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NESR

NATIONAL ENERGY SERVICES REUNITED CORP.
CIK 0001698514 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
19.9
composite ยท 5 signals ยท ELEVATED

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-13 ยท FY 2025-12-31 ยท ELEVATED20.0

Zombie / distress

Altman Z'' 0.56 in the distress zone
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-03-06) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": 3.024,
    "2024-12-31": 3.453,
    "2023-12-31": 1.761,
    "2022-12-31": -0.027
  },
  "consecutive_years_below_1": 0,
  "altman_z_double_prime": 0.561,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": 98320000,
    "interest_expense_t": 32513000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/0001493152-26-009139-index.htm",
    "form": "10-K",
    "filed": "2026-03-06"
  }
}
P-01 ยท FY 2025-12-31 ยท CLEAN25.4

Earnings quality

Beneish M-Score -2.61 โ€” no manipulation profile
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-03-06) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": -2.612,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 1.275,
    "GMI": 1.289,
    "AQI": 0.911,
    "SGI": 1.017,
    "DEPI": 1.053,
    "SGAI": 0.897,
    "LVGI": 1.006,
    "TATA": -0.115
  },
  "defaulted_to_neutral": [],
  "sloan_accruals": -0.1176,
  "inputs": {
    "revenue_t": 1324047000,
    "revenue_t1": 1301704000,
    "total_assets_t": 1851519000,
    "net_income_t": 51132000,
    "cfo_t": 264242000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/0001493152-26-009139-index.htm",
    "form": "10-K",
    "filed": "2026-03-06"
  }
}
P-05 ยท FY 2025-12-31 ยท CLEAN0.0

Tax arbitrage

ETR 15.3% โ€” within normal range of statutory
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-03-06) โ†—
Evidence โ€” inputs and thresholds
{
  "etr_by_year": {
    "2025-12-31": 0.1534,
    "2024-12-31": 0.2009,
    "2023-12-31": 0.5785
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2025-12-31": 0.0566,
    "2024-12-31": 0.0091,
    "2023-12-31": -0.3685
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/0001493152-26-009139-index.htm",
    "form": "10-K",
    "filed": "2026-03-06"
  }
}
P-07 ยท FY 2025-12-31 ยท CLEAN0.0

Pension underfunding

DB plan 200% funded
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-03-06) โ†—
Evidence โ€” inputs and thresholds
{
  "benefit_obligation": 43631000,
  "plan_assets": null,
  "funded_ratio": 2,
  "deficit": 43631000,
  "deficit_vs_equity": null,
  "thresholds": {
    "elevated": "<90% funded",
    "triggered": "<80% funded or deficit >25% of equity"
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/0001493152-26-009139-index.htm",
    "form": "10-K",
    "filed": "2026-03-06"
  }
}
P-12 ยท FY 2025-12-31 ยท CLEAN12.6

Restatement predictor

F-Score 0.38 โ€” at or below the population base rate
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-03-06) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 0.378,
  "probability": 0.0014,
  "components": {
    "rsst": -0.1176,
    "drec": 0.0225,
    "dinv": -0.0011,
    "soft": 0.6812,
    "dcs": -0.0141,
    "droa": -0.0154,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1698514/000149315226009139/0001493152-26-009139-index.htm",
    "form": "10-K",
    "filed": "2026-03-06"
  }
}