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National Energy Services Reunited Corp.（NESR）与WaterBridge Infrastructure LLC（WBI）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WaterBridge Infrastructure LLC的2.4倍（$295.3M vs $123.3M）。National Energy Services Reunited Corp.净利率更高（6.0% vs -0.5%，领先6.5%）。National Energy Services Reunited Corp.自由现金流更多（$-34.1M vs $-117.8M）
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。
水桥基础设施（WaterBridge Infrastructure LLC）隶属于全球基础设施伙伴集团（GIP）。GIP是美国知名基础设施投资基金，在全球开展股权及优质债权投资业务，总部设于纽约，投资覆盖能源、交通、给排水与固废处理等领域的基础设施资产，在伦敦、悉尼、新加坡等全球多个城市设有办事处，拥有约150名投资及运营专业人员。
NESR vs WBI — 直观对比
损益表 — Q3 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $295.3M | $123.3M |
| 净利润 | $17.7M | $-667.0K |
| 毛利率 | 12.0% | 28.4% |
| 营业利润率 | 6.6% | 19.2% |
| 净利率 | 6.0% | -0.5% |
| 营收同比 | -12.2% | — |
| 净利润同比 | -14.0% | — |
| 每股收益（稀释后） | $0.18 | $-0.02 |
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
| Q3 25 | $295.3M | $123.3M | ||
| Q2 25 | $327.4M | — | ||
| Q1 25 | $303.1M | — | ||
| Q3 24 | $336.2M | — | ||
| Q2 24 | $325.0M | — |
| Q3 25 | $17.7M | $-667.0K | ||
| Q2 25 | $15.2M | — | ||
| Q1 25 | $10.4M | — | ||
| Q3 24 | $20.6M | — | ||
| Q2 24 | $18.9M | — |
| Q3 25 | 12.0% | 28.4% | ||
| Q2 25 | 13.4% | — | ||
| Q1 25 | 12.4% | — | ||
| Q3 24 | 15.9% | — | ||
| Q2 24 | 16.4% | — |
| Q3 25 | 6.6% | 19.2% | ||
| Q2 25 | 8.3% | — | ||
| Q1 25 | 6.9% | — | ||
| Q3 24 | 10.5% | — | ||
| Q2 24 | 10.5% | — |
| Q3 25 | 6.0% | -0.5% | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | 3.4% | — | ||
| Q3 24 | 6.1% | — | ||
| Q2 24 | 5.8% | — |
| Q3 25 | $0.18 | $-0.02 | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.11 | — | ||
| Q3 24 | $0.22 | — | ||
| Q2 24 | $0.20 | — |
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 | $346.6M |
| 总债务越低越好 | $274.1M | — |
| 股东权益账面价值 | $956.7M | $607.7M |
| 总资产 | $1.8B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.29× | — |
8季度趋势，按日历期对齐
| Q3 25 | $69.7M | $346.6M | ||
| Q2 25 | $131.8M | — | ||
| Q1 25 | $78.7M | — | ||
| Q3 24 | $118.2M | — | ||
| Q2 24 | $75.0M | — |
| Q3 25 | $274.1M | — | ||
| Q2 25 | $291.7M | — | ||
| Q1 25 | $309.2M | — | ||
| Q3 24 | $358.7M | — | ||
| Q2 24 | $376.7M | — |
| Q3 25 | $956.7M | $607.7M | ||
| Q2 25 | $936.9M | — | ||
| Q1 25 | $920.5M | — | ||
| Q3 24 | $873.5M | — | ||
| Q2 24 | $851.4M | — |
| Q3 25 | $1.8B | $3.9B | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.8B | — |
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.34× | — | ||
| Q3 24 | 0.41× | — | ||
| Q2 24 | 0.44× | — |
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 | $71.5M |
| 自由现金流经营现金流 - 资本支出 | $-34.1M | $-117.8M |
| 自由现金流率自由现金流/营收 | -11.5% | -95.6% |
| 资本支出强度资本支出/营收 | 13.8% | 153.6% |
| 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 | — |
8季度趋势，按日历期对齐
| Q3 25 | $6.7M | $71.5M | ||
| Q2 25 | $98.5M | — | ||
| Q1 25 | $20.5M | — | ||
| Q3 24 | $70.8M | — | ||
| Q2 24 | — | — |
| Q3 25 | $-34.1M | $-117.8M | ||
| Q2 25 | $68.7M | — | ||
| Q1 25 | $-9.6M | — | ||
| Q3 24 | $43.4M | — | ||
| Q2 24 | — | — |
| Q3 25 | -11.5% | -95.6% | ||
| Q2 25 | 21.0% | — | ||
| Q1 25 | -3.2% | — | ||
| Q3 24 | 12.9% | — | ||
| Q2 24 | — | — |
| Q3 25 | 13.8% | 153.6% | ||
| Q2 25 | 9.1% | — | ||
| Q1 25 | 9.9% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | — | — |
| Q3 25 | 0.38× | — | ||
| Q2 25 | 6.48× | — | ||
| Q1 25 | 1.97× | — | ||
| Q3 24 | 3.43× | — | ||
| Q2 24 | — | — |
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% |
WBI
| Produced Water Handling Revenues Excluding Skim Oil | $102.3M | 83% |
| Water Bridge Equity Finance Limited Liability Company | $12.0M | 10% |
| Skim Oil | $9.1M | 7% |
| Desert Environmental Limited Liability Company | $1.2M | 1% |
