National Energy Services Reunited Corp. Financial Ratios — NESR

Profitability (USD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	09/30/2020	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	27.98	- -	4.59	- -	3.51	-7.32	-4.49	1.55	8.82	5.45
Return on Assets (%)	- -	26.47	- -	2.75	- -	1.96	-3.67	-1.99	0.69	4.27	2.82
Return on Capital (%)	- -	35.34	- -	4.46	- -	3.81	- -	- -	2.38	8.25	6.01
Return on Invested Capital (%)	- -	31.64	- -	4.43	- -	2.95	- -	- -	2.53	8.28	6.26
Gross Margin (%)	- -	26.23	- -	23.02	- -	9.34	0.32	7.2	12.97	16.03	12.44
EBITDA Margin (%)	- -	28.98	- -	24.29	- -	18.7	8.99	12.64	19.45	21.55	18.13
Operating Margin (%)	- -	14.83	- -	10.91	- -	4.23	-4.94	-0.1	7.04	10.58	7.43
Incremental Operating Margin (%)	- -	14.83	14.83	10.91	10.91	4.23	- -	- -	34.53	36.59	-176.27
Pretax Margin (%)	- -	12.14	- -	7.96	- -	3.49	-6.91	-3.28	2.6	7.34	4.56
Profit Margin (%)	- -	11.29	- -	5.98	- -	1.98	-7.36	-4	1.1	5.86	3.86
Net Income to Common Margin (%)	- -	11.29	- -	5.98	- -	1.98	-7.36	-4	1.1	5.86	3.86
Effective Tax Rate (%)	- -	13.92	- -	24.93	- -	43.1	- -	- -	57.85	20.09	15.34
Dvd Payout Ratio (%)	- -	76.69	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	6.52	- -	4.59	- -	3.51	-7.32	-4.49	1.55	8.82	5.45

Credit (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	09/30/2020	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	302	384	- -	398	596	566	485	409	332
ST Debt	- -	- -	77	53	- -	90	87	150	128	134	122
LT Debt	- -	- -	225	331	- -	309	509	417	357	275	210
Total Debt/EBITDA	- -	- -	- -	2.4	- -	2.55	7.56	4.93	2.17	1.46	1.38
Net Debt/EBITDA	- -	-0.01	- -	1.94	- -	2.07	4.95	3.97	1.72	0.98	0.77
Total Debt/EBIT	- -	- -	- -	5.34	- -	11.3	-13.75	-617.68	6.01	2.97	3.37
Net Debt/EBIT	- -	-0.02	- -	4.32	- -	9.17	-9	-497.54	4.76	2	1.88
EBITDA to Interest Expense	- -	11.7	- -	8.43	- -	9.82	5.19	3.37	4.86	7.03	7.38
EBITDA-CapEx/Interest Expense	- -	11.7	- -	8.43	- -	9.82	5.19	3.37	4.86	7.03	7.38
EBIT to Interest Expense	- -	5.99	- -	3.79	- -	2.22	-2.86	-0.03	1.76	3.45	3.02
Interest Expense	- -	7	- -	19	- -	16	15	34	46	40	33
Common Equity/Total Assets	- -	94.6	61.78	58.23	- -	55.98	44.83	43.88	45.69	51.2	52.27
Long-Term Debt/Equity (%)	- -	- -	27.1	37.29	- -	32.68	61.97	51.96	43.42	30.3	21.68
Long-Term Debt/Capital (%)	- -	- -	19.89	26.03	- -	22.98	35.91	30.46	27.31	20.89	16.15
Long-Term Debt/Total Assets (%)	- -	- -	16.76	21.71	- -	18.29	27.78	22.8	19.84	15.52	11.33
Total Debt/Equity (%)	- -	- -	36.35	43.26	- -	42.19	72.57	70.59	59.01	45.05	34.25
Total Debt/Capital (%)	- -	- -	26.69	30.2	- -	29.67	42.06	41.38	37.11	31.06	25.51
Total Debt/Total Assets (%)	- -	- -	22.49	25.19	- -	23.62	32.54	30.98	26.96	23.07	17.91
Net Debt to Equity	- -	-0.34	33.36	35.01	- -	34.25	47.51	56.86	46.79	30.27	19.15
Net Debt/Capital (%)	- -	-0.34	25.04	25.93	- -	25.51	32.21	35.37	31.04	22.73	15.78
EBITDA	- -	79	- -	160	- -	156	79	115	223	280	240
EBITDA-CapEx	- -	79	- -	160	- -	156	79	115	223	280	240
Operating Income (Loss)	- -	40	- -	72	- -	35	-43	-1	81	138	98

Liquidity (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	09/30/2020	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.21	0.11	0.32	- -	0.21	0.48	0.14	0.13	0.21	0.21
Current Ratio	- -	0.25	1.34	1.77	- -	1.43	1.45	0.99	1.02	1.07	1.04
Quick Ratio	- -	0.21	0.99	1.33	- -	1.13	1.21	0.75	0.79	0.85	0.85
CFO/Avg Current Liab	- -	47.89	- -	0.39	- -	0.75	0.32	0.19	0.33	0.44	0.48
Common Equity/Total Assets	- -	94.6	61.78	58.23	- -	55.98	44.83	43.88	45.69	51.2	52.27
Long-Term Debt/Equity (%)	- -	- -	27.1	37.29	- -	32.68	61.97	51.96	43.42	30.3	21.68
Long-Term Debt/Capital (%)	- -	- -	19.89	26.03	- -	22.98	35.91	30.46	27.31	20.89	16.15
Long-Term Debt/Total Assets (%)	- -	- -	16.76	21.71	- -	18.29	27.78	22.8	19.84	15.52	11.33
Total Debt/Equity (%)	- -	- -	36.35	43.26	- -	42.19	72.57	70.59	59.01	45.05	34.25
Total Debt/Capital (%)	- -	- -	26.69	30.2	- -	29.67	42.06	41.38	37.11	31.06	25.51
Total Debt/Total Assets (%)	- -	- -	22.49	25.19	- -	23.62	32.54	30.98	26.96	23.07	17.91
CFO/Total Liabilities	- -	665.72	- -	14.01	- -	18.1	12.64	9.02	18.13	26.5	29.91
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	165.22	0.21	2.2	- -	2.08	1.37	1.11	1.6	2.31	2.57

Working Capital (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	09/30/2020	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	8.16	- -	14.28	7.09	6.52	7.16	8.44	8.4
Days Sales Outstanding	- -	- -	- -	44.75	- -	25.56	51.47	56.01	50.96	43.26	43.46
Inventory Turnover	- -	- -	- -	7.4	- -	16.05	9.29	8.26	9.55	11.2	12.1
Days Inventory Outstanding	- -	- -	- -	49.33	- -	22.75	39.29	44.19	38.24	32.59	30.16
Accounts Payable Turnover	- -	115.24	1.67	7.99	-2.4	11.76	3.8	2.58	2.8	3.32	3.19
Accounts Payable Turnover Days	- -	3.17	218.86	45.66	-152.09	31.03	95.93	141.66	130.56	109.79	114.54
Cash Conversion Cycle	- -	-3.17	- -	48.42	- -	17.28	-5.18	-41.46	-41.36	-33.94	-40.92
Inventory to Cash Days	- -	- -	- -	-4.58	- -	2.81	12.18	11.82	12.72	10.66	13.29
Inventories	- -	- -	58	79	- -	94	94	111	98	97	95
Raw Materials	- -	- -	45	58	- -	72	66	64	67	64	59
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	15	23	- -	25	28	47	32	33	35

Enterprise Value (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	09/30/2020	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	3,405	- -	793	564	882	860	645	578	855	1,542
- Cash & Cash Equivalents	- -	1	25	73	- -	75	206	79	68	108	125
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	302	384	- -	398	596	566	485	409	332
Enterprise Value	- -	3,405	277	1,104	564	1,206	1,250	1,133	995	1,157	1,748
Total Capital	- -	219	1,132	1,270	- -	1,343	1,417	1,369	1,306	1,317	1,299
Total Debt/Capital (%)	- -	- -	26.69	30.2	- -	29.67	42.06	41.38	37.11	31.06	25.51
Total Debt / EV	- -	- -	1.09	0.35	- -	0.33	0.48	0.5	0.49	0.35	0.19
EV/Sales	- -	12.55	- -	1.68	- -	1.45	1.43	1.25	0.87	0.89	1.32
EV/EBITDA	- -	43.29	- -	6.9	- -	7.73	15.87	9.86	4.46	4.12	7.28
EV/EBIT	- -	84.63	- -	15.37	- -	34.18	- -	- -	12.33	8.4	17.78
EV/Cash Flow to Firm	- -	38.26	- -	10.68	- -	8.4	8.69	8.44	5.07	4.43	5.99
EV/Free Cash Flow to Firm	- -	38.26	- -	10.68	- -	8.4	8.69	8.44	5.07	4.43	5.99
Diluted Market Cap	- -	3,681	- -	793	564	884	860	645	578	858	1,552
Diluted Enterprise Value	- -	3,681	277	1,104	564	1,207	1,250	1,133	995	1,159	1,759
EV per Share	- -	9.95	- -	12.69	6.38	13.57	13.73	12.18	10.5	12.11	17.76
TTM Sales	- -	271	- -	658	- -	834	877	910	1,146	1,302	1,324
TTM EBITDA	- -	79	- -	160	- -	156	79	115	223	280	240
TTM Operating Income	- -	40	- -	72	- -	35	-43	-1	81	138	98
TTM Cash Flow to Firm	- -	89	- -	103	- -	143	144	134	196	261	292
TTM Free Cash Flow to Firm	- -	89	- -	103	- -	143	144	134	196	261	292

Multiples (USD)

API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	09/30/2020	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	44.25	- -	8.91	- -	6.57	6.74	6.97	3.27	3.74	5.87
EV/EBIT	- -	84.63	- -	15.37	- -	34.18	- -	- -	12.33	8.4	17.78
Enterprise Value	- -	3,405	277	1,104	564	1,206	1,250	1,133	995	1,157	1,748
Low Price	- -	9.39	7.51	5.93	4.04	4.04	8.56	5.64	2.44	5	5.2
EV/Sales	- -	12.55	- -	1.68	- -	1.45	1.43	1.25	0.87	0.89	1.32
EV/EBITDA	- -	43.29	- -	6.9	- -	7.73	15.87	9.86	4.46	4.12	7.28
Price/Earnings	- -	111.19	- -	20.16	- -	53.29	- -	- -	45.94	11.21	30.15
Price/Earnings Average	- -	108.19	- -	18.7	- -	37.6	-17.11	-19.2	36.67	10.99	17.36
Price/Earnings High	- -	111.64	- -	23.87	- -	53.61	-22.49	-27.87	58.22	12.89	30.48
Price/Earnings Low	- -	104.93	- -	13.11	- -	21.68	-12.07	-14.4	18.38	6.26	10.01
Price/Book Value	- -	15.55	- -	0.9	- -	0.93	1.05	0.8	0.7	0.94	1.59
Price/Book Value Average	- -	15.13	- -	0.83	- -	0.66	1.35	0.87	0.56	0.92	0.92
Price/Book Value High	- -	15.62	- -	1.06	- -	0.94	1.77	1.27	0.89	1.08	1.61
Price/Book Value Low	- -	14.68	- -	0.58	- -	0.38	0.95	0.65	0.28	0.53	0.53
Price/Tangible Book Value	- -	15.55	- -	4.2	- -	4.14	15.84	11.87	6.28	4.33	5.59
Price/Tangible Book Value Average	- -	15.13	- -	3.89	- -	2.92	20.33	12.87	5.01	4.25	3.22
Price/Tangible Book Value High	- -	15.62	- -	4.97	- -	4.16	26.73	18.68	7.95	4.98	5.65
Price/Tangible Book Value Low	- -	14.68	- -	2.73	- -	1.68	14.35	9.65	2.51	2.42	1.86
Price/Sales	- -	12.55	- -	1.21	- -	1.06	0.98	0.71	0.5	0.66	1.16
Price/Sales Average	- -	12.21	- -	1.12	- -	0.75	1.26	0.77	0.4	0.64	0.67
Price/Sales High	- -	12.6	- -	1.43	- -	1.06	1.66	1.12	0.64	0.76	1.18
Price/Sales Low	- -	11.84	- -	0.78	- -	0.43	0.89	0.58	0.2	0.37	0.39
Price/Cash Flow	- -	40.93	- -	8.91	- -	6.56	6.74	6.97	3.27	3.73	5.83
Price/Cash Flow Average	- -	39.83	- -	8.26	- -	4.63	8.65	7.55	2.61	3.66	3.36
Price/Cash Flow High	- -	41.1	- -	10.55	- -	6.6	11.37	10.97	4.14	4.29	5.9
Price/Cash Flow Low	- -	38.63	- -	5.79	- -	2.67	6.1	5.66	1.31	2.08	1.94
Price/Free Cash Flow Average	- -	43.06	- -	8.26	- -	4.64	8.65	7.55	2.61	3.67	3.38
Price/Free Cash Flow High	- -	44.43	- -	10.55	- -	6.61	11.37	10.97	4.14	4.3	5.94
Price/Free Cash Flow Low	- -	41.76	- -	5.79	- -	2.67	6.1	5.66	1.31	2.09	1.95
EV/Sales Average	- -	12.21	- -	1.59	- -	1.13	1.7	1.3	0.77	0.88	0.83
EV/Sales High	- -	12.6	- -	1.9	- -	1.45	2.1	1.65	1	0.99	1.33
EV/Sales Low	- -	11.84	- -	1.25	- -	0.82	1.33	1.11	0.57	0.6	0.54
EV/EBITDA Average	- -	42.12	- -	6.54	- -	6.06	18.97	10.33	3.94	4.06	4.56
EV/EBITDA High	- -	43.47	- -	7.82	- -	7.76	23.38	13.08	5.16	4.58	7.35
EV/EBITDA Low	- -	40.86	- -	5.17	- -	4.37	14.84	8.8	2.91	2.78	2.99
EV/EBIT Average	- -	82.34	- -	14.57	- -	26.82	-34.49	-1,294.14	10.88	8.28	11.13
EV/EBIT High	- -	84.97	- -	17.4	- -	34.33	-42.51	-1,638.72	14.24	9.33	17.95
EV/EBIT Low	- -	79.86	- -	11.51	- -	19.34	-26.99	-1,103.45	8.03	5.65	7.31
Last Price	- -	9.95	8.66	9.12	6.38	9.93	9.45	6.94	6.1	8.96	15.66
High Price	- -	9.99	14.38	10.8	9.53	9.99	15.95	10.92	7.73	10.3	15.83
Enterprise Value Average	- -	3,313	277	1,046	607	946	1,495	1,187	878	1,140	1,094
Enterprise Value High	- -	3,418	277	1,250	843	1,211	1,842	1,503	1,149	1,285	1,765
Enterprise Value Low	- -	3,213	277	826	357	682	1,169	1,012	648	779	719

Shares Outstanding	- -	29	86	87	- -	88	91	94	95	96	101
Diluted Weighted Avg Shares	29	370	- -	87	88	89	91	93	95	96	99
Basic Weighted Avg Shares	29	342	- -	87	88	89	91	93	95	95	98
Revenue per Share	- -	0.79	- -	7.57	- -	9.39	9.63	9.78	12.09	13.63	13.45
EBITDA per Share	- -	0.23	- -	1.84	- -	1.76	0.87	1.24	2.35	2.94	2.44
Operating Income per Share	- -	0.12	- -	0.83	- -	0.4	-0.48	-0.01	0.85	1.44	1
Basic EPS, GAAP	- -	0.09	- -	0.45	- -	0.19	-0.71	-0.39	0.13	0.8	0.52
Basic EPS from Cont Ops	- -	0.08	- -	0.45	- -	0.19	-0.71	-0.39	0.13	0.8	0.52
Diluted EPS, GAAP	- -	0.08	- -	0.45	- -	0.19	-0.71	-0.39	0.13	0.8	0.52
Diluted EPS from Cont Ops	- -	0.08	- -	0.45	- -	0.19	-0.71	-0.39	0.13	0.8	0.52
Dividend per Share	- -	0.06	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	0.24	- -	1.02	- -	1.51	1.4	1	1.87	2.4	2.68
Free Cash Flow per Basic Share	- -	0.24	- -	1.02	- -	1.51	1.4	1	1.87	2.4	2.68
Cash & Equivalents per Share	- -	- -	- -	0.84	- -	0.84	2.26	0.85	0.72	1.13	1.27
Book Value per Share	- -	0.64	- -	10.19	- -	10.63	9.02	8.63	8.67	9.51	9.83
Tangible Book Value per Share	- -	0.64	- -	2.17	- -	2.4	0.6	0.58	0.97	2.07	2.8

National Energy Services Reunited Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)