National Energy Services Reunited Corp.

Leading MENA oilfield-services player with above-average operating cash generation but soft liquidity and an earnings dip.

Strengths

• Strong OCF margin 20% (88th), operating margin 7.4% (76.5th) and net margin 3.9% (70.6th) with a leading, resilient MENA footprint across 16 countries
• Revenue growth in the 90.9th pct and interest coverage 3.0x in a sector that broadly declined

Risks

• Weak liquidity — current ratio 1.04 and quick 0.89 (both 10th pct); low gross margin 12.4% (22nd)
• Net income fell 33% and ROA is mid-pack at 2.8%

Notable findings

• Customer concentration~99% of revenue from one customer/distributor — During the years ended December 31, 2025, 2024, and 2023, approximately 99%, 99%, and 99%, respectively, of our revenue was generated from operations in the MENA region
• Strong balance sheetStrong balance sheet — $125M cash & investments