National Energy Services Reuni Financials

NESR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows National Energy Services Reuni (NESR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 54/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

National Energy Services Reuni has an operating margin of 10.6%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 53/100, indicating healthy but not exceptional operating efficiency. This is up from 7.0% the prior year.

Growth

National Energy Services Reuni's revenue grew 13.6% year-over-year to $1.3B, a solid pace of expansion. This earns a growth score of 67/100.

Leverage

100

National Energy Services Reuni carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

National Energy Services Reuni's current ratio of 1.07 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.

Cash Flow

National Energy Services Reuni has a free cash flow margin of 9.5%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

National Energy Services Reuni's ROE of 8.4% shows moderate profitability relative to equity, earning a score of 34/100. This is up from 1.5% the prior year.

Altman Z-Score Grey Zone

2.48

National Energy Services Reuni scores 2.48, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($865.4M). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Strong

8/9

National Energy Services Reuni passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.01x

For every $1 of reported earnings, National Energy Services Reuni generates $3.01 in operating cash flow ($229.3M OCF vs $76.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.5x

National Energy Services Reuni earns $3.5 in operating income for every $1 of interest expense ($137.7M vs $39.9M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Revenue

$1.3B

YoY+13.6%

National Energy Services Reuni generated $1.3B in revenue in fiscal year 2024. This represents an increase of 13.6% from the prior year.

EBITDA

$280.5M

YoY+25.8%

National Energy Services Reuni's EBITDA was $280.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 25.8% from the prior year.

Free Cash Flow

$124.2M

YoY+14.2%

National Energy Services Reuni generated $124.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 14.2% from the prior year.

Net Income

$76.3M

YoY+506.6%

5Y CAGR+14.2%

National Energy Services Reuni reported $76.3M in net income in fiscal year 2024. This represents an increase of 506.6% from the prior year.

EPS (Diluted)

$0.80

YoY+515.4%

National Energy Services Reuni earned $0.80 per diluted share (EPS) in fiscal year 2024. This represents an increase of 515.4% from the prior year.

Cash & Debt

$108.0M

YoY+59.2%

5Y CAGR+8.1%

National Energy Services Reuni held $108.0M in cash against $254.4M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

96M

YoY+1.1%

5Y CAGR+2.0%

National Energy Services Reuni had 96M shares outstanding in fiscal year 2024. This represents an increase of 1.1% from the prior year.

Gross Margin

16.0%

YoY+3.1pp

National Energy Services Reuni's gross margin was 16.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.

Operating Margin

10.6%

YoY+3.5pp

National Energy Services Reuni's operating margin was 10.6% in fiscal year 2024, reflecting core business profitability. This is up 3.5 percentage points from the prior year.

Net Margin

5.9%

YoY+4.8pp

National Energy Services Reuni's net profit margin was 5.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.8 percentage points from the prior year.

Return on Equity

8.4%

YoY+6.9pp

5Y CAGR+4.0pp

National Energy Services Reuni's ROE was 8.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 6.9 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$105.1M

YoY+54.1%

National Energy Services Reuni invested $105.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 54.1% from the prior year.

NESR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$1.3B+13.6%	$1.1B+26.0%	$909.5M+3.7%	$876.7M+5.1%	$834.2M	N/A
Cost of Revenue	$1.1B+9.6%	$997.3M+18.2%	$844.0M-3.4%	$873.9M+15.6%	$756.2M	N/A
Gross Profit	$208.7M+40.4%	$148.7M+127.0%	$65.5M+2254.5%	$2.8M-96.4%	$77.9M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$52.2M+6.1%	$49.2M+3.5%	$47.5M+69.3%	$28.1M+4.7%	$26.8M	N/A
Operating Income	$137.7M+70.6%	$80.7M+8900.8%	-$917K+97.9%	-$43.3M-222.8%	$35.3M	N/A
Interest Expense	$39.9M-13.0%	$45.8M+34.3%	$34.1M+124.9%	$15.2M-4.4%	$15.9M	N/A
Income Tax	$19.2M+11.1%	$17.3M+160.9%	$6.6M+65.9%	$4.0M-68.2%	$12.5M	N/A
Net Income	$76.3M+506.6%	$12.6M+134.5%	-$36.4M+43.6%	-$64.6M-490.0%	$16.6M-57.9%	$39.4M
EPS (Diluted)	$0.80+515.4%	$0.13+133.3%	$-0.39+45.1%	$-0.71-494.4%	$0.18	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$295.3M-9.8%	$327.4M+8.0%	$303.1M-11.8%	$343.7M+5.8%	$325.0M+9.5%	$296.8M	N/A	$300.1M
Cost of Revenue	$260.0M-8.3%	$283.5M+6.7%	$265.6M-6.6%	$284.5M+4.7%	$271.8M+7.1%	$253.9M	N/A	$255.0M
Gross Profit	$35.4M-19.4%	$43.9M+17.2%	$37.5M-36.7%	$59.2M+11.4%	$53.1M+23.7%	$42.9M	N/A	$45.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.1M-8.6%	$12.1M+2.4%	$11.8M+8.4%	$10.9M-23.9%	$14.3M+4.7%	$13.7M	N/A	$12.3M
Operating Income	$19.6M-27.6%	$27.1M+29.4%	$20.9M-52.0%	$43.6M+27.7%	$34.1M+38.9%	$24.6M	N/A	$28.1M
Interest Expense	$8.1M-5.1%	$8.6M+3.4%	$8.3M-16.4%	$9.9M+4.9%	$9.4M-11.0%	$10.6M	N/A	$12.1M
Income Tax	-$5.5M-228.9%	$4.3M+28.4%	$3.3M+0.3%	$3.3M-44.6%	$6.0M+30.4%	$4.6M	N/A	$2.7M
Net Income	$17.7M+16.7%	$15.2M+46.3%	$10.4M-61.3%	$26.8M+42.2%	$18.9M+89.1%	$10.0M	N/A	$14.7M
EPS (Diluted)	$0.18+12.5%	$0.16+45.5%	$0.11-60.7%	$0.28+40.0%	$0.20+100.0%	$0.10	N/A	$0.16

NESR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.8B-1.3%	$1.8B-1.7%	$1.8B-0.2%	$1.8B+8.6%	$1.7B+10.8%	$1.5B
Current Assets	$540.5M-0.2%	$541.7M+0.7%	$537.8M-14.3%	$627.4M+22.7%	$511.2M+26.8%	$403.2M
Cash & Equivalents	$108.0M+59.2%	$67.8M-14.0%	$78.9M-61.7%	$205.8M+174.3%	$75.0M+2.5%	$73.2M
Inventory	$96.8M-1.7%	$98.4M-10.9%	$110.5M+17.7%	$93.9M-0.4%	$94.3M+19.6%	$78.8M
Accounts Receivable	$137.3M-19.9%	$171.3M+15.2%	$148.7M+14.0%	$130.4M+11.6%	$116.8M+18.3%	$98.8M
Goodwill	$645.1M0.0%	$645.1M0.0%	$645.1M0.0%	$645.1M+3.9%	$620.9M+8.0%	$574.8M
Total Liabilities	$865.4M-11.3%	$976.2M-4.8%	$1.0B+1.6%	$1.0B+22.2%	$826.6M+30.0%	$635.9M
Current Liabilities	$503.5M-5.6%	$533.4M-2.0%	$544.1M+26.0%	$431.9M-0.9%	$435.9M+91.1%	$228.1M
Long-Term Debt	$254.4M-23.3%	$331.6M-15.4%	$391.9M-23.0%	$508.8M+64.9%	$308.6M-6.6%	$330.6M
Total Equity	$908.2M+10.6%	$821.5M+2.4%	$802.3M-2.3%	$821.0M-13.1%	$944.4M+6.5%	$886.5M
Retained Earnings	$13.9M+122.2%	-$62.4M+16.8%	-$75.0M-109.4%	-$35.8M-224.7%	$28.7M-57.5%	$67.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.8B-1.0%	$1.8B+3.3%	$1.8B-0.2%	$1.8B-0.9%	$1.8B	N/A	$1.8B	N/A
Current Assets	$595.9M-3.9%	$619.9M+11.7%	$554.8M+2.7%	$540.5M-3.6%	$560.8M	N/A	$541.7M	N/A
Cash & Equivalents	$69.7M-47.1%	$131.8M+67.5%	$78.7M-27.1%	$108.0M+43.9%	$75.0M	N/A	$67.8M	N/A
Inventory	$97.8M-1.1%	$98.9M-2.5%	$101.4M+4.8%	$96.8M+0.9%	$95.9M	N/A	$98.4M	N/A
Accounts Receivable	$192.8M+0.9%	$191.0M+15.9%	$164.8M+20.1%	$137.3M-12.0%	$155.9M	N/A	$171.3M	N/A
Goodwill	$645.1M0.0%	$645.1M0.0%	$645.1M0.0%	$645.1M0.0%	$645.1M	N/A	$645.1M	N/A
Total Liabilities	$852.5M-4.2%	$890.2M+4.9%	$848.8M-1.9%	$865.4M-7.7%	$938.0M	N/A	$976.2M	N/A
Current Liabilities	$542.5M-2.8%	$558.1M+11.0%	$502.6M-0.2%	$503.5M-3.9%	$523.9M	N/A	$533.4M	N/A
Long-Term Debt	$207.2M-7.1%	$222.9M-6.6%	$238.7M-6.2%	$254.4M-15.6%	$301.3M	N/A	$331.6M	N/A
Total Equity	$956.7M+2.1%	$936.9M+1.8%	$920.5M+1.3%	$908.2M+6.7%	$851.4M+2.2%	$832.7M+1.4%	$821.5M+0.5%	$817.7M
Retained Earnings	$57.2M+44.9%	$39.5M+62.7%	$24.3M+74.9%	$13.9M+141.3%	-$33.6M	N/A	-$62.4M	N/A

NESR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$229.3M+29.6%	$177.0M+91.1%	$92.6M-27.5%	$127.7M-5.0%	$134.5M	N/A
Capital Expenditures	$105.1M+54.1%	$68.2M-44.3%	$122.4M+14.3%	$107.1M	N/A	N/A
Free Cash Flow	$124.2M+14.2%	$108.8M+464.5%	-$29.8M-244.4%	$20.7M	N/A	N/A
Investing Cash Flow	-$111.1M-33.2%	-$83.5M+43.1%	-$146.7M+10.8%	-$164.5M-70.6%	-$96.4M	N/A
Financing Cash Flow	-$78.1M+25.3%	-$104.5M-43.6%	-$72.8M-143.4%	$167.5M+562.3%	-$36.2M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$6.7M-93.2%	$98.5M+380.8%	$20.5M-55.7%	$46.3M+8.4%	$42.7M-38.7%	$69.6M+90.6%	$36.5M-46.3%	$68.0M
Capital Expenditures	$40.8M+37.0%	$29.7M-1.3%	$30.1M+20.2%	$25.1M+75.3%	$14.3M-62.8%	$38.4M+1523.3%	$2.4M-91.5%	$27.8M
Free Cash Flow	-$34.1M-149.6%	$68.7M+813.2%	-$9.6M-145.4%	$21.2M-25.2%	$28.4M-9.1%	$31.2M-8.6%	$34.2M-15.1%	$40.2M
Investing Cash Flow	-$44.4M-43.3%	-$30.9M+1.7%	-$31.5M-16.7%	-$27.0M-75.8%	-$15.3M+62.9%	-$41.4M-2001.8%	-$2.0M+92.8%	-$27.5M
Financing Cash Flow	-$24.4M-69.3%	-$14.4M+20.9%	-$18.3M+38.1%	-$29.5M-95.6%	-$15.1M+54.7%	-$33.3M-14.8%	-$29.0M+13.0%	-$33.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NESR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	16.0%+3.1pp	13.0%+5.8pp	7.2%+6.9pp	0.3%-9.0pp	9.3%	N/A
Operating Margin	10.6%+3.5pp	7.0%+7.1pp	-0.1%+4.8pp	-4.9%-9.2pp	4.2%	N/A
Net Margin	5.9%+4.8pp	1.1%+5.1pp	-4.0%+3.4pp	-7.4%-9.3pp	2.0%	N/A
Return on Equity	8.4%+6.9pp	1.5%	N/A	N/A	1.8%-2.7pp	4.4%
Return on Assets	4.3%+3.6pp	0.7%+2.7pp	-2.0%+1.5pp	-3.5%-4.5pp	1.0%-1.6pp	2.6%
Current Ratio	1.07+0.1	1.02+0.0	0.99-0.5	1.45+0.3	1.17-0.6	1.77
Debt-to-Equity	0.28-0.1	0.40-0.1	0.49-0.1	0.62+0.3	0.33-0.0	0.37
FCF Margin	9.5%+0.1pp	9.5%+12.8pp	-3.3%-5.6pp	2.4%	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	12.0%-1.4pp	13.4%+1.0pp	12.4%-4.9pp	17.2%+0.9pp	16.4%+1.9pp	14.5%	N/A	15.0%
Operating Margin	6.6%-1.6pp	8.3%+1.4pp	6.9%-5.8pp	12.7%+2.2pp	10.5%+2.2pp	8.3%	N/A	9.4%
Net Margin	6.0%+1.4pp	4.6%+1.2pp	3.4%-4.4pp	7.8%+2.0pp	5.8%+2.5pp	3.4%	N/A	4.9%
Return on Equity	1.8%+0.2pp	1.6%+0.5pp	1.1%-1.8pp	2.9%+0.7pp	2.2%+1.0pp	1.2%	N/A	1.8%
Return on Assets	1.0%+0.1pp	0.8%+0.2pp	0.6%-0.9pp	1.5%+0.5pp	1.1%	N/A	N/A	N/A
Current Ratio	1.10-0.0	1.110.0	1.10+0.0	1.070.0	1.07	N/A	1.02	N/A
Debt-to-Equity	0.22-0.0	0.24-0.0	0.26-0.0	0.28-0.1	0.35	N/A	0.40	N/A
FCF Margin	-11.5%-32.5pp	21.0%+24.2pp	-3.2%-9.3pp	6.2%-2.6pp	8.7%-1.8pp	10.5%	N/A	13.4%

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Frequently Asked Questions

What is National Energy Services Reuni's annual revenue?

National Energy Services Reuni (NESR) reported $1.3B in total revenue for fiscal year 2024. This represents a 13.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is National Energy Services Reuni's revenue growing?

National Energy Services Reuni (NESR) revenue grew by 13.6% year-over-year, from $1.1B to $1.3B in fiscal year 2024.

Is National Energy Services Reuni profitable?

Yes, National Energy Services Reuni (NESR) reported a net income of $76.3M in fiscal year 2024, with a net profit margin of 5.9%.

What is National Energy Services Reuni's earnings per share (EPS)?

National Energy Services Reuni (NESR) reported diluted earnings per share of $0.80 for fiscal year 2024. This represents a 515.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is National Energy Services Reuni's EBITDA?

National Energy Services Reuni (NESR) had EBITDA of $280.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does National Energy Services Reuni have?

As of fiscal year 2024, National Energy Services Reuni (NESR) had $108.0M in cash and equivalents against $254.4M in long-term debt.

What is National Energy Services Reuni's gross margin?

National Energy Services Reuni (NESR) had a gross margin of 16.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is National Energy Services Reuni's operating margin?

National Energy Services Reuni (NESR) had an operating margin of 10.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is National Energy Services Reuni's net profit margin?

National Energy Services Reuni (NESR) had a net profit margin of 5.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is National Energy Services Reuni's return on equity (ROE)?

National Energy Services Reuni (NESR) has a return on equity of 8.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is National Energy Services Reuni's free cash flow?

National Energy Services Reuni (NESR) generated $124.2M in free cash flow during fiscal year 2024. This represents a 14.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is National Energy Services Reuni's operating cash flow?

National Energy Services Reuni (NESR) generated $229.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are National Energy Services Reuni's total assets?

National Energy Services Reuni (NESR) had $1.8B in total assets as of fiscal year 2024, including both current and long-term assets.

What are National Energy Services Reuni's capital expenditures?

National Energy Services Reuni (NESR) invested $105.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does National Energy Services Reuni have outstanding?

National Energy Services Reuni (NESR) had 96M shares outstanding as of fiscal year 2024.

What is National Energy Services Reuni's current ratio?

National Energy Services Reuni (NESR) had a current ratio of 1.07 as of fiscal year 2024, which is considered adequate.

What is National Energy Services Reuni's debt-to-equity ratio?

National Energy Services Reuni (NESR) had a debt-to-equity ratio of 0.28 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is National Energy Services Reuni's return on assets (ROA)?

National Energy Services Reuni (NESR) had a return on assets of 4.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is National Energy Services Reuni's Altman Z-Score?

National Energy Services Reuni (NESR) has an Altman Z-Score of 2.48, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is National Energy Services Reuni's Piotroski F-Score?

National Energy Services Reuni (NESR) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are National Energy Services Reuni's earnings high quality?

National Energy Services Reuni (NESR) has an earnings quality ratio of 3.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can National Energy Services Reuni cover its interest payments?

National Energy Services Reuni (NESR) has an interest coverage ratio of 3.5x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is National Energy Services Reuni?

National Energy Services Reuni (NESR) scores 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.