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National Energy Services Reuni Financials

NESR
Source SEC Filings (10-K/10-Q) Updated Dec 31, 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 9 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

Profitability Growth Leverage Liquidity Cash Flow Returns 43 / 100
Financial Profile 43/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
39

National Energy Services Reuni has an operating margin of 7.4%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is down from 10.6% the prior year.

Growth
36

National Energy Services Reuni's revenue grew a modest 1.7% year-over-year to $1.3B. This slow but positive growth earns a score of 36/100.

Leverage
98

National Energy Services Reuni carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
16

National Energy Services Reuni's current ratio of 1.04 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.

Cash Flow
48

National Energy Services Reuni has a free cash flow margin of 9.1%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
23

National Energy Services Reuni generates a 5.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is down from 8.4% the prior year.

Altman Z-Score Grey Zone
2.51

National Energy Services Reuni scores 2.51, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($2.3B) relative to total liabilities ($883.6M). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
4/9

National Energy Services Reuni passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
5.17x

For every $1 of reported earnings, National Energy Services Reuni generates $5.17 in operating cash flow ($264.2M OCF vs $51.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
3.0x

National Energy Services Reuni earns $3.0 in operating income for every $1 of interest expense ($98.3M vs $32.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.3B
YoY+1.7%
5Y CAGR+9.7%

National Energy Services Reuni generated $1.3B in revenue in fiscal year 2025. This represents an increase of 1.7% from the prior year.

EBITDA
$240.0M
YoY-14.4%
5Y CAGR+9.0%

National Energy Services Reuni's EBITDA was $240.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.4% from the prior year.

Net Income
$51.1M
YoY-33.0%
5Y CAGR+25.3%

National Energy Services Reuni reported $51.1M in net income in fiscal year 2025. This represents a decrease of 33.0% from the prior year.

EPS (Diluted)
$0.52
YoY-35.0%
5Y CAGR+23.6%

National Energy Services Reuni earned $0.52 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 35.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$120.8M
YoY-2.8%

National Energy Services Reuni generated $120.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 2.8% from the prior year.

Cash & Debt
$124.8M
YoY+15.6%
5Y CAGR+10.7%

National Energy Services Reuni held $124.8M in cash against $191.4M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
101M
YoY+4.9%
5Y CAGR+2.8%

National Energy Services Reuni had 101M shares outstanding in fiscal year 2025. This represents an increase of 4.9% from the prior year.

Margins & Returns

Gross Margin
12.4%
YoY-3.6pp
5Y CAGR+3.1pp

National Energy Services Reuni's gross margin was 12.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.6 percentage points from the prior year.

Operating Margin
7.4%
YoY-3.1pp
5Y CAGR+3.2pp

National Energy Services Reuni's operating margin was 7.4% in fiscal year 2025, reflecting core business profitability. This is down 3.1 percentage points from the prior year.

Net Margin
3.9%
YoY-2.0pp
5Y CAGR+1.9pp

National Energy Services Reuni's net profit margin was 3.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.0 percentage points from the prior year.

Return on Equity
5.3%
YoY-3.1pp
5Y CAGR+3.5pp

National Energy Services Reuni's ROE was 5.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.1 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$143.5M
YoY+36.5%

National Energy Services Reuni invested $143.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 36.5% from the prior year.

NESR Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $398.3M+34.9% $295.3M-9.8% $327.4M+8.0% $303.1M-11.8% $343.7M+2.2% $336.2M+3.5% $325.0M+9.5% $296.8M
Cost of Revenue $350.2M+34.7% $260.0M-8.3% $283.5M+6.7% $265.6M-6.6% $284.5M+0.6% $282.8M+4.0% $271.8M+7.1% $253.9M
Gross Profit $48.0M+35.8% $35.4M-19.4% $43.9M+17.2% $37.5M-36.7% $59.2M+10.8% $53.4M+0.5% $53.1M+23.7% $42.9M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $12.7M+14.4% $11.1M-8.6% $12.1M+2.4% $11.8M+8.4% $10.9M-17.8% $13.3M-7.4% $14.3M+4.7% $13.7M
Operating Income $30.7M+56.5% $19.6M-27.6% $27.1M+29.4% $20.9M-52.0% $43.6M+22.9% $35.4M+3.9% $34.1M+38.9% $24.6M
Interest Expense $7.5M-7.2% $8.1M-5.1% $8.6M+3.4% $8.3M-16.4% $9.9M-0.3% $9.9M+5.2% $9.4M-11.0% $10.6M
Income Tax $7.2M+230.4% -$5.5M-228.9% $4.3M+28.4% $3.3M+0.3% $3.3M-37.3% $5.3M-11.6% $6.0M+30.4% $4.6M
Net Income $7.8M-56.0% $17.7M+16.7% $15.2M+46.3% $10.4M-61.3% $26.8M+30.2% $20.6M+9.2% $18.9M+89.1% $10.0M
EPS (Diluted) N/A $0.18+12.5% $0.16+45.5% $0.11 N/A $0.22+10.0% $0.20+100.0% $0.10

NESR Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $1.9B+2.3% $1.8B-1.0% $1.8B+3.3% $1.8B-0.2% $1.8B-1.6% $1.8B+0.8% $1.8B N/A
Current Assets $630.4M+5.8% $595.9M-3.9% $619.9M+11.7% $554.8M+2.7% $540.5M-6.3% $577.2M+2.9% $560.8M N/A
Cash & Equivalents $124.8M+79.1% $69.7M-47.1% $131.8M+67.5% $78.7M-27.1% $108.0M-8.6% $118.2M+57.6% $75.0M N/A
Inventory $94.8M-3.0% $97.8M-1.1% $98.9M-2.5% $101.4M+4.8% $96.8M-3.2% $100.0M+4.3% $95.9M N/A
Accounts Receivable $178.0M-7.7% $192.8M+0.9% $191.0M+15.9% $164.8M+20.1% $137.3M+3.6% $132.5M-15.0% $155.9M N/A
Goodwill $645.1M0.0% $645.1M0.0% $645.1M0.0% $645.1M0.0% $645.1M0.0% $645.1M0.0% $645.1M N/A
Total Liabilities $883.6M+3.7% $852.5M-4.2% $890.2M+4.9% $848.8M-1.9% $865.4M-6.9% $929.3M-0.9% $938.0M N/A
Current Liabilities $604.9M+11.5% $542.5M-2.8% $558.1M+11.0% $502.6M-0.2% $503.5M-3.8% $523.2M-0.1% $523.9M N/A
Long-Term Debt $191.4M-7.6% $207.2M-7.1% $222.9M-6.6% $238.7M-6.2% $254.4M-10.5% $284.2M-5.7% $301.3M N/A
Total Equity $967.9M+1.2% $956.7M+2.1% $936.9M+1.8% $920.5M+1.3% $908.2M+4.0% $873.5M+2.6% $851.4M+2.2% $832.7M
Retained Earnings $65.0M+13.6% $57.2M+44.9% $39.5M+62.7% $24.3M+74.9% $13.9M+207.0% -$13.0M+61.4% -$33.6M N/A

NESR Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $138.6M+1974.4% $6.7M-93.2% $98.5M+380.8% $20.5M-55.7% $46.3M-34.6% $70.8M+65.9% $42.7M-38.7% $69.6M
Capital Expenditures $42.8M+5.1% $40.8M+37.0% $29.7M-1.3% $30.1M+20.2% $25.1M-8.4% $27.4M+91.4% $14.3M-62.8% $38.4M
Free Cash Flow $95.8M+381.0% -$34.1M-149.6% $68.7M+813.2% -$9.6M-145.4% $21.2M-51.2% $43.4M+53.1% $28.4M-9.1% $31.2M
Investing Cash Flow -$45.5M-2.5% -$44.4M-43.3% -$30.9M+1.7% -$31.5M-16.7% -$27.0M+1.7% -$27.5M-78.9% -$15.3M+62.9% -$41.4M
Financing Cash Flow -$30.1M-23.2% -$24.4M-69.3% -$14.4M+20.9% -$18.3M+38.1% -$29.5M-17777.0% -$165K+98.9% -$15.1M+54.7% -$33.3M
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 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 12.1%+0.1pp 12.0%-1.4pp 13.4%+1.0pp 12.4%-4.9pp 17.2%+1.3pp 15.9%-0.5pp 16.4%+1.9pp 14.5%
Operating Margin 7.7%+1.1pp 6.6%-1.6pp 8.3%+1.4pp 6.9%-5.8pp 12.7%+2.1pp 10.5%+0.0pp 10.5%+2.2pp 8.3%
Net Margin 2.0%-4.0pp 6.0%+1.4pp 4.6%+1.2pp 3.4%-4.4pp 7.8%+1.7pp 6.1%+0.3pp 5.8%+2.5pp 3.4%
Return on Equity 0.8%-1.0pp 1.8%+0.2pp 1.6%+0.5pp 1.1%-1.8pp 2.9%+0.6pp 2.4%+0.1pp 2.2%+1.0pp 1.2%
Return on Assets 0.4%-0.6pp 1.0%+0.1pp 0.8%+0.2pp 0.6%-0.9pp 1.5%+0.4pp 1.1%+0.1pp 1.1% N/A
Current Ratio 1.04-0.1 1.10-0.0 1.110.0 1.10+0.0 1.07-0.0 1.10+0.0 1.07 N/A
Debt-to-Equity 0.20-0.0 0.22-0.0 0.24-0.0 0.26-0.0 0.28-0.0 0.33-0.0 0.35 N/A
FCF Margin 24.0%+35.6pp -11.5%-32.5pp 21.0%+24.2pp -3.2%-9.3pp 6.2%-6.8pp 12.9%+4.2pp 8.7%-1.8pp 10.5%

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Frequently Asked Questions

National Energy Services Reuni (NESR) reported $1.3B in total revenue for fiscal year 2025. This represents a 1.7% 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.

National Energy Services Reuni (NESR) revenue grew by 1.7% year-over-year, from $1.3B to $1.3B in fiscal year 2025.

Yes, National Energy Services Reuni (NESR) reported a net income of $51.1M in fiscal year 2025, with a net profit margin of 3.9%.

National Energy Services Reuni (NESR) reported diluted earnings per share of $0.52 for fiscal year 2025. This represents a -35.0% 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.

National Energy Services Reuni (NESR) had EBITDA of $240.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, National Energy Services Reuni (NESR) had $124.8M in cash and equivalents against $191.4M in long-term debt.

National Energy Services Reuni (NESR) had a gross margin of 12.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

National Energy Services Reuni (NESR) had an operating margin of 7.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

National Energy Services Reuni (NESR) had a net profit margin of 3.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

National Energy Services Reuni (NESR) has a return on equity of 5.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

National Energy Services Reuni (NESR) generated $120.8M in free cash flow during fiscal year 2025. This represents a -2.8% 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.

National Energy Services Reuni (NESR) generated $264.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

National Energy Services Reuni (NESR) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.

National Energy Services Reuni (NESR) invested $143.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

National Energy Services Reuni (NESR) had 101M shares outstanding as of fiscal year 2025.

National Energy Services Reuni (NESR) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.

National Energy Services Reuni (NESR) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

National Energy Services Reuni (NESR) had a return on assets of 2.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

National Energy Services Reuni (NESR) has an Altman Z-Score of 2.51, 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.

National Energy Services Reuni (NESR) has a Piotroski F-Score of 4 out of 9, indicating neutral 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.

National Energy Services Reuni (NESR) has an earnings quality ratio of 5.17x, 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.

National Energy Services Reuni (NESR) has an interest coverage ratio of 3.0x, 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.

National Energy Services Reuni (NESR) scores 43 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.

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