Is the business good?
How good a business is NESR?
National Energy Services Reunited Corp. earns 7.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
7.5%
Return on invested capital · cost of capital 9.0% · 1.5 points below what the capital costs: growth destroys value
- Operating margin
- 8.0%
Operating margin · Oil & Gas Equipment & Services median 10% · 12 months to Q1 2026
- Cash conversion
- 1.94×
Cash conversion · 1.09× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +6.4%
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 Q1 2026
- 13%
- Operating margin12 months to Q1 2026
- 8.0%
- Net margin12 months to Q1 2026
- 4.5%
- Free cash flow margin
- 8.8%
- Revenue, trailing twelve months
- $1.43B
- Free cash flow, trailing twelve months
- $125M
- Net income, trailing twelve months
- $65M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Oil & Gas Equipment & Services
Ranks #15 of 27 by Smart Score