National Energy Services Reunit — Earnings Quality Grade F
NESR · Energy
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 11 days
AR growth 29.7% exceeds revenue growth 1.7%
Revenue 1.7%, CFFO 15.2%. Cash follows revenue
Expense Quality
Inventory -2.0% vs COGS 6.1%. Normal
CapEx growth 36.5% is >2x revenue growth 1.7%
SG&A/Gross Profit = 28.9%, excellent (<30%)
Gross margin 12.4%, change -3.6pp. Stable
Cash Flow Quality
CFFO/NI = 5.17. Profits backed by cash
FCF $0.1B, FCF/NI = 2.36
Accruals ratio = -11.5%. Low accruals
Cash $0.1B covers only 38% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.7B = 72% of equity. Over 50%
Debt/EBITDA = 1.4x. Healthy
Other assets -25.7% vs revenue 1.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
M-Score = -2.61 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25