NESRNational Energy Services Reunited Corp.
Is the business good?
A genuinely good business: earnings fully cash-backed (2.9×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
A balanced mix of margins, efficiency, and leverage. ROE 7% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NESR?
National Energy Services Reunited Corp. earns 10% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 1.5 points above what the capital costs: growth creates value
- Operating margin
- 9.3%
Operating margin · Oil & Gas Equipment & Services median 10% · 12 months to Q2 2026
- Cash conversion
- 2.90×
Cash conversion · 2.27× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +5.7%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 4.2% |
| FY2021 | −4.9% |
| FY2022 | −0.10% |
| FY2023 | 7.0% |
| FY2024 | 11% |
| FY2025 | 7.4% |
Details›
- Gross margin12 months to Q2 2026
- 13%
- Operating margin12 months to Q2 2026
- 9.3%
- Net margin12 months to Q2 2026
- 5.8%
- Free cash flow margin
- 9.7%
- Revenue, trailing twelve months
- $1.62B
- Free cash flow, trailing twelve months
- $156M
- Net income, trailing twelve months
- $93M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 10%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Oil & Gas Equipment & Services
Ranks #19 of 29 by RyuScore