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National Energy Services Reunited Corp.
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$1.8B
Market Cap
30.1
P/E
0.44
PEG
7.0%
ROCE
5.5%
ROE
0.35
D/E
7.4%
OPM
-48.4%
% from 52W High
85
α RS
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Currency-adjusted total returns for NESR including FX impact
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📈 Price History
Ratio Health
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About

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.

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📊 MIXED NESR reports Q1 revenue $404.6M, net income $23.8M, announces dividend and buyback
Revenue & Profitability
First quarter 2026 revenue was $404.6 million, an all-time high, up 1.6% sequentially and 33.5% year-over-year. Adjusted EBITDA was $76.7 million (19% margin), net income was $23.8 million (more than doubling sequentially and up 129% year-over-year), and adjusted diluted EPS was $0.26. Operating cash flow was $30.7 million, and free cash flow was -$5.3 million.
Outlook
Management sees a robust multi-year upcycle in MENA driven by energy security, localized capacity needs, and infrastructure diversification. Saudi Arabia is advancing mega-projects and gas programs, ADNOC pledged $55 billion in new projects over two years, and North Africa offers untapped export capacity to Europe. The conflict has not derailed activity; instead, it has accelerated investment in resilient supply chains.
Growth Drivers
Key growth drivers include the continued ramp-up of the Jafurah contract (with acceleration and deployment of a fourth fleet), recent contract awards in Kuwait and North Africa cementing, and a $3 billion tender pipeline expected to be awarded in the next two to three months. Management expects clients to bring some projects earlier than planned due to the conflict.
Balance Sheet & CapEx
CapEx for Q1 2026 was $36 million, and full-year 2026 guidance is around $180 million. This aligns with the counter-cyclical investment strategy as the company deploys capital into newly awarded contracts and positions for future growth. The investments focus on high-return opportunities and technology-led expansion in core markets.
Margins
Q1 2026 adjusted EBITDA margin was approximately 19%, impacted by typical seasonality and $4 million of incremental freight and logistics costs from geopolitical disruptions. Management expects sequential margin improvement in Q2 and full-year margin around 21.5%, consistent with prior year. The company maintains strong cost discipline and sees room for further efficiency gains, particularly at Jafurah.
Key Risks
Management flagged geopolitical disruptions causing $4 million in added freight and logistics costs in Q1, with potential for ongoing costs if the Strait remains closed. Supply chain constraints and higher diesel prices were noted as cost pressures. The company also faces execution risks in ramping up contracts and reliance on client project timelines that could be delayed by the conflict.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-10
Record Q2 2026 results featured 59% year-over-year revenue growth, robust cash flow, and margin expansion, driven by the Jafurah contract and strong performance in Saudi Arabia, Oman, and Egypt. The company surpassed its $2 billion revenue run rate target and raised its outlook, while maintaining disciplined capital allocation and launching a new dividend.
Q1 2026 Q1 2026 2026-05-11
Record Q1 revenue and net income were achieved despite geopolitical disruptions, with robust growth in Saudi Arabia and new contract wins in Kuwait and North Africa. The outlook remains strong, supported by a $3B tender pipeline, new dividend, and share buyback plans.
Q4 2025 Q4 2025 2026-02-17
Record Q4 and full-year results driven by strong MENA activity, Jafurah ramp-up, and disciplined execution. Multi-year growth is underpinned by robust contract wins, a strong tender pipeline, and expanding technology initiatives, with 2026 set to surpass previous growth targets.
Q3 2025 Q3 2025 2025-11-13
Secured the largest frac contract in the Middle East, driving a robust growth outlook with a $2B revenue run rate expected by 2026. Q3 2025 saw revenue decline due to contract transitions, but margins remained strong and operational ramp-up is underway.
Q2 2025 Q2 2025 2025-08-20
Q2 2025 saw 8% sequential revenue growth, strong free cash flow, and margin expansion, with robust contract wins and a solid backlog supporting a positive outlook. MENA activity is set to accelerate in 2026, and capital allocation remains focused on debt reduction and growth investments.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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