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National Energy Services Reunited

NESR on Nasdaq. Oil & gas field services, nec. Market value $2.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing big in our quick check. See what could go wrong below.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
6.3%high

For every $100 of what the whole company costs, it produced $6.32 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
17.0×full

You pay 17.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
5.2%five-year median

Each dollar kept in the business earns 5 cents a year. Above 10 is good.

Quality score: 71 of 100. Price score: 78 of 100. Our list needs 70 on quality and 60 on price.

$24.51 a share, 146% above its 1-year low

Over the past year the price has ranged from $9.95 to $36.94.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
-0.0
0.1
0.1
0.1
0.2
2020202220232024202512 monthsto Jun '26
Revenue
$834m$910m$1.1bn$1.3bn$1.3bn
Operating margin
4.2%-0.1%7.0%10.6%7.4%
Debt to equity
0.460.680.570.430.32
Shares outstanding
0.09bn0.09bn0.09bn0.10bn0.10bn

Health checks

  • Free cash flow positive3 of 4 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 9
  • Profit backed by cash (accruals)No
  • Debt0.32× equity
  • Revenue growth, five yearsSlow, 9.7% a year
  • Buying back its own sharesNo, 15% more shares since 2020

Dates

Next results (estimated)
n/a
Last annual report (10-K)
6 March 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

6 long-term investors we follow own it, up from 5 last quarter. 226 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • FMR LLC
    Passive investor
    at least 10.1%+1.0 pts
    (filed with 1 related holder)
    Since 30 April 2026
  • Mubbadrah Investment LLC
    Passive investor
    at least 4.3%−0.8 pts
    (filed with 4 related holders)
    Since 13 November 2025
  • at least 4.2%−2.9 pts
    (filed with 3 related holders)
    Since 31 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $142m.

  • Campo Mejia Antonio J
    Director
    Sold
    Date
    9 September 2026
    Shares
    63,324
    Price
    $35.45
    Value
    $2m
  • Foda Sherif
    Chief Executive Officer, Director
    Sold
    Date
    31 August 2026
    Shares
    100,000
    Price
    $35.00
    Value
    $4m
  • Angeli Stefan
    Chief Financial Officer
    Sold
    Date
    18 August 2026
    Shares
    13,570
    Price
    $35.12
    Value
    $476,578
  • Al-Nowais Yousif Mohammed Ali Nasser
    Director
    Sold
    Date
    25 June 2026
    Shares
    1,919,594
    Price
    $26.80
    Value
    $51m
  • Al-Nowais Yousif Mohammed Ali Nasser
    Director
    Sold
    Date
    13 June 2026
    Shares
    332,857
    Price
    $26.90
    Value
    $9m
  • Al-Nowais Yousif Mohammed Ali Nasser
    Director
    Sold
    Date
    12 June 2026
    Shares
    1,068,593
    Price
    $26.13
    Value
    $28m
  • Al-Nowais Yousif Mohammed Ali Nasser
    Director
    Sold
    Date
    9 June 2026
    Shares
    200
    Price
    $25.55
    Value
    $5,110
  • Al-Nowais Yousif Mohammed Ali Nasser
    Director
    Sold
    Date
    8 June 2026
    Shares
    5,526
    Price
    $25.53
    Value
    $141,079
  • Al-Nowais Yousif Mohammed Ali Nasser
    Director
    Sold
    Date
    26 May 2026
    Shares
    457,391
    Price
    $26.12
    Value
    $12m
  • Al-Nowais Yousif Mohammed Ali Nasser
    Director
    Sold
    Date
    22 May 2026
    Shares
    242,497
    Price
    $26.14
    Value
    $6m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 2 things worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 6 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “As a result of the tender, on August 4, 2026, the Audit Committee approved the dismissal of Grant Thornton Audit and Accounting Limited (Dubai Branch) (“GT”) as the Company’s independent registered public accounting firm, effective upon completion of GT’s audit of the Company’s financial statements for the year ending December 31, 2026.”

    From an 8-K filed 10 August 2026: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 49% last year. Losing that customer would hurt.

    “Revenues from four customers individually accounted for 49%, 9%, 8% and 7% of the Company’s consolidated revenues in the year ended December 31, 2025, 54%, 9%, 7% and 4% of the Company’s consolidated revenues in the year ended December 31, 2024, and 44%, 8%, 7% and 5% of the Company’s consolidated revenues in the year ended December 31, 2023.”

    From the 10-K filed 6 March 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.