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NCS Multistage Holdings, Inc.（NCSM）与National Energy Services Reunited Corp.（NESR）财务数据对比。点击上方公司名可切换其他公司
National Energy Services Reunited Corp.的季度营收约是NCS Multistage Holdings, Inc.的5.8倍（$295.3M vs $50.6M）。NCS Multistage Holdings, Inc.净利率更高（29.5% vs 6.0%，领先23.5%）。NCS Multistage Holdings, Inc.同比增速更快（12.5% vs -12.2%）。NCS Multistage Holdings, Inc.自由现金流更多（$12.9M vs $-34.1M）
NCS Multistage Holdings是一家全球能源技术与油田服务提供商，主营油气勘探生产用的完井系统与多级压裂工具，服务覆盖北美、拉美、中东及亚太市场，助力上游能源客户提升作业效率与资源采收率。
National Energy Services Reunited Corp.是一家领先的综合油田服务供应商，为油气上游运营商提供钻井建设、完井、生产运营及干预作业等全系列解决方案，核心市场覆盖中东、北非及东亚地区，服务各国国家石油公司及国际能源客户。
NCSM vs NESR — 直观对比
营收规模更大
NESR
是对方的5.8倍
$50.6M
营收增速更快
NCSM
高出24.7%
-12.2%
净利率更高
NCSM
高出23.5%
6.0%
自由现金流更多
NCSM
多$47.0M
$-34.1M
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $50.6M | $295.3M |
| 净利润 | $15.0M | $17.7M |
| 毛利率 | — | 12.0% |
| 营业利润率 | 10.3% | 6.6% |
| 净利率 | 29.5% | 6.0% |
| 营收同比 | 12.5% | -12.2% |
| 净利润同比 | 331.0% | -14.0% |
| 每股收益（稀释后） | $5.43 | $0.18 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NCSMNESR
| Q4 25 | $50.6M | — | ||
| Q3 25 | $46.5M | $295.3M | ||
| Q2 25 | $36.5M | $327.4M | ||
| Q1 25 | $50.0M | $303.1M | ||
| Q4 24 | $45.0M | — | ||
| Q3 24 | $44.0M | $336.2M | ||
| Q2 24 | $29.7M | $325.0M | ||
| Q1 24 | $43.9M | — |
净利润NCSMNESR
| Q4 25 | $15.0M | — | ||
| Q3 25 | $3.8M | $17.7M | ||
| Q2 25 | $924.0K | $15.2M | ||
| Q1 25 | $4.1M | $10.4M | ||
| Q4 24 | $3.5M | — | ||
| Q3 24 | $4.1M | $20.6M | ||
| Q2 24 | $-3.1M | $18.9M | ||
| Q1 24 | $2.1M | — |
毛利率NCSMNESR
| Q4 25 | — | — | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 12.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 16.4% | ||
| Q1 24 | — | — |
营业利润率NCSMNESR
| Q4 25 | 10.3% | — | ||
| Q3 25 | 6.6% | 6.6% | ||
| Q2 25 | -5.6% | 8.3% | ||
| Q1 25 | 8.6% | 6.9% | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 6.9% | 10.5% | ||
| Q2 24 | -14.0% | 10.5% | ||
| Q1 24 | 5.7% | — |
净利率NCSMNESR
| Q4 25 | 29.5% | — | ||
| Q3 25 | 8.2% | 6.0% | ||
| Q2 25 | 2.5% | 4.6% | ||
| Q1 25 | 8.1% | 3.4% | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 9.4% | 6.1% | ||
| Q2 24 | -10.4% | 5.8% | ||
| Q1 24 | 4.7% | — |
每股收益（稀释后）NCSMNESR
| Q4 25 | $5.43 | — | ||
| Q3 25 | $1.37 | $0.18 | ||
| Q2 25 | $0.34 | $0.16 | ||
| Q1 25 | $1.51 | $0.11 | ||
| Q4 24 | $1.34 | — | ||
| Q3 24 | $1.60 | $0.22 | ||
| Q2 24 | $-1.21 | $0.20 | ||
| Q1 24 | $0.82 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $36.7M | $69.7M |
| 总债务越低越好 | $5.3M | $274.1M |
| 股东权益账面价值 | $126.2M | $956.7M |
| 总资产 | $181.2M | $1.8B |
| 负债/权益比越低杠杆越低 | 0.04× | 0.29× |
8季度趋势，按日历期对齐
现金及短期投资NCSMNESR
| Q4 25 | $36.7M | — | ||
| Q3 25 | $25.3M | $69.7M | ||
| Q2 25 | $25.4M | $131.8M | ||
| Q1 25 | $23.0M | $78.7M | ||
| Q4 24 | $25.9M | — | ||
| Q3 24 | $15.3M | $118.2M | ||
| Q2 24 | $18.6M | $75.0M | ||
| Q1 24 | $14.0M | — |
总债务NCSMNESR
| Q4 25 | $5.3M | — | ||
| Q3 25 | $5.1M | $274.1M | ||
| Q2 25 | $5.5M | $291.7M | ||
| Q1 25 | $5.4M | $309.2M | ||
| Q4 24 | $6.0M | — | ||
| Q3 24 | $6.5M | $358.7M | ||
| Q2 24 | $6.8M | $376.7M | ||
| Q1 24 | $6.4M | — |
股东权益NCSMNESR
| Q4 25 | $126.2M | — | ||
| Q3 25 | $110.1M | $956.7M | ||
| Q2 25 | $106.4M | $936.9M | ||
| Q1 25 | $103.2M | $920.5M | ||
| Q4 24 | $98.8M | — | ||
| Q3 24 | $96.0M | $873.5M | ||
| Q2 24 | $91.0M | $851.4M | ||
| Q1 24 | $93.7M | — |
总资产NCSMNESR
| Q4 25 | $181.2M | — | ||
| Q3 25 | $162.0M | $1.8B | ||
| Q2 25 | $158.0M | $1.8B | ||
| Q1 25 | $155.1M | $1.8B | ||
| Q4 24 | $152.8M | — | ||
| Q3 24 | $145.8M | $1.8B | ||
| Q2 24 | $139.4M | $1.8B | ||
| Q1 24 | $140.9M | — |
负债/权益比NCSMNESR
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.05× | 0.29× | ||
| Q2 25 | 0.05× | 0.31× | ||
| Q1 25 | 0.05× | 0.34× | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.07× | 0.41× | ||
| Q2 24 | 0.08× | 0.44× | ||
| Q1 24 | 0.07× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $13.1M | $6.7M |
| 自由现金流经营现金流 - 资本支出 | $12.9M | $-34.1M |
| 自由现金流率自由现金流/营收 | 25.5% | -11.5% |
| 资本支出强度资本支出/营收 | 0.4% | 13.8% |
| 现金转化率经营现金流/净利润 | 0.88× | 0.38× |
| 过去12个月自由现金流最近4个季度 | $21.0M | $68.5M |
8季度趋势，按日历期对齐
经营现金流NCSMNESR
| Q4 25 | $13.1M | — | ||
| Q3 25 | $7.2M | $6.7M | ||
| Q2 25 | $3.5M | $98.5M | ||
| Q1 25 | $-1.6M | $20.5M | ||
| Q4 24 | $10.6M | — | ||
| Q3 24 | $-2.0M | $70.8M | ||
| Q2 24 | $6.0M | — | ||
| Q1 24 | $-1.9M | — |
自由现金流NCSMNESR
| Q4 25 | $12.9M | — | ||
| Q3 25 | $6.9M | $-34.1M | ||
| Q2 25 | $3.2M | $68.7M | ||
| Q1 25 | $-2.1M | $-9.6M | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $-2.5M | $43.4M | ||
| Q2 24 | $5.6M | — | ||
| Q1 24 | $-2.2M | — |
自由现金流率NCSMNESR
| Q4 25 | 25.5% | — | ||
| Q3 25 | 14.9% | -11.5% | ||
| Q2 25 | 8.9% | 21.0% | ||
| Q1 25 | -4.2% | -3.2% | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | -5.6% | 12.9% | ||
| Q2 24 | 19.0% | — | ||
| Q1 24 | -5.0% | — |
资本支出强度NCSMNESR
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.5% | 13.8% | ||
| Q2 25 | 0.8% | 9.1% | ||
| Q1 25 | 0.9% | 9.9% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 1.0% | 8.1% | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 0.7% | — |
现金转化率NCSMNESR
| Q4 25 | 0.88× | — | ||
| Q3 25 | 1.88× | 0.38× | ||
| Q2 25 | 3.81× | 6.48× | ||
| Q1 25 | -0.41× | 1.97× | ||
| Q4 24 | 3.07× | — | ||
| Q3 24 | -0.49× | 3.43× | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.91× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NCSM
| Products | $33.8M | 67% |
| Services | $16.8M | 33% |
NESR
| Production Services | $174.4M | 59% |
| Drilling And Evaluation Services | $120.9M | 41% |
