NESRNasdaqOil & Gas Field Services, NECFiscal year ends December 31
National Energy Services Reunited Corp.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$18.98+0.25 (+1.33%)
Close on Oct 19, 2026
- Market cap
- $1.96B
- P/E (TTM)
- 20.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
12.4%+3.1 pts over 5 years
Operating margin
7.4%+3.2 pts over 5 years
Net margin
3.9%+1.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.7% | +13.3% | +9.7% | – | |
| Gross profit | -21.1% | +36.0% | +16.2% | – | |
| Operating income | -28.6% | – | +22.8% | – | |
| Net income | -33.0% | – | +25.3% | – | |
| EPS, diluted | -35.0% | – | +23.6% | – | |
| Free cash flow | -2.8% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 1.8% | 5.5% | |
| Return on assets | – | 1.0% | 2.8% | |
| Current ratio | – | 1.17 | 1.04 | |
| Debt to equity | – | 0.42 | 0.32 | |
| Net debt to EBITDA | – | 2.07× | 0.77× | |
| Interest coverage | – | 2.2× | 3.0× | |
| Inventory turnover | – | 8.7× | 12.1× | |
| Capex to revenue | – | – | 10.8% | |
| Diluted shares | – | 89M | 99M |
Where the cash went
Fiscal 2021 to 2025, five years combined
National Energy Services Reunited generated $890.85M from operations and spent $546.24M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$890.85M
Used
$546.24M
Capital expenditure$546.24M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.9%
×Asset turnover0.73×
×Equity multiplier1.93×
=Return on equity, FY20255.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.9% | 0.73× | 1.93× | 5.5% |
| FY2024 | 5.9% | 0.73× | 2.06× | 8.8% |
| FY2023 | 1.1% | 0.63× | 2.23× | 1.5% |
| FY2022 | -4.0% | 0.50× | 2.25× | -4.5% |
| FY2021 | -7.4% | 0.50× | 1.99× | -7.3% |
| FY2020 | 2.0% | 0.52× | 1.75× | 1.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$51.13M
- Cash generatingOperating cash flow above zero$264.24M
- Return on assets improvedROA up on the prior year4.2% → 2.9%
- Earnings backed by cashOperating cash flow above net income$264.24M vs $51.13M
- Less leverageLong-term debt to assets fell14.3% → 10.3%
- Better liquidityCurrent ratio rose1.07 → 1.04
- No dilutionShare count did not rise96M → 99M
- Gross margin improvedGross margin up on the prior year16.03% → 12.44%
- More efficientAsset turnover rose0.72 → 0.75