National Energy Services Reunited Corp.
- Open
- 27.55
- Day high
- 28.61
- Day low
- 27.18
- Prev close
- 27.88
- Volume
- 1.8M
- Mkt cap
- $2.8B
- P/E (TTM)
- 42.5
- EPS (TTM)
- $0.66
- P/B
- 2.8
- P/S
- 2.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$135.7M over the last 3 months (0 open-market buys, 14 sales)
- 🏛Institutions accumulating (13F)
National Energy Services Reunited Corp. (NESR) is a Energy company listed on NASDAQ. The stock is up 367% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 14 sales (SEC Form 4).
National Energy Services Reunited Corp. (NESR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NESR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $0.21 | $0.26 | +23.8% | $405M | +9.1% |
| Nov 13, 2025 | $0.15 | $0.16 | +6.7% | $295M | -20.3% |
| Aug 20, 2025 | $0.19 | $0.21 | +10.5% | $327M | -1.1% |
| Jun 3, 2025 | $0.20 | $0.14 | -30.0% | $303M | -1.7% |
| Mar 12, 2025 | $0.30 | $0.30 | +0.0% | $344M | +11.5% |
| Nov 19, 2024 | $0.23 | $0.31 | +34.8% | $336M | -1.1% |
| Aug 29, 2024 | $0.23 | $0.29 | +26.1% | $325M | -0.7% |
| Apr 30, 2024 | — | $0.10 | — | $297M | +35.5% |
| Mar 15, 2024 | — | $0.02 | — | $308M | — |
| Sep 30, 2023 | — | $0.16 | — | $300M | — |
| Jun 30, 2023 | — | $0.02 | — | $280M | — |
| Feb 9, 2022 | $0.10 | $-0.94 | -1042.3% | $211M | -9.0% |
NESR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 1,919,594 | $26.80 |
| Jun 16, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 6,471 | $27.61 |
| Jun 16, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 326,386 | $26.89 |
| Jun 16, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 117,762 | $26.54 |
| Jun 16, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 950,831 | $26.08 |
| Jun 10, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 5,526 | $25.53 |
| Jun 10, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 200 | $25.55 |
| May 27, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 457,391 | $26.12 |
| May 27, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 242,497 | $26.14 |
| May 22, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 573,544 | $26.14 |
| May 20, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 3,500 | $26.13 |
| May 20, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 220,568 | $26.06 |
| May 15, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 223,626 | $26.85 |
| May 15, 2026 | Al-Nowais Yousif Mohammed Ali Nasserdirector | Sell | 81,302 | $26.35 |
| Jun 8, 2018 | Campo Mejia Antonio Jdirector | Buy | 131,144 | $10.00 |
Source: NESR SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full NESR insider & 13F page →National Energy Services Reunited Corp. company profile
Overview
National Energy Services Reunited Corp. (NASDAQ:NESR) is a Houston-based oilfield services company that was incorporated in 2017 and went public the same year. The company provides specialized technical services to oil and gas companies primarily across the Middle East, North Africa, and Asia Pacific regions. NESR has established itself as a regional leader in the MENA market, focusing on both conventional and unconventional hydrocarbon development while expanding into emerging technologies for decarbonization and water management.
Business
NESR operates in the oilfield services industry, which provides essential technical support to oil and gas exploration and production companies. The oilfield services sector is distinct from oil and gas producers themselves - instead of owning oil reserves, these companies provide the specialized equipment, expertise, and services needed to find, drill, complete, and maintain oil and gas wells. The company operates through two main business segments: 1. Production Services segment (estimated to represent the majority of revenues based on operational focus): This segment provides services to enhance and maintain oil and gas production from existing wells. Key services include hydraulic fracturing (the process of injecting high-pressure fluid into rock formations to create fractures that allow oil and gas to flow more freely), coiled tubing services (using flexible steel tubing to perform various downhole operations like cleaning and maintenance), stimulation and pumping services (chemical treatments to improve well productivity), cementing services (sealing well casings and controlling fluid flow), and nitrogen services (using nitrogen gas for various well operations). The segment also provides production chemicals, laboratory testing, artificial lift systems (equipment to help bring oil to the surface), and comprehensive water management services including sourcing, treatment, and disposal. 2. Drilling and Evaluation Services segment: This segment focuses on the initial phases of well development and ongoing assessment. Services include providing drilling rigs and workover rigs (the heavy equipment used to drill new wells or repair existing ones), directional drilling services (technology to drill wells at specific angles rather than just straight down), drilling fluid systems (specialized mud used during drilling to lubricate equipment and control pressure), wireline and slickline services (lowering instruments into wells for measurement and maintenance), and well testing services (measuring what comes out of a well to assess its productivity). The company has been expanding into newer technology areas including the ROYA directional drilling platform (their proprietary advanced drilling technology) and the NEDA decarbonization portfolio (services focused on carbon capture and environmental solutions).
Revenue model
NESR generates revenue primarily through service contracts with oil and gas companies, operating on a fee-for-service model. The company charges clients for providing specialized technical services, equipment rental, and consumable products used in oil and gas operations. Revenue is typically generated through day rates for equipment and crews, project-based contracts for specific services like hydraulic fracturing jobs, and ongoing service agreements for production optimization. The company's primary customers are national oil companies and international oil companies operating in the MENA region, including major players like Saudi Aramco in Saudi Arabia, along with operators in Oman, Kuwait, UAE, Iraq, Algeria, and Egypt. NESR has built strong relationships with these customers by providing localized expertise and maintaining significant operational presence in each market. Several factors influence NESR's profitability and margins. Oil and gas prices represent the most significant external driver - when commodity prices are high, exploration and production companies increase their drilling and completion activities, driving demand for oilfield services. Conversely, low oil prices typically lead to reduced activity and pricing pressure on service providers. Regional geopolitical stability is crucial given NESR's geographic concentration in the Middle East and North Africa. Competition from larger international service companies like Schlumberger and Halliburton can pressure margins, though NESR's regional focus and local relationships provide some protection. Technology advancement can both threaten existing service lines and create new revenue opportunities - NESR's investment in directional drilling and decarbonization technologies represents attempts to capture higher-margin, technology-driven services. Currency fluctuations and local regulatory changes in operating countries also impact profitability, while equipment utilization rates and operational efficiency directly affect margins since the business has high fixed costs for specialized equipment and skilled personnel.
Competitive moat
NESR's competitive moat is moderate but geographically constrained. The company's primary defensive advantage lies in its established regional presence and customer relationships in the MENA market. Building operational capabilities in these markets requires significant time, local expertise, regulatory knowledge, and cultural understanding that creates barriers for new entrants. The company has developed strong relationships with major national oil companies like Saudi Aramco, which value reliability and local presence over pure cost considerations. However, NESR's moat faces several limitations. The company operates in a highly competitive and commoditized industry where larger international players like Schlumberger, Halliburton, and Baker Hughes possess superior scale, technology, and financial resources. These competitors can leverage global operations to cross-subsidize pricing in specific markets and invest more heavily in research and development. NESR's geographic concentration in the MENA region, while providing local advantages, also creates vulnerability to regional economic or political disruptions. The company is attempting to strengthen its competitive position through technology differentiation with initiatives like the ROYA directional drilling platform and NEDA decarbonization services. However, these technologies are still in early stages and face competition from more established technology providers. The oilfield services industry generally has low switching costs for customers, as most services are contracted on a project-by-project basis rather than through long-term exclusive agreements. Overall, NESR's moat is best characterized as a regional niche player advantage rather than a strong structural moat. The company's success depends more on operational execution, customer service, and maintaining cost competitiveness than on insurmountable competitive barriers.
Risks & safety
NESR demonstrates moderate financial stability with improving but still elevated leverage metrics. • Liquidity position: $108 million in cash and short-term investments as of Q4 2024, with current ratio of 1.07x indicating tight but adequate short-term liquidity coverage • Debt management: Net debt-to-EBITDA improved to 0.89x by Q4 2024, down from higher levels in prior years; debt-to-equity ratio of 0.45x shows moderate leverage • Cash generation: Strong operational cash flow of $229 million for full year 2024 and free cash flow of $124 million, indicating healthy cash conversion • Valuation metrics: Trading at attractive multiples with P/E of 8.0x and EV/EBITDA of 3.6x based on Q4 2024 results, suggesting potential undervaluation • Profitability trends: EBITDA margins of 25.4% in Q4 2024 and 23.8% for full year, showing solid operational efficiency • Regional concentration risk: Heavy dependence on MENA markets creates geopolitical and economic concentration risk that could impact operations
Recent development
Over the past few years, NESR has pursued several strategic initiatives to diversify its technology portfolio and strengthen its market position. The company has invested significantly in developing the ROYA directional drilling platform, which represents their proprietary advanced drilling technology designed to compete with established international providers. Early pilot programs in Kuwait have shown promising results, with successful deployment of rotary steerable and measurement-while-drilling (MWD) technology. NESR has also launched the NEDA decarbonization portfolio, positioning the company to capitalize on the energy transition trend. This includes carbon capture and sequestration services, with the company successfully delivering 2,000 metric tons of CO2 for reservoir injection in Indonesia. The company has expanded its environmental services through the acquisition of SALTTECH BV, which provides produced water treatment and mineral recovery technologies. The company achieved a significant milestone by securing NASDAQ relisting in October 2024, improving its access to capital markets and institutional investors. NESR has also focused on geographic expansion within its core MENA region, with particular emphasis on Kuwait and Libya while maintaining strong positions in Saudi Arabia, Oman, and other key markets. Financially, the company has prioritized debt reduction and balance sheet strengthening, reducing gross debt by $153 million over two years while maintaining strong cash flow generation. Management has indicated plans to evaluate capital allocation options including potential share buybacks or dividend initiation in the second half of 2025, reflecting improved financial stability.
NESR company profile · for informational purposes only — not investment advice.
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