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ProFrac vs National Energy Services Reunited: revenue, profit, margins and growth compared

ProFrac brought in $1.9B of revenue in fiscal 2025, National Energy Services Reunited $1.3B in fiscal 2025. Revenue changed by -11.4% at ProFrac and +1.7% at National Energy Services Reunited on the year before, so National Energy Services Reunited grew faster. ProFrac kept -19.0% of its revenue as net profit, National Energy Services Reunited 3.9%. Free cash flow was $19.6M at ProFrac and $120.8M at National Energy Services Reunited.

Side by side, latest fiscal year

ACDCNESR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.9B$1.3B
Revenue growth-11.4%+1.7%
Net income-$369M$51.1M
Net margin-19.0%3.9%
Free cash flow$19.6M$120.8M
Free cash flow margin1.0%9.1%
Earnings per share (diluted)-$2.22$0.52
Cash$22.9M$124.8M
Debt$832.7M$255.9M
Price to earningsn/a61.8
Market value$838.7M$3.2B
Dividend yieldn/an/a
Rank by revenue in sector#59 of 129 · Energy#71 of 129 · Energy

Over the years

Revenue
ACDC FY2020: $547.7MACDC FY2022: $768.4MACDC FY2022: $2.4BACDC FY2023: $2.6BACDC FY2024: $2.2BACDC FY2025: $1.9BNESR FY2020: $834.2MNESR FY2022: $876.7MNESR FY2022: $909.5MNESR FY2023: $1.1BNESR FY2024: $1.3BNESR FY2025: $1.3BFY20FY22FY23FY24FY25
ACDC $1.9BNESR $1.3B
Net income
ACDC FY2020: -$118.5MACDC FY2022: -$42.4MACDC FY2022: $91.5MACDC FY2023: -$97.7MACDC FY2024: -$215.1MACDC FY2025: -$369MNESR FY2017: $28.4MNESR FY2019: $39.4MNESR FY2020: $16.6MNESR FY2022: -$64.6MNESR FY2022: -$36.4MNESR FY2023: $12.6MNESR FY2024: $76.3MNESR FY2025: $51.1MFY17FY19FY20FY22FY23FY24FY25
ACDC -$369MNESR $51.1M
Net margin
ACDC FY2020: -21.6%ACDC FY2022: -5.5%ACDC FY2022: 3.8%ACDC FY2023: -3.7%ACDC FY2024: -9.8%ACDC FY2025: -19.0%NESR FY2020: 2.0%NESR FY2022: -7.4%NESR FY2022: -4.0%NESR FY2023: 1.1%NESR FY2024: 5.9%NESR FY2025: 3.9%FY20FY22FY23FY24FY25
ACDC -19.0%NESR 3.9%
Revenue growth
ACDC FY2022: +40.3%ACDC FY2022: +215.7%ACDC FY2023: +8.4%ACDC FY2024: -16.7%ACDC FY2025: -11.4%NESR FY2022: +5.1%NESR FY2022: +3.7%NESR FY2023: +26.0%NESR FY2024: +13.6%NESR FY2025: +1.7%FY22FY23FY24FY25
ACDC -11.4%NESR +1.7%
Free cash flow
ACDC FY2020: -$2.9MACDC FY2022: -$43.5MACDC FY2022: $59MACDC FY2023: $286.5MACDC FY2024: $112.3MACDC FY2025: $19.6MNESR FY2022: $20.7MNESR FY2022: -$29.8MNESR FY2023: $108.8MNESR FY2024: $124.2MNESR FY2025: $120.8MFY20FY22FY23FY24FY25
ACDC $19.6MNESR $120.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about ProFrac and National Energy Services Reunited

Which is bigger by revenue, ProFrac or National Energy Services Reunited?

ProFrac is bigger by revenue: $1.9B in fiscal 2025, against $1.3B for National Energy Services Reunited in fiscal 2025.

Which keeps more of its revenue as profit, ProFrac or National Energy Services Reunited?

ProFrac had a net margin of -19.0% in fiscal 2025; National Energy Services Reunited had 3.9% in fiscal 2025.

Which grew revenue faster, ProFrac or National Energy Services Reunited?

In their latest fiscal years revenue changed by -11.4% at ProFrac and +1.7% at National Energy Services Reunited.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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