National Energy Services Reunited Corp. (NESR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$2.2B

Cash

$175.0M

Debt

$274.6M

Debt to equity

0.26

Shares outstanding

100.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 10 August 2026.

• Revenue rose 59% year over year. Revenue was $520.8 million, up 59.1% from a year earlier and 28.7% from the first quarter of 2026.
• Net income rose $28.8 million. Net income was $44.0 million, up $28.8 million year over year and $20.2 million sequentially.
• Adjusted EBITDA reached $106.2 million. Adjusted EBITDA, a non-GAAP measure, was $106.2 million, up 50.5% year over year and 38.5% sequentially.
• Diluted EPS rose to $0.43. Diluted EPS was $0.43, up $0.20 sequentially and $0.27 year over year. Adjusted diluted EPS was $0.44.
• Hydraulic fracturing and testing drove growth. Management attributed the higher net income mainly to incremental revenue from higher activity in hydraulic fracturing, well testing and wireline logging.
• Activity high on recent awards. CEO Sherif Foda said the company is working at high activity levels on contracts awarded recently across the region.
• Contract wins and technology cited. CEO cited recent contract wins and expanding technology offerings as the basis for confidence in the company's path.
• Gross profit rose to $81.3 million. Gross profit was $81.3 million, against $43.9 million a year earlier. Cost of services was $439.5 million.
• Margin expansion from higher activity. CFO Stefan Angeli said higher activity and disciplined execution produced margin expansion, profitability and cash generation.
• Charges of $1.5 million adjusted out. Adjusted net income of $45.5 million excluded $1.5 million of charges and credits, mainly credit loss provisions.
• Operating cash flow of $174.0 million. Operating cash flow was $174.0 million, up 466.6% from a year earlier and 76.7% from the prior quarter.
• Free cash flow of $99.9 million. Free cash flow, a non-GAAP measure, was $99.9 million, compared with $68.7 million a year earlier.
• Payables timing and net income. Management attributed the year-over-year change to higher net income and improved working capital, including tighter control of payables timing.
• Capital spending rose in first half. Capital expenditures were higher in the six months to June 30, 2026, partly offsetting the cash flow gain.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 24 held.

Every filing

The newest filings with the SEC of 169 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

251 funds held it at 30 Jun 2026: 139 added and 66 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• SLB Limited (SLB): revenue $36.9B, market value $79.3B
• Halliburton Co. (HAL): revenue $22.5B, market value $29.6B
• Oceaneering International Inc. (OII): revenue $2.9B, market value $4.1B
• Liberty Energy Inc. (LBRT): revenue $4.4B, market value $2.9B
• Select Water Solutions, Inc. (WTTR): revenue $1.4B, market value $2.5B
• RPC Inc. (RES): revenue $1.8B, market value $1.5B
• WaterBridge Infrastructure LLC (WBI): revenue $750.9M, market value $1.5B

What the company does

Its ordinary shares trade on the Nasdaq Capital Market under the symbol NESR. The company describes itself as one of the largest oilfield services providers in the Middle East and North Africa, which it calls the MENA region. Its business consists mainly of upstream and midstream oilfield services for oil and natural gas companies.

How the business is organised

Production Services covers work done during the completion and production stages of a well's life. Drilling and Evaluation Services covers work done during well construction, mostly tied to drilling rigs. The company was formed in January 2017. On 6 June 2018 it acquired NPS Holdings Limited and Gulf Energy S.A.O.C. Its NPS subsidiary later acquired Sahara Petroleum Services Company S.A.E. on 1 June 2020 and specific oilfield service lines of Action Energy Company W.L.L. on 5 May 2021.

What Production Services does

The company says it has over 25 years of experience in cementing across the MENA region.

Under long-term agreements, NESR develops and manages production for customers and invests its own services, products and sometimes cash. In these arrangements it is generally paid from the cash flow the field generates, not when it delivers its services.

NESR Environmental and Decarbonization Applications, or NEDA, sits inside this segment. It was launched in 2024 as a reorganisation of the ESG IMPACT service line introduced in 2021. It covers technology partnerships, early-stage equity investments and in-house research on water recovery, mineral extraction, emissions monitoring and flare abatement. The filing says NEDA's results were not material to the company's statements of operations.

What Drilling and Evaluation Services does

The rig fleet ranges from 200 HP to 1,500 HP and can drill wells to depths of up to 4,000 meters. It includes 750 HP truck-mounted rigs.

Directional drilling includes the Roya technology family, made up of the RoyaStream measurement-while-drilling tool, the RoyaSeek logging-while-drilling tool and the RoyaSteer rotary-steerable system. NESR holds multi-year directional drilling platform contracts for this technology in Kuwait, Oman and Saudi Arabia. The segment also works with outside technology providers, including PHX Energy Services on directional drilling and Kinetic Pressure Control Limited on its KBOS blowout stopper technology.

Who buys from it

NESR's primary customers are national oil companies, large integrated oil companies and independent operators. The filing says most customers are national oil companies. Four customers each accounted for 49%, 9%, 8% and 7% of consolidated revenues. Most contracts can be cancelled or renegotiated by customers at any time. Some national oil company customers ask for long-term fixed-price bids, which leave NESR carrying the risk of cost overruns.

The company sells mainly through a direct sales force with a country-level focus and locally based teams. It also uses indirect channels. Activity tends to be higher in the fourth quarter, as customers use their annual budgets before year-end.

Where it operates

NESR has operations in Saudi Arabia, Oman, Kuwait, the United Arab Emirates, Iraq, Algeria, Egypt and Libya. It spends its capital mainly in Saudi Arabia, Oman, Kuwait and the United Arab Emirates. It also holds a minority stake in W. D. Von Gonten Engineering LLC, a reservoir characterization and laboratory business.

How it competes

Its competitors include large multinational companies and smaller local providers. The company lists price, operational performance, quality, safety record, responsiveness, technological capability and breadth of services as the main competitive factors. It says several of its main competitors have larger operating staffs and greater capital resources.

Its people

The workforce comes from over 60 nationalities. The company says it trains staff through on-the-job learning, online programs and classroom instruction. It also runs an annual bonus plan for key employees. Apart from certain employees in Oman, none of its employees are represented by unions or covered by collective bargaining agreements.

*From NESR's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/form10-k.htm)*

From the company's 10-K.