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National Energy Services Reunited Corp.
NESRCIK 0001698514NasdaqAcceleratedOil & Gas Field Services, NecD8FY ends Dec 31
Period
FY 2025
Revenue
$1.32B
Net Income
$51.13M
Total Assets
$1.85B
Equity
$967.92M
Shares Out
100.79M
Op. Cash Flow
$264.24M
Business
National Energy Services Reunited Corp. provides oilfield products and services to upstream and midstream oil and natural gas companies, primarily across the Middle East and North Africa (MENA) region. The company offers production services such as hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen, filtration, pipelines and industrial services, artificial lift, completions and integrated production management, and drilling and evaluation services including rigs, directional drilling, wireline, slickline, well testing and pressure control. NESR organizes its operations into two reportable segments: Production Services and Drilling and Evaluation Services, with an environmental and decarbonization applications (NEDA) service line. The company operates in MENA and select other international markets, selling through direct and indirect channels with local country-focused sales teams.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2017 2017-12-31 |
|---|---|---|---|---|---|
| Revenues | 1,324 | 1,302 | 1,146 | — | |
| Cost of services | −1,159 | −1,093 | −997 | — | |
| Gross profit | 165 | 209 | 149 | — | |
| Selling, general and administrative expenses (excluding Amortization) | −48 | −52 | −49 | — | |
| Amortization | −19 | −19 | −19 | — | |
| Operating income | 98 | 138 | 81 | −4 | |
| Interest expense, net | −33 | −40 | −46 | — | |
| Other (expense) / income, net | −5 | −2 | −5 | — | |
| Income before income tax | 60 | 95 | 30 | — | |
| Income tax expense | −9 | −19 | −17 | — | |
| Net income | 51 | 76 | 13 | −3 | |
| Basic (shares) | 98 | 95 | 95 | — | |
| Diluted (shares) | 99 | 96 | 95 | — | |
| Basic (per share) | 0.52 | 0.8 | 0.13 | — | |
| Diluted (per share) | 0.52 | 0.8 | 0.13 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2017 2017-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 125 | 108 | 68 | — | — | |
| Accounts receivable, net (Note 5) | 178 | 137 | 171 | — | — | |
| Unbilled revenue | 121 | 112 | — | — | — | |
| Service inventories (Note 6) | 95 | 97 | — | — | — | |
| Prepaid assets | 13 | 10 | — | — | 127,420 | |
| Retention withholdings | 33 | 31 | — | — | — | |
| Other receivables | 55 | 38 | — | — | — | |
| Other current assets | 11 | 7 | — | — | — | |
| Total current assets | 630 | 541 | — | — | 868,516 | |
| Property, plant and equipment, net (Note 7) | 465 | 438 | — | — | — | |
| Intangible assets, net (Note 8) | 47 | 66 | — | — | — | |
| Goodwill (Note 8) | 645 | 645 | — | — | — | |
| Operating lease right-of-use assets (Note 9) | 20 | 26 | — | — | — | |
| Other assets | 43 | 58 | — | — | — | |
| Total assets | 1,852 | 1,774 | — | — | 231 | |
| Accounts payable and accrued expenses | 421 | 305 | — | — | 3 | |
| Current installments of long-term debt (Note 10) | 65 | 69 | — | — | — | |
| Short-term borrowings (Note 10) | 54 | 60 | — | — | — | |
| Income taxes payable (Note 12) | 25 | 8 | — | — | — | |
| Other taxes payable | 12 | 27 | — | — | — | |
| Operating lease liabilities (Note 9) | 3 | 5 | — | — | — | |
| Other current liabilities | 25 | 29 | — | — | — | |
| Total current liabilities | 605 | 504 | — | — | 3 | |
| Long-term debt (Note 10) | 191 | 254 | — | — | — | |
| Deferred tax liabilities (Note 12) | 2 | 6 | — | — | — | |
| Employee benefit liabilities (Note 11) | 36 | 32 | — | — | — | |
| Non-current operating lease liabilities (Note 9) | 18 | 21 | — | — | — | |
| Other liabilities | 31 | 49 | — | — | — | |
| Total liabilities | 884 | 865 | — | — | 12 | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at December 31, 2025, and 2024, respectively (Note 15) | — | — | — | — | — | |
| Common stock and additional paid in capital, no par value; unlimited shares authorized; 100,787,173 and 96,045,856 shares issued and outstanding at December 31, 2025, and 2024, respectively (Note 15) | 903 | 894 | — | — | 58 | |
| Retained income | 65 | 14 | — | — | −3 | |
| Accumulated other comprehensive income | 69,000 | 69,000 | — | — | — | |
| Total equity | 968 | 908 | 821 | 802 | — | |
| Total liabilities and equity | 1,852 | 1,774 | — | — | 231 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2017 2017-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 142 | 143 | 142 | — | |
| Share-based compensation expense | 8 | 6 | 7 | — | |
| (Gain) loss on disposal of assets | −4 | 467,000 | 487,000 | — | |
| Non-cash interest expense (income) | 1 | −1 | 2 | — | |
| Deferred tax (benefit) | −5 | −3 | −4 | — | |
| Allowance for doubtful receivables and unbilled revenue | 9 | 9 | 410,000 | — | |
| Charges on obsolete service inventories | 2 | 2 | 137,000 | — | |
| Impairments and other charges | 10 | 5 | 8 | — | |
| Other operating activities, net | 3 | 327,000 | 933,000 | — | |
| (Increase) decrease in accounts receivable | −49 | 25 | −23 | — | |
| (Increase) decrease in unbilled revenue | −9 | −16 | 14 | — | |
| (Increase) decrease in retention withholdings | −2 | 17 | −14 | — | |
| (Increase) decrease in inventories | 425,000 | −633,000 | 12 | — | |
| (Increase) decrease in prepaid assets | −3 | −909,000 | −9 | −127,420 | |
| (Increase) decrease in other current assets | −2 | 5 | 3 | — | |
| (Increase) decrease in other long-term assets and liabilities | −2 | −7 | 16 | — | |
| Increase (decrease) in accounts payable and accrued expenses | 116 | −39 | −3 | — | |
| Increase (decrease) in other current liabilities | −1 | 6 | 12 | — | |
| Net cash provided by operating activities | 264 | 229 | 177 | −865,000 | |
| Capital expenditures | −143 | −105 | −68 | — | |
| IPM investments (Note 3) | — | — | −16 | — | |
| Proceeds from disposal of assets | 5 | 3 | 2 | — | |
| Other investing activities | −14 | −9 | −1 | — | |
| Net cash used in investing activities | −152 | −111 | −83 | −229 | |
| Proceeds from long-term debt | — | 4 | 11 | — | |
| Repayments of long-term debt | −69 | −86 | −55 | — | |
| Proceeds from short-term borrowings | 99 | 83 | 95 | — | |
| Repayments of short-term borrowings | −104 | −73 | −137 | — | |
| Payments on capital leases | −4 | −3 | −2 | — | |
| Payments on seller-provided financing for capital expenditures | −7 | −4 | −16 | — | |
| Other financing activities, net | −2 | −163,000 | −197,000 | — | |
| Net cash used in financing activities | −87 | −78 | −105 | 231 | |
| Effect of exchange rate changes on cash | — | — | — | — | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 25 | 40 | −11 | — | |
| Interest paid | 28 | 38 | 34 | — |
Filings
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