National Energy Services Reunited Corp. (NESR) Key Metrics
NESR valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.89B
- Enterprise value
- $3.43B
- P/E (TTM)
- 20.4 10-yr median 26.1
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 1.2 10-yr median 1.1
- Price / book
- 3.2 10-yr median 0.9
- EV / EBITDA
- 12.0 10-yr median 7.3
- Dividend yield
- —
- Beta
- 0.48
NESR key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNESR valuation Price multiples at each fiscal year-end price.
NESR returns How much profit the business earns on the capital it uses.
NESR per-share figures Results divided by the shares outstanding at year-end.
NESR financial health Debt, liquidity and how easily interest is covered.
NESR efficiency & capital use Working capital cycle and where the cash goes.
NESR valuation history
NESR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NESR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NESR cash returned to shareholders
NESR price vs earnings per share
NESR key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $1.55B | $857.1M | $578.0M | $652.4M | $860.4M | $884.9M | $793.4M | $741.0M | $427.5M |
| Enterprise value | $1.78B | $1.16B | $994.9M | $965.5M | $1.25B | $1.21B | $1.10B | $1.00B | $426.8M |
| P/E ratio | 30.4 | 11.2 | 45.9 | — | — | 53.5 | 20.2 | 26.1 | 14.0 |
| Price / sales | 1.2 | 0.7 | 0.5 | 0.7 | 1.0 | 1.1 | 1.2 | 2.7 | 1.6 |
| Price / book | 1.6 | 0.9 | 0.7 | 0.8 | 1.0 | 0.9 | 0.9 | 0.9 | 2.0 |
| Price / free cash flow | 12.8 | 6.9 | 5.3 | — | 41.6 | 17.1 | — | 25.9 | 12.4 |
| Price / operating cash flow | 5.9 | 3.7 | 3.3 | 7.0 | 6.7 | 6.6 | 8.6 | 12.0 | 5.1 |
| EV / sales | 1.3 | 0.9 | 0.9 | 1.1 | 1.4 | 1.4 | 1.7 | 3.7 | 1.6 |
| EV / EBITDA | 7.6 | 4.2 | 4.6 | 8.0 | 16.3 | 7.3 | 6.9 | 10.1 | 5.5 |
| EV / free cash flow | 14.7 | 9.3 | 9.1 | — | 60.5 | 23.3 | — | 35.1 | 12.4 |
| Earnings yield | 3.3% | 8.9% | 2.2% | −5.6% | −7.5% | 1.9% | 5.0% | 3.8% | 7.2% |
| Free cash flow yield | 7.8% | 14.5% | 18.8% | −4.6% | 2.4% | 5.9% | −2.4% | 3.9% | 8.1% |
| Dividend yield | — | — | — | — | — | 0.0% | 2.5% | 6.5% | 4.7% |
| Shareholder yield (dividends + buybacks) | — | — | — | — | — | 0.0% | 2.5% | 6.5% | 4.7% |
| Share price at fiscal year-end | $15.66 | $8.96 | $6.10 | $6.94 | $9.45 | $9.93 | $9.12 | $8.66 | $9.95 |
| Per share | |||||||||
| Revenue per share | $13.36 | $13.61 | $12.09 | $9.67 | $9.63 | $9.36 | $7.57 | $3.17 | $6.31 |
| Earnings per share | $0.52 | $0.80 | $0.13 | −$0.39 | −$0.71 | $0.19 | $0.45 | $0.33 | $0.71 |
| Operating cash flow per share | $2.67 | $2.40 | $1.87 | $0.98 | $1.40 | $1.51 | $1.07 | $0.72 | $1.94 |
| Free cash flow per share | $1.22 | $1.30 | $1.15 | −$0.32 | $0.23 | $0.58 | −$0.22 | $0.33 | $0.80 |
| Cash per share | $1.26 | $1.13 | $0.72 | $0.84 | $2.26 | $0.84 | $0.84 | $0.23 | $0.02 |
| Book value per share | $9.77 | $9.49 | $8.67 | $8.53 | $9.02 | $10.60 | $10.19 | $10.00 | $5.10 |
| Tangible book value per share | $2.78 | $2.06 | $0.97 | $0.58 | $0.60 | $2.39 | $2.17 | $1.76 | $5.10 |
| Dividends per share | — | — | — | — | — | $0.00 | $0.23 | $0.56 | $0.47 |
| Capex per share | $1.45 | $1.10 | $0.72 | $1.30 | $1.18 | $0.93 | $1.28 | $0.39 | $1.13 |
| Debt per share | $3.53 | $4.28 | $5.12 | $4.17 | $6.54 | $4.47 | $4.41 | $3.32 | $0.00 |
| Shares outstanding | 99.1M | 95.7M | 94.7M | 94.0M | 91.0M | 89.1M | 87.0M | 85.6M | 43.0M |
| Change in shares outstanding | +3.6% | +1.0% | +0.8% | +3.3% | +2.2% | +2.4% | +1.7% | +99.1% | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | 5.5% | 8.8% | 1.5% | −4.5% | −7.3% | 1.8% | 4.5% | 5.3% | 14.0% |
| Return on invested capital (ROIC) | 6.9% | 9.0% | 3.4% | −0.1% | −2.8% | 1.6% | 4.7% | 5.2% | 15.6% |
| Return on assets (ROA) | 2.8% | 4.3% | 0.7% | −2.0% | −3.7% | 1.0% | 2.7% | 3.6% | 13.2% |
| Return on tangible assets | 4.4% | 7.2% | 1.2% | −3.4% | −6.1% | 1.7% | 4.8% | 4.3% | 13.2% |
| Free cash flow margin | 9.1% | 9.5% | 9.5% | −3.3% | 2.4% | 6.2% | −2.9% | 10.5% | 12.7% |
| Income quality (OCF / net income) | 5.17 | 3.01 | 14.07 | — | — | 8.12 | 2.35 | 2.17 | 2.72 |
| Financial health | |||||||||
| Total debt | $350.0M | $409.1M | $484.7M | $391.9M | $595.8M | $398.5M | $383.5M | $283.8M | $989 |
| Cash & short-term investments | $124.8M | $108.0M | $67.8M | $78.9M | $205.8M | $75.0M | $73.2M | $19.9M | $741,096 |
| Net debt | $225.2M | $301.2M | $416.9M | $313.0M | $390.1M | $323.5M | $310.3M | $263.9M | −$740,107 |
| Debt / equity | 0.36 | 0.45 | 0.59 | 0.49 | 0.73 | 0.42 | 0.43 | 0.33 | 0.00 |
| Debt / assets | 0.19 | 0.23 | 0.27 | 0.21 | 0.33 | 0.24 | 0.25 | 0.21 | 0.00 |
| Net debt / EBITDA | 0.96 | 1.08 | 1.91 | 2.60 | 5.08 | 1.95 | 1.95 | 2.64 | −0.01 |
| Current ratio | 1.04 | 1.07 | 1.02 | 0.99 | 1.45 | 1.43 | 1.77 | 1.37 | 0.25 |
| Quick ratio | 0.89 | 0.88 | 0.83 | 0.79 | 1.24 | 1.17 | 1.42 | 1.11 | 0.25 |
| Interest coverage | 3.0 | 3.5 | 1.8 | -0.0 | -2.9 | 2.2 | 3.8 | 6.0 | 5.9 |
| Working capital | $25.5M | $37.0M | $8.3M | −$6.3M | $195.5M | $155.9M | $175.1M | $85.8M | −$2.6M |
| Invested capital | $1.19B | $1.21B | $1.24B | $1.12B | $1.21B | $1.27B | $1.20B | $1.12B | $218.2M |
| Tangible asset value | $275.7M | $197.4M | $92.1M | $54.3M | $54.3M | $213.1M | $189.0M | $150.6M | $218.9M |
| Net current asset value | −$253.2M | −$324.9M | −$434.5M | −$488.2M | −$382.9M | −$231.6M | −$236.4M | −$190.0M | −$11.6M |
| Graham number | $10.65 | $13.06 | $5.09 | — | — | $6.66 | $10.19 | $8.63 | $9.04 |
| Graham net-net per share | −$4.25 | −$4.92 | −$6.25 | −$8.30 | −$5.72 | −$4.54 | −$4.43 | −$3.59 | −$0.27 |
| Capital allocation | |||||||||
| Dividends paid | — | — | — | — | — | $0 | $20.0M | $48.2M | $20.0M |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | 0.0% | 50.8% | 170.0% | 65.3% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 0.0% | — | 168.6% | 57.9% |
| Capex / revenue | 10.8% | 8.1% | 6.0% | 13.5% | 12.2% | 9.9% | 16.9% | 12.2% | 17.9% |
| Capex / operating cash flow | 54.3% | 45.8% | 38.5% | 132.2% | 83.8% | 61.5% | 120.3% | 53.6% | 58.5% |
| Capex / depreciation | 1.01 | 0.74 | 0.48 | 1.06 | 0.88 | 0.68 | 1.27 | 0.55 | 1.27 |
| Stock-based compensation / revenue | 0.6% | 0.5% | 0.6% | 1.0% | 1.1% | 0.9% | 0.9% | −10.4% | 0.0% |
| SG&A / revenue | 3.6% | 4.0% | 4.3% | 5.2% | 3.2% | 6.4% | 9.7% | 20.9% | 11.2% |
| Efficiency | |||||||||
| Days sales outstanding | 97.2 | 94.5 | 80.3 | 93.1 | 126.8 | 105.7 | 106.9 | 264.6 | — |
| Days of inventory on hand | 29.7 | 32.6 | 37.5 | 44.2 | 38.5 | 40.9 | 48.7 | 55.2 | — |
| Days payables outstanding | 112.5 | 109.6 | 126.6 | 144.5 | 93.9 | 49.7 | 51.3 | 77.3 | 6.3 |
| Cash conversion cycle (days) | 14.4 | 17.5 | -8.8 | -7.2 | 71.3 | 96.9 | 104.3 | 242.5 | — |
| Receivables turnover | 3.75 | 3.86 | 4.55 | 3.92 | 2.88 | 3.45 | 3.41 | 1.38 | — |
| Payables turnover | 3.24 | 3.33 | 2.88 | 2.53 | 3.89 | 7.34 | 7.11 | 4.72 | 57.62 |
| Inventory turnover | 12.30 | 11.20 | 9.72 | 8.26 | 9.48 | 8.92 | 7.50 | 6.61 | — |
| Asset turnover | 0.73 | 0.73 | 0.63 | 0.50 | 0.50 | 0.52 | 0.46 | 0.34 | 1.17 |
| Average receivables | $352.7M | $337.0M | $252.1M | $232.0M | $304.5M | $241.5M | $192.9M | $196.7M | — |
| Average payables | $363.2M | $328.3M | $352.4M | $334.1M | $229.6M | $105.2M | $73.5M | $42.4M | $3.5M |
| Average inventory | $95.8M | $97.6M | $104.5M | $102.2M | $94.1M | $86.6M | $69.7M | $30.3M | $0 |
| Intangibles / total assets | 37.4% | 40.1% | 40.6% | 40.9% | 41.9% | 43.2% | 45.7% | 51.8% | 0.0% |
Computed from NESR's annual financial statements (latest annual report filed March 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NESR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), NESR traded at 30.4 times earnings, against a 9-year median of 26.1. Based on the latest twelve months, the trailing P/E is 20.4. NESR earned a return on equity of 5.5% and a return on invested capital of 6.9% in fiscal 2025. It ended the year with $350.0 million of debt and $124.8 million in cash and short-term investments, net debt of $225.2 million. The share count rose 130.7% from 43.0M to 99.1M over 8 years.
See the NESR income statement, the NESR chart for price history, or the NESR stock overview for the latest quote and news.
NESR key metrics FAQ
What is NESR's P/E ratio?
NESR's trailing P/E ratio is 20.4 based on the last twelve months of earnings (as of October 17, 2026). At the end of fiscal 2025 it was 30.4, compared with a 9-year median of 26.1.
What is NESR's EV/EBITDA?
NESR's enterprise value was 7.6 times EBITDA at the end of fiscal 2025 (enterprise value $1.8 billion, EBITDA $234.6 million); the current EV/EBITDA is 12.0.
What is NESR's return on equity?
NESR's return on equity (ROE) was 5.5% in fiscal 2025: net income of $51.1 million on average shareholders' equity of $938.1 million.
What is NESR's ROIC?
NESR's return on invested capital was 6.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does NESR have?
NESR had total debt of $350.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.36 and $225.2 million of net debt (0.96 times EBITDA).
What is NESR's free cash flow yield?
NESR generated $120.8 million of free cash flow in fiscal 2025, a free cash flow yield of 7.8% on its market value at year-end ($1.6 billion).
What is NESR's current ratio?
NESR's current ratio was 1.04 at the end of fiscal 2025: current assets were 1.04 times current liabilities.