Latest Ratios: P/E Ratio 53.4x · EV/EBITDA 12.6x · ROE 5.5%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $1.6B | $857M | $578M | $645M | $860M | $885M | $793M | $428M |
| Enterprise Value | $3.0B | $1.8B | $1.2B | $995M | $1.1B | $1.3B | $1.2B | $1.1B | $427M |
| P/E Ratio → | 53.40 | 30.12 | 11.20 | 46.92 | — | — | 55.17 | 20.27 | 14.01 |
| P/S Ratio | 2.12 | 1.17 | 0.66 | 0.50 | 0.71 | 0.98 | 1.06 | 1.21 | 1.58 |
| P/B Ratio | 2.84 | 1.60 | 0.94 | 0.70 | 0.80 | 1.05 | 0.94 | 0.90 | 1.95 |
| P/FCF | 23.19 | 12.85 | 6.90 | 5.31 | — | 41.63 | 17.08 | — | 12.38 |
| P/OCF | 10.60 | 5.87 | 3.74 | 3.27 | 6.97 | 6.74 | 6.58 | 8.91 | 5.14 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.34 | 0.89 | 0.87 | 1.25 | 1.43 | 1.45 | 1.68 | 1.57 |
| EV / EBITDA | 12.60 | 7.40 | 4.13 | 4.46 | 9.86 | 15.87 | 7.75 | 6.90 | 5.47 |
| EV / EBIT | 30.77 | 18.08 | 8.56 | 13.15 | 261.90 | — | 26.87 | 15.46 | 10.76 |
| EV / FCF | — | 14.71 | 9.32 | 9.15 | — | 60.50 | 23.32 | — | 12.36 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.0% | 11.0% | 16.0% | 11.3% | 5.1% | -1.7% | 7.4% | 20.6% | 26.2% |
| Operating Margin | 7.4% | 7.4% | 10.6% | 7.0% | -0.1% | -4.9% | 4.2% | 10.9% | 14.6% |
| Net Profit Margin | 3.9% | 3.9% | 5.9% | 1.1% | -4.0% | -7.4% | 2.0% | 6.0% | 11.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | 8.8% | 1.5% | -4.5% | -7.3% | 1.8% | 7.1% | 14.0% |
| ROA | 2.8% | 2.8% | 4.3% | 0.7% | -2.0% | -3.7% | 1.0% | 4.5% | 13.2% |
| ROIC | 6.1% | 6.1% | 8.4% | 4.8% | -0.1% | -2.6% | 2.1% | 7.6% | 13.6% |
| ROCE | 7.8% | 7.8% | 10.9% | 6.3% | -0.1% | -3.2% | 2.7% | 9.4% | 17.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.45 | 0.59 | 0.71 | 0.73 | 0.42 | 0.43 | — |
| Debt / EBITDA | 1.46 | 1.46 | 1.46 | 2.17 | 4.93 | 7.56 | 2.55 | 2.40 | — |
| Net Debt / Equity | — | 0.23 | 0.33 | 0.51 | 0.61 | 0.48 | 0.34 | 0.35 | -0.00 |
| Net Debt / EBITDA | 0.94 | 0.94 | 1.07 | 1.87 | 4.24 | 4.95 | 2.07 | 1.94 | -0.01 |
| Debt / FCF | — | 1.86 | 2.42 | 3.83 | — | 18.87 | 6.24 | — | -0.02 |
| Interest Coverage | 3.02 | 3.02 | 3.39 | 1.65 | 0.13 | -2.99 | 2.83 | 3.76 | 5.90 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.07 | 1.02 | 0.99 | 1.45 | 1.43 | 1.77 | 0.25 |
| Quick Ratio | 0.89 | 0.89 | 0.88 | 0.83 | 0.79 | 1.24 | 1.17 | 1.42 | 0.25 |
| Cash Ratio | 0.21 | 0.21 | 0.21 | 0.13 | 0.14 | 0.48 | 0.21 | 0.32 | 0.21 |
| Asset Turnover | — | 0.72 | 0.73 | 0.64 | 0.50 | 0.48 | 0.49 | 0.43 | 1.17 |
| Inventory Turnover | 12.42 | 12.42 | 11.29 | 10.32 | 7.81 | 9.50 | 8.19 | 6.63 | — |
| Days Sales Outstanding | — | 97.51 | 89.32 | 113.22 | 133.01 | 131.25 | 128.53 | 104.87 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 4.7% |
| Payout Ratio | — | — | — | — | — | — | — | — | 65.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 3.3% | 8.9% | 2.1% | — | — | 1.8% | 4.9% | 7.1% |
| FCF Yield | 4.3% | 7.8% | 14.5% | 18.8% | — | 2.4% | 5.9% | — | 8.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.7% |
| Shares Outstanding | — | $99M | $96M | $95M | $93M | $91M | $89M | $87M | $43M |
Sovereign payment cycle volatility
Based on current market data, NESR trades at a trailing P/E of 54.31, which appears elevated relative to its historical performance and suggests that investors are pricing in significant future growth that may not yet be supported by the company's recent, highly volatile earnings trajectory.
The forward P/E of 17.12 indicates that the market expects a substantial recovery in profitability, yet this valuation premium warrants caution given the company's thin margins and reliance on specific regional NOC capital expenditure cycles. Investors should monitor whether this valuation reflects a genuine growth inflection or merely a temporary mispricing of the firm's long-term earnings power.
As reported in financial statements, NESR's ROIC has struggled to gain momentum, hovering at a modest 2.2% in 2026Q1, which indicates that the company is currently failing to generate returns that meaningfully exceed its cost of capital in the competitive MENA oilfield services landscape.
The persistent low ROIC suggests that the heavy capital intensity required to maintain a fleet in harsh desert environments is not being adequately offset by pricing power or operational efficiency. This trend implies that management's focus on regional consolidation has yet to translate into superior compounding of invested capital for shareholders.
According to quarterly filings, NESR's days-to-collect (DSO) remains elevated, reaching 90 days in 2026Q1, which highlights the structural challenge of managing cash conversion cycles when dealing with sovereign-linked entities that dictate payment terms within the Middle Eastern energy sector.
The high DSO, combined with a cash conversion cycle that frequently fluctuates, suggests that the company's liquidity is highly sensitive to the administrative payment speed of its primary NOC customers. This operational reality forces the firm to maintain higher working capital levels, which may continue to constrain free cash flow generation.
Based on the provided figures, NESR has successfully reduced its debt-to-equity ratio to 0.31 as of 2026Q1, demonstrating a disciplined approach to balance sheet management that provides a necessary buffer against the inherent volatility of its regional, project-based revenue model.
This deleveraging trend appears to be a strategic priority, likely intended to mitigate the risks associated with the company's concentrated geographic exposure and the potential for sudden operational disruptions. While the low leverage is a positive indicator, it also suggests that the company may be operating with limited access to external capital markets compared to larger global peers.
The P/E ratio is frequently misapplied to NESR, as it obscures the significant impact of non-recurring mobilization costs and sovereign payment timing mismatches that cause reported net income to fluctuate wildly, thereby rendering the metric an unreliable indicator of the company's true underlying operational earning power.
Analysts should instead prioritize EV/EBITDA or free cash flow metrics to better assess the company's ability to generate cash from its core service operations. Relying on P/E in this context may lead to an inaccurate assessment of the firm's valuation, as it fails to account for the capital-intensive nature of the business and the accounting nuances of its regional contracts.
Includes 30+ ratios · 8 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NESR stock.
National Energy Services Reunited Corp.'s current P/E ratio is 53.4x. The historical average is 29.6x. This places it at the 83th percentile of its historical range.
National Energy Services Reunited Corp.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
National Energy Services Reunited Corp.'s return on equity (ROE) is 5.5%. The historical average is 3.4%.
Based on historical data, National Energy Services Reunited Corp. is trading at a P/E of 53.4x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Energy Services Reunited Corp. has 11.0% gross margin and 7.4% operating margin.
National Energy Services Reunited Corp.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.