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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 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
-$65M $630M $1B $0 2016 2017 2020 2021 2022 2023 2024 2025
RevenueNet income
Margins (gross / operating / net)
-7% 4% 16% 0% 2016 2017 2020 2021 2022 2023 2024 2025
GrossOperatingNet
Free cash flow (CFO − capex)
-$30M $47M $124M $0 2016 2017 2020 2021 2022 2023 2024 2025
Free cash flow
Cash vs total debt
$0 $298M $596M 2016 2017 2020 2021 2022 2023 2024 2025
CashTotal debt
Cash flow: operating / investing / financing
-$229M $18M $264M $0 2016 2017 2020 2021 2022 2023 2024 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $1.3B $51M 12.4% 7.4% $121M $310M $125M
2024 $1.3B $76M 16.0% 10.6% $124M $386M $108M
2023 $1.1B $13M 13.0% 7.0% $109M $457M $68M
2022 $910M -$36M 7.2% -0.1% -$30M $542M $79M
2021 $877M -$65M 0.3% -4.9% $21M $596M $206M
2020 $834M $17M 9.3% 4.2% — $402M $75M
2017 — -$3M — — — — $741096
2016 — $8M — — — — —

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.

Price / earnings (P/E)
0.0 36.2 72.5 Mar '23 Nov '24 Feb '25 May '25 Aug '25 Nov '25 Feb '26 May '26
P/E
Price / sales (P/S)
0.0 1.0 2.0 Mar '23 Nov '24 Feb '25 May '25 Aug '25 Nov '25 Feb '26 May '26
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?

As of Jun '26, National Energy Services Reunited Corp. traded at a price-to-earnings ratio of about 52.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.