Sound shipNational Energy Services Reunited $NESR
Grew revenue 1.7% in FY2025 to $1.3 billion, operating margin 7.4% against a 5.0% median for oil & gas field services, equity 52.3% of assets.
Last filing8-K · Item 1.01 Entry into a Material Definitive Agreement, 4 Nov 2026
Edgarette’s full reading · exposure, experience, soundness, credibility, range
🫧 Edgar looked up NATIONAL ENERGY SERVICES REUNITED CORP. ($NESR). Last filing: 8-K (1.01 Entry into a Material Definitive Agreement), 2026-11-04. 8 event filings (8-K) in the past twelve months. Auditor change (8-K Item 4.01) filed 2026-08-10.
🔖 Exposure: revenue $1.3B (FY2025), total debt $258.0M. Experience: revenue up 1.7% on the year, up 7.5% a year over 2 years; operating margin 7.4%, down from 10.6%. Soundness: equity 52.3% of assets, return on equity 5.3%. Credibility: 3 audited years, moderate weight. Range: 80% of past cases like this landed between $1.1B and $1.6B next year (method v3, set from 4,599 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (15 filers, $50M+ revenue, oil & gas field services, nec): operating margin 7.4% against a 5.0% median; growth 1.7% against -2.3%.
Read from its own SEC filings · nothing written, nothing inferred
Speed and cash · fiscal 2025
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | $264M · −$152M · −$87M · $121M |
| Investment book (cash · short · long) | $125M · — · — · current ratio 1.04 |
| Revenue swing · equity of assets | 9.8% · 52.3% |
National Energy Services Reunited is growing faster than its size class, with revenue that swings more. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-12-31 |
| Revenue | $1.3B |
| Revenue, on the year | 1.7% |
| Revenue, a year over the record | 7.5% |
| Operating margin | 7.4% |
| Operating margin, prior year | 10.6% |
| Net margin | 3.9% |
| Research and development | not filed separately |
| Total debt | $258M |
| Equity of assets | 52.3% |
| Return on equity | 5.3% |
| Payout of profit | — |
| Dividend per share | — |
| Earnings per share | $0.52 |
| Book value per share | $9.77 |
| Revenue per share | $13.36 |
| Shares outstanding | 99,105,484 |
| Audited years read | 3 |
Peers: the median of 15 filers with $50M+ revenue in oil & gas field services, nec.
Classic signals · fiscal 2025Altman Z″ 1.71 grey zone 1968Piotroski F 4 of 9 middling 2000Beneish M -2.61 below the −1.78 line 1999Sloan accruals -11.8% earnings backed by cash 1996DuPont ROE 5.5% = margin 3.9% × turns 0.73 × leverage 1.93
What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →
Health HarborNational Energy Services Reunited sails as: Sound ship
Health watch · 12 monthsAuditor changeDirector or officer change
Sailing speed follows growth: 13.3% a year crosses the harbor in 40 seconds.
🌊 Visit the Bay →- filed auditor change in the last 12 months
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an operating loss; negative free cash flow outside regulated utilities; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
Brand success factors · calendar 2025
The Trillion Score: 523
Exponential Success Score
Built on over $200 trillion of sworn revenue, 13 years of data, 770,002 figures. Sealed by Edgarette.
How The Trillion Score works. We read eight measures of success from National Energy Services Reunited's own SEC filings and test each one against the public companies in its field, here oil & gas field services. The longer and fuller the record, the more weight those results carry. A model built on past filings then turns them into the odds of thriving, which means outgrowing the field for three years without a severe decline. A score of 500 is about average, and every 100 points doubles the odds. Every company is ranked on this same scale.
What it says here. At 523, National Energy Services Reunited's odds of thriving come to 40%, against about 37% for the typical filer. It meets 5 of 8 success points.
What the score means
The higher the score, the more often companies went on to thrive. At this level, about 38 of every 100 did.
Share of companies that beat their field for three years with no severe decline, tested on 2019 to 2022 filings.
Fall Risk: Medium
Separate from the score, this asks what could go wrong: the odds of sales falling 30% or the filings stopping within three years. In the tests, about 22 of every 100 companies in the Medium band did. That is the group's history, not a forecast for this company.
| Money | It keeps about 9 cents of free cash from each sales dollar after paying for its plants and equipment. Debt after cash comes to about 5 cents for each dollar of yearly sales. | moderate |
| Swings | Even in its worst years on record, sales still grew. | 1.7% a year |
| Filed events | No such 8-K events in the last two years. | 0 |
The eight success points
| Point | What it means | Place in field | |
|---|---|---|---|
| Speed | Sales grew faster than most of its field. | 72 of 100 | Met |
| Steadiness | Growth was strong for how much it swung, so it looks dependable. | 96 of 100 | Met |
| Price premium | It keeps less of each sales dollar than the leaders in its field. | 10 of 100 | Not yet |
| Margin stays above the field | Its margin has not held above the field for long. | 17 of 100 | Not yet |
| Moat half-life | Its margin edge is fading slowly, if at all. | 50 of 100 | Met |
| Brand spend yield | Brand spending returns more gross profit than for most of its field. | 73 of 100 | Met |
| Learning curve | Costs fell as a share of sales as it grew. | 91 of 100 | Met |
| Climb in the field | It has not been moving up the size ranks in its field. | 54 of 100 | Not yet |
Price premium -$112M is the extra gross profit over a field-median margin. Momentum $12M is gross profit times growth above the field's pace.
The actuarial view
| Credibility | With 6 years of filings, the record earns 63% of the weight. The rest stays at the middle of the field. | 0.63 |
| Severe decline, class B | About 26 of every 100 companies with this many points fell 30% or stopped reporting within three years. | 26.1% |
| Actual vs expected | Sales are 23% higher than if it had simply kept pace with its field. | 1.23 |
Top of its field: #1 Transocean · #2 Natural Gas Services · #3 Noble · #4 HighPeak Energy · #5 RPC
Ranked by The Trillion Score. See the method and score your own brand. Tested on 2019 to 2022 filings. Odds, class and Fall Risk figures are the experience of similar filers, not a forecast for this company. A statistical description of past filings, not a rating or advice.
- 8-K · 2026-11-04 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-08-10
- 8-K · 2026-08-10 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits
- 8-K · 2026-08-10 · 4.01 Changes in Registrant's Certifying Accountant; 9.01 Financial Statements and Exhibits
- 8-K · 2026-07-21 · 5.02 Departure or Election of Directors; Appointment of Officers
- 8-K · 2026-05-14 · 7.01 Regulation FD Disclosure
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company