National Energy Services Reunited

NESR

Oil & Gas Equipment & Services · Energy

Price

$27.99

+0.11 (+0.39%)

Market Cap

$2.82B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+8.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 91.0M (2021) → 99.1M (2025)

National Energy Services Reunited Corp. provides oilfield services to oil and gas companies in the Middle East, North Africa, and the Asia Pacific regions. It operates through two segments, Production Services; and Drilling and Evaluation Services. The Production Services segment offers hydraulic fracturing services; coiled tubing services, including nitrogen lifting, fishing, milling, clean-out, scale removal, and other well applications; stimulation and pumping services; primary and remedial c

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+33.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+118.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

30.0%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~4 years

$93M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$93M cash & investments at current burn rate

Revenue accelerating

National Energy Services Reunited grew revenue 33% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

11.7%

Thin — 11.7% gross margin

Operating Margin

8.9%

Modest — 8.9% operating margin

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.0%

Steady sales growth (9.0% YoY)

EPS YoY

-18.8%

Earnings shrinking (-18.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

425%

Turns 425% of profit into real cash

FCF Margin

8.8%

Modest free cash flow (8.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.29

Conservative — low debt load (0.29)

Interest Cover

3.69x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

42.6x

Pricey — P/E 42.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+25.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (42.6 → 17.1)

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Dividends

Not applicable for this business.

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