NESR
National Energy Services Reunited Corp.14.46
-0.37-2.49%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Jafurah ramp, doubling tenders
Q&A unpacked Jafurah ramp to steady-state by Q2, with supply chain hurdles cleared and 20% efficiencies eyed from optimizations like more stages per day. Management targets doubling revenue in years via $2-3B tenders—mostly non-Saudi—awarding through 2026 at current margins. Kuwait surges as #2 market post-wins; Syria, Libya offer monitored upside. Capex holds $150-180M; shareholder returns detailed next quarter. Jafurah hits cruise control soon. Confident tone reinforces scripted growth story; watch tender awards.
Key Stats
Market Cap
1.46BP/E (TTM)
20.08Basic EPS (TTM)
0.72Dividend Yield
0%Recent Filings
10-K
FY2025 results
NESR posted FY2025 revenue of $1.32B, up 1.7% y/y, with MENA driving 99% amid steady rig counts despite Brent falling to $61. Production Services dipped to $816M on lower Saudi frac stages and coiled tubing, yet Drilling & Evaluation surged 20% to $508M via well testing and Roya™ tech gains in Saudi/Kuwait. Gross margins slipped to 12.4% from elevated costs, but operating income held at $98M; net income fell to $51M. Capex hit $144M (derived) to fuel growth, cash swelled to $125M, debt dropped to $310M. No guidance disclosed. Oil price drops threaten customer spending.
8-K
Q4 revenue surges 34.9%
NESR reported Q4 2025 revenue of $398.3M, up 34.9% sequentially and 15.9% year-over-year, with Adjusted EBITDA hitting $84.4M, up 32% from Q3. GAAP net income fell to $7.8M due to impairments, Oman provisions, and Saudi prepayment write-offs, yet Adjusted net income doubled to $31.9M. Net debt dropped $90M to $185.3M. Strong backlog fuels 2026 growth.
8-K
Governance docs amended
8-K
NESR completes NPS/GES buyout
NESR closed its $887M acquisition of NPS and GES on June 6, transforming from shell to MENA oilfield services powerhouse. Funded by $212M trust, $48M backstop, $50M Hana loan, it issued 58M shares, yielding 85.6M outstanding. Major holders lock shares six months; board gains nominees from sellers. Risks include oil prices, integration.
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