# National Energy Services Reunited Corp. (NESR)

> Source: Nexqual · https://nexqual.com/NESR · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, National Energy Services Reunited Corp. (NESR), nexqual.com/NESR" · informational, not investment advice.

**Price:** USD 21.74 (+2.74% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 21.16 · day 20.89–22.06 · 52w 11.84–36.94 · market cap $2.19B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.56B, net income $93.4M (6.0% margin), free cash flow $154M (SEC filings).
- Valuation: P/E 23.5x (avg 20.8x at the last 2 fiscal year-ends), EV/EBITDA 8.0x, net debt $49.2M.
- 1 of 80 tracked superinvestors hold NESR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $142M; 10 not under a Rule 10b5-1 plan ($142M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.56 on a 1–5 scale) (9 analysts), mean target USD 40.67 (range 35–46).
- Total return with dividends: 1Y +54.2% vs S&P 500 +13.6%; 5Y +137.6% vs S&P 500 +79.8%.
- Next earnings: 2026-11-12, EPS estimate USD 0.36, revenue estimate $496M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2017 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | — | $1.15B | $1.30B | $1.32B | $1.56B |
| Gross profit | — | $149M | $209M | $165M | — |
| Operating income | -$4.2M | $80.7M | $138M | $98.3M | $149M |
| Net income | -$2.9M | $12.6M | $76.3M | $51.1M | $93.4M |
| EPS (diluted) | -$0.40 | $0.13 | $0.80 | $0.52 | — |
| Free cash flow | — | $109M | $124M | $121M | $154M |
| Gross margin | — | 13.0% | 16.0% | 12.4% | — |
| Operating margin | — | 7.0% | 10.6% | 7.4% | 9.6% |
| Net margin | — | 1.1% | 5.9% | 3.9% | 6.0% |
| Revenue growth | — | — | +13.6% | +1.7% | — |
| Cash + short-term investments | $741K | $67.8M | $108M | $125M | — |
| Total debt | — | — | $323M | $256M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.5x · P/S 1.4x · EV/EBITDA 8.0x · EV/Sales 1.4x · P/FCF 14.3x · P/B 2.1x · FCF yield 7.01% · Earnings yield 4.26% · Net debt $49.2M · EV $2.24B
P/E at fiscal year-ends: Dec 2025 30.4x, Dec 2024 11.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NESR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.03% | $47.8M | Reduced -0.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Campo Mejia Antonio J | Director | 63,324 | $2.2M | 8.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-31 | Foda Sherif | Chief Executive Officer | 100,000 | $3.5M | 3.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Angeli Stefan | Chief Financial Officer | 13,570 | $477K | 2.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-25 | Al-Nowais Yousif Mohammed Ali Nasser | Director | 1,919,594 | $51.4M | 89.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12…2026-06-13 | Al-Nowais Yousif Mohammed Ali Nasser | Director | 1,401,450 | $36.9M | 39.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08…2026-06-09 | Al-Nowais Yousif Mohammed Ali Nasser | Director | 5,726 | $146K | 0.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22…2026-05-26 | Al-Nowais Yousif Mohammed Ali Nasser | Director | 699,888 | $18.3M | 16.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Al-Nowais Yousif Mohammed Ali Nasser | Director | 573,544 | $15.0M | 11.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18…2026-05-19 | Al-Nowais Yousif Mohammed Ali Nasser | Director | 224,068 | $5.8M | 4.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13…2026-05-14 | Al-Nowais Yousif Mohammed Ali Nasser | Director | 304,928 | $8.1M | 5.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.56 on a 1–5 scale), 9 analysts; mean target USD 40.67 (low 35, high 46).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Barclays | Target lowered | Overweight | $45 → $41 |
| 2026-10-02 | Piper Sandler | Target lowered | Overweight | $40 → $39 |
| 2026-10-01 | BMO Capital | Initiated | Outperform | $39 |
| 2026-09-29 | UBS | Target lowered | Buy | $47 → $46 |
| 2026-08-11 | UBS | Target raised | Buy | $36 → $45 |
| 2026-08-11 | Barclays | Target raised | Overweight | $35 → $45 |
| 2026-08-10 | BTIG | Target raised | Buy | $32 → $40 |
| 2026-07-14 | Piper Sandler | Target raised | Overweight | $33 → $35 |
| 2026-07-10 | BTIG | Reiterated | Buy | $32 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2024-07-08) |
|---|---|---|
| Total return | +54.2% | +137.6% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +54.4% | +45.5% |
| Volatility (annualized) | 58.3% | 51.7% |
| Max drawdown | -48.4% (Aug 2026→Oct 2026) | -48.4% (Aug 2026→Oct 2026) |

## Peers (Oil & Gas Equipment & Services)
FLOC (Flowco Holdings Inc.) USD 20.35 +2.21% · INVX (Innovex International, Inc.) USD 30.37 -2.44% · XPRO (Expro Ltd) USD 17.61 +0.74% · NEXT (NextDecade Corporation) USD 6.51 +0.93% · WTTR (Select Water Solutions, Inc.) USD 19.83 +1.80% · LBRT (Liberty Energy Inc.) USD 17.61 +3.96%

## More
Full page: https://nexqual.com/NESR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Production Services | $329.7M | 63.3% | +60.8% |
| Drilling & Evaluation Services | $191.0M | 36.7% | +56.2% |
| Total revenue | $520.8M | 100% | — |

## Revenue by product line (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Production Services | $241.0M | 59.6% | +28.2% |
| Drilling & Evaluation Services | $163.5M | 40.4% | +42.2% |
| Total revenue | $404.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| MENA | $518.3M | 99.5% | +59.6% |
| Rest Of World | $2.4M | 0.5% | -8.8% |
| Total revenue | $520.8M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 49%, 9%, 8%, 7% of revenue from unnamed direct customers (10-K, filed 2026-03-06).

## Company outlook (8-K filed 2026-08-10)

- "Adjusted net income for the quarter is $45.5 million and included $1.5 million of “Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS,” primarily attributable to $1.0 million of current expected credit loss provisions."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.36 | $0.48 | -26.1% | $495.9M | 9 |
| Next quarter (ends 2026-12-31) | $0.60 | $0.62 | -3.6% | $565.1M | 9 |
| Current fiscal year (ends 2026-12-31) | $1.65 | $1.71 | -3.5% | $1.99B | 9 |
| Next fiscal year (ends 2027-12-31) | $2.56 | $2.50 | +2.8% | $2.50B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±15.6%; last 3 reports averaged ±19.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 75.8% | ±15.6% |
| 2026-12-18 | 51 | 69.2% | ±21.0% |
| 2027-03-19 | 142 | 63.0% | ±31.4% |
| 2027-06-17 | 232 | 65.8% | ±41.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 10, 2026 | Quarter ended Jun 30, 2026 | $0.44 | $0.35 | Beat +25.7% | +24.1% |
| May 11, 2026 | Quarter ended Mar 31, 2026 | $0.26 | $0.21 | Beat +23.8% | +16.2% |
| Feb 17, 2026 | Quarter ended Dec 31, 2025 | $0.32 | $0.25 | Beat +28.0% | +18.4% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-10 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1698514/000149315226036720/0001493152-26-036720-index.htm |
| 2026-08-10 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1698514/000149315226036718/0001493152-26-036718-index.htm |
| 2026-08-10 | 8-K | Auditor changed — “On August 4, 2026, the Audit Committee of the Board of Directors (the "Audit Committee") of National Energy Services Reunited Corp. ("NESR" or the "Company") concluded the Company's competitive audit tender process, which commenced at the beginning of the second quarter of 2026 following the Audit Committee's determination that the upcoming required rotation of the lead audit engagement partner presented an appropriate opportunity to conduct a comprehensive review of the Company's independent audit services. (a)…” | https://www.sec.gov/Archives/edgar/data/1698514/000149315226036716/0001493152-26-036716-index.htm |
| 2026-07-21 | 8-K | Director or executive officer change, or pay arrangement — “(d) On July 15, 2026, the board of directors (the "Board") of National Energy Services Reunited Corp. (the "Company") appointed Maen Razouqi as an additional independent member of the Board, effective August 1, 2026. Mr. Razouqi's Board committee assignments have not yet been determined. As a non-management director, Mr. Razouqi will be compensated as described in the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 24, 2026, under the heading "Director Compensation."…” | https://www.sec.gov/Archives/edgar/data/1698514/000149315226034075/0001493152-26-034075-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.