NESR National Energy Services Reunited Corp.

Overview and Growth

In fiscal 2025, National Energy Services Reunited Corp. recorded $1.32B of revenue, net income of $51.13M, and an operating cash inflow of $264.24M. At $1.32B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 1.7% from $1.30B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $0.52, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 35.0% from $0.80 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 0.72x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $164.73M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 12.4%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $98.32M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 7.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $51.13M, after the operating, financing, tax, and other items recognized for the period. Net margin was 3.9%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $60.40M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 4.6%, relating income before taxes directly to revenue. Income tax expense totaled $9.27M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 15.3% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

The company held $1.85B of assets against $883.60M of liabilities and $967.92M of equity, revealing how the asset base was financed. The near-term balance sheet paired $630.37M of current assets with $604.92M of current liabilities at the reporting date. At 1.04x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $124.80M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 20.6% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $255.88M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.26x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 13.8%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 47.7%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 6.7%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

The company reported $264.24M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 5.17x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $143.45M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 54.3% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $120.79M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 9.1% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 6.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.