NESR Financials National Energy Services Reunited Corp.

8 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 16, 2026, 10:01 UTC Overview →

Growth & profitability

Revenue has grown 9.7% per year over the past 5 years.
Net income has grown faster than revenue (25.3% vs 9.7% per year).
Operating margin has expanded, at 7.4% in the latest year.
Free cash flow has grown 55.5% per year over the past 5 years.

Financial health

Total debt ($310M) exceeds cash ($125M); net debt is $185M.
Total debt has grown slower than revenue (-5.1% vs 9.7% per year).
Operating income covered interest expense 3.0× in the latest year, up from 2.2× 5 years ago.
Total debt is 1.3× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$1.3B	$51M	12.4%	7.4%	5.3%	2.8%	$121M	$310M	$125M
2024	$1.3B	$76M	16.0%	10.6%	8.4%	4.3%	$124M	$386M	$108M
2023	$1.1B	$13M	13.0%	7.0%	1.5%	0.7%	$109M	$457M	$68M
2022	$910M	-$36M	7.2%	-0.1%	-4.5%	-2.0%	-$30M	$542M	$79M
2021	$877M	-$65M	0.3%	-4.9%	-7.9%	-3.5%	$21M	$596M	$206M
2020	$834M	$17M	9.3%	4.2%	1.8%	1.0%	—	$402M	$75M
2017	—	-$3M	—	—	-5.2%	-1.2%	—	—	$741096
2016	—	$8M	—	—	—	—	—	—	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$521M	$44M	15.6%	12.5%	4.2%	2.1%	$100M	$275M	$175M
Mar '26	$405M	$24M	12.8%	8.9%	2.4%	1.2%	-$5M	$287M	$93M
Dec '25	$398M	$8M	12.1%	7.7%	0.8%	0.4%	$96M	$310M	$125M
Sep '25	$295M	$18M	12.0%	6.6%	1.9%	1.0%	-$34M	$335M	$70M
Jun '25	$327M	$15M	13.4%	8.3%	1.6%	0.8%	$69M	$358M	$132M
Mar '25	$303M	$10M	12.4%	6.9%	1.1%	0.6%	-$10M	$370M	$79M
Dec '24	$344M	$27M	17.2%	12.7%	3.0%	1.5%	$21M	$386M	$108M
Sep '24	$336M	$21M	15.9%	10.5%	2.4%	1.1%	$43M	$413M	$118M
Jun '24	$325M	$19M	16.4%	10.5%	2.2%	1.1%	$28M	$411M	$75M
Mar '24	$297M	$10M	14.5%	8.3%	—	—	$31M	—	—
Dec '23	$308M	$2M	14.4%	9.0%	0.3%	0.1%	$34M	$457M	$68M
Sep '23	$300M	$15M	15.0%	9.4%	—	—	$40M	—	—
Jun '23	$280M	$2M	11.4%	6.1%	—	—	—	—	—
Sep '21	$218M	$2M	14.6%	3.7%	0.2%	0.1%	—	$430M	$101M
Jun '21	$235M	$8M	17.5%	6.0%	0.8%	0.5%	—	$405M	$66M
Mar '21	$212M	$11M	17.9%	7.5%	1.2%	0.7%	—	$395M	$89M
Sep '20	$218M	$12M	18.5%	8.7%	1.3%	0.7%	—	$404M	$50M
Jun '20	$203M	$11M	19.1%	8.8%	1.2%	0.6%	—	$426M	$79M
Mar '20	$199M	$12M	20.6%	9.3%	1.3%	0.8%	—	$390M	$49M
Sep '19	$162M	$11M	24.9%	12.2%	1.3%	0.8%	—	$374M	$43M

Valuation over time

How the market has priced NESR against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 73.8× (Oct '24) to 41.3× (Nov '26).
The price-to-sales ratio has risen from 0.6× (Mar '23) to 1.6× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is NESR growing its revenue and profit?

Over the past 5 years, National Energy Services Reunited Corp.'s revenue has grown 9.7% per year, and net income grown 25.3% per year. These are computed facts, not advice.

How much debt does NESR have?

As of FY2025, National Energy Services Reunited Corp. reported $310M of total debt against $125M of cash; operating income covered interest expense 3.0×.

What is NESR's profit margin?

In FY2025, gross margin was 12.4%, operating margin 7.4%, and net margin 3.9%.

What is NESR's P/E ratio?

National Energy Services Reunited Corp.'s P/E (TTM) is 22.64 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NESR stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 41.3× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.