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National Energy Services Reunited Corp.

National Energy Services Reunited Corp.

NASDAQ•NESR
CEO: Mr. Sherif Foda
Sector: Energy
Industry: Oil & Gas Equipment & Services
Listing Date: 2017-06-05
National Energy Services Reunited Corp. provides oilfield services in the Middle East and North Africa region. The company's 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 and industrial 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. This segment also provides production assurance chemicals; integrated project management projects; artificial lift services; and surface and subsurface safety systems, high-pressure packer systems, flow controls, service tools, expandable liner technology, vacuum insulated tubing technology for steam applications, and engineering capabilities with manufacturing capacity and testing facilities, as well as sources and treats water for oil and gas, municipal, and industrial use. Its Drilling and Evaluation Services segment offers drilling and workover rigs; rigs and integrated services; fishing and remediation solutions; directional and turbines drilling; drilling fluid systems and related technologies; wireline logging; 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 well, as well as rents drilling tools. This segment also provides oilfield solutions for thru-tubing intervention; tubular running services; and a range of wellhead products, flow control equipment, and frac equipment. National Energy Services Reunited Corp. was incorporated in 2017 and is headquartered in Houston, Texas.
Contact Information
777 Post Oak Boulevard, 7th Floor Suite 730, Houston, TX, 77056, United States
832-925-3777
www.nesr.com
Market Cap
$1.52B
P/E (TTM)
21.6
15.1
Dividend Yield
--
52W High
$15.10
52W Low
$5.20
52W Range
100%
Rank46Top 45.7%
3.9
F-Score
Modified Piotroski Analysis
Based on 8-year fundamentals
Weak • 3.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2017-2024

Financial Dashboard

Q3 2025 Data

Revenue

$295.32M-12.16%
4-Quarter Trend

EPS

$0.18-18.18%
4-Quarter Trend

FCF

-$34.07M-178.45%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue Jumps Significantly Revenues reached $1.30B USD in 2024, increasing from $1.15B USD in 2023, driven by segment activity growth.
Net Income Improves Substantially Net income was $76.3M USD in 2024, a major increase compared to $12.6M USD reported in the prior year.
Gross Margin Expansion Noted Gross profit margin improved to 16.0% in 2024 from 13.0% in 2023 due to lower cost of services ratio.
Production Services Operating Income Production Services operating income grew to $146.9M USD in 2024, largely attributable to increased well stimulation services.

Risk Factors

Ongoing Internal Control Weakness Material weakness in internal control persists; failure to remediate by August 2025 risks further SEC scrutiny and penalties.
Oil Price Volatility Threat Demand hinges on oil and gas prices; prolonged reduction severely impacts customer capital spending and financial condition.
Geographic Concentration Exposure Operations heavily concentrated in MENA region, exposing results to regional political instability and economic downturns.
SEC Settlement Financial Risk Past restatement issues resulted in $400K penalty; failure to remediate material weakness risks additional $1.2M penalty.

Outlook

NEDA Decarbonization Growth Launched NEDA line in 2024, investing in mineral recovery and CCS projects; expecting CCS in Indonesia to drive growth.
Roya Technology Deployment Advanced directional drilling platform Roya™ secured multi-year contracts; deployment will be gradual to ensure commercial success.
Capital Expenditure Commitments Committed $33.6M for capital expenditures as of December 31, 2024, mostly expected to settle during fiscal 2025.
Internal Control Remediation Plan Management expects new controls to be fully implemented and tested by Q2 2025, addressing control environment deficiencies.

Peer Comparison

Revenue (TTM)

MRC Global Inc.MRC
$2.76B
-13.7%
RPC, Inc.RES
$1.54B
+4.2%
Bristow Group Inc.VTOL
$1.47B
+4.8%

Gross Margin (Latest Quarter)

Vermilion Energy Inc.VET
58.9%
+6.0pp
NPK International Inc.NPKI
31.9%
+4.5pp
Innovex International, Inc.INVX
31.6%
-3.1pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
INVX$1.54B15.210.2%6.6%
NESR$1.52B21.67.5%19.7%
VET$1.27B-9.4-6.6%22.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-4.9%
Flat Growth
4Q Net Income CAGR
-12.9%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Mar 11, 2026
|
EPS:$0.25
|
Revenue:-
Reports
All Years
  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 28, 2025|
    Revenue: $1.30B+13.6%
    |
    EPS: $0.80+515.4%
    Beat
  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 30, 2024|
    Revenue: $1.15B+26.0%
    |
    EPS: $0.13+133.3%
    Miss
  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Dec 29, 2023|
    Revenue: $909.52M+3.7%
    |
    EPS: $-0.39+45.1%
    Miss
  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Mar 24, 2021|
    Revenue: $834.15M+26.7%
    |
    EPS: $0.19-57.8%
    Miss