National Energy Services Reunited (NESR)
Market Price (3/30/2026): $21.4 | Market Cap: $2.2 BilSector: Energy | Industry: Oil & Gas Equipment & Services
National Energy Services Reunited (NESR)
Market Price (3/30/2026): $21.4Market Cap: $2.2 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 42x |
| Attractive yieldFCF Yield is 5.6% | Stock price has recently run up significantly6M Rtn6 month market price return is 104%, 12M Rtn12 month market price return is 183% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Water Infrastructure. Themes include Geothermal Energy, Carbon Capture & Storage, Show more. | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 102% |
| Key risksNESR key risks include [1] unresolved material weaknesses in its internal financial controls that led to SEC charges, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Attractive yieldFCF Yield is 5.6% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Water Infrastructure. Themes include Geothermal Energy, Carbon Capture & Storage, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 42x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 104%, 12M Rtn12 month market price return is 183% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 102% |
| Key risksNESR key risks include [1] unresolved material weaknesses in its internal financial controls that led to SEC charges, Show more. |
Qualitative Assessment
AI Analysis | Feedback
National Energy Services Reunited (NESR) stock has gained about 55% since 11/30/2025 because of the following key factors:
1. Exceptional Q4 2025 Financial Results and Upbeat Outlook Drove Investor Confidence.
National Energy Services Reunited (NESR) reported strong fourth-quarter 2025 earnings on February 17, 2026, significantly surpassing analyst expectations. The company posted earnings per share (EPS) of $0.32, beating estimates of $0.26 by 23.08%. Revenue reached a record high of $398.3 million, exceeding estimates by over $20 million and representing a 34.9% sequential increase and a 15.9% year-over-year growth. Adjusted net income more than doubled sequentially to $31.9 million. The company also highlighted robust operating cash flow of $264.2 million for the full year 2025, an increase of 15.2% year-over-year, and a reduction in net debt to $185.3 million. Management expressed an optimistic outlook, anticipating exiting 2026 near a $2 billion annualized revenue run-rate. This positive earnings report led to a significant 16.03% gain in the stock price on the day of publication.
2. Securing Major Multi-Year Contracts Bolstered Future Revenue Visibility.
NESR announced substantial contract wins during the period, enhancing its long-term revenue prospects. In late October 2025, the company was awarded a multi-billion dollar, five-year contract by Saudi Aramco for completion services in the Jafurah unconventional gas project. This "major milestone" was highlighted in NESR's Q4 2025 earnings call, with the Jafurah fracturing program starting on schedule. More recently, on March 16, 2026, NESR secured several multi-year cementing contract awards valued at approximately $300 million across Kuwait and North Africa, solidifying its position in these markets for the next five years. This announcement alone caused the stock to jump nearly 8% on March 16, 2026.
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1. Exceptional Q4 2025 Financial Results and Upbeat Outlook Drove Investor Confidence.
National Energy Services Reunited (NESR) reported strong fourth-quarter 2025 earnings on February 17, 2026, significantly surpassing analyst expectations. The company posted earnings per share (EPS) of $0.32, beating estimates of $0.26 by 23.08%. Revenue reached a record high of $398.3 million, exceeding estimates by over $20 million and representing a 34.9% sequential increase and a 15.9% year-over-year growth. Adjusted net income more than doubled sequentially to $31.9 million. The company also highlighted robust operating cash flow of $264.2 million for the full year 2025, an increase of 15.2% year-over-year, and a reduction in net debt to $185.3 million. Management expressed an optimistic outlook, anticipating exiting 2026 near a $2 billion annualized revenue run-rate. This positive earnings report led to a significant 16.03% gain in the stock price on the day of publication.
2. Securing Major Multi-Year Contracts Bolstered Future Revenue Visibility.
NESR announced substantial contract wins during the period, enhancing its long-term revenue prospects. In late October 2025, the company was awarded a multi-billion dollar, five-year contract by Saudi Aramco for completion services in the Jafurah unconventional gas project. This "major milestone" was highlighted in NESR's Q4 2025 earnings call, with the Jafurah fracturing program starting on schedule. More recently, on March 16, 2026, NESR secured several multi-year cementing contract awards valued at approximately $300 million across Kuwait and North Africa, solidifying its position in these markets for the next five years. This announcement alone caused the stock to jump nearly 8% on March 16, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 54.3% change in NESR stock from 11/30/2025 to 3/29/2026 was primarily driven by a 112.7% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.94 | 21.51 | 54.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,269 | 1,324 | 4.3% |
| Net Income Margin (%) | 5.5% | 3.9% | -30.1% |
| P/E Multiple | 19.9 | 42.4 | 112.7% |
| Shares Outstanding (Mil) | 100 | 101 | -0.4% |
| Cumulative Contribution | 54.3% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NESR | 54.3% | |
| Market (SPY) | -5.3% | 41.5% |
| Sector (XLE) | 39.5% | 18.2% |
Fundamental Drivers
The 129.8% change in NESR stock from 8/31/2025 to 3/29/2026 was primarily driven by a 243.2% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.36 | 21.51 | 129.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,310 | 1,324 | 1.0% |
| Net Income Margin (%) | 5.6% | 3.9% | -30.7% |
| P/E Multiple | 12.4 | 42.4 | 243.2% |
| Shares Outstanding (Mil) | 96 | 101 | -4.3% |
| Cumulative Contribution | 129.8% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NESR | 129.8% | |
| Market (SPY) | 0.6% | 27.8% |
| Sector (XLE) | 40.8% | 19.9% |
Fundamental Drivers
The 162.3% change in NESR stock from 2/28/2025 to 3/29/2026 was primarily driven by a 112.4% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.20 | 21.51 | 162.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,010 | 1,324 | 31.1% |
| P/S Multiple | 0.8 | 1.6 | 112.4% |
| Shares Outstanding (Mil) | 95 | 101 | -5.8% |
| Cumulative Contribution | 162.3% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NESR | 162.3% | |
| Market (SPY) | 9.8% | 43.5% |
| Sector (XLE) | 42.1% | 46.6% |
Fundamental Drivers
The 233.0% change in NESR stock from 2/28/2023 to 3/29/2026 was primarily driven by a 829.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.46 | 21.51 | 233.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 879 | 1,324 | 50.7% |
| Net Income Margin (%) | 0.4% | 3.9% | 829.0% |
| P/E Multiple | 161.4 | 42.4 | -73.7% |
| Shares Outstanding (Mil) | 91 | 101 | -9.5% |
| Cumulative Contribution | 233.0% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NESR | 233.0% | |
| Market (SPY) | 69.4% | 12.5% |
| Sector (XLE) | 65.5% | 18.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NESR Return | -5% | -27% | -62% | 238% | 75% | 37% | 116% |
| Peers Return | 1512% | 64% | 20% | -16% | 9% | 33% | 3799% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| NESR Win Rate | 50% | 42% | 8% | 25% | 58% | 67% | |
| Peers Win Rate | 45% | 65% | 52% | 42% | 67% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| NESR Max Drawdown | -11% | -39% | -62% | 0% | -39% | 0% | |
| Peers Max Drawdown | -6% | -10% | -19% | -26% | -26% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SLB, HAL, BKR, WFRD, NOV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | NESR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -83.1% | -25.4% |
| % Gain to Breakeven | 492.5% | 34.1% |
| Time to Breakeven | 981 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -55.3% | -33.9% |
| % Gain to Breakeven | 123.6% | 51.3% |
| Time to Breakeven | 225 days | 148 days |
| 2018 Correction | ||
| % Loss | -56.0% | -19.8% |
| % Gain to Breakeven | 127.4% | 24.7% |
| Time to Breakeven | 502 days | 120 days |
Compare to SLB, HAL, BKR, WFRD, NOV
In The Past
National Energy Services Reunited's stock fell -83.1% during the 2022 Inflation Shock from a high on 6/15/2021. A -83.1% loss requires a 492.5% gain to breakeven.
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About National Energy Services Reunited (NESR)
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 cementing services; nitrogen services; filtration services, as well as frac tanks and pumping units; and pipeline services, such as water filling and hydro testing, nitrogen purging, and de-gassing and pressure testing, as well as cutting/welding and cooling down piping/vessels systems. It also provides production assurance chemicals; laboratory services; artificial lift services; and surface and subsurface safety systems, high-pressure packer systems, flow controls, service tools, expandable liner technology, vacuum insulated tubing technology, and engineering capabilities with manufacturing capacity and testing facilities, as well as sources, treats, and disposes water for oil and gas, municipal, and industrial use. The Drilling and Evaluation Services segment offers drilling and workover rigs; rig services; fishing and remedial solutions; directional and turbines drilling services; drilling fluid systems and related technologies; wireline logging services; slickline services for removal of scale, wax and sand build-up, setting plugs, changing out gas lift valves, and fishing and other well applications; and well testing services to measure solids, gas, and oil and water produced from a well, as well as rents drilling tools. It also provides oilfield solutions for thru-tubing intervention; tubular running services; and a range of wellhead products, flow control equipment, and frac equipment. The company was incorporated in 2017 and is headquartered in Houston, Texas.
AI Analysis | Feedback
NESR is like a regional Halliburton or Schlumberger for the Middle East and North Africa.
Think of NESR as a comprehensive oilfield services provider, similar to a focused Baker Hughes, for the MENA and Asia Pacific regions.
AI Analysis | Feedback
- Well Stimulation and Intervention: Provides services such as hydraulic fracturing, coiled tubing, and cementing to enhance well productivity and perform maintenance.
- Drilling and Workover Services: Offers drilling and workover rigs, including specialized techniques like directional drilling, and provides drilling fluid systems.
- Well Logging and Evaluation: Delivers wireline, slickline, and well testing services to gather critical downhole data and evaluate well performance.
- Water Management Services: Specializes in sourcing, treating, and disposing of water for various industrial, municipal, and energy sector uses.
- Production Optimization and Chemicals: Supplies production assurance chemicals, artificial lift systems, and downhole safety and flow control equipment.
- Pipeline and Process Services: Provides services for pipeline integrity, testing, maintenance, and various process operations like nitrogen purging.
- Oilfield Equipment and Tools: Rents drilling tools and provides tubular running services, wellhead products, and frac equipment.
AI Analysis | Feedback
National Energy Services Reunited (NESR) provides oilfield services primarily to oil and gas companies operating in the Middle East, North Africa, and the Asia Pacific regions.
The provided background information does not list specific names of these customer companies.
AI Analysis | Feedback
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AI Analysis | Feedback
Sherif Foda, Chairman of the Board & CEO
Sherif Foda has served as the Chairman and Chief Executive Officer of NESR since its inception in 2017. He founded the company as a Special Purpose Acquisition Company (SPAC) with the objective of creating the first and largest energy services company from the MENA region to be publicly listed on the Nasdaq Stock Market. Mr. Foda has over 25 years of professional experience in the energy industry, primarily working for Schlumberger Limited (NYSE: SLB) across the Middle East, Europe, and the US. At Schlumberger, he held various senior roles, including Senior Advisor to the Chairman, President of the Production Group, President of Europe and Africa, Vice President, and Managing Director of the Arabian market, and President of Well Intervention worldwide. He started his career with Schlumberger in 1993, and prior to entering the oil and gas industry, he worked for two years in the information technology and computer industry. Mr. Foda currently serves as the Chairman of the board of directors of WDVG Engineering and GLC Energy Company, and is a member of the Oxford Energy Policy Club in the UK. He previously served as a board member of Energy Recovery, Inc. (Nasdaq: ERII).
Stefan Angeli, Chief Financial Officer
Stefan Angeli has been the Chief Financial Officer of NESR since February 8, 2022. Prior to joining NESR, Mr. Angeli was the CFO for Stratum Reservoir, which is described as a private equity portfolio company involved in reservoir characterization, laboratory services, and instrumentation for the upstream, downstream, and mining sectors.
Salih Merghani, Vice President, Operations
Salih Merghani serves as the Vice President of Operations at NESR. Detailed background information for Mr. Merghani was not available in the provided search results.
Naif Al-Hadrami, Executive Director, Saudi Arabia
Naif Al-Hadrami is the Executive Director for Saudi Arabia, where he is responsible for all of NESR's operations in the Kingdom. Before this role, Mr. Al-Hadrami was the Production Group Director at NESR, overseeing all production group segments, including fracturing, coiled tubing, cementing, and stimulation operations in Saudi Arabia and Bahrain. Prior to joining NESR, he was the Managing Director of Bin Jabr Group, an oil and gas service provider based in the United Arab Emirates.
Dr. Chokri Ben Amor, Corporate QHSE & Executive Director
Dr. Chokri Ben Amor is the Corporate QHSE & Executive Director for NESR, responsible for all aspects of Quality, Health, Safety, and Environment (QHSE). Before this role, he was the TAQA Executive Vice President for the Production Group, responsible for coiled tubing and cementing services operations, as well as strategic growth and mergers and acquisitions for the production portfolio. Dr. Ben Amor spent over 19 years with Schlumberger, starting as a Field Engineer in 1996. During his tenure at Schlumberger, he worked in Operations, Technology, and HSE across Europe, the Middle East, and North Africa. Notably, he led Schlumberger operations in the Arabian region and also served as the Vice President for Corporate HSE globally.
AI Analysis | Feedback
National Energy Services Reunited (NESR) faces several key risks to its business operations and financial performance. The most significant risk is the company's **customer and geographic concentration**. NESR's operations are heavily focused on the Middle East and North Africa (MENA) region, and a substantial portion of its revenue comes from a limited number of national oil companies. This concentration exposes NESR to significant regional economic and political risks, including political instability or economic downturns, and the potential for a material impact if business from any major customer is lost or reduced. Another key risk is the **volatility in oil and gas prices**. As an oilfield services provider, NESR's business is directly tied to the highly cyclical and fluctuating nature of oil prices. Volatile oil and gas prices can significantly affect customer spending patterns and drilling activity, leading to reduced demand for NESR's services and impacting the company's financial stability. Finally, NESR operates within an **intensely competitive market**. The company faces competition from both large multinational corporations and smaller local service providers, which can put pressure on pricing and market share.AI Analysis | Feedback
The global energy transition towards renewable energy sources and away from fossil fuels, driven by climate change concerns, technological advancements in renewables, and evolving government policies and public sentiment, poses a clear emerging threat. This fundamental shift in the global energy mix directly impacts the long-term demand for oil and gas, thereby threatening the core business of National Energy Services Reunited (NESR) which provides services exclusively to the oil and gas industry. As investment in and reliance on fossil fuels diminish, the market for oilfield services like those offered by NESR will likely contract significantly over time.
AI Analysis | Feedback
National Energy Services Reunited (NESR) operates in various segments of the oilfield services market across the Middle East, North Africa, and Asia Pacific regions. Here are the addressable market sizes for some of its main products and services in these regions:Production Services
- Coiled Tubing Services: The market for coiled tubing services in the Middle East & Africa is anticipated to be USD 1.1 billion in 2026. Another estimate placed the Middle East & Africa coiled tubing market at USD 465.7 million in 2024, with projections to reach USD 617.9 million by 2034. The Asia Pacific coiled tubing market is expected to exhibit strong growth, with China's market valued at USD 0.44 billion in 2026, Indonesia at USD 0.07 billion in 2025, and India at USD 0.09 billion in 2026. Globally, the coiled tubing services market was valued at USD 8.35 billion in 2026 and is projected to grow to USD 12.39 billion by 2034.
- Hydraulic Fracturing Services: The Asia Pacific region is a significant market for hydraulic fracturing, accounting for 60% of the global market share in 2025, when the global market was valued at USD 64.41 billion. This implies an Asia Pacific market size of approximately USD 38.64 billion in 2025. The Asia-Pacific region is also forecasted to be the fastest-growing with a 9.95% CAGR to 2031. China alone is predicted to reach a market value of USD 0.96 billion in 2025. Globally, the hydraulic fracturing market is projected to be USD 21.13 billion in 2026 and is expected to reach USD 31.88 billion by 2034.
- Artificial Lift Services: The Middle East & Africa Artificial Lift Market was valued at USD 1.03 billion in 2024 and is projected to grow to USD 1.40 billion by 2030. The Asia-Pacific Artificial Lift Market was valued at USD 2.85 billion in 2024 and is expected to reach USD 4.85 billion by 2030. Globally, the artificial lift system market is projected to reach USD 14.53 billion in 2026, with an expected increase to USD 22.82 billion by 2034.
- Water Sourcing, Treatment, and Disposal (Oil & Gas Water Management Services): The global market for oil and gas water management services was valued at approximately USD 38.997 billion in 2025 and is projected to reach USD 62.0615 billion by 2033. Another source indicates a global market size of USD 34.54 billion in 2024, growing to USD 51.94 billion by 2031. The Asia Pacific region is identified as the fastest-growing market and held 29.50% of the global market share in 2025. The Middle East and North America combined represent approximately 70% of the revenue in the oil and gas water management services market.
Drilling and Evaluation Services
- Drilling Services (including rigs, directional drilling, drilling fluids): The Middle East drilling services market size was approximately USD 35.48 billion in 2024 and is predicted to grow to around USD 57.85 billion by 2034. The Middle East & Africa Drilling Market is expected to grow at a CAGR of greater than 1.92% over the next 5 years. In the Asia Pacific, the drilling services market was valued at US$ 51.02 billion in 2020 and is expected to reach US$ 65.79 billion by 2027. Specifically, the Asia-Pacific Directional Drilling Market was valued at USD 3.49 billion in 2024 and is expected to reach USD 6.68 billion by 2030. The Asia Pacific horizontal directional drilling market generated a revenue of USD 2,421.0 million in 2024 and is expected to reach US$ 5,627.5 million by 2030. Globally, the drilling services market is projected to grow from USD 19.25 billion in 2026 to USD 31.65 billion by 2034.
- Wireline Logging Services: The Middle East & Africa wireline services market is estimated to be worth USD 1.54 billion in 2026. More specifically, the Middle East Wireline Logging Services Market was valued at USD 4.21 billion in 2024 and is expected to reach USD 6.38 billion by 2030. The Asia Pacific wireline services market is anticipated to reach USD 2.08 billion in 2026. Globally, the wireline services market is valued at USD 11.41 billion in 2026 and is projected to reach USD 16.62 billion by 2034.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for National Energy Services Reunited (NESR) over the next 2-3 years:- Major Contract Wins and Ramp-Up of New Programs: NESR anticipates significant revenue growth from recently awarded major contracts, most notably the Jafurah unconventional frac program, described as the largest unconventional frac program in sector history. The company expects these new contracts to drive record revenue performance, with projections to exit 2026 at an annualized revenue run rate of approximately $2 billion.
- Broad-Based Regional Expansion and Increased Activity in MENA: Growth is expected across various countries within the Middle East and North Africa (MENA) region. Higher activity levels in Saudi Arabia, Kuwait, Iraq, Abu Dhabi, Libya, Egypt, and Algeria are identified as key contributors to revenue. NESR has secured new multi-year contracts in Kuwait, Oman, and the UAE, and management highlights a substantial tender pipeline in the MENA region supporting multi-year growth.
- Strategic Capital Investments: NESR is making significant capital expenditures (CapEx) in 2025 and 2026, with anticipated spending of $140 million to $150 million in 2025 and $165 million in 2026. These investments are directly tied to recent contract wins and are aimed at growing its fleet and equipment, particularly in strategic locations like Saudi Arabia, Oman, Kuwait, and the UAE, positioning the company for future revenue generation.
- Market Share Gains and Segment Leadership: The company is focused on gaining market share and achieving a position among the top three providers in every segment within its operating countries. NESR expects to achieve a 25% growth rate relative to the broader market in 2025 by leveraging its scale and newly secured multi-year contracts. Accelerated market share growth, coupled with regional technology exclusivity, is expected to drive substantial revenue and margin expansion.
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Share Repurchases
- As of an earnings call around March 10, 2026, National Energy Services Reunited indicated that an announcement regarding stock buybacks would be made formally in the next quarter.
Share Issuance
- As of December 31, 2025, National Energy Services Reunited had 100,787,173 ordinary shares outstanding.
- Institutional ownership of NESR shares increased by 11.53% to 63,360K shares in the three months leading up to February 24, 2026.
Capital Expenditures
- Capital expenditures for National Energy Services Reunited were $143.5 million in 2025, $105.1 million in 2024, and $68.2 million in 2023.
- The primary focus of these capital expenditures was to grow the company's fleet and equipment, particularly in Saudi Arabia, Oman, Kuwait, and the UAE.
- Expected capital expenditures for 2026 are projected to be around $165 million, supporting growth and contract start-ups.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 82.3% | 82.3% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 23.6% | 23.6% | -6.5% |
| 12122025 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 56.9% | 56.9% | -7.0% |
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 31.6% | 31.6% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 41.7% | 41.7% | 0.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.96 |
| Mkt Cap | 20.6 |
| Rev LTM | 15,464 |
| Op Inc LTM | 1,902 |
| FCF LTM | 1,274 |
| FCF 3Y Avg | 2,058 |
| CFO LTM | 2,088 |
| CFO 3Y Avg | 3,401 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.5% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Mgn LTM | 13.4% |
| Op Mgn 3Y Avg | 14.0% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 14.8% |
| FCF/Rev LTM | 9.1% |
| FCF/Rev 3Y Avg | 9.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 20.6 |
| P/S | 1.6 |
| P/EBIT | 16.3 |
| P/E | 25.3 |
| P/CFO | 10.9 |
| Total Yield | 5.5% |
| Dividend Yield | 1.6% |
| FCF Yield 3Y Avg | 7.9% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.3% |
| 3M Rtn | 41.3% |
| 6M Rtn | 50.8% |
| 12M Rtn | 57.7% |
| 3Y Rtn | 54.0% |
| 1M Excs Rtn | 6.0% |
| 3M Excs Rtn | 49.0% |
| 6M Excs Rtn | 57.1% |
| 12M Excs Rtn | 42.6% |
| 3Y Excs Rtn | -0.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Production Services | 786 | 567 | 554 | 557 | 406 |
| Drilling and Evaluation Services | 360 | 342 | 323 | 277 | 253 |
| Total | 1,146 | 910 | 877 | 834 | 658 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Production Services | 111 | 29 | -2 | 56 | 80 |
| Drilling and Evaluation Services | 36 | 33 | -1 | 24 | 29 |
| Unallocated expenses | -67 | -63 | -40 | -45 | -37 |
| Total | 81 | -1 | -43 | 35 | 72 |
Price Behavior
Price Behavior
| Market Price | $21.51 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 04/28/2023 | |
| Distance from 52W High | -18.4% | |
| 50 Days | 200 Days | |
| DMA Price | $21.49 | $8.76 |
| DMA Trend | up | up |
| Distance from DMA | 0.1% | 145.7% |
| 3M | 1YR | |
| Volatility | 58.6% | 56.8% |
| Downside Capture | 0.48 | 0.26 |
| Upside Capture | 339.63 | 140.89 |
| Correlation (SPY) | 41.8% | 41.7% |
NESR Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.42 | 1.22 | 1.19 | 0.70 | 1.20 | 0.77 |
| Up Beta | -2.39 | 0.35 | 0.67 | 1.40 | 1.22 | 0.29 |
| Down Beta | 1.28 | 0.75 | 0.61 | -0.24 | 1.57 | 1.32 |
| Up Capture | 511% | 458% | 426% | 305% | 190% | 64% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 26 | 39 | 76 | 138 | 190 |
| Down Capture | 13% | -67% | -34% | -47% | 49% | 70% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 15 | 22 | 48 | 110 | 179 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NESR | |
|---|---|---|---|---|
| NESR | 189.8% | 56.5% | 2.10 | - |
| Sector ETF (XLE) | 37.0% | 24.9% | 1.22 | 47.1% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 41.5% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 5.7% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 32.5% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 30.8% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 15.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NESR | |
|---|---|---|---|---|
| NESR | -11.8% | 53.8% | -0.12 | - |
| Sector ETF (XLE) | 25.3% | 26.1% | 0.86 | 54.9% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 35.3% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 12.3% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 39.6% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 24.3% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 10.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NESR | |
|---|---|---|---|---|
| NESR | -3.9% | 51.0% | 0.09 | - |
| Sector ETF (XLE) | 11.4% | 29.4% | 0.42 | 48.2% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 33.9% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 5.4% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 32.5% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 26.9% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/17/2026 | 16.0% | 25.1% | -0.3% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 0 |
| # Negative | 0 | 0 | 1 |
| Median Positive | 16.0% | 25.1% | |
| Median Negative | -0.3% | ||
| Max Positive | 16.0% | 25.1% | |
| Max Negative | -0.3% | ||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/20/2025 | 6-K |
| 03/31/2025 | 06/03/2025 | 6-K |
| 12/31/2024 | 03/28/2025 | 20-F |
| 09/30/2024 | 11/19/2024 | 6-K |
| 06/30/2024 | 08/29/2024 | 6-K |
| 12/31/2023 | 04/30/2024 | 20-F |
| 12/31/2022 | 12/29/2023 | 20-F |
| 09/30/2021 | 11/05/2021 | 6-K |
| 06/30/2021 | 08/06/2021 | 6-K |
| 03/31/2021 | 07/09/2021 | 6-K |
| 12/31/2020 | 03/24/2021 | 20-F |
| 09/30/2020 | 10/29/2020 | 6-K |
| 06/30/2020 | 08/06/2020 | 6-K |
| 03/31/2020 | 05/07/2020 | 6-K |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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