NESR
National Energy Services Reunited Corp.
NESR's fundamentals are strong: revenue grew 44% and free cash flow more than tripled. Its PE isn't a useful guide right now because of how its recent earnings were reported.
NESR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Strong |
NESR's revenue, profitability, cash flow and balance sheet are all currently healthy.
NESR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.7x | $21.23 | — |
| Cheap | 20x | $21.68 | +2.1% |
| Current | 20x | $21.23 | — |
| Fair | 22x | $23.28 | +9.6% |
| Expensive | 23x | $24.21 | +14% |
Historical ranges are pointers, not guarantees.
NESR's PE is 20x, but its earnings don't support one, so it isn't a reliable read right now.
NESR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for NESR, with profitability improving.
NESR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.20 | +105% |
| Q3 2026 | $1.07 | +47% |
| Q2 2026 | $0.92 | +19% |
| Q1 2026 | $0.65 | -20% |
| Q4 2025 | $0.53 | -34% |
| Q3 2025 | $0.73 | +35% |
| Q2 2025 | $0.77 | +60% |
| Q1 2025 | $0.81 | +170% |
| Q4 2021 | -$0.72 | -229% |
NESR earned $1.07 per share over the past year, up 47% from the year before.
NESR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $504.7M | +71% |
| Q2 2026 | $520.8M | +59% |
| Q1 2026 | $404.6M | +33% |
| Q4 2025 | $398.3M | +16% |
| Q3 2025 | $295.3M | -12% |
| Q2 2025 | $327.4M | +0.7% |
| Q1 2025 | $303.1M | +2.1% |
| Q4 2024 | $343.7M | +12% |
NESR's revenue has grown year over year for four quarters in a row: $505M last quarter, up 71% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | +3.8 points |
| Q2 2026 | 12% | +4.2 points |
| Q1 2026 | 8.9% | +2 points |
| Q4 2025 | 7.7% | -5 points |
| Q3 2025 | 6.6% | -3.9 points |
| Q2 2025 | 8.3% | -2.2 points |
| Q1 2025 | 6.9% | -1.4 points |
| Q4 2024 | 13% | +3.7 points |
NESR's operating margin was 10% last quarter, up 3.8 points from the same quarter a year ago.
NESR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$45.9M | -$11.9M |
| Q2 2026 | $99.9M | +45% |
| Q1 2026 | -$5.3M | +$4.4M |
| Q4 2025 | $95.8M | +352% |
| Q3 2025 | -$34.1M | -178% |
| Q2 2025 | $68.7M | +142% |
| Q1 2025 | -$9.6M | -131% |
| Q4 2024 | $21.2M | -38% |
NESR usually generates cash, though not every quarter: the latest was −$46M, but it generated $144M over the past year.
NESR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +167K shares |
| 1 year | +2.6% | +2.7M shares |
| 3 years | +8.9% | +8.4M shares |
| 5 years | +17% | +15.2M shares |
| Available history | +20% | +17.5M shares |
NESR has 103M diluted shares, up 2.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
NESR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 1.0x | Very low |
| Q3 2025 | 1.1x | Healthy |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.2x | Healthy |
NESR's net debt is less than a year of its operating earnings (EBITDA), down from 1.1 years a year ago.
NESR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.7 | Neutral |
| Stochastic | 12.9 | Oversold |
NESR's weekly RSI is 42 (neutral) and its Stochastic is 13 (oversold).
NESR PE vs Energy Sector
NESR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $22.7 | 6.3% below |
| 20 week MA | $27.7 | 23% below |
| 50 week MA | $24.0 | 12% below |
| 100 week MA | $16.2 | 31% above |
| 200 week MA | $11.5 | 84% above |
NESR has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 84% above its 200-week average.
NESR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.13 | $9.54 | +4.5% |
| 2021 | $9.54 | $9.64 | +1% |
| 2022 | $9.64 | $6.49 | -33% |
| 2023 | $6.49 | $6.10 | -6% |
| 2024 | $6.10 | $8.65 | +42% |
| 2025 | $8.65 | $15.1 | +74% |
| 2026 YTD | $15.1 | $21.2 | +41% |
NESR has finished higher in four of the last six years. It's up 41% so far in 2026.