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

Liberty Energy brought in $4B of revenue in fiscal 2025, National Energy Services Reunited $1.3B in fiscal 2025. Revenue changed by -7.2% at Liberty Energy and +1.7% at National Energy Services Reunited on the year before, so National Energy Services Reunited grew faster. Liberty Energy kept 3.7% of its revenue as net profit, National Energy Services Reunited 3.9%. Free cash flow was $14.1M at Liberty Energy and $120.8M at National Energy Services Reunited.

Side by side, latest fiscal year

LBRTNESR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4B$1.3B
Revenue growth-7.2%+1.7%
Net income$147.9M$51.1M
Net margin3.7%3.9%
Free cash flow$14.1M$120.8M
Free cash flow margin0.4%9.1%
Earnings per share (diluted)$0.89$0.52
Cash$27.6M$124.8M
Debt$246.6M$255.9M
Price to earnings21.361.8
Market value$3.1B$3.2B
Dividend yield1.74%n/a
Rank by revenue in sector#35 of 129 · Energy#71 of 129 · Energy

Over the years

Revenue
LBRT FY2018: $2.2BLBRT FY2019: $2BLBRT FY2020: $965.8MLBRT FY2021: $2.5BLBRT FY2022: $4.1BLBRT FY2023: $4.7BLBRT FY2024: $4.3BLBRT FY2025: $4BNESR FY2020: $834.2MNESR FY2022: $876.7MNESR FY2022: $909.5MNESR FY2023: $1.1BNESR FY2024: $1.3BNESR FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
LBRT $4BNESR $1.3B
Net income
LBRT FY2018: $126.3MLBRT FY2019: $39MLBRT FY2020: -$115.6MLBRT FY2021: -$179.2MLBRT FY2022: $399.6MLBRT FY2023: $556.3MLBRT FY2024: $316MLBRT FY2025: $147.9MNESR FY2017: $28.4MNESR FY2019: $39.4MNESR FY2020: $16.6MNESR FY2022: -$64.6MNESR FY2022: -$36.4MNESR FY2023: $12.6MNESR FY2024: $76.3MNESR FY2025: $51.1MFY17FY18FY19FY20FY21FY22FY23FY24FY25
LBRT $147.9MNESR $51.1M
Net margin
LBRT FY2018: 5.9%LBRT FY2019: 2.0%LBRT FY2020: -12.0%LBRT FY2021: -7.3%LBRT FY2022: 9.6%LBRT FY2023: 11.7%LBRT FY2024: 7.3%LBRT FY2025: 3.7%NESR FY2020: 2.0%NESR FY2022: -7.4%NESR FY2022: -4.0%NESR FY2023: 1.1%NESR FY2024: 5.9%NESR FY2025: 3.9%FY18FY19FY20FY21FY22FY23FY24FY25
LBRT 3.7%NESR 3.9%
Revenue growth
LBRT FY2019: -7.6%LBRT FY2020: -51.5%LBRT FY2021: +155.8%LBRT FY2022: +67.9%LBRT FY2023: +14.4%LBRT FY2024: -9.1%LBRT FY2025: -7.2%NESR FY2022: +5.1%NESR FY2022: +3.7%NESR FY2023: +26.0%NESR FY2024: +13.6%NESR FY2025: +1.7%FY19FY20FY21FY22FY23FY24FY25
LBRT -7.2%NESR +1.7%
Free cash flow
LBRT FY2018: $92.4MLBRT FY2019: $65.9MLBRT FY2020: -$18.2MLBRT FY2021: -$63.3MLBRT FY2022: $78.5MLBRT FY2023: $411.3MLBRT FY2024: $178.3MLBRT FY2025: $14.1MNESR FY2022: $20.7MNESR FY2022: -$29.8MNESR FY2023: $108.8MNESR FY2024: $124.2MNESR FY2025: $120.8MFY18FY19FY20FY21FY22FY23FY24FY25
LBRT $14.1MNESR $120.8M

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

Questions about Liberty Energy and National Energy Services Reunited

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

Liberty Energy is bigger by revenue: $4B in fiscal 2025, against $1.3B for National Energy Services Reunited in fiscal 2025.

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

Liberty Energy had a net margin of 3.7% in fiscal 2025; National Energy Services Reunited had 3.9% in fiscal 2025.

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

In their latest fiscal years revenue changed by -7.2% at Liberty Energy 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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