olivLaw · US equity research
National Energy Services Reunited Corp. NESR
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
National Energy Services Reunited Corp. (NESR) is one of the largest oilfield services providers in the Middle East and North Africa, operating in 16 countries with offerings from hydraulic fracturing and cementing to directional drilling. In the second quarter of 2026 the company reported strong revenue growth, to 520.8 million USD, which draws attention to its ability to turn that growth into profitability.
At the close of 05 Nov 2026, National Energy Services Reunited Corp. (NESR) stock was 19.20 USD (−10.66% on the day), with market capitalisation 1.9 bn USD, P/E 36.9 on diluted EPS of 0.52 USD over the last 12 months, beta 1.41, 52-week range 12.38–36.31 USD. Latest reported quarter (Q2 2026): revenue of 520.8 m USD (+59.1% YoY), net income of 44.0 m USD (+189.6% YoY), diluted EPS 0.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.0
- weak (30–45)
- Bollinger (20, 2)
- 18.48 – 22.74
- in the lower half of the band · %B 0.17 · band width 20.6%
- SMA 50 / 200
- 26.86 / 25.60
- mixed trend
- MACD (12, 26, 9)
- -1.54 / -1.90
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −21.7% | −1.1% | −20.6 pp | — |
| 3 months | −33.4% | −0.5% | −33.0 pp | — |
| 6 months | −17.8% | +4.4% | −22.2 pp | — |
| Year to date | +22.6% | +12.3% | +10.3 pp | — |
| 1 year | +54.1% | +13.5% | +40.6 pp | −13.9% |
| 3 years | unavailable | +76.4% | unavailable | −33.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '17 | Q3 '17 | Q1 '18 | Q1 '25 | Q2 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | 303.1 m | 327.4 m | 404.6 m | 520.8 m |
| Cost of revenue | — | — | — | 265.6 m | 283.5 m | 352.8 m | 439.5 m |
| Gross profit | — | — | — | 37.5 m | 43.9 m | 51.8 m | 81.3 m |
| SG&A | — | — | — | 11.8 m | 12.1 m | 11.1 m | 12.0 m |
| Operating income | -76.9 k | -473.9 k | -2.6 m | 20.9 m | 27.1 m | 36.0 m | 64.8 m |
| Depreciation & amortisation | — | — | — | 36.0 m | 35.9 m ≈ | 33.8 m | 36.1 m ≈ |
| Interest expense | — | — | — | 8.3 m | 8.6 m | 6.5 m | 7.0 m |
| Pre-tax income | — | — | — | 13.7 m | 19.5 m | 30.9 m | 58.9 m |
| Income tax | — | — | — | 3.3 m | 4.3 m | 7.1 m | 14.9 m |
| Net income | 299.2 k | -31.1 k | -1.9 m | 10.4 m | 15.2 m | 23.8 m | 44.0 m |
| Diluted EPS | — | — | — | 0.11 | 0.16 | 0.23 | 0.43 |
| Operating cash flow | — | — | -620.6 k | 20.5 m | 98.5 m ≈ | 30.7 m | 174.0 m ≈ |
| Capex | — | — | — | 30.1 m | 29.7 m ≈ | 36.0 m | 74.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 11.2, median 20.7, max 30.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 834.2 m | 876.7 m | 909.5 m | 1.1 bn | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | unavailable | unavailable | +5.1% | +3.7% | +26.0% | +13.6% | +1.7% |
| Net income | 28.4 m | 39.4 m | 16.6 m | -64.6 m | -36.4 m | 12.6 m | 76.3 m | 51.1 m |
| Net income YoY | +239.6% | unavailable | −57.9% | −490.0% | unavailable | unavailable | +506.6% | −33.0% |
| Diluted EPS | unavailable | unavailable | 0.18 | -0.71 | -0.39 | 0.13 | 0.80 | 0.52 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −494.4% | unavailable | unavailable | +515.4% | −35.0% |
| net % | unavailable | unavailable | 2.0% | -7.4% | -4.0% | 1.1% | 5.9% | 3.9% |
| Free cash flow | unavailable | unavailable | unavailable | 20.7 m | -29.8 m | 108.8 m | 124.2 m | 120.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 124.8 m USD
- Financial debt
- 245.6 m USD
- Net debt
- 120.8 m USD
- Equity
- 967.9 m USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 0.25x
- Current ratio
- 1.04x
- ROE
- 5.5%
- ROA
- 2.8%
- FCF margin
- 9.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 834.2 m | 876.7 m | 909.5 m | 1.1 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 06 Mar 2026verified |
| Cost of revenue | 756.2 m | 873.9 m | 844.0 m | 997.3 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Gross profit | 77.9 m | 2.8 m | 65.5 m | 148.7 m | 208.7 m | 164.7 m | SEC (XBRL)· 06 Mar 2026verified |
| SG&A | 26.8 m | 28.1 m | 47.5 m | 49.2 m | 52.2 m | 47.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Operating income | 35.3 m | -43.3 m | -917.0 k | 80.7 m | 137.7 m | 98.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 120.7 m | 122.1 m | 115.8 m | 142.2 m | 142.8 m | 141.7 m | SEC (XBRL)· 06 Mar 2026verified |
| EBITDA | 156.0 m ≈ | 78.8 m ≈ | 114.9 m ≈ | 222.9 m ≈ | 280.5 m ≈ | 240.0 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Interest expense | 15.9 m | 15.2 m | 34.1 m | 45.8 m | 39.9 m | 32.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Pre-tax income | 29.1 m | -60.6 m | -29.8 m | 29.8 m | 95.5 m | 60.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | 12.5 m | 4.0 m | 6.6 m | 17.3 m | 19.2 m | 9.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Net income | 16.6 m | -64.6 m | -36.4 m | 12.6 m | 76.3 m | 51.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | 0.18 | -0.71 | -0.39 | 0.13 | 0.80 | 0.52 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 89.1 m | 91.0 m | 93.0 m | 94.7 m | 95.7 m | 99.1 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 75.0 m | 205.8 m | 78.9 m | 67.8 m | 108.0 m | 124.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Receivables | 116.8 m | 130.4 m | 148.7 m | 171.3 m | 137.3 m | 178.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Inventories | 94.3 m | 93.9 m | 110.5 m | 98.4 m | 96.8 m | 94.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Current assets | 511.2 m | 627.4 m | 537.8 m | 541.7 m | 540.5 m | 630.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | 437.7 m | 425.5 m | 461.1 m | 442.7 m | 438.1 m | 465.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Goodwill | 620.9 m | 645.1 m | 645.1 m | 645.1 m | 645.1 m | 645.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 110.4 m | 121.6 m | 102.9 m | 84.3 m | 65.7 m | 47.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 1.7 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 06 Mar 2026verified |
| Accounts payable | 144.6 m | 314.6 m | 353.5 m | 351.2 m | 305.3 m | 421.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Short-term debt | 42.4 m | 78.3 m | 89.9 m | 48.9 m | 59.7 m | 54.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Long-term debt | 308.6 m | 508.8 m | 391.9 m | 331.6 m | 254.4 m | 191.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Current liabilities | 435.9 m | 431.9 m | 544.1 m | 533.4 m | 503.5 m | 604.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | 826.6 m | 1.0 bn | 1.0 bn | 976.2 m | 865.4 m | 883.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 859.9 m | 821.0 m | 802.3 m | 821.5 m | 908.2 m | 967.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Shares outstanding at year end | 87.8 m | — | 94.0 m | 95.0 m | 96.0 m | 100.8 m | SEC (XBRL)· 06 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 134.5 m | 127.7 m | 92.6 m | 177.0 m | 229.3 m | 264.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Capex | — | 107.1 m | 122.4 m | 68.2 m | 105.1 m | 143.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Free cash flow | — | 20.7 m ≈ | -29.8 m ≈ | 108.8 m ≈ | 124.2 m ≈ | 120.8 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Investing cash flow | -96.4 m | -164.5 m | -146.7 m | -83.5 m | -111.1 m | -152.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | -36.2 m | 167.5 m | -72.8 m | -104.5 m | -78.1 m | -87.3 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation64
- Growth100
- Balance sheet61
- Quality81
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.73 – 46.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)29.61 – 46.77 (Mid 36.18)WACC 8.9% · starting FCFF 179.7 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -13.3%
- Peers: EV/EBITDA12.73 – 28.23 (Mid 22.41)8 companies used · median multiple 7.9x · quartiles 4.5x – 9.9xACDC, CLB, HAL, HOS, KLXE, OII, PUMP, WTTR
- Peers: P/E12.77 – 18.66 (Mid 18.03)9 companies used · median multiple 19.5x · quartiles 13.8x – 20.1xCLB, HAL, HOS, NGS, OII, RNGR, SLB, TUSK, WTTR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.2% | 75 (vs peers) | 13% |
| Net margin · Quality | 5.8% | 72 (vs peers) | 8% |
| FCF conversion · Quality | 167.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 13.3% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.1x | 82 (vs peers) | 13% |
| Interest coverage · Balance sheet | 5.2x | 56 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.7x | 36 (vs peers) | 13% |
| EV/EBITDA · Valuation | 6.8x | 63 (vs peers) | 13% |
| FCF yield · Valuation | 8.1% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation64/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NATIONAL ENERGY SERVICES REUNITED CORP. (NESR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth 1.7%; net margin 5.8%; ROE 9.4%; net debt/EBITDA 0.1x.
The estimated value range is 12.77–28.23 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 22.41 USD, the price of 19.20 USD leaves a potential of 16.7% (value / price − 1) and a margin of safety of 14.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.2%
- Net margin: 5.8%
- FCF conversion: 167.4%
- Revenue CAGR 3Y: 13.3%
- Net debt / EBITDA: 0.1x
- FCF yield: 8.1%
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.4 bn | 10.3 | 31.1% | 11.4% | +4.6% | +39% / +65% |
| NESRNational Energy Services Reunited Corp. | 1.9 bn | 20.7 | 9.4% | 5.8% | +1.7% | +54% / unavailable |
| RESRpc, Inc. | 1.2 bn | — | -3.0% | -1.8% | +15.0% | +5% / −23% |
| HOSHornbeck Offshore Services, Inc. | 790.0 m | 20.1 | 2.5% | 3.0% | −4.9% | −20% / −42% |
| PUMPProPetro Holding Corp. | 738.4 m | — | 0.2% | 0.2% | −12.1% | −37% / −34% |
| WTTRSelect Water Solutions, Inc. | 622.7 m | 19.5 | 3.5% | 2.2% | −3.1% | +53% / +107% |
| ACDCProFrac Holding Corp. | 493.6 m | — | -57.4% | -22.8% | −11.4% | −23% / −66% |
| CLBCore Laboratories Inc. | 409.2 m | 26.5 | 5.7% | 3.0% | +0.5% | −41% / −50% |
| NGSNatural Gas Services Group, Inc. | 344.1 m | 16.6 | 7.3% | 10.8% | +9.9% | −14% / +74% |
| TUSKMammoth Energy Services, Inc. | 143.4 m | 10.1 | 5.3% | 17.1% | −2.9% | +62% / −33% |
| NINENine Energy Service, Inc. | 94.7 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 20.4 m | — | — | -9.7% | −10.2% | −42% / −90% |
| RCONRecon Technology, Ltd | 8.7 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| RNGRRanger Energy Services, Inc. | — | 20.1 | 5.1% | 2.6% | −4.2% | −6% / +30% |
| WBIWaterBridge Infrastructure LLC | — | 399.2 | 0.5% | 0.5% | +66.2% | +5% / unavailable |
| LBRTLiberty Energy Inc. | — | 46.8 | 2.0% | 0.9% | −7.2% | −36% / −43% |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −34% / −54% |
1- and 3-year price returns: for NESR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.36 Total return -36% · Per year -36% | 21.76 Total return 13% · Per year 13% | 32.66 Total return 70% · Per year 70% |
| 3 years | 14.22 Total return -26% · Per year -10% | 27.95 Total return 46% · Per year 13% | 45.74 Total return 138% · Per year 34% |
| 5 years | 16.36 Total return -15% · Per year -3% | 35.90 Total return 87% · Per year 13% | 64.04 Total return 234% · Per year 27% |
- Exit P/E± 6.99
- Net margin± 4.89
- Annual revenue growth± 3.70
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
National Energy Services Reunited Corp. (NESR) is one of the largest oilfield services providers in the Middle East and North Africa, operating in 16 countries with offerings from hydraulic fracturing and cementing to directional drilling. In the second quarter of 2026 the company reported strong revenue growth, to 520.8 million USD 3, which draws attention to its ability to turn that growth into profitability.
SWOT
Strengths
- The company has deep regional presence and long-term relationships with national customers, which give it a stable flow of activity 1.
- Cash generation rose significantly in 2026 and net debt fell, which strengthens financial flexibility 3.
- The service portfolio covers both production and drilling stages, which allows integrated offerings to customers 1.
Weaknesses
- Geographic and customer concentration makes the company vulnerable to economic and political developments in a small number of countries 1.
- Cost of services rose as a share of revenue in 2025, which reduced gross margin 1.
- The company depends on a small number of large customers, and losing one important contract could affect revenue 1.
Opportunities
- Growing unconventional gas activity in the Middle East could open new contracts for the company's services 1.
- The Roya directional drilling technology could extend the company into the high-end drilling market if adoption accelerates 1.
- Recently won contracts in the region could support revenue growth in coming quarters 3.
Risks
- Dependence on oil priceshigh
Customer activity depends directly on oil and gas prices, and a prolonged decline could reduce demand for the company's services 1.
- Geographic concentrationhigh
Almost all revenue comes from the MENA region, exposing the company to local economic and political risks 1.
- Large customersmedium
A single customer can account for close to half of revenue, and changes in its budgets could significantly affect results 1.
- Regional conflictmedium
The trajectory of the regional conflict remains uncertain, and its effects on demand and sanctions could be significant 2.
- US domestic issuer obligationslow
From 1 January 2026 the company is no longer a foreign private issuer, which brings added compliance and reporting costs 1.
Investment thesis
What would need to be true (bull case)
- If activity growth in Saudi Arabia is sustained, revenue and margins could keep improving, as the second-quarter results suggested 3.
- Solid cash generation and lower net debt could give the company room to invest in new technologies.
- Its regional position and relationships with national customers could support activity even when oil prices are lower 1.
What would break the thesis
- If oil prices fall again, customers could defer capital spending and revenue could decline 1.
- Gross margin narrowed in 2025, and a higher cost structure could limit the benefit of revenue growth 1.
- Reliance on a few large customers and a single region could amplify the impact of any shock to activity 1.
What to watch
- Gross margin and cost of services trendQ3 2026
- Development of the regional conflict and sanctions2026
- Activity in Saudi Arabia and newly won contractsnext 10-Q
- Adoption of the Roya directional drilling technology2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NESR works primarily in the upstream and midstream segments of the oil and gas industry, with national oil companies, large integrated companies and independent operators as its main customers 1. The company is especially active in Saudi Arabia, Oman, Kuwait, the UAE, Iraq, Algeria, Egypt and Libya, and more than 99% of revenue comes from the MENA region 1. Its two segments, Production Services and Drilling and Evaluation Services, cover the completion, production and construction stages of a well 1.
Segments
Production Services
The segment includes hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen services, filtration, pipelines and industrial services, production assurance, artificial lift and completions 1. It accounted for 62% of revenue in 2025, down from the prior year, according to the annual report 1.
Drilling and Evaluation Services
The segment covers drilling rigs and integrated services, fishing and downhole tools, thru-tubing intervention, directional drilling, drilling fluids, pressure control, well testing and wireline logging 1. Revenue rose in 2025, and the company's Roya directional drilling technology contributed more to this development 1.
Market context
The market NESR serves depends on the exploration, development and production activity of its customers, which is directly influenced by oil and gas prices 1. The Middle East accounts for a large part of global oil production, and regional economies depend heavily on the energy sector, which supports activity even when prices are low 1. The rig count in the region and the Brent price are indicators the company tracks 2.
Trends
- Regional conflictmixed
The conflict between the United States, Israel and Iran has added volatility to oil markets, but up to 30 June 2026 it had no material adverse effect on results, and demand stayed resilient 2. The conflict's trajectory remains uncertain and could affect prices and customer spending 2.
- Investment in Saudi Arabiatailwind
Customer investment in Saudi Arabia, including the Jufurah unconventional field, supported the company's activity in the first half of 2026 2. Fracturing and well testing work in the country was the main driver of growth 3.
- Oil price volatilityheadwind
Brent prices have fluctuated sharply in recent years, and a prolonged decline could reduce exploration and development activity and therefore demand for the company's services 1.
- Technology and decarbonizationtailwind
Customers increasingly seek advanced technology, and directional drilling and decarbonization solutions could open new opportunities, although many of these are still in early development 1.
Competitive position
NESR operates in highly competitive markets across the MENA region, where it competes with large multinational corporations and smaller local providers 1. The main competitive factors are price, operational performance, service quality, safety and technological capability 1.
- Large multinational oilfield service companies
Larger competitors with greater resources and a global footprint, as described in the annual report 1.
- Local service providers
Smaller regional firms that compete on local presence and close relationships with customers in the region 1.
- Directional drilling technology providers
Competitors in directional drilling and advanced drilling technologies, a segment NESR also addresses through partnerships 1.
- Rig and completion service firms
Firms offering drilling and completion services in the same countries, particularly Saudi Arabia and Kuwait 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Item 4.01 · Financial statements and exhibits
- Current report21 Jul 2026Departure or appointment of officers
- Current report14 May 2026Regulation FD disclosure
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report07 May 2026Shareholder vote
- Proxy statement24 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / National Energy Services Reunited Corp. · 06 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / National Energy Services Reunited Corp. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / National Energy Services Reunited Corp. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.