TakeoverPE & activists

NESRNational Energy Services Reunited Corp.

Oil & Gas Field Services, NEC · $2.1B market cap · 6,231 employees

0.5×

Less likely than average to be taken private

Top 33% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • 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
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
May 8, 2018DEFM14ANESR Holdings Ltd.$10.0011.244%
Apr 2, 2018PREM14ANESR Holdings Ltd.$10.0011.244%
Feb 14, 2018PREM14ANESR Holdings Ltd.$10.0011.244%

Key numbers

Revenue
$1.3BFY2021: $877MFY2022: $910MFY2023: $1.1BFY2024: $1.3BFY2025: $1.3B
1.7% YoY
Operating margin
7.4%FY2021: -4.9%FY2022: -0.1%FY2023: 7.0%FY2024: 10.6%FY2025: 7.4%
30% YoY
EBITDA
$240MFY2021: $79MFY2022: $115MFY2023: $223MFY2024: $280MFY2025: $240M
14% YoY
Net debt / EBITDA
0.2×
$49M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$877M$910M$1.1B$1.3B$1.3B 1.7% FY2021: $877MFY2022: $910MFY2023: $1.1BFY2024: $1.3BFY2025: $1.3B
Operating income−$43M−$917K$81M$138M$98M 29% FY2021: −$43MFY2022: −$917KFY2023: $81MFY2024: $138MFY2025: $98M
Net income−$65M−$36M$13M$76M$51M 33% FY2021: −$65MFY2022: −$36MFY2023: $13MFY2024: $76MFY2025: $51M
Operating cash flow$128M$93M$177M$229M$264M 15% FY2021: $128MFY2022: $93MFY2023: $177MFY2024: $229MFY2025: $264M
Capex$107M$122M$68M$105M$143M 36% FY2021: $107MFY2022: $122MFY2023: $68MFY2024: $105MFY2025: $143M
Stock-based comp$10M$9M$7M$6M$8M 38% FY2021: $10MFY2022: $9MFY2023: $7MFY2024: $6MFY2025: $8M

13D filers

FiledFilerFormStakeIntent
Feb 17, 2026Mubbadrah Investment LLCSCHEDULE 13D/A4.3%Passive
Nov 24, 2025Mubbadrah Investment LLCSCHEDULE 13D/A5.1%Passive
Mar 24, 2025Mubbadrah Investment LLCSCHEDULE 13D/A5.5%Passive
Nov 4, 2024Olayan Saudi Holding CoSC 13D/A19.1%Passive
Aug 12, 2024Mubbadrah Investment LLCSC 13D/A8.5%Passive
Jun 23, 2022Mubbadrah Investment LLCSC 13D/A10.2%Passive
Nov 22, 2021Mubbadrah Investment LLCSC 13D/A12.3%Passive
Jun 17, 2021Waha Capital PJSCSC 13D/A4.5%Passive
Oct 21, 2020Mubbadrah Investment LLCSC 13D/A14.2%Passive
Jun 24, 2020Mubbadrah Investment LLCSC 13D/A16.9%Passive

Insider trading

−$142Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $142M · 17 trades

Pay vs performance

No pay-versus-performance disclosure yet.