# National Energy Services Reunited Corp Ordinary Shares (NESR.US)

Canonical: https://gigainvestors.com/s/NESR

Analysis as of: 2026-10-16T07:30:34.589Z. Financial observations: FY2017–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $19.11 per share; close as of 2026-10-15.

Estimated value: low $8.19 per share, central $9.12 per share, high $10.37 per share. Buy at or below the central value $9.12 per share. Valuation as of 2026-10-16T07:30:34.589Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 0.80×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.11×

- FY2020: 0.04×

- FY2021: -0.05×

- FY2022: -0.00×

- FY2023: 0.07×

- FY2024: 0.11×

- FY2025: 0.07×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.8%

- ROIC, second-lowest year: -0.1%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 11.9%

- Recent gross margin (lower of latest and 3-year median): 12.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.1%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.6%

- FY2018: 6.6%

- FY2019: 8.7%

- FY2020: 3.5%

- FY2021: -6.0%

- FY2022: -0.1%

- FY2023: 8.8%

- FY2024: 19.5%

- FY2025: 15.2%

- LTM to Jun 2026: 23.1%

### economics: pass

- Owner earnings / net income, 5-yr: 4.25×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $166M

- Net income, five-year total: $39M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.8 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.77×

- FY2022: 1.00×

- FY2023: 6.89×

- FY2024: 1.49×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.7% vs 15.2%

- Per-share earnings: 0.45 to 0.52 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.1%

- Market cap gain: $1.1B

- Cumulative retained earnings: $68M

- Diluted shares, 5-year annual growth: 2.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.2%

- Per-share value change: $0.06

- Per-share value, starting three-year median: $0.45

- Per-share value, ending three-year median: $0.52

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 8.7%

- ROIC, last three-year median: 15.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.71

- FY2018: $0.33

- FY2019: $0.45

- FY2020: $0.19

- FY2021: -$0.71

- FY2022: -$0.39

- FY2023: $0.13

- FY2024: $0.80

- FY2025: $0.52

### accounting: pass

- Sloan accruals: -11.5%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.72×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -22.7%

- FY2018: -2.4%

- FY2019: -3.5%

- FY2020: -7.0%

- FY2021: -10.5%

- FY2022: -7.1%

- FY2023: -9.1%

- FY2024: -8.6%

- FY2025: -11.5%

## Holders

- [Alex Roepers](https://gigainvestors.com/AIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 46% since Aug 2026 · sales +22.3%

Story as of 2026-10-16T09:59:15.160Z; price observation 2026-10-15.

Price needs cash profits to grow 11.4% a year for ten years

- 2025-07-28: National Energy Services Reunited stock rises after Kuwait contract wins ([investing.com](https://www.investing.com/news/stock-market-news/national-energy-services-reunited-stock-rises-after-kuwait-contract-wins-93CH-4155567))

- 2025-08-20: National Energy Services earnings beat by $0.03, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/national-energy-services-earnings-beat-by-003-revenue-topped-estimates-4202877))

- 2025-10-29: Saudi Aramco Awards Multi-Billion Dollar Unconventional Contract to NESR ([finance.yahoo.com](https://finance.yahoo.com/news/saudi-aramco-awards-multi-billion-114000670.html))

- 2026-08-10: National Energy Services Reunited shares jump 10% after Q2 earnings beat ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/national-energy-services-reunited-shares-105954576.html))

### Sales · FY2025–2026

sales +22.3%; source https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/form10-k.htm; observed 2026-03-06.

- FY2017: $271M 

- FY2018: $271M 

- FY2019: $658M 

- FY2020: $834M 

- FY2021: $877M 

- FY2022: $910M 

- FY2023: $1.1B 

- FY2024: $1.3B 

- FY2025: $1.3B 

- FY2026: $1.6B 

### Gross margin · FY2026

gross margin 12.5%; source https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/form10-k.htm; observed 2026-03-06.

- FY2017: 26.2% 

- FY2018: 26.2% 

- FY2019: 20.6% 

- FY2020: 7.4% 

- FY2022: 7.2% 

- FY2023: 11.3% 

- FY2024: 16.0% 

- FY2025: 11.0% 

- FY2026: 12.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 1.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/form10-k.htm (filed 2026-03-06); FY2025: revenue 1324047000; grossProfit 145956000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NESR.US: 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.

### Why customers stay

Margins ranged from 11% to 16% during 2023–25; it earns 8.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2023: grossProfit / revenue = 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2024: grossProfit / revenue = 16%.

- Source: https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/form10-k.htm (filed 2026-03-06); FY2025: grossProfit / revenue = 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); 10-year return on capital observations [[2017,0.15646027011553013],[2018,0.06605782594856446],[2019,0.08667082779613262],[2020,0.03544338428389701],[2021,-0.06048052579040821],[2022,-0.0011234712645817244],[2023,0.0884115336062576],[2024,0.19498990990860338],[2025,0.15189248556394827],[2026,0.23142756334572318]]; median 0.08754118070119511. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 3.4% of cash earnings on expansion; paid dividends in 3 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2017: growth capex 0; upkeep 48657000; owner earnings 20377000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2018: growth capex 0; upkeep 33072000; owner earnings 54981000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2019: growth capex 23433000; upkeep 88111000; owner earnings 39364000. Growth capex / owner earnings = 0.5952901127934153.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2020: growth capex 0; upkeep 82632000; cash acquisitions 13218000; owner earnings 54647000. Growth capex plus acquisitions / owner earnings = 0.241879700624005.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2023: growth capex 0; upkeep 68190000; cash acquisitions 0; owner earnings 86620000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2024: growth capex 0; upkeep 105105000; owner earnings 113989000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/form10-k.htm (filed 2026-03-06); FY2025: growth capex 1725000; upkeep 141729000; owner earnings 51132000. Growth capex / owner earnings = 0.03373621215677071.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); Dividend observations: [[2017,20000000],[2018,48210000],[2019,20000000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NESR.US SharesStats.PercentInsiders = 7.957 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 11.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); Ten-year compound average after fade. Initial solved rate 0.1507071596328119. Price 19.11; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-06: $9.55 per share

- 2017-07: $9.58 per share

- 2017-08: $9.58 per share

- 2017-09: $9.62 per share

- 2017-10: $9.78 per share

- 2017-11: $9.87 per share

- 2017-12: $9.95 per share

- 2018-01: $9.98 per share

- 2018-02: $9.93 per share

- 2018-03: $9.93 per share

- 2018-04: $10.06 per share

- 2018-05: $10.19 per share

- 2018-06: $10.35 per share

- 2018-07: $10.97 per share

- 2018-08: $10.96 per share

- 2018-09: $11.62 per share

- 2018-10: $10.30 per share

- 2018-11: $9.40 per share

- 2018-12: $8.66 per share

- 2019-01: $7.99 per share

- 2019-02: $8.60 per share

- 2019-03: $10.45 per share

- 2019-04: $10.57 per share

- 2019-05: $9.03 per share

- 2019-06: $8.70 per share

- 2019-07: $8.00 per share

- 2019-08: $7.66 per share

- 2019-09: $6.68 per share

- 2019-10: $6.91 per share

- 2019-11: $9.15 per share

- 2019-12: $9.12 per share

- 2020-01: $6.59 per share

- 2020-02: $8.31 per share

- 2020-03: $5.08 per share

- 2020-04: $5.11 per share

- 2020-05: $5.68 per share

- 2020-06: $6.88 per share

- 2020-07: $6.69 per share

- 2020-08: $7.54 per share

- 2020-09: $6.38 per share

- 2020-10: $7.40 per share

- 2020-11: $8.74 per share

- 2020-12: $9.93 per share

- 2021-01: $10.78 per share

- 2021-02: $13.25 per share

- 2021-03: $12.37 per share

- 2021-04: $12.69 per share

- 2021-05: $12.83 per share

- 2021-06: $14.25 per share

- 2021-07: $12.90 per share

- 2021-08: $11.35 per share

- 2021-09: $12.52 per share

- 2021-10: $11.70 per share

- 2021-11: $9.91 per share

- 2021-12: $9.45 per share

- 2022-01: $9.93 per share

- 2022-02: $8.91 per share

- 2022-03: $8.40 per share

- 2022-04: $6.69 per share

- 2022-05: $7.46 per share

- 2022-06: $6.78 per share

- 2022-07: $7.05 per share

- 2022-08: $7.02 per share

- 2022-09: $5.94 per share

- 2022-10: $7.56 per share

- 2022-11: $6.39 per share

- 2022-12: $6.94 per share

- 2023-01: $7.56 per share

- 2023-02: $6.46 per share

- 2023-03: $5.26 per share

- 2023-04: $3.05 per share

- 2023-05: $3.00 per share

- 2023-06: $2.95 per share

- 2023-07: $3.25 per share

- 2023-08: $4.55 per share

- 2023-09: $5.74 per share

- 2023-10: $5.65 per share

- 2023-11: $4.75 per share

- 2023-12: $6.10 per share

- 2024-01: $7.40 per share

- 2024-02: $7.75 per share

- 2024-03: $8.00 per share

- 2024-04: $9.90 per share

- 2024-05: $9.90 per share

- 2024-06: $9.50 per share

- 2024-07: $9.73 per share

- 2024-08: $9.75 per share

- 2024-09: $9.45 per share

- 2024-10: $9.20 per share

- 2024-11: $8.84 per share

- 2024-12: $8.96 per share

- 2025-01: $9.45 per share

- 2025-02: $8.20 per share

- 2025-03: $7.36 per share

- 2025-04: $6.23 per share

- 2025-05: $6.18 per share

- 2025-06: $6.02 per share

- 2025-07: $6.67 per share

- 2025-08: $9.36 per share

- 2025-09: $10.26 per share

- 2025-10: $12.62 per share

- 2025-11: $13.94 per share

- 2025-12: $15.66 per share

- 2026-01: $19.68 per share

- 2026-02: $25.05 per share

- 2026-03: $21.47 per share

- 2026-04: $24.94 per share

- 2026-05: $24.35 per share

- 2026-06: $29.93 per share

- 2026-07: $26.96 per share

- 2026-08: $35.11 per share

- 2026-09: $25.47 per share

- 2026-10: $19.11 per share

## Annual estimated value (USD per share)

- FY2021: low $8.96 per share, central $9.91 per share, high $11.18 per share

- FY2022: low $7.05 per share, central $7.93 per share, high $9.10 per share

- FY2023: low $8.38 per share, central $9.47 per share, high $10.92 per share

- FY2024: low $10.59 per share, central $11.93 per share, high $13.72 per share

- FY2025: low $6.63 per share, central $7.41 per share, high $8.44 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/form10-k.htm); period 2025-12-31, filed 2026-03-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.