NESR // National Energy Services Reunited Corp

Energy • Oilfield Services/Equipment

$21.43 ▼ -0.31 (-1.43%)

MKT CAP: $2.16B • VOL: 1.24M

52W L $12 52W H $37

ALTMAN Z

2.42 GREY

PIOTROSKI

6 / 9

NESR // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

NESR // National Energy Services Reunited Corp

GROSS MARGIN

12.4%

OP MARGIN

7.4%

ROIC %

7.5%

MKT CAP

$2.16B

UPSTREAM INPUTS ──► NESR OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
NESR ★	National Energy Services Reunited Corp	$21.43	$2.16B	12.4%	7.4%	7.5%	22.7x	+1.7%	SUBJECT ISSUER
XOM	Exxon Mobil Corporation	$183.29	$753.67B	—	11.0%	9.9%	13.9x	-4.4%	NESR VS XOM <GO>
CVX	Chevron Corporation	$231.46	$457.31B	41.3%	8.1%	5.8%	21.5x	-4.6%	NESR VS CVX <GO>
SHEL	Shell PLC American	$107.67	$297.82B	—	13.9%	9.9%	21.0x	+3.3%	NESR VS SHEL <GO>
BHP	BHP Group Limited American	$81.82	$207.99B	—	13.9%	9.9%	21.0x	-3.3%	NESR VS BHP <GO>
TTE	TotalEnergies SE	$94.03	$205.16B	—	13.9%	9.9%	21.0x	+2.2%	NESR VS TTE <GO>