NESR · Energy(oil & gas field services, nec) · 5 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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National Energy Services Reunited Corp. reported revenue of $1.3 billion in fiscal 2025. Of the $670.5 million its operations generated over 5 years, 47.2% went back into the business; the share count rose 5.6%. On the accounting screens, it passes 4 of 9 Piotroski tests, its Altman Z'' of 1.71 is in the grey zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20251.3B
Operating margin7.4%gross margin 12.4%
Return on invested capital6.8%7.9% on average over 2 years
Free cash flow after stock pay112.5M8.5% of revenue
Net debt ÷ EBITDA0.5×net debt 131.1M
Piotroski F-score4/9tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
8-for-1 before fiscal 2022.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
00.5B1.0B1.5B
2017
2022
2023Revenue 1.1BOperating income 80.7M
2024Revenue 1.3BOperating income 137.7M
2025Revenue 1.3BOperating income 98.3M
20172022202320242025
Compound growth a year
3 yrs
4 yrs
Shares
—
+1.4%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capitalCost of capital today · 10.3%
0%5%10%15%
2017
2022
2023
2024Return on invested capital 8.9%
2025Return on invested capital 6.8%
20172022202320242025
Economic profit
Economic profit
-60M-40M-20M0
2017
2022
2023
2024Economic profit -17.4M
2025Economic profit -43.4M
20172022202320242025
(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.
Return on equity
5.3%
Return on assets
2.8%
Asset turnover
0.72×
Overheads (SG&A)
3.6% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
050M100M150M
2017
2022
2023Net income 12.6MFree cash flow 108.8MAfter stock-based pay 102.0M
2024Net income 76.3MFree cash flow 124.2MAfter stock-based pay 118.2M
2025Net income 51.1MFree cash flow 120.8MAfter stock-based pay 112.5M
20172022202320242025
Where 5 years of operating cash went, 2017–2025
670.5M generated by the business. Each band is its share of that total.
Reinvested in the business 47%316.7M
Acquisitions 0%0
Dividends 0%0
Share buybacks 0%0
Kept, or used to pay down debt 53%353.8M
Over the same years it paid 21.1M in stock. The share count rose 5.6%.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$0.50$1.00$1.50
2017
2022
2023Earnings per share $0.13Free cash flow per share $1.15
2024Earnings per share $0.80Free cash flow per share $1.30
2025Earnings per share $0.52Free cash flow per share $1.22
20172022202320242025
Shares outstanding
Diluted shares
92M94M96M98M100M
2017Diluted shares 93.8M
2022
2023Diluted shares 94.7M
2024Diluted shares 95.7M
2025Diluted shares 99.1M
20172022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
0100M200M300M
2017
2022
2023
2024Net debt 215.2M
2025Net debt 131.1M
20172022202320242025
Net debt ÷ EBITDA
0.5×
Interest coverage
3× operating income ÷ interest
Current ratio
1.04 current assets ÷ current liabilities
Cash conversion cycle
— collects in 49d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
✕Better gross marginGross margin higher than a year beforefailed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
1.71grey zone
1.12.6
Working capital ÷ assets 0.01 × 6.56+0.09
Retained earnings ÷ assets 0.04 × 3.26+0.11
Operating income ÷ assets 0.05 × 6.72+0.36
Equity ÷ liabilities 1.10 × 1.05+1.15
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.61below the -1.78 line
-1.78
Receivables vs sales 1.28+1.17
Gross margin slipping 1.29+0.68
Soft assets 0.91+0.37
Sales growth 1.02+0.91
Slower depreciation 1.05+0.12
Overheads vs sales 0.90-0.15
Profit not in cash -0.12-0.54
Leverage rising 1.01-0.33
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Receivables are growing 30% against revenue growing 2%.
Benign
A shift towards larger customers on longer terms, or sales concentrated at the end of the period.
Worrying
Sales are being made on looser credit, or revenue has been booked that may never be collected.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$10.82discounted at 10.3% a year · 50% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
21.0×
Enterprise value ÷ EBITDA
5.0×
Enterprise value ÷ revenue
0.9×
Free cash flow yield
10.5%
From cash flows to a value per share
10 years of cash flow, today605.2M
Everything after, today597.9M
The whole business1.2B
Minus net debt-131.1M
What belongs to shareholders1.1B
Divided among 99.1M shares: <strong>$10.82</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
050M100M150M
2017
2022
2023Reported 102.0M
2024Reported 118.2M
2025Reported 112.5M
2026Projected 81.0M
2027Projected 86.6M
2028Projected 92.1M
2029Projected 97.5M
2030Projected 102.7M
2031Projected 107.5M
2032Projected 112.0M
2033Projected 116.0M
2034Projected 119.6M
2035Projected 122.6M
20172023202520272029203120332035
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
1.4B
1.5B
1.6B
1.7B
1.8B
1.9B
2.0B
2.0B
2.1B
2.2B
Growth
7.5%
6.9%
6.4%
5.8%
5.3%
4.7%
4.2%
3.6%
3.1%
2.5%
Cash margin
5.7%
5.7%
5.7%
5.7%
5.7%
5.7%
5.7%
5.7%
5.7%
5.7%
Free cash flow
81.0M
86.6M
92.1M
97.5M
102.7M
107.5M
112.0M
116.0M
119.6M
122.6M
Worth today
73.4M
71.1M
68.6M
65.8M
62.7M
59.5M
56.2M
52.8M
49.3M
45.8M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
9.3%
11
12
13
14
15
9.8%
10
11
12
12
13
10.3%
10
10
11
11
12
10.8%
9
10
10
11
11
11.3%
9
9
9
10
10
Year-one growth and the final margin
margin ↓ · growth →
3.5%
5.5%
7.5%
9.5%
11.5%
4.5%
7
8
9
10
11
5.1%
8
9
10
11
12
5.7%
9
10
11
12
13
6.3%
10
11
12
13
14
6.8%
11
12
13
14
15
All the inputs moving at once
5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.0%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$6.37
Median$10.81
90th percentile$16.57
$5.00$10.00$15.00$20.00
Half of the simulations land between <b>$8.40</b> and <b>$13.64</b>; one in ten below $6.37, one in ten above $16.57.
Does the long run make sense?
4.1×The terminal value prices the business in year 10 at 4.1 times that year's EBITDA.
26%To grow 2.5% forever while reinvesting 9% of its after-tax operating profit, the business must earn 26% on the new capital — it has earned 8% on average over the last five years.
50%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
What lenders charge, after the tax saving on interest: 12.71% × (1 − 15.3%) = <strong>10.76%</strong>.
Weighted by how much of each the company uses (book value (no price given)): <strong>10.35%</strong>, the rate every future cash flow is discounted at.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$6.2M3 sale(s) by 3 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
