National Energy Services Reunited Corp.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that the 49-percent customer keeps accelerating, that the thin margin holds, and that the 28.26 million registered anchor shares get absorbed by the market without breaking the trend — and pays 43 times trailing earnings for it. Whoever waits checks three things in every quarterly report (10-Q): is revenue still growing double-digit, is gross margin climbing above 13 percent, and how many of the registered shares have actually been sold? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
NESR delivers the rare double of textbook momentum and genuine earnings acceleration: revenue up 33 percent and net income up 129 percent in the first quarter of 2026, a Piotroski F-score of 7 of 9, a solid balance sheet — and 26 hits in our in-house stock scanner (data as of July 17, 2026). Against that stand a customer with a 49 percent revenue share, gross margins of 12 to 13 percent, a financial-controls clean-up completed only in mid-2025, and 28.26 million shares registered for resale by the anchor circle, CEO included. Whoever invests here buys the continuation of a Saudi contract boom — at a price that already assumes the continuation. Not investment advice.
Growth & momentum
Revenue up 33 percent to $404.6 million and net income up 129 percent in the first quarter of 2026, after plus 16 percent in the fourth quarter of 2025 — carried by frac and well-testing activity in Saudi Arabia (10-Q as of 03/31/2026). The technicals confirm it: stage-2 uptrend, relative strength 94, roughly 6 percent below the all-time high (data as of July 17, 2026).
Customer & region concentration
One customer accounted for 49 percent of 2025 revenue, four customers for 73 percent, and 99 percent of the business sits in the MENA region — with no contractual guarantee of engagement at historical levels; the 2025 contract transition alone cost three and a half points of gross margin (10-K 2025, Item 1A and Item 7).
Margin & capital intensity
Gross margin of 12.4 (2025) to 12.8 percent (Q1 2026) while bidding against Schlumberger, Halliburton and Baker Hughes — every price concession hits with leverage. Against that stand $264.2 million of operating cash flow in 2025, moderate net debt around $194 million and falling interest expense (03/31/2026).
Governance & the past
A restatement of the audited 2020 financials, an annual report roughly 20 months late, skipped shareholder meetings in 2022/2023 and an attested "tone at the top" failure — declared remediated as of June 30, 2025, with full U.S. reporting obligations since January 2026. The repair is convincing; the probation period runs — under the same leadership.
Owners & supply pressure
The resale prospectus (S-3ASR) of May 26, 2026, registers 28.26 million shares — roughly 28 percent — held by anchors Olayan, Al Nowais and Mubbadrah plus 1.8 million shares of the CEO; seven Form 144 notices in May and Form 4 sales by a board member at the end of June 2026 show the door is being used. A larger free float improves tradability, but the supply comes from the best informed.
Worth Noting
NESR reached the research list through the momentum/stage-2 run of our in-house stock scanner on July 17, 2026, with 26 hits — including Stan Weinstein stage 2, RS leaders above 90, near 52-week high, EPS acceleration and institutional accumulation.
Scanner metrics (P/E, P/S, Piotroski, Altman Z, fundamental grade, relative strength) are computed on trailing twelve-month figures; the transition year 2025 is in them, the expected further acceleration naturally is not.
Price and valuation figures are dated July 17, 2026 (about $27, roughly $2.7 billion in market value); analyses are evergreen, daily prices are not a buy argument. NESR's fiscal year equals the calendar year.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at NESR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 10.00 $ to 36.30 $ · Last price: 32.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Equipment & Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| National Energy Services Reunited Corp. NESR | 3.3 | 50.0 | 11.8 | 13.3 | 8.9 | 1.7 | 208.3 |
| Schlumberger NV SLB | 77.5 | 22.2 | 13.2 | 17.0 | 12.3 | -1.6 | 53.4 |
| Baker Hughes Co BKR | 56.1 | 17.9 | 11.2 | 23.7 | 12.3 | -0.3 | 23.6 |
| Tenaris SA TS | 30.3 | 15.1 | 8.3 | 38.5 | 16.7 | -4.3 | 60.6 |
| TechnipFMC PLC FTI | 29.0 | 26.6 | 14.5 | 23.0 | 14.1 | 9.4 | 87.2 |
| Halliburton Company HAL | 28.5 | 18.0 | 9.8 | 15.1 | 12.6 | -3.3 | 57.0 |
| NOV Inc. NOV | 7.3 | 78.5 | 11.0 | 21.7 | 2.3 | -1.4 | 62.6 |
| Solaris Energy Infrastructure, Inc SEI | 6.8 | – | 23.5 | 49.9 | 25.8 | 98.7 | 109.9 |
| LandBridge Company LLC LB | 6.6 | 76.0 | 19.8 | 98.8 | 66.1 | 81.1 | 59.6 |
| Median of companies shown | 28.5 | 24.4 | 11.8 | 23.0 | 12.6 | -0.3 | 60.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 271 | 40 | 31 | 0.71 | 83 | 219 | 231 |
| 2018 | 271 | 40 | 28 | 0.33 | 62 | 855 | 1,360 |
| 2019 | 658 | 72 | 39 | 0.45 | 93 | 886 | 1,526 |
| 2020 | 834 | 35 | 17 | 0.19 | 134 | 944 | 1,691 |
| 2021 | 877 | -43 | -65 | -0.71 | 128 | 821 | 1,831 |
| 2022 | 910 | -1 | -36 | -0.39 | 93 | 802 | 1,828 |
| 2023 | 1,146 | 81 | 13 | 0.13 | 177 | 821 | 1,798 |
| 2024 | 1,302 | 138 | 76 | 0.80 | 229 | 908 | 1,774 |
| 2025 | 1,324 | 98 | 51 | 0.52 | 264 | 968 | 1,852 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.28 | 1,078.80 | 344 | 11.80 | 7.80 | 46 | 21 |
| 2025: Q1 | 0.11 | 2.70 | 303 | 2.10 | 3.40 | 21 | -10 |
| 2025: Q2 | 0.16 | -21.20 | 327 | 0.70 | 4.60 | 99 | 69 |
| 2025: Q3 | 0.18 | -18.30 | 295 | -12.20 | 6.00 | 7 | -34 |
| 2025: Q4 | 0.08 | -72.80 | 398 | 15.90 | 2.00 | 139 | 96 |
| 2026: Q1 | 0.23 | 115.40 | 405 | 33.50 | 5.90 | 31 | -5 |
| 2026: Q2 | 0.43 | 168.80 | 521 | 59.10 | 8.40 | 174 | 174 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 26 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
- Ben Bennett: Power Screen
- Dan Zanger: Leader
- EPS & Revenue Power
- EPS Acceleration
- Patrick Walker: 30% EPS Growth
- Patrick Walker: 40, 40 Screen
- Quality Growth
- William O'Neil (CAN SLIM)
Quality & Balance Sheet
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Chris Perruna: Within 15% of Highs
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Jeff Sun
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.88 | 1.82 – 1.92 | 2,046 | 126.5% | 5 |
| 12/31/2027 | 2.76 | 2.48 – 3.17 | 2,515 | 47.0% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 8.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $156.3M |
|---|---|
| Market cap | $3.27B |
| Free cash flow in year ten | $347.4M |
| Terminal value as a share of market value | 56.0% |
For comparison: over the past five years free cash flow grew by 18.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 17.07.2026: In den ausgewerteten SEC-Berichten von National Energy Services Reunited (CIK 1698514) findet sich kein wesentlicher KI-Bezug. Besonderheit der Datenbasis: NESR war bis Ende 2025 Foreign Private Issuer — es existieren nur ein aktueller Geschäftsbericht (10-K für 2025, eingereicht 06.03.2026) und ein aktueller Quartalsbericht (10-Q zum 31.03.2026); statt der üblichen 4×10-Q/2×10-K wurden daher zusätzlich die Jahresberichte 20-F für 2024 und 2023 ausgewertet. Die Filing-Historie ist zudem durch die Restatement-Saga lückig (Fristversäumnis-Anzeige NT 20-F vom 03.05.2022; der Jahresbericht für 2022 erschien erst am 29.12.2023 gebündelt mit einem Restatement der testierten Zahlen für 2020 — gegen EDGAR verifiziert). Befund: Der 10-K 2025 nennt „artificial intelligence“ nur in generischen Risikofloskeln — als Beispiel im Technologie-Wettbewerbsrisiko („If we are unable to keep pace with technology developments in the industry, including advancements in artificial intelligence, this could adversely affect our ability to maintain or grow market share“, Item 1A) und als Cyber-Angriffsvektor („cyberattacks utilize artificial intelligence to expose vulnerabilities“) — kein konkretes KI-Geschäftsrisiko fürs eigene Modell im Sinne von „bedroht“. Der 10-Q zum 31.03.2026 und der 20-F für 2024 enthalten keinerlei KI-Treffer. Einziger operativer Berührungspunkt ist ein einzelner, in den Folgeberichten nicht fortgeschriebener Pilot im 20-F für 2023: „NESR piloted its artificial intelligence-based, continuous emissions monitoring platform with a prominent, multinational customer in Oman“ (übersetzt: „NESR pilotierte seine KI-gestützte Plattform zur kontinuierlichen Emissionsüberwachung mit einem prominenten multinationalen Kunden in Oman“) — ein Pilotprojekt ohne ausgewiesene Umsätze, das weder für „verkauft“ noch (als Einzelbeleg ohne Fortschreibung) für „nutzt“ reicht. Nach dem Kriterienkatalog bleibt es bei „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-11 · 10-K 2026-03-06 · 20-F 2025-03-28 · 20-F 2024-04-30
Rated on July 17, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 13.3%
- More than 10% revenue growth is expected for the coming year 22.2%
- Share count grows by less than 3% a year 1.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 10.8%
- Gross margin at 40% or higher and without meaningful erosion 11.0%
- Goodwill from acquisitions does not grow faster than revenue 34.8%
- Net debt below twice EBITDA 1.0 x EBITDA
- Operating cash flow covers the profits of the last three years 531 m
- Return on capital at 15% or higher, or up versus two years ago 7.9%
- Insiders hold at least 10% or are net buyers 11.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 21.9%
- Exp. sales growth 3Y > 5% 37.8%
- EBIT growth 10Y > 5% 12.0%
- Exp. EBIT growth 3Y > 5% 131.5%
- Net debt < 4x EBIT 2.3x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 18.5%
- ROCE > 15% 7.9%
- Expected return > 10% 140.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Campo Mejia Antonio J | Director | Sell | 63,324 | 35.45 | 2,244,836 |
| Sep 2, 2026 | Foda Sherif | Chief Executive Officer | Other | 675,000 | 0.00 | – |
| Aug 31, 2026 | Foda Sherif | Chief Executive Officer | Sell | 100,000 | 35.00 | 3,500,000 |
| Aug 18, 2026 | Angeli Stefan | Chief Financial Officer | Sell | 13,570 | 35.12 | 476,578 |
| Aug 14, 2026 | Razouqi Maen | Director | Other | 2,800 | – | – |
| Aug 14, 2026 | Pollina Lisa A | Director | Other | 2,800 | – | – |
| Aug 14, 2026 | Pollina Lisa A | Director | Other | 5,000 | – | – |
| Aug 14, 2026 | Chase Anthony R | Director | Other | 2,800 | – | – |
| Aug 14, 2026 | Chase Anthony R | Director | Other | 15,000 | – | – |
| Aug 14, 2026 | Campo Mejia Antonio J | Director | Other | 2,800 | – | – |
The company
About the Company
National Energy Services Reunited Corp. erbringt Ölfeld-Dienstleistungen im Nahen Osten und in Nordafrika.
- Employees
- 7,352
- Headquarters
- Houston, TX
- Address
- 777 Post Oak Boulevard, 77056 Houston, United States
- Phone
- 832 925 3777
- Website
- nesr.com
- IPO Date
- 05/12/2017
- ISIN
- VGG6375R1073
Management
| Name | Title | Birth Year |
|---|---|---|
| Sherif Foda | Executive Chairman & CEO | 1969 |
| Stefan Angeli | Chief Financial Officer | 1960 |
| Chokri Ben Amor | Director | – |
| Naif Al- Hadrami | Director | – |
| Salih Merghani | Vice President of Operations | – |
| Blake Geelhoed Gendron | Vice President of Investor Relations & NEDA Segment | – |
| Chahira Barnat | Treasury Director | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/10/2026 National Energy Services Reunited Corp. (NESR): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/10/2026 National Energy Services Reunited Corp. (NESR): Changes in Registrant's Certifying Accountant; Financial Statements and Exhibits SEC ↗
- 07/21/2026 National Energy Services Reunited Corp. (NESR): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.