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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
National Energy Services Reunited reported revenue of $1.3B in the fiscal year ended Dec 2025, up 1.7% from the year before. Operating income was $98M, an operating margin of 7.4%, and net income was $51M. Operating cash flow of $264M less capital expenditure of $143M left free cash flow of $121M. Net debt was $131M.
Ranks among the 17 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 877 | 910 | 1,146 | 1,302 | 1,324 |
| Cost of revenue | 874 | 844 | 997 | 1,093 | 1,159 |
| Gross profit | 2.8 | 65.5 | 149 | 209 | 165 |
| Selling, general & admin | 28.1 | 47.5 | 49.2 | 52.2 | 47.6 |
| Operating income | −43.3 | −0.9 | 80.7 | 138 | 98.3 |
| Interest expense | 15.2 | 34.1 | 45.8 | 39.9 | 32.5 |
| Pre-tax income | −60.6 | −29.8 | 29.8 | 95.5 | 60.4 |
| Income tax | 4.0 | 6.6 | 17.3 | 19.2 | 9.3 |
| Net income | −64.6 | −36.4 | 12.6 | 76.3 | 51.1 |
| Diluted EPS | −0.71 | −0.39 | 0.13 | 0.80 | 0.52 |
| Diluted shares | 91.0 | 93.0 | 94.7 | 95.7 | 99.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 206 | 78.9 | 67.8 | 108 | 125 |
| Receivables | 130 | 149 | 171 | 137 | 178 |
| Inventory | 93.9 | 111 | 98.4 | 96.8 | 94.8 |
| Current assets | 627 | 538 | 542 | 541 | 630 |
| Net PP&E | 426 | 461 | 443 | 438 | 465 |
| Goodwill | 645 | 645 | 645 | 645 | 645 |
| Total assets | 1,831 | 1,828 | 1,798 | 1,774 | 1,852 |
| Payables | 315 | 354 | 351 | 305 | 421 |
| Current liabilities | 432 | 544 | 533 | 504 | 605 |
| Short-term debt | 8.8 | 53.4 | 71.7 | 68.7 | 64.5 |
| Long-term debt | 509 | 392 | 332 | 254 | 191 |
| Total liabilities | 1,010 | 1,026 | 976 | 865 | 884 |
| Shareholders' equity | 821 | 802 | 821 | 908 | 968 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 128 | 92.6 | 177 | 229 | 264 |
| Capital expenditure | 107 | 122 | 68.2 | 105 | 143 |
| Free cash flow | 20.7 | −29.8 | 109 | 124 | 121 |
| Depreciation & amortisation | 122 | 116 | 142 | 143 | 142 |
| Stock-based compensation | 9.8 | 9.3 | 6.8 | 6.0 | 8.3 |
| Acquisitions | 51.9 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.7% | 26.0% | 13.6% | 1.7% |
| Operating income growth (YoY) | – | – | – | 70.6% | −28.6% |
| EPS growth (YoY) | – | – | – | 515.4% | −35.0% |
| Gross margin | 0.3% | 7.2% | 13.0% | 16.0% | 12.4% |
| Operating margin | −4.9% | −0.1% | 7.0% | 10.6% | 7.4% |
| Net margin | −7.4% | −4.0% | 1.1% | 5.9% | 3.9% |
| Return on equityBlank when equity is negative | −7.9% | −4.5% | 1.5% | 8.4% | 5.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.1% | −0.1% | 6.4% | 10.8% | 7.9% |
| Free cash flow margin | 2.4% | −3.3% | 9.5% | 9.5% | 9.1% |
| Cash conversion (CFO ÷ net income) | −1.98x | −2.54x | 14.1x | 3.01x | 5.17x |
| Receivable days | 54 | 60 | 55 | 38 | 49 |
| Inventory days | 39 | 48 | 36 | 32 | 30 |
| Payable days | 131 | 153 | 129 | 102 | 133 |
| Interest cover | −2.86x | −0.03x | 1.76x | 3.45x | 3.02x |
| Debt ÷ equity | 0.63x | 0.55x | 0.49x | 0.36x | 0.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 312 | 366 | 335 | 215 | 131 |
| Current ratio | 1.45x | 0.99x | 1.02x | 1.07x | 1.04x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.