National Energy Services Reunited Q4 Revenue Soars 34.9% to $398.3M; Price Targets Raised to $31 and $34
National Energy Services Reunited Corp. Q4 revenue reached $398.3 M, up 34.9% sequentially and 15.9% year-over-year, and full-year operating cash flow rose 15.2% to $264.2 M. UBS and Barclays raised price targets to $31 and $34 respectively, citing resilient margins and the early Jafurah ramp.
1. Q4 and Full-Year Financial Performance
National Energy Services Reunited reported Q4 revenue of $398.3 M, marking a 34.9% sequential increase and a 15.9% year-over-year gain. Operating cash flow for the year ended December 31, 2025 rose 15.2% to $264.2 M, driven by strong service demand across its oilfield operations.
2. Analyst Price Target Increases
UBS lifted its price target to $31 from $25 following the earnings report, reiterating a Buy rating and updating its financial model. Barclays raised its price target to $34 from $25, maintaining an Overweight rating and highlighting resilient margins and the early ramp of the Jafurah project as key catalysts.
3. Growth Drivers and Segment Operations
The company’s Production Services and Drilling and Evaluation Services divisions underpinned margin expansion, while early Jafurah operations contributed to the strong beat. Continued scale-up at Jafurah is expected to support revenue growth and margin stability throughout 2026.