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National Energy Services Reunited Corp.（NESR）与ProPetro Holding Corp.（PUMP）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ProPetro Holding Corp.的1.0倍（$295.3M vs $289.7M）。ProPetro Holding Corp.同比增速更快（-9.6% vs -12.2%）。ProPetro Holding Corp.自由现金流更多（$16.8M vs $-34.1M）
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。
ProPetro Holding Corp.是一家总部位于美国的油田服务供应商，主要为陆上油气勘探开采企业提供水力压裂、完井及相关配套服务，核心业务集中在横跨德克萨斯州和新墨西哥州的二叠纪盆地。
NESR vs PUMP — 直观对比
营收规模更大
NESR
是对方的1.0倍
$289.7M
营收增速更快
PUMP
高出2.5%
-12.2%
自由现金流更多
PUMP
多$50.9M
$-34.1M
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $295.3M | $289.7M |
| 净利润 | $17.7M | — |
| 毛利率 | 12.0% | — |
| 营业利润率 | 6.6% | 2.1% |
| 净利率 | 6.0% | — |
| 营收同比 | -12.2% | -9.6% |
| 净利润同比 | -14.0% | — |
| 每股收益（稀释后） | $0.18 | $0.01 |
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NESRPUMP
| Q4 25 | — | $289.7M | ||
| Q3 25 | $295.3M | $293.9M | ||
| Q2 25 | $327.4M | $326.2M | ||
| Q1 25 | $303.1M | $359.4M | ||
| Q4 24 | — | $320.6M | ||
| Q3 24 | $336.2M | $360.9M | ||
| Q2 24 | $325.0M | $357.0M | ||
| Q1 24 | — | $405.8M |
净利润NESRPUMP
| Q4 25 | — | — | ||
| Q3 25 | $17.7M | $-2.4M | ||
| Q2 25 | $15.2M | $-7.2M | ||
| Q1 25 | $10.4M | $9.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | $20.6M | $-137.1M | ||
| Q2 24 | $18.9M | $-3.7M | ||
| Q1 24 | — | $19.9M |
毛利率NESRPUMP
| 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NESRPUMP
| Q4 25 | — | 2.1% | ||
| Q3 25 | 6.6% | -2.1% | ||
| Q2 25 | 8.3% | -1.0% | ||
| Q1 25 | 6.9% | 2.6% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 10.5% | -49.4% | ||
| Q2 24 | 10.5% | -0.1% | ||
| Q1 24 | — | 7.5% |
净利率NESRPUMP
| Q4 25 | — | — | ||
| Q3 25 | 6.0% | -0.8% | ||
| Q2 25 | 4.6% | -2.2% | ||
| Q1 25 | 3.4% | 2.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.1% | -38.0% | ||
| Q2 24 | 5.8% | -1.0% | ||
| Q1 24 | — | 4.9% |
每股收益（稀释后）NESRPUMP
| Q4 25 | — | $0.01 | ||
| Q3 25 | $0.18 | $-0.02 | ||
| Q2 25 | $0.16 | $-0.07 | ||
| Q1 25 | $0.11 | $0.09 | ||
| Q4 24 | — | $-0.14 | ||
| Q3 24 | $0.22 | $-1.32 | ||
| Q2 24 | $0.20 | $-0.03 | ||
| Q1 24 | — | $0.18 |
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 | $69.7M | $91.3M |
| 总债务越低越好 | $274.1M | — |
| 股东权益账面价值 | $956.7M | $829.8M |
| 总资产 | $1.8B | $1.3B |
| 负债/权益比越低杠杆越低 | 0.29× | — |
8季度趋势，按日历期对齐
现金及短期投资NESRPUMP
| Q4 25 | — | $91.3M | ||
| Q3 25 | $69.7M | $76.7M | ||
| Q2 25 | $131.8M | $83.0M | ||
| Q1 25 | $78.7M | $71.4M | ||
| Q4 24 | — | $58.3M | ||
| Q3 24 | $118.2M | $54.0M | ||
| Q2 24 | $75.0M | $74.7M | ||
| Q1 24 | — | $53.6M |
总债务NESRPUMP
| Q4 25 | — | — | ||
| Q3 25 | $274.1M | — | ||
| Q2 25 | $291.7M | — | ||
| Q1 25 | $309.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $358.7M | — | ||
| Q2 24 | $376.7M | — | ||
| Q1 24 | — | — |
股东权益NESRPUMP
| Q4 25 | — | $829.8M | ||
| Q3 25 | $956.7M | $826.2M | ||
| Q2 25 | $936.9M | $824.0M | ||
| Q1 25 | $920.5M | $826.5M | ||
| Q4 24 | — | $816.3M | ||
| Q3 24 | $873.5M | $833.0M | ||
| Q2 24 | $851.4M | $975.8M | ||
| Q1 24 | — | $998.2M |
总资产NESRPUMP
| Q4 25 | — | $1.3B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.8B | $1.5B | ||
| Q1 24 | — | $1.2B |
负债/权益比NESRPUMP
| Q4 25 | — | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.41× | — | ||
| Q2 24 | 0.44× | — | ||
| Q1 24 | — | — |
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 | $6.7M | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $-34.1M | $16.8M |
| 自由现金流率自由现金流/营收 | -11.5% | 5.8% |
| 资本支出强度资本支出/营收 | 13.8% | 22.2% |
| 现金转化率经营现金流/净利润 | 0.38× | — |
| 过去12个月自由现金流最近4个季度 | $68.5M | $45.3M |
8季度趋势，按日历期对齐
经营现金流NESRPUMP
| Q4 25 | — | $81.0M | ||
| Q3 25 | $6.7M | $41.7M | ||
| Q2 25 | $98.5M | $54.2M | ||
| Q1 25 | $20.5M | $54.7M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | $70.8M | $34.7M | ||
| Q2 24 | — | $104.9M | ||
| Q1 24 | — | $74.8M |
自由现金流NESRPUMP
| Q4 25 | — | $16.8M | ||
| Q3 25 | $-34.1M | $-2.4M | ||
| Q2 25 | $68.7M | $17.1M | ||
| Q1 25 | $-9.6M | $13.8M | ||
| Q4 24 | — | $10.0M | ||
| Q3 24 | $43.4M | $-6.0M | ||
| Q2 24 | — | $67.7M | ||
| Q1 24 | — | $40.2M |
自由现金流率NESRPUMP
| Q4 25 | — | 5.8% | ||
| Q3 25 | -11.5% | -0.8% | ||
| Q2 25 | 21.0% | 5.2% | ||
| Q1 25 | -3.2% | 3.8% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | 12.9% | -1.7% | ||
| Q2 24 | — | 19.0% | ||
| Q1 24 | — | 9.9% |
资本支出强度NESRPUMP
| Q4 25 | — | 22.2% | ||
| Q3 25 | 13.8% | 15.0% | ||
| Q2 25 | 9.1% | 11.4% | ||
| Q1 25 | 9.9% | 11.4% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | 8.1% | 11.3% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | 8.5% |
现金转化率NESRPUMP
| Q4 25 | — | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 6.48× | — | ||
| Q1 25 | 1.97× | 5.70× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.43× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.75× |
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
NESR
| Production Services | $174.4M | 59% |
| Drilling And Evaluation Services | $120.9M | 41% |
PUMP
| Hydraulic Fracturing Segment | $203.9M | 70% |
| Wireline Operating Segment | $55.4M | 19% |
| Cementing Operating Segment | $29.6M | 10% |
