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National Energy Services Reunited Corp.（NESR）与Select Water Solutions, Inc.（WTTR）财务数据对比。点击上方公司名可切换其他公司
Select Water Solutions, Inc.的季度营收约是National Energy Services Reunited Corp.的1.2倍（$346.5M vs $295.3M）。National Energy Services Reunited Corp.净利率更高（6.0% vs -0.1%，领先6.1%）。Select Water Solutions, Inc.同比增速更快（-0.7% vs -12.2%）。Select Water Solutions, Inc.自由现金流更多（$-6.0M 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。
Select Water Solutions是一家专注于油气领域的水务及环保解决方案供应商，主要服务北美陆上油气开采市场，核心业务涵盖水资源获取、处理、回收、处置及化学品解决方案，可帮助客户降低运营成本、减少环境影响。
NESR vs WTTR — 直观对比
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $295.3M | $346.5M |
| 净利润 | $17.7M | $-346.0K |
| 毛利率 | 12.0% | 13.1% |
| 营业利润率 | 6.6% | -0.1% |
| 净利率 | 6.0% | -0.1% |
| 营收同比 | -12.2% | -0.7% |
| 净利润同比 | -14.0% | 78.9% |
| 每股收益（稀释后） | $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
| Q4 25 | — | $346.5M | ||
| Q3 25 | $295.3M | $322.2M | ||
| Q2 25 | $327.4M | $364.2M | ||
| Q1 25 | $303.1M | $374.4M | ||
| Q4 24 | — | $349.0M | ||
| Q3 24 | $336.2M | $371.3M | ||
| Q2 24 | $325.0M | $365.1M | ||
| Q1 24 | — | $366.5M |
| Q4 25 | — | $-346.0K | ||
| Q3 25 | $17.7M | $2.7M | ||
| Q2 25 | $15.2M | $10.6M | ||
| Q1 25 | $10.4M | $8.2M | ||
| Q4 24 | — | $-1.6M | ||
| Q3 24 | $20.6M | $15.8M | ||
| Q2 24 | $18.9M | $12.9M | ||
| Q1 24 | — | $3.6M |
| Q4 25 | — | 13.1% | ||
| Q3 25 | 12.0% | 13.5% | ||
| Q2 25 | 13.4% | 15.9% | ||
| Q1 25 | 12.4% | 14.9% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | 15.9% | 16.8% | ||
| Q2 24 | 16.4% | 16.5% | ||
| Q1 24 | — | 14.4% |
| Q4 25 | — | -0.1% | ||
| Q3 25 | 6.6% | -0.5% | ||
| Q2 25 | 8.3% | 4.2% | ||
| Q1 25 | 6.9% | 4.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 10.5% | 6.6% | ||
| Q2 24 | 10.5% | 5.6% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | — | -0.1% | ||
| Q3 25 | 6.0% | 0.8% | ||
| Q2 25 | 4.6% | 2.9% | ||
| Q1 25 | 3.4% | 2.2% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | 6.1% | 4.3% | ||
| Q2 24 | 5.8% | 3.5% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | $0.18 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.11 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $0.22 | — | ||
| Q2 24 | $0.20 | — | ||
| Q1 24 | — | — |
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 | $18.1M |
| 总债务越低越好 | $274.1M | $320.0M |
| 股东权益账面价值 | $956.7M | $805.6M |
| 总资产 | $1.8B | $1.6B |
| 负债/权益比越低杠杆越低 | 0.29× | 0.40× |
8季度趋势，按日历期对齐
| Q4 25 | — | $18.1M | ||
| Q3 25 | $69.7M | $17.8M | ||
| Q2 25 | $131.8M | $51.2M | ||
| Q1 25 | $78.7M | $27.9M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | $118.2M | $10.9M | ||
| Q2 24 | $75.0M | $16.4M | ||
| Q1 24 | — | $12.8M |
| Q4 25 | — | $320.0M | ||
| Q3 25 | $274.1M | $305.0M | ||
| Q2 25 | $291.7M | $275.0M | ||
| Q1 25 | $309.2M | $250.0M | ||
| Q4 24 | — | $85.0M | ||
| Q3 24 | $358.7M | $80.0M | ||
| Q2 24 | $376.7M | $90.0M | ||
| Q1 24 | — | $75.0M |
| Q4 25 | — | $805.6M | ||
| Q3 25 | $956.7M | $808.1M | ||
| Q2 25 | $936.9M | $799.3M | ||
| Q1 25 | $920.5M | $793.1M | ||
| Q4 24 | — | $793.5M | ||
| Q3 24 | $873.5M | $796.5M | ||
| Q2 24 | $851.4M | $782.0M | ||
| Q1 24 | — | $770.0M |
| Q4 25 | — | $1.6B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.8B | $1.3B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | — | 0.40× | ||
| Q3 25 | 0.29× | 0.38× | ||
| Q2 25 | 0.31× | 0.34× | ||
| Q1 25 | 0.34× | 0.32× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | 0.41× | 0.10× | ||
| Q2 24 | 0.44× | 0.12× | ||
| Q1 24 | — | 0.10× |
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 | $65.5M |
| 自由现金流经营现金流 - 资本支出 | $-34.1M | $-6.0M |
| 自由现金流率自由现金流/营收 | -11.5% | -1.7% |
| 资本支出强度资本支出/营收 | 13.8% | 20.6% |
| 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 | $-79.9M |
8季度趋势，按日历期对齐
| Q4 25 | — | $65.5M | ||
| Q3 25 | $6.7M | $71.7M | ||
| Q2 25 | $98.5M | $82.6M | ||
| Q1 25 | $20.5M | $-5.1M | ||
| Q4 24 | — | $67.8M | ||
| Q3 24 | $70.8M | $51.9M | ||
| Q2 24 | — | $83.1M | ||
| Q1 24 | — | $32.1M |
| Q4 25 | — | $-6.0M | ||
| Q3 25 | $-34.1M | $-23.5M | ||
| Q2 25 | $68.7M | $3.2M | ||
| Q1 25 | $-9.6M | $-53.5M | ||
| Q4 24 | — | $12.7M | ||
| Q3 24 | $43.4M | $16.7M | ||
| Q2 24 | — | $34.0M | ||
| Q1 24 | — | $-1.6M |
| Q4 25 | — | -1.7% | ||
| Q3 25 | -11.5% | -7.3% | ||
| Q2 25 | 21.0% | 0.9% | ||
| Q1 25 | -3.2% | -14.3% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | 12.9% | 4.5% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | — | -0.4% |
| Q4 25 | — | 20.6% | ||
| Q3 25 | 13.8% | 29.6% | ||
| Q2 25 | 9.1% | 21.8% | ||
| Q1 25 | 9.9% | 12.9% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | 8.1% | 9.5% | ||
| Q2 24 | — | 13.5% | ||
| Q1 24 | — | 9.2% |
| Q4 25 | — | — | ||
| Q3 25 | 0.38× | 26.72× | ||
| Q2 25 | 6.48× | 7.76× | ||
| Q1 25 | 1.97× | -0.61× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.43× | 3.29× | ||
| Q2 24 | — | 6.46× | ||
| Q1 24 | — | 8.86× |
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% |
WTTR
| Water Services | $178.3M | 51% |
| Marcellus Utica | $38.6M | 11% |
| Rockies | $38.3M | 11% |
| Eagle Ford | $28.2M | 8% |
| Midcon | $23.0M | 7% |
| Haynesville E.Texas | $19.1M | 6% |
| Bakken | $17.3M | 5% |
| Eliminations And Other Geographical Regions | $3.6M | 1% |
