Does NATIONAL ENERGY SERVICES REUNITED CORP. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NATIONAL ENERGY SERVICES REUNITED CORP. (NESR) 21.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 18, returns on capital 18, balance-sheet safety 47, capital discipline 5.

Is NESR stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $9.55 per share versus a recent price of $27.96 — 193% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has NESR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 21.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NATIONAL ENERGY SERVICES REUNITED CORP.

NESR · Materials · $2.8B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power18

Median gross margin 13.0% over 3y, stable.

Returns on capital18

Median ROIC 7.1%, above the 9% hurdle in 25% of years.

Balance-sheet safety47

Net debt/EBITDA 0.8x, interest coverage 3x.

Capital discipline5

Owner earnings -23.2%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

193% above value

Owner earnings (normalized): $86.6M
Est. intrinsic value / share: $9.55
Recent price: $27.96
Discount to value: 193% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

5 years of fundamentals

The business, in plain English

NATIONAL ENERGY SERVICES REUNITED CORP. booked $1.3B of revenue in FY2025 in the Materials sector and kept 12.4% of it as gross profit — a thin-margin business by that measure. After every other cost, 3.9% of each revenue dollar reached the bottom line.

It earned 7.2% on invested capital in FY2025, with a median of 7.1% across 4 filed years. The Returns on Capital filter above scores it 18/100.

The balance sheet carried $310.1M of total debt in FY2025 against $51.1M of owner earnings — roughly 6.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 47/100.

The share count rose 759.2% between FY2017 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 5/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (47/100) and Capital Discipline the weakest (5/100), which is how NESR lands at 21/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.3B FY2025

Gross marginRevenue kept after cost of goods12.4% FY2025

Return on invested capitalOperating profit on the capital employed7.2% FY2025

Owner earningsCash an owner could take out$51.1M FY2025

Gaps in a line mean that item isn’t in NESR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale21.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NESR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#183 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#181ECVT Ecovyst Inc.21.6 out of 100, No moatNo moat
#182FTK FLOTEK INDUSTRIES INC/CN21.2 out of 100, No moatNo moat
#184UUUU ENERGY FUELS INC.20.8 out of 100, No moatNo moat
#185MUX McEWEN INC.20.7 out of 100, No moatNo moat

Compare NESR with its nearest peers →All Materials companies on the Index →

Common questions about NESR

Does NATIONAL ENERGY SERVICES REUNITED CORP. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NATIONAL ENERGY SERVICES REUNITED CORP. (NESR) 21.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 18, returns on capital 18, balance-sheet safety 47, capital discipline 5.
Is NESR stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $9.55 per share versus a recent price of $27.96 — 193% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has NESR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 21.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NESR. See the disclaimer.