National Energy Services Reunited Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data National Energy Services Reunited Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2019	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue				834	877	910	1,146	1,302	1,324
Cost of revenue				756	874	844	997	1,093	1,159
Gross profit				77.9	2.78	65.5	149	209	165
Selling, general and administrative				26.8	28.1	47.5	49.2	52.2	47.6
Operating income		-4.21		35.3	-43.3	-0.92	80.7	138	98.3
Interest expense				15.9	15.2	34.1	45.8	39.9	32.5
Pre-tax income				29.1	-60.6	-29.8	29.8	95.5	60.4
Income tax				12.5	3.99	6.62	17.3	19.2	9.27
Net income	8.35	28.4	39.4	16.6	-64.6	-36.4	12.6	76.3	51.1
EBITDA				156	78.8	115	223	280	240
EPS, basic		-0.40		0.19	-0.71	-0.39	0.13	0.80	0.52
EPS, diluted		-0.40		0.18	-0.71	-0.39	0.13	0.80	0.52
Shares, basic (weighted)		9.55		88.8	91	93	94.7	95.5	98.4
Shares, diluted (weighted)		9.55		89.1	91	93	94.7	95.7	99.1

Balance sheet

	FY2016	FY2017	FY2019	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		0.74	73.2	75	206	78.9	67.8	108	125
Receivables			98.8	117	130	149	171	137	178
Inventory			78.8	94.3	93.9	111	98.4	96.8	94.8
Other current assets		0.13	11.4	3.94	6.44	16.7	10.8	7.1	10.7
Total current assets		0.87	403	511	627	538	542	541	630
Property, plant and equipment			419	438	426	461	443	438	465
Lease right-of-use assets						30	31.6	26	20.3
Goodwill			575	621	645	645	645	645	645
Intangible assets			123	110	122	103	84.3	65.7	47.1
Other non-current assets			2.37	2.8	11.7	51.5	52.3	58.2	43.2
Total assets		231	1,522	1,687	1,831	1,828	1,798	1,774	1,852
Accounts payable		3.47	65.7	145	315	354	351	305	421
Accrued liabilities			69.1	73.8
Short-term debt			15	47.5	8.76	53.4	71.7	68.7	64.5
Total current liabilities		3.47	228	436	432	544	533	504	605
Long-term debt			331	309	509	392	332	254	191
Lease liabilities						25.1	25.1	20.8	18.4
Other non-current liabilities			34.2	32.1	37.2	40.6	57.2	49.3	30.8
Total liabilities		230	636	827	1,010	1,026	976	865	884
Total debt			346	360	518	452	408	327	256
Paid-in capital			17.2
Retained earnings		-2.86	67.7	28.7	-35.8	-75	-62.4	13.9	65
Other comprehensive income			0.03	0.06	0.07	0.07	0.07	0.07	0.07
Shareholders' equity		54.6	886	944	821	802		908	968
Minority interests				-0.01
Total equity	382	389	835	860	821	802	821	908	968
Total liabilities and equity		231	1,522	1,687	1,831	1,828	1,798	1,774	1,852
Shares outstanding		11.7	87.2	87.8	91.4	94	95	96	101

Cash flow statement

	FY2016	FY2017	FY2019	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	8.35	28.4	39.4	16.6	-64.6	-36.4	12.6	76.3	51.1
Depreciation and amortization				121	122	116	142	143	142
Stock-based compensation				7.83	9.76	9.27	6.76	6.03	8.32
Deferred income tax				-3.24	-12.1	-10.3	-3.75	-2.72	-5.2
Change in receivables				-2.62	-8.29	-29.3	-23	25.2	-49.5
Change in inventory				-11.9	-3.24	-16.8	12	-0.63	0.43
Change in payables				79.3	31.2	33.7	-3.37	-38.5	116
Cash from operations		-0.87		134	128	92.6	177	229	264
Capital expenditures					-107	-122	-68.2	-105	-143
Acquisitions				-13.2	-51.9
Purchases of investments						-17.4	-16
Cash from investing		-229		-96.4	-165	-147	-83.5	-111	-152
Debt issued				15	527	3.19	11.3	4.06
Debt repaid				-26	-360	-78.8	-54.8	-85.8	-68.7
Stock issued		0.03
Cash from financing		231		-36.2	168	-72.8	-105	-78.1	-87.3
Net change in cash		0.74		1.81	131	-127	-11	40.1	24.7
Free cash flow					20.7	-29.8	109	124	121
Interest paid				13.1	9.89	19.2	33.9	38.3	28.5
Income taxes paid				15.6	12.8	11	15.2	12.9	27.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $32.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.4%	Gross profit / revenue.
Operating margin	7.4%	Operating income / revenue.
EBITDA margin	18.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.6%	Pre-tax income / revenue.
Net margin	3.9%	Net income / revenue.
FCF margin	9.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.0%	Cash from operations / revenue.
Effective tax rate	15.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	7.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.8%	Capital expenditures / revenue.
D&A / revenue	10.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-21.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	36.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-28.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	22.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-14.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-33.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	25.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-35.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	23.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	41.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-2.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	6.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.04x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.8%	Total debt / total assets.
Liabilities / assets	47.7%	Total liabilities / total assets.
Net debt	$131.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.55x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.02x	Operating income / interest expense.
Working capital	$25.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$275.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	2.93x	Revenue / average property, plant and equipment.
Inventory turnover	12.1x	Cost of revenue / average inventory.
Days inventory	30 days	365 x average inventory / cost of revenue.
Receivables turnover	8.40x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	114 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-41 days	Days inventory + days sales outstanding - days payables.
FCF conversion	236.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	54.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.52	Net income per basic share, as reported (split-adjusted).
Revenue per share	$13.36	Revenue / diluted weighted shares.
FCF per share	$1.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.67	Cash from operations / diluted weighted shares.
Book value per share	$9.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.74	Tangible book value / shares outstanding.
Cash per share	$1.24	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.24B	Share price x shares outstanding.
Enterprise value	$3.37B	Market cap + total debt - cash - short-term investments.
P/E	63.4x	Market cap / net income. Only when net income is positive.
P/S	2.45x	Market cap / revenue.
P/B	3.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.8x	Market cap / tangible book value, when positive.
P/FCF	26.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.3x	Market cap / cash from operations, when positive.
EV/Sales	2.55x	Enterprise value / revenue.
EV/EBIT	34.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).

What was National Energy Services Reunited Corp.'s revenue in fiscal 2025?

National Energy Services Reunited Corp. reported revenue of $1.32B for fiscal 2025, 1.7% higher than the year before.

Was National Energy Services Reunited Corp. profitable in fiscal 2025?

Yes. Net income was $51.1M, a net margin of 3.9%.

How much free cash flow did National Energy Services Reunited Corp. generate in fiscal 2025?

Cash from operations of $264.2M minus capital expenditures of $143.5M left free cash flow of $120.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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