Short answer
National Energy Services Reunited Corp. (NESR) filed its fiscal 2025 10-K annual report with the SEC on Mar 6, 2026. It reported revenue of $1.3B and net income of $51M.
- Top risk flagged: Litigation risk in Qatar and UAE regarding ownership and historical profits of subsidiaries acquired in NPS acquisition (Note 13 reference)
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- Net income
- $51M
- Operating margin
- 7.4%
- Gross margin
- 12.4%
- EPS (diluted)
- $0.52
- ROE
- 5.3%
- Operating cash flow
- $264M
Source: XBRL data from the National Energy Services Reunited Corp. (NESR) FY2025 10-K on SEC EDGAR. USD.
National Energy Services Reunited Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model not detailed in this filing excerpt
- No new products, services, or segments introduced or emphasized this year
- Focus on compliance: adoption of Insider Trading Policy with Exhibit 19.1 attached
- Auditor firm Grant Thornton Dubai branch engaged for fiscal year 2026
- Business section primarily references Proxy Statement for executive compensation, ownership, and governance details
Management Discussion & Analysis
- Revenue $1,324M in 2025, up $22.3M (1.7%) from $1,301.7M in 2024; Production Services down $62.1M, Drilling & Evaluation up $84.4M
- Operating margin 7.4% in 2025 ($98.3M operating income) vs 10.6% in 2024 ($137.7M operating income); gross margin 12.4% vs 16.0%
- Best segment: Drilling & Evaluation services operating income $69.1M (+9.4% YoY); Worst segment: Production Services operating income $100.3M (-31.7% YoY)
- Cash flow from operations $264.2M in 2025, up $34.9M YoY; Capex increased to $152.2M; Financing cash outflows $87.3M due to debt repayments, no buybacks/dividends reported
- Management highlights stable MENA demand despite oil price and rig count fluctuations; key risks include cost structure pressures and tax uncertainties
Risk Factors
- Litigation risk in Qatar and UAE regarding ownership and historical profits of subsidiaries acquired in NPS acquisition (Note 13 reference)
- Middle East conflict escalation Feb 28, 2026, affecting Saudi Arabia, UAE, Qatar operations via supply disruptions and increased costs
- Customer concentration with four customers accounting for 49%, 9%, 8%, and 7% of 2025 revenues increasing revenue risk from contract loss
- Competition from larger multinational oilfield service companies with greater resources potentially reducing market share and pricing power
- Debt agreements with restrictive covenants and interest rate exposure may limit subsidiaries’ cash distributions, risking acceleration of repayment
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