National Energy Services Reunited Corp. (NESR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+290.5%

$81.89

vs $20.97 price

Levered DCF

$75.20

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.3

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	30.12×	11.2×	50.77×	-17.79×	-13.31×	52.26×	20.27×	0×
P/B	1.59×	0.94×	0.76×	0.8×	1.05×	0.93×	0.9×	0×
P/S	1.16×	0.66×	0.55×	0.71×	0.98×	1.06×	1.21×	0×
EV / EBITDA	7.53×	4.16×	4.78×	9.43×	16.3×	7.28×	6.92×	0×
Gross margin	11.0%	16.0%	11.3%	5.1%	-1.7%	7.4%	20.6%	0.0%
Operating margin	7.4%	10.6%	7.0%	-0.1%	-4.9%	4.2%	10.9%	0.0%
Net margin	3.9%	5.9%	1.1%	-4.0%	-7.4%	2.0%	6.0%	0.0%
Current ratio	1.04×	1.07×	1.02×	0.99×	1.45×	1.43×	1.77×	1.37×
Debt / equity	0.36×	0.45×	0.59×	0.71×	0.73×	0.42×	0.43×	0.33×
Interest coverage	3.02×	3.45×	1.76×	-0.03×	-2.86×	2.22×	3.79×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.3%	8.4%	1.5%	-4.5%	-7.9%	1.8%	4.4%	0.0%
Return on invested capital	6.1%	7.8%	2.4%	-0.1%	-2.9%	1.4%	4.0%	0.0%
Return on assets	2.8%	4.3%	0.7%	-2.0%	-3.5%	1.0%	2.6%	0.0%
Free cash flow yield	7.8%	14.5%	17.4%	-4.6%	2.4%	5.9%	-2.4%	0.0%
Earnings yield	3.3%	8.9%	2.0%	-5.6%	-7.5%	1.9%	5.0%	0.0%
Enterprise value	$1.8B	$1.2B	$1B	$1.1B	$1.3B	$1.2B	$1.1B	$263.9M
Net debt / EBITDA	0.96×	1.08×	1.91×	4.06×	5.08×	1.95×	1.95×	0×
Cash conversion cycle (days)	6	20	22	30	41	105	114	0