.72 | 7.40 | 4.13 | 4.46 | 9.86 | 15.87 | 7.75 | 6.90 | 5.47 |
| EV / EBIT | 35.94 | 19.13 | 8.56 | 13.15 | 261.90 | — | 26.87 | 15.46 | 10.76 |
| EV / FCF | — | 14.71 | 9.32 | 9.15 | — | 60.50 | 23.32 | — | 12.36 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.0% | 11.0% | 16.0% | 11.3% | 5.1% | -1.7% | 7.4% | 20.6% | 26.2% |
| Operating Margin | 7.4% | 7.4% | 10.6% | 7.0% | -0.1% | -4.9% | 4.2% | 10.9% | 14.6% |
| Net Profit Margin | 3.9% | 3.9% | 5.9% | 1.1% | -4.0% | -7.4% | 2.0% | 6.0% | 11.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | 8.8% | 1.5% | -4.5% | -7.3% | 1.8% | 7.1% | 14.0% |
| ROA | 2.8% | 2.8% | 4.3% | 0.7% | -2.0% | -3.7% | 1.0% | 4.5% | 13.2% |
| ROIC | 6.1% | 6.1% | 8.4% | 4.8% | -0.1% | -2.6% | 2.1% | 7.6% | 13.6% |
| ROCE | 7.8% | 7.8% | 10.9% | 6.3% | -0.1% | -3.2% | 2.7% | 9.4% | 17.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.45 | 0.59 | 0.71 | 0.73 | 0.42 | 0.43 | — |
| Debt / EBITDA | 1.46 | 1.46 | 1.46 | 2.17 | 4.93 | 7.56 | 2.55 | 2.40 | — |
| Net Debt / Equity | — | 0.23 | 0.33 | 0.51 | 0.61 | 0.48 | 0.34 | 0.35 | -0.00 |
| Net Debt / EBITDA | 0.94 | 0.94 | 1.07 | 1.87 | 4.24 | 4.95 | 2.07 | 1.94 | -0.01 |
| Debt / FCF | — | 1.86 | 2.42 | 3.83 | — | 18.87 | 6.24 | — | -0.02 |
| Interest Coverage | 2.86 | 2.86 | 3.39 | 1.65 | 0.13 | -2.99 | 2.83 | 3.76 | 5.90 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.07 | 1.02 | 0.99 | 1.45 | 1.43 | 1.77 | 0.25 |
| Quick Ratio | 0.89 | 0.89 | 0.88 | 0.83 | 0.79 | 1.24 | 1.17 | 1.42 | 0.25 |
| Cash Ratio | 0.21 | 0.21 | 0.21 | 0.13 | 0.14 | 0.48 | 0.21 | 0.32 | 0.21 |
| Asset Turnover | — | 0.72 | 0.73 | 0.64 | 0.50 | 0.48 | 0.49 | 0.43 | 1.17 |
| Inventory Turnover | 12.42 | 12.42 | 11.29 | 10.32 | 7.81 | 9.50 | 8.19 | 6.63 | — |
| Days Sales Outstanding | — | 106.64 | 89.32 | 113.22 | 133.01 | 131.25 | 128.53 | 104.87 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 4.7% |
| Payout Ratio | — | — | — | — | — | — | — | — | 65.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 3.3% | 8.9% | 2.1% | — | — | 1.8% | 4.9% | 7.1% |
| FCF Yield | 3.7% | 7.8% | 14.5% | 18.8% | — | 2.4% | 5.9% | — | 8.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.7% |
| Shares Outstanding | — | $99M | $96M | $95M | $93M | $91M | $89M | $87M | $43M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying NESR stock.
National Energy Services Reunited Corp.'s current P/E ratio is 63.1x. The historical average is 29.6x. This places it at the 100th percentile of its historical range.
National Energy Services Reunited Corp.'s current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
National Energy Services Reunited Corp.'s return on equity (ROE) is 5.5%. The historical average is 3.4%.
Based on historical data, National Energy Services Reunited Corp. is trading at a P/E of 63.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Energy Services Reunited Corp. has 11.0% gross margin and 7.4% operating margin.
National Energy Services Reunited Corp.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Geopolitical tensions and margin pressure
Metrics are mathematically derived from official filings.
Margin Compression Masks Operating Leverage
Gross margin fell to 11.7% in 2026Q1 from 17.2% in 2024Q4, per reported financials, yet operating margin improved sequentially to 8.9%, suggesting cost controls are offsetting mix dilution.
The 550 basis point decline in gross margin over five quarters appears driven by a shift toward lower-margin production services and inflationary pressures on materials and logistics. However, operating margin expanded to 8.9% in 2026Q1 from 7.7% in 2025Q4, indicating that SG&A leverage is partially compensating. Net margin at 5.9% remains below the 7.8% peak in 2024Q4, implying that the earnings beat may rely on non-operating items. Investors should monitor whether gross margin stabilizes as revenue mix matures, as the current level leaves little room for absorption of unexpected costs.
Return on Capital Remains Subdued
ROIC improved to 2.2% in 2026Q1 from 1.9% in 2025Q4, but remains well below the cost of capital, as per reported figures, indicating that asset intensity is not yet generating adequate returns.
Despite a 33.5% revenue surge, ROIC hovers around 2%, reflecting the heavy capital base required for MENA oilfield services. Asset turnover is only 0.21x, suggesting that the fleet expansion has not yet translated into proportional revenue. The sequential improvement in ROIC from 1.2% in 2025Q3 to 2.2% in 2026Q1 is encouraging, but the absolute level implies that the company is still in an investment phase. If revenue growth decelerates, returns could stagnate, making it critical to track utilization rates and contract wins.
Working Capital Efficiency Shows Strain
DSO rose to 94 days in 2026Q1 from 87 days in 2024Q4, while CCC improved to 4 days from 12 days, as per financial statements, reflecting slower collections but better inventory and payables management.
The increase in days sales outstanding suggests that NESR is extending credit to NOC customers, which may be a competitive necessity but ties up cash. However, the cash conversion cycle improved to 4 days in 2026Q1 from 15 days in 2025Q4, driven by a sharp reduction in DIO to 24 days and an extension of DPO to 114 days. This indicates that NESR is leveraging supplier financing and reducing inventory holdings, which is positive for liquidity. The sustainability of these improvements is questionable, as DPO near 114 days may strain supplier relationships, and DSO could continue to climb if collection efforts lag.
Deleveraging Path Enhances Financial Flexibility
Debt-to-equity fell to 0.31 in 2026Q1 from 0.73 in 2021Q4, with interest coverage at 5.73x, as per reported figures, indicating a conservative balance sheet that supports growth investments.
Total debt declined to $312.1M from $595.8M in 2021Q4, while equity grew to $995.2M, reflecting retained earnings and disciplined capital allocation. Interest coverage improved to 5.73x in 2026Q1 from 1.72x in 2023Q4, suggesting that debt service is becoming more comfortable. The low leverage provides a buffer against regional volatility and positions NESR to fund capex without straining liquidity. However, the D/EBITDA ratio of 4.47x is elevated relative to peers, indicating that EBITDA growth must keep pace with debt levels to maintain this trajectory.
Liquidity Buffer Remains Thin
Current ratio held at 1.04 in 2026Q1, down from 1.45 in 2021Q4, with quick ratio at 0.90, as per balance sheet data, indicating a modest cushion that could be strained by working capital swings.
The current ratio has deteriorated from 1.45 in 2021Q4 to 1.04 in 2026Q1, reflecting increased reliance on short-term liabilities to fund operations. The quick ratio of 0.90 suggests that inventory is not a major liquidity source, but the thin buffer leaves little room for unexpected cash outflows. Given the volatility in free cash flow, which swung from $95.8M in 2025Q4 to -$5.3M in 2026Q1, the liquidity position warrants close monitoring. If collections slow further or capex accelerates, NESR may need to draw on credit lines, which could pressure interest coverage.
Misapplied Metric: P/E on Cyclical Earnings
The trailing P/E of 68.82 is misleading for a cyclical oilfield services firm, as it reflects depressed earnings; forward P/E of 20.97 better captures normalized profitability, per valuation data.
Investors often use trailing P/E to gauge value, but for NESR, this metric is distorted by the low earnings base in 2025 and the recent EPS beat. The forward P/E of 20.97 is more indicative of expected earnings power, but even this may overstate value if the 11% gross margin is not sustainable. A more appropriate metric is EV/EBITDA, which at 15.97x trailing and 6.88x forward, highlights the market's expectation of significant EBITDA growth. The PEG ratio of 2.91 suggests that the stock is not cheap on a growth-adjusted basis, but this depends on the accuracy of consensus estimates. Investors should focus on EV/EBITDA and cash flow multiples rather than P/E, given the cyclicality and capital intensity of the business.