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National Energy Services Reunited Corp. provides oilfield services in the Middle East and North Africa. 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 production 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. The 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, descaling, wax and sand cleanout, plug setting, gas lift valve changeout, fishing and other complex well applications; and well testing services to measure solids, gas, and oil and water produced from well, as well as drilling tools and machine shop services. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $235M | $51M | $121M | 5.3% | 1.7% | -33.0% |
| 2024 | $1.3B | $278M | $76M | $124M | 8.4% | 13.6% | 506.6% |
| 2023 | $1.1B | $218M | $13M | $109M | 1.5% | 26.0% | -134.5% |
| 2022 | $910M | $120M | $-36M | $-30M | -4.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 909.52 | 1,145.92 | 1,301.70 | 1,324.05 |
| Operating Revenue | - | 909.52 | 1,145.92 | 1,301.70 | 1,324.05 |
| Cost Of Revenue | - | 844.04 | 997.26 | 1,093.03 | 1,159.32 |
| Gross Profit | - | 65.48 | 148.65 | 208.67 | 164.73 |
| Operating Expense | - | 66.40 | 67.95 | 70.97 | 66.41 |
| Selling General And Administration | - | 47.53 | 49.17 | 52.20 | 47.64 |
| Total Expenses | - | 910.43 | 1,065.21 | 1,164 | 1,225.73 |
| Operating Income | - | -0.92 | 80.70 | 137.70 | 98.32 |
| Total Operating Income As Reported | - | -0.92 | 80.70 | 137.70 | 98.32 |
| EBITDA | - | 120.17 | 217.90 | 278.16 | 234.64 |
| Normalized EBITDA | - | 120.17 | 217.90 | 278.16 | 234.64 |
| EBIT | - | 4.32 | 75.67 | 135.38 | 92.91 |
| Interest Expense | - | 34.13 | 45.83 | 39.88 | 32.51 |
| Net Interest Income | - | -34.13 | -45.83 | -39.88 | -32.51 |
| Other Non Operating Income Expenses | - | 5.24 | -5.03 | -2.33 | -5.41 |
| Other Income Expense | - | 5.24 | -5.03 | -2.33 | -5.41 |
| Interest Expense Non Operating | - | 34.13 | 45.83 | 39.88 | 32.51 |
| Net Non Operating Interest Income Expense | - | -34.13 | -45.83 | -39.88 | -32.51 |
| Pretax Income | - | -29.80 | 29.85 | 95.50 | 60.40 |
| Tax Provision | - | 6.62 | 17.27 | 19.19 | 9.27 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -36.42 | 12.58 | 76.31 | 51.13 |
| Net Income From Continuing And Discontinued Operation | - | -36.42 | 12.58 | 76.31 | 51.13 |
| Net Income From Continuing Operation Net Minority Interest | - | -36.42 | 12.58 | 76.31 | 51.13 |
| Net Income | - | -36.42 | 12.58 | 76.31 | 51.13 |
| Net Income Common Stockholders | - | -36.42 | 12.58 | 76.31 | 51.13 |
| Net Income Including Noncontrolling Interests | - | -36.42 | 12.58 | 76.31 | 51.13 |
| Normalized Income | - | -36.42 | 12.58 | 76.31 | 51.13 |
| Diluted NI Availto Com Stockholders | - | -36.42 | 12.58 | 76.31 | 51.13 |
| Basic Average Shares | - | 92.96 | 94.75 | 95.47 | 98.44 |
| Diluted Average Shares | - | 92.96 | 94.75 | 95.74 | 99.11 |
| Reconciled Depreciation | - | 115.84 | 142.23 | 142.78 | 141.73 |
| Reconciled Cost Of Revenue | - | 747.06 | 873.81 | 969.02 | 1,036.36 |
| Minority Interests | 0 | 0 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 18.86 | 18.77 | 18.77 | 18.77 |
| Depreciation And Amortization In Income Statement | - | 18.86 | 18.77 | 18.77 | 18.77 |
| Otherunder Preferred Stock Dividend | 0 | 0 | - | - | - |
| Amortization | - | 18.86 | 18.77 | 18.77 | 18.77 |
| Amortization Of Intangibles Income Statement | - | 18.86 | 18.77 | 18.77 | 18.77 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| National Energy Services Reunited Corp.this co. | NESR | $2.6B | 49.96↑ premium | 2.64 | 5.3% | 11.77 |
| BKV Corporation | BKV | $3.0B | 17.08 | 1.45 | 8.5% | 8.15 |
| Delek US Holdings, Inc. | DK | $2.9B | -128.14 | 10.20 | -8.0% | 7.16 |
| Seadrill Limited | SDRL | $2.9B | - | 1.68 | -2.7% | 12.69 |
| Select Water Solutions, Inc. | WTTR |
| 2021 | - | - | - | - | - | - | - |
| $2.7B |
| 127.24 |
| 3.35 |
| 2.6% |
| 13.33 |
| DHT Holdings, Inc. | DHT | $2.6B | 12.39 | 2.31 | 18.6% | 8.94 |
| FLOC | FLOC | $2.5B | 60.62 | 10.98 | 18.1% | 8.92 |
| Teekay Tankers Ltd. | TNK | $2.4B | 6.92 | 1.19 | 17.2% | 3.77 |
| NextDecade Corporation | NEXT | $2.3B | -7.49 | 24.07 | -321.4% | -32.95 |
| Peer Median | - | 12.39 | 2.83 | 5.6% | 8.53 | |