National Energy Services Reunited Corp.
NESRdata completeness 100%9 fiscal years on fileNational Energy Services Reunited Corp. earns about 2% on invested capital, below its ~9% cost of capital, but has diluted owners by 9% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.32 and $68.22 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $876.7M1 | $909.5M2 | $1.15B3 | $1.3B3 | $1.32B3 |
| Net income | −$64.6M4 | −$36.4M5 | $12.6M6 | $76.3M6 | $51.1M6 |
| Operating cash flow | $127.7M7 | $92.6M8 | $177M9 | $229.3M9 | $264.2M9 |
| Capital expenditure | $107.1M10 | $122.4M11 | $68.2M12 | $105.1M12 | $143.5M12 |
| Free cash flow (derived) | $20.7M7 | −$29.8M8 | $108.8M9 | $124.2M9 | $120.8M9 |
| Total debt | $595.8M13 | $987M14 | $860.7M15 | $709.6M16 | $568.1M16 |
| Cash & equivalents | $205.8M17 | $78.9M18 | $67.8M19 | $108M19 | $124.8M19 |
| Diluted shares | 91.0M | 93.0M | 94.7M | 95.7M | 99.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $97.67 of net worth that earned you $5.16 and generated $12.19 of cash last year, against $57.33 of debt.
It earned about 2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.32 and $68.22 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$120.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$120.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$12.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $12.94 |
| Base | 20.0% | $35.26 |
| Bull | 20.0% | $35.26 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001493152-24-017128 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-001136 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-009139 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001493152-24-017128 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-001136 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-009139 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001493152-24-017128 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-001136 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-009139 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001493152-24-017128 (PaymentsToAcquireProductiveAssets)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-001136 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-009139 (PaymentsToAcquireProductiveAssets)
- 20-F · period ending 2021-12-31 · accession 0001493152-23-046470 (LongTermDebtNoncurrent)
- 20-F · period ending 2022-12-31 · accession 0001493152-24-017128 (LongTermDebtNoncurrent)
- 20-F · period ending 2023-12-31 · accession 0001641172-25-001136 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-009139 (LongTermDebtNoncurrent)
- 20-F · period ending 2021-12-31 · accession 0001493152-23-046470 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001493152-24-017128 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-009139 (CashAndCashEquivalentsAtCarryingValue)