COMP <GO>

NESR vs WBI // EV/EBITDA & P/E VALUATION

National Energy Services Reunited Corp (NASDAQ) VS. WaterBridge Infrastructure LLC Representing Limited Liability Company Interests (Class A) (NYSE) • 15-METRIC TALLY: NESR 5 — WBI 5

▲ EV/EBITDA & P/E VALUATION LEADER: NESR

NESR — National Energy Services Reunited Corp SUPERIOR ROARABLE C • RQD 63/100

LAST: $21.43 (-1.43%) • MKT CAP: $2.16B

DES <GO> FA <GO> 10-K RED <GO>

valuation

22.7x

WBI — WaterBridge Infrastructure LLC Representing Limited Liability Company Interests (Class A) ROARABLE D • RQD 51/100

LAST: $30.34 (+0.56%) • MKT CAP: $3.75B

DES <GO> FA <GO> 10-K RED <GO>

valuation

65.1x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NESR VS. WBI) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NESR	WBI	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	12.40%	27.10%	-14.70	WBI	/gross-margins <GO>
Return on Invested Capital (ROIC)	7.50%	3.10%	+4.40	NESR	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	22.7x	65.1x	-42.40	NESR	/valuation <GO>
Free Cash Flow Yield	12.23%	4.26%	+7.97	NESR	/fcf-yield <GO>
Operating Margin	7.40%	15.00%	-7.60	WBI	/operating-margins <GO>
Net Profit Margin	3.90%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	1.70%	66.20%	-64.50	WBI	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	2.42	1.45	+0.97	NESR	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	5/9	+1.00	NESR	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	40.0	56.2	-16.16	WBI	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	39.3x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$2.16B	$3.75B	-$1.59B	WBI	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NESR REV	WBI REV	NESR GROSS %	WBI GROSS %	NESR FCF	WBI FCF
FY 2025	$1.32B	$525.6M	12.4%	27.1%	$264.2M	$159.7M
FY 2024	$1.30B	$316.3M	16.0%	28.0%	$229.3M	$73.9M
FY 2023	$1.15B	$200.8M	—	—	$177.0M	$48.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NESR // BETA —

WBI // BETA —