National Energy Services Reunited
Provides production, drilling, and well-evaluation services across the MENA energy market.
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Profile
Provides upstream and midstream oilfield services across MENA through Production Services and Drilling and Evaluation Services, earning revenue from work that completes, produces, constructs, and evaluates wells. National oil companies dominate the customer base, with one customer generating roughly half of annual revenue.
Provides upstream and midstream oilfield services across the Middle East and North Africa, with smaller operations in Asia. Production Services covers hydraulic fracturing, cementing, coiled tubing, completions, artificial lift, and production assurance. Drilling and Evaluation Services spans rigs, directional drilling, fluids, downhole tools, well testing, wireline, and slickline.
Uses locally based teams, country support bases, and a broad service portfolio to tailor and deliver work near customers. Revenue is concentrated in MENA and among national oil companies; one customer accounts for roughly half. Demand follows customer capital spending and oil and gas activity, while operations depend on country permits and rules covering safety, environmental protection, hazardous materials, and equipment mobilization.
Company facts
Key statistics
Year to date +118% · Average volume (30d) 2.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 11, 2026 | UBS | Reiterate | Buy | $36 | $45 |
| Aug 11, 2026 | Barclays | Reiterate | Overweight | $35 | $45 |
| Aug 10, 2026 | BTIG | Reiterate | Buy | $40 | |
| Jul 14, 2026 | Piper Sandler | Reiterate | Overweight | $33 | $35 |
| Jun 30, 2026 | UBS | Reiterate | Buy | $32 | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.35 | $0.44 | +24.8% | $448.5M | $520.8M | +16.1% | +23.33% |
| May 11, 2026Q1 FY26 | $0.21 | $0.26 | +23.8% | $370.9M | $404.6M | +9.1% | +5.54% |
| Feb 17, 2026Q4 FY25 | $0.26 | $0.32 | +23.1% | $370.4M | $398.3M | +7.5% | +2.07% |
| Nov 13, 2025Q3 FY25 | $0.15 | $0.16 | +6.7% | $370.4M | $295.3M | −20.3% | −1.57% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $303.1M | $327.4M | $295.3M | $398.3M | $404.6M | $520.8M | |
| Gross profit | $32.8M | $39.2M | $30.7M | $43.3M | $47.1M | $81.3M | |
| Operating income | $20.9M | $27.1M | $19.6M | $30.7M | $36.0M | $64.8M | |
| Net income | $10.4M | $15.2M | $17.7M | $7.8M | $23.8M | $44.0M | |
| Diluted EPS | $0.11 | $0.16 | $0.18 | $0.08 | $0.23 | $0.43 | |
| Gross margin | 10.8% | 12.0% | 10.4% | 10.9% | 11.7% | 15.6% | |
| Operating margin | 6.9% | 8.3% | 6.6% | 7.7% | 8.9% | 12.5% |
Fiscal years (4-quarter sums)FY19 $658.4M · FY20 $834.1M · FY21 $876.7M · FY24 $1.30B · FY25 $1.32B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $175.0M · Total debt $299.1M · Total assets $2.10B · Shareholders' equity $1.04B
Dividends
No dividends on record.
Ownership
Shares outstanding 100.85M · Float 72.53M · 71.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Olayan Financing Co · 10 percent owner | 17.33M | 17.18% | Form 4 | May 6, 2026 |
| FMR LLC | 10.92M | 10.83% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 4.85M | 4.81% | 13F | Aug 7, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.94M | 3.91% | 13F | Aug 14, 2026 |
| Encompass Capital Advisors LLC | 3.10M | 3.08% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Stefan Angeli | officer: Chief Financial Officer | −13,570 | $35.12 |
| Jun 25, 2026 | Yousif Mohammed Ali Nasser Al-Nowais | director | −1,919,594 | $26.80 |
| Jun 13, 2026 | Yousif Mohammed Ali Nasser Al-Nowais | director | −332,857 | $26.90 |
| Jun 12, 2026 | Yousif Mohammed Ali Nasser Al-Nowais | director | −1,068,593 | $26.13 |
| Jun 9, 2026 | Yousif Mohammed Ali Nasser Al-Nowais | director | −200 | $25.55 |
Peers
- SLB
Global oilfield-services major across MENA wells and production
- Halliburton
Direct global rival in completions, stimulation, and drilling
- Baker Hughes
OFSE peer in well construction, completions, lift, and chemicals
- Weatherford International
Mid-tier global peer across well construction and intervention
- Nabors Industries
Drilling-rig contractor with major Saudi and international exposure
- Expro Group
Well-flow and intervention specialist with MENA production overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| National Energy Services Reunited | $34.48 | +0.07% | $3.47B | 37.6 | 14.6 | 2.1 | +59.1% |
| SLB | $57.61 | +0.50% | $85.09B | 28.0 | 20.2 | 2.3 | +5.0% |
| Halliburton | $36.73 | +1.53% | $30.22B | 18.9 | 14.3 | 1.4 | +3.7% |
| Baker Hughes | $62.78 | +0.60% | $61.95B | 20.1 | 23.4 | 2.2 | −2.4% |
| Weatherford International | $93.79 | +0.01% | $6.72B | 18.5 | 15.3 | 1.4 | −8.2% |
| Nabors Industries | $91.71 | +0.04% | $1.36B | 6.8 | 50.3 | 0.4 | −2.2% |
| Expro Group | $17.61 | −0.06% | $1.98B | 97.3 | 16.7 | 1.3 | −7.0% |
| Median | 19.5 | 18.5 | 1.4 | −2.3% |