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National Energy Services Reunited vs Select Water Solutions: revenue, profit, margins and growth compared

National Energy Services Reunited brought in $1.3B of revenue in fiscal 2025, Select Water Solutions $1.4B in fiscal 2025. Revenue changed by +1.7% at National Energy Services Reunited and -3.1% at Select Water Solutions on the year before, so National Energy Services Reunited grew faster. National Energy Services Reunited kept 3.9% of its revenue as net profit, Select Water Solutions 1.5%. Free cash flow was $120.8M at National Energy Services Reunited and -$79.9M at Select Water Solutions.

Side by side, latest fiscal year

NESRWTTR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.3B$1.4B
Revenue growth+1.7%-3.1%
Net income$51.1M$21.2M
Net margin3.9%1.5%
Free cash flow$120.8M-$79.9M
Free cash flow margin9.1%-5.7%
Earnings per share (diluted)$0.52n/a
Cash$124.8M$18.1M
Debt$255.9M$320M
Price to earnings61.8n/a
Market value$3.2B$2.7B
Dividend yieldn/an/a
Rank by revenue in sector#71 of 129 · Energy#69 of 129 · Energy

Over the years

Revenue
NESR FY2020: $834.2MNESR FY2022: $876.7MNESR FY2022: $909.5MNESR FY2023: $1.1BNESR FY2024: $1.3BNESR FY2025: $1.3BWTTR FY2018: $1.5BWTTR FY2019: $1.3BWTTR FY2020: $605.1MWTTR FY2021: $764.6MWTTR FY2022: $1.4BWTTR FY2023: $1.6BWTTR FY2024: $1.5BWTTR FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
NESR $1.3BWTTR $1.4B
Net income
NESR FY2017: $28.4MNESR FY2019: $39.4MNESR FY2020: $16.6MNESR FY2022: -$64.6MNESR FY2022: -$36.4MNESR FY2023: $12.6MNESR FY2024: $76.3MNESR FY2025: $51.1MWTTR FY2018: $36.5MWTTR FY2019: $2.8MWTTR FY2020: -$338.7MWTTR FY2021: -$42.2MWTTR FY2022: $48.3MWTTR FY2023: $74.4MWTTR FY2024: $30.6MWTTR FY2025: $21.2MFY17FY18FY19FY20FY21FY22FY23FY24FY25
NESR $51.1MWTTR $21.2M
Net margin
NESR FY2020: 2.0%NESR FY2022: -7.4%NESR FY2022: -4.0%NESR FY2023: 1.1%NESR FY2024: 5.9%NESR FY2025: 3.9%WTTR FY2018: 2.4%WTTR FY2019: 0.2%WTTR FY2020: -56.0%WTTR FY2021: -5.5%WTTR FY2022: 3.5%WTTR FY2023: 4.7%WTTR FY2024: 2.1%WTTR FY2025: 1.5%FY18FY19FY20FY21FY22FY23FY24FY25
NESR 3.9%WTTR 1.5%
Revenue growth
NESR FY2022: +5.1%NESR FY2022: +3.7%NESR FY2023: +26.0%NESR FY2024: +13.6%NESR FY2025: +1.7%WTTR FY2019: -15.5%WTTR FY2020: -53.2%WTTR FY2021: +26.4%WTTR FY2022: +81.5%WTTR FY2023: +14.3%WTTR FY2024: -8.4%WTTR FY2025: -3.1%FY19FY20FY21FY22FY23FY24FY25
NESR +1.7%WTTR -3.1%
Free cash flow
NESR FY2022: $20.7MNESR FY2022: -$29.8MNESR FY2023: $108.8MNESR FY2024: $124.2MNESR FY2025: $120.8MWTTR FY2018: $67MWTTR FY2019: $93.8MWTTR FY2020: $84.6MWTTR FY2021: -$56.2MWTTR FY2022: -$38.7MWTTR FY2023: $149.5MWTTR FY2024: $61.7MWTTR FY2025: -$79.9MFY18FY19FY20FY21FY22FY23FY24FY25
NESR $120.8MWTTR -$79.9M

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

Questions about National Energy Services Reunited and Select Water Solutions

Which is bigger by revenue, National Energy Services Reunited or Select Water Solutions?

Select Water Solutions is bigger by revenue: $1.4B in fiscal 2025, against $1.3B for National Energy Services Reunited in fiscal 2025.

Which keeps more of its revenue as profit, National Energy Services Reunited or Select Water Solutions?

National Energy Services Reunited had a net margin of 3.9% in fiscal 2025; Select Water Solutions had 1.5% in fiscal 2025.

Which grew revenue faster, National Energy Services Reunited or Select Water Solutions?

In their latest fiscal years revenue changed by +1.7% at National Energy Services Reunited and -3.1% at Select Water Solutions.

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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