National Energy Services Reunited Corp
NASDAQ:NESR
National Energy Services Reunited Corp
National Energy Services Reunited Corp. is a holding company, which engages in the provision of oilfield services. The company is headquartered in Houston, Texas and currently employs 5,581 full-time employees. The company went IPO on 2017-05-17. The Company’s segments include Production Services segment, which includes the results of operations from services that are generally offered and performed during the production stage of a well’s lifecycle. These services include hydraulic fracturing, cementing, coiled tubing, filtration, completions, stimulation, pumping, and nitrogen services. Its Drilling and Evaluation Services segment includes the results of operations from services that are generally offered and performed during pre-production stages of a well’s lifecycle and related mainly to the operation of oil rigs. These services include well testing services, drilling services and rental, fishing and remediation, drilling and workover rigs, wireline logging services, turbines drilling, directional drilling, slickline services and drilling fluids, among others.
National Energy Services Reunited Corp. is a holding company, which engages in the provision of oilfield services. The company is headquartered in Houston, Texas and currently employs 5,581 full-time employees. The company went IPO on 2017-05-17. The Company’s segments include Production Services segment, which includes the results of operations from services that are generally offered and performed during the production stage of a well’s lifecycle. These services include hydraulic fracturing, cementing, coiled tubing, filtration, completions, stimulation, pumping, and nitrogen services. Its Drilling and Evaluation Services segment includes the results of operations from services that are generally offered and performed during pre-production stages of a well’s lifecycle and related mainly to the operation of oil rigs. These services include well testing services, drilling services and rental, fishing and remediation, drilling and workover rigs, wireline logging services, turbines drilling, directional drilling, slickline services and drilling fluids, among others.
Record Results: NESR posted all-time high Q4 revenue of $398.3 million, up 34.9% sequentially and 15.9% year-over-year, driven by Jafurah contract mobilization and strong North Africa activity.
Cash Flow Strength: Free cash flow reached a record $120.8 million for the year, converting 43% of adjusted EBITDA, with most of it used to reduce debt.
Jafurah Project Ramp: The Jafurah frac project started on time, and management expects to reach steady-state operations by Q2 2026, with full run-rate visibility in Q3.
Growth Outlook: NESR aims to double its size in the next few years, expects to exit 2026 at a $2 billion annualized revenue run rate, and sees upside from upcoming contract awards.
Margin Guidance: 2026 EBITDA margins are expected to be broadly consistent with 2025's 21.3%, with sequential improvement throughout the year after a typical Q1 seasonal dip.
CapEx & Investment: 2026 capital expenditures planned at $165 million, with CapEx as a percentage of revenue set to decline; continued investment in technology and partnerships remains key.
Balance Sheet: Net debt was $185.3 million at year-end, with leverage well below the company’s 1x target.
Contract Pipeline: $2–3 billion in tenders are outstanding across the region, with most awards and activity impact expected in 2026.
