Loading…
Provides oilfield drilling, completion and production services to national and international oil companies across the Middle East and North Africa.
Provides oilfield drilling, completion and production services to national and international oil companies across the Middle East and North Africa.
Wins multi-year service contracts from national oil companies, paid by the day, by the job or by the well, so work follows their drilling programmes rather than short-term oil price moves. Formed in 2018 by a blank-check merger that combined two Middle East oilfield service firms, it grew by acquiring others in the region.
Moat: narrow (distribution, customer qualification). Long-standing regional relationships and qualifications with MENA national oil companies.
Headquarters: Houston, Texas, United States · Founded: 2017 · Employees: 7,352
Size National Energy Services Reunited (NESR) is a United States Energy company (Oilfield Services/Equipment) with a market value of $2.01B, the 1782nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $19.96 on 6 Nov 2026.
Performance Over six months the shares fell 13.6%, against -14.9% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 23.6% over the last twelve months (peer median +9.4%); the operating margin is 9.3% (peer median 11.4%).
Valuation It trades at 9.9× forward earnings against a peer median of 16.8× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (7.4% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.62B | $1.32B | $1.30B | $1.15B | $910M |
| Revenue growth | — | +2% | +14% | +26% | — |
| Gross profit | $198M | $146M | $190M | $130M | $46.6M |
| EBITDA | $291M | $240M | $280M | $223M | $115M |
| Net income | $93.4M | $51.1M | $76.3M | $12.6M | -$36.4M |
| Free cash flow | $156M | $121M | $124M | $109M | -$29.8M |
| Capital expenditure | $194M | $143M | $105M | $68.2M | $122M |
| Total debt | $299M | $342M | $414M | $492M | $566M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| National Energy Services Reunited NESR | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| Baker Hughes BKR | $47.5B | -25% | +4% | 12% | 17.4× | 10.0% |
| Weatherford International WFRD | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NESR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.1% | -14.1% | 11th highest of 21 |
| 6-month return | -13.6% | -14.9% | 9th highest of 20 |
| Distance from 52-week high | -46.0% | -33.1% | 6th lowest of 21 |
| Revenue growth (TTM) | +23.6% | +9.4% | 6th highest of 21 |
| Operating margin | 9.3% | 11.4% | 10th lowest of 21 |
| Forward P/E | 9.9× | 16.8× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.2% | 4.7% | 5th least demanding of 15 |
| Growth delivered (Del g) | +9.7% | +15.5% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -8.5 pp | -9.3 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +2.8 pp | -1.7 pp | 5th highest of 21 |
| EV / EBITDA | 7.3× | 8.2× | 9th cheapest of 19 |
| Net debt / EBITDA | 0.4× | 1.3× | 6th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Jiangsu Hongtian Technology 603800.SS | China | $1.11B | -32% | -27% | -15% | 62.3× | 32.4% | +5.1% |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| Flotek Industries FTK | United States | $886M | +45% | +59% | 13% | 21.9× | n/a | n/a |
| Solaris Energy Infrastructure SEI | United States | $4.63B | -21% | +71% | 24% | 16.8× | n/a | n/a |
| Cactus WHD | United States | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% | +25.4% |
| Total Energy Services TOT.TO | Canada | $851M | +41% | +22% | 9% | 9.7× | 3.7% | +23.8% |
| Archrock AROC | United States | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% | +11.2% |
| Bomesc Offshore Engineering 603727.SS | China | $823M | +6% | -12% | -7% | 249.4× | -9.1% | -6.1% |
| Forum Energy Technologies FET | United States | $800M | +30% | +11% | 7% | 12.9× | 3.5% | +9.1% |
| ProPetro PUMP | United States | $785M | -59% | -6% | 0% | 35.1× | n/a | n/a |
| Viridien VIRI.PA | France | $763M | -16% | -14% | 11% | 22.9× | -2.9% | +4.1% |