vs
Side-by-side financial comparison of Liberty Energy Inc. (LBRT) and National Energy Services Reunited Corp. (NESR). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $295.3M, roughly 3.5× National Energy Services Reunited Corp.). National Energy Services Reunited Corp. runs the higher net margin — 6.0% vs 2.2%, a 3.8% gap on every dollar of revenue. On growth, Liberty Energy Inc. posted the faster year-over-year revenue change (4.5% vs -12.2%).
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
National Energy Services Reunited Corp. is a leading integrated oilfield services provider offering a full suite of solutions covering well construction, completion, production, and intervention services for upstream oil and gas operators. Its core markets cover the Middle East, North Africa, and East Asia, serving both national oil companies and international energy clients.
LBRT vs NESR — Head-to-Head
Income Statement — Q1 2026 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $295.3M |
| Net Profit | $22.6M | $17.7M |
| Gross Margin | — | 12.0% |
| Operating Margin | 2.2% | 6.6% |
| Net Margin | 2.2% | 6.0% |
| Revenue YoY | 4.5% | -12.2% |
| Net Profit YoY | 64.8% | -14.0% |
| EPS (diluted) | $0.14 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $947.4M | $295.3M | ||
| Q2 25 | $1.0B | $327.4M | ||
| Q1 25 | $977.5M | $303.1M | ||
| Q4 24 | $943.6M | — | ||
| Q3 24 | $1.1B | $336.2M | ||
| Q2 24 | $1.2B | $325.0M |
| Q1 26 | $22.6M | — | ||
| Q4 25 | $13.7M | — | ||
| Q3 25 | $43.1M | $17.7M | ||
| Q2 25 | $71.0M | $15.2M | ||
| Q1 25 | $20.1M | $10.4M | ||
| Q4 24 | $51.9M | — | ||
| Q3 24 | $73.8M | $20.6M | ||
| Q2 24 | $108.4M | $18.9M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | — | ||
| Q3 25 | 18.7% | 12.0% | ||
| Q2 25 | 22.1% | 13.4% | ||
| Q1 25 | 22.1% | 12.4% | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 26.2% | 15.9% | ||
| Q2 24 | 27.9% | 16.4% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | -0.3% | 6.6% | ||
| Q2 25 | 3.6% | 8.3% | ||
| Q1 25 | 1.9% | 6.9% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 9.4% | 10.5% | ||
| Q2 24 | 12.2% | 10.5% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.3% | — | ||
| Q3 25 | 4.5% | 6.0% | ||
| Q2 25 | 6.8% | 4.6% | ||
| Q1 25 | 2.1% | 3.4% | ||
| Q4 24 | 5.5% | — | ||
| Q3 24 | 6.5% | 6.1% | ||
| Q2 24 | 9.3% | 5.8% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.08 | — | ||
| Q3 25 | $0.26 | $0.18 | ||
| Q2 25 | $0.43 | $0.16 | ||
| Q1 25 | $0.12 | $0.11 | ||
| Q4 24 | $0.31 | — | ||
| Q3 24 | $0.44 | $0.22 | ||
| Q2 24 | $0.64 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $699.1M | $69.7M |
| Total DebtLower is stronger | $7.1M | $274.1M |
| Stockholders' EquityBook value | $1.9B | $956.7M |
| Total Assets | $4.4B | $1.8B |
| Debt / EquityLower = less leverage | 0.00× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | — | ||
| Q3 25 | $13.5M | $69.7M | ||
| Q2 25 | $19.6M | $131.8M | ||
| Q1 25 | $24.1M | $78.7M | ||
| Q4 24 | $20.0M | — | ||
| Q3 24 | $23.0M | $118.2M | ||
| Q2 24 | $30.0M | $75.0M |
| Q1 26 | $7.1M | — | ||
| Q4 25 | $246.6M | — | ||
| Q3 25 | — | $274.1M | ||
| Q2 25 | — | $291.7M | ||
| Q1 25 | — | $309.2M | ||
| Q4 24 | $190.5M | — | ||
| Q3 24 | — | $358.7M | ||
| Q2 24 | — | $376.7M |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $956.7M | ||
| Q2 25 | $2.0B | $936.9M | ||
| Q1 25 | $2.0B | $920.5M | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.0B | $873.5M | ||
| Q2 24 | $1.9B | $851.4M |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | $1.8B | ||
| Q2 25 | $3.4B | $1.8B | ||
| Q1 25 | $3.4B | $1.8B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.3B | $1.8B | ||
| Q2 24 | $3.2B | $1.8B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | — | ||
| Q3 25 | — | 0.29× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.44× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $6.7M |
| Free Cash FlowOCF − Capex | — | $-34.1M |
| FCF MarginFCF / Revenue | — | -11.5% |
| Capex IntensityCapex / Revenue | 13.1% | 13.8% |
| Cash ConversionOCF / Net Profit | — | 0.38× |
| TTM Free Cash FlowTrailing 4 quarters | — | $68.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $195.4M | — | ||
| Q3 25 | $51.5M | $6.7M | ||
| Q2 25 | $170.6M | $98.5M | ||
| Q1 25 | $192.1M | $20.5M | ||
| Q4 24 | $177.3M | — | ||
| Q3 24 | $244.5M | $70.8M | ||
| Q2 24 | $248.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | — | ||
| Q3 25 | $-67.2M | $-34.1M | ||
| Q2 25 | $33.1M | $68.7M | ||
| Q1 25 | $58.2M | $-9.6M | ||
| Q4 24 | $-26.2M | — | ||
| Q3 24 | $77.9M | $43.4M | ||
| Q2 24 | $112.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | — | ||
| Q3 25 | -7.1% | -11.5% | ||
| Q2 25 | 3.2% | 21.0% | ||
| Q1 25 | 6.0% | -3.2% | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | 6.8% | 12.9% | ||
| Q2 24 | 9.7% | — |
| Q1 26 | 13.1% | — | ||
| Q4 25 | 19.8% | — | ||
| Q3 25 | 12.5% | 13.8% | ||
| Q2 25 | 13.2% | 9.1% | ||
| Q1 25 | 13.7% | 9.9% | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 14.6% | 8.1% | ||
| Q2 24 | 11.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 14.28× | — | ||
| Q3 25 | 1.20× | 0.38× | ||
| Q2 25 | 2.40× | 6.48× | ||
| Q1 25 | 9.55× | 1.97× | ||
| Q4 24 | 3.42× | — | ||
| Q3 24 | 3.31× | 3.43× | ||
| Q2 24 | 2.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LBRT
Segment breakdown not available.
NESR
| Production Services | $174.4M | 59% |
| Drilling And Evaluation Services | $120.9M | 41% |
