NESRNational Energy Services Reunited Corp.

Oil & Gas Field Services, NEC

Revenue: $1.3B; 1.7% YoY
Operating margin: 7.4%; 30% YoY
EBITDA: $240M; 14% YoY
Market cap: $2.1B
Employees: 6,231; $212K revenue each
Net debt / EBITDA: 0.2×; $49M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
517% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$212K · 2nd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$142M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$877M	$910M	$1.1B	$1.3B	$1.3B	1.7%
Operating income	−$43M	−$917K	$81M	$138M	$98M	29%
Net income	−$65M	−$36M	$13M	$76M	$51M	33%
Operating cash flow	$128M	$93M	$177M	$229M	$264M	15%
Capex	$107M	$122M	$68M	$105M	$143M	36%
Stock-based comp	$10M	$9M	$7M	$6M	$8M	38%

Deal filings

Filed	Form	Acquirer	Price	Premium
May 8, 2018	DEFM14A	—	$10.00	11.244%
Apr 2, 2018	PREM14A	—	$10.00	11.244%
Feb 14, 2018	PREM14A	NESR Holdings Ltd.	$10.00	11.244%

13D filers

Filed	Filer	Form	Stake	Intent
Feb 17, 2026	Mubbadrah Investment LLC	SCHEDULE 13D/A	4.3%	Passive
Nov 24, 2025	Mubbadrah Investment LLC	SCHEDULE 13D/A	5.1%	Passive
Mar 24, 2025	Mubbadrah Investment LLC	SCHEDULE 13D/A	5.5%	Passive
Nov 4, 2024	Olayan Saudi Holding Co	SC 13D/A	19.1%	Passive
Aug 12, 2024	Mubbadrah Investment LLC	SC 13D/A	8.5%	Passive
Jun 23, 2022	Mubbadrah Investment LLC	SC 13D/A	10.2%	Passive
Nov 22, 2021	Mubbadrah Investment LLC	SC 13D/A	12.3%	Passive
Jun 17, 2021	Waha Capital PJSC	SC 13D/A	4.5%	Passive
Oct 21, 2020	Mubbadrah Investment LLC	SC 13D/A	14.2%	Passive
Jun 24, 2020	Mubbadrah Investment LLC	SC 13D/A	16.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $142M · 17
Net: −$142M

Pay vs performance

No pay-versus-performance disclosure yet.