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Liberty Energy vs National Energy Services Reunited: LBRT and NESR compared
Liberty Energy is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $521M for National Energy Services Reunited (Q2 2026). National Energy Services Reunited is growing faster (+59% against +26% a year earlier). National Energy Services Reunited is more profitable, with an operating margin of 12.5% against 1.6%.
Where the money goes: LBRT and NESR
Liberty Energy (LBRT) · Q3 2026
Liberty Energy, Q3 2026: revenue $1.2B (+26% year over year), operating margin 1.6%, net loss $39.1M, operating cash flow $223M. The chart follows the revenue to costs, profit and cash.
National Energy Services Reunited (NESR) · Q2 2026
National Energy Services Reunited, Q2 2026: revenue $521M (+59% year over year), operating margin 12.5%, net earnings $44.0M, operating cash flow $174M. The chart follows the revenue to costs, profit and cash.
| Liberty Energy (LBRT) | National Energy Services Reunited (NESR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $1.2B | $521M |
| Revenue growth, Y/Y | +26% | +59% |
| Gross margin | — | 15.6% |
| Operating margin | 1.6% | 12.5% |
| Net earnings | −$39.1M | $44.0M |
| Net margin | -3.3% | 8.5% |
| Operating cash flow | $223M | $174M |
| Free cash flow | — | $99.9M |
| Market value | $1.9B | $2.1B |
| P/E | 49.7× | 22.1× |
| Analysts’ mean target | $26.79 | $40.67 |
Where the revenue comes from
National Energy Services Reunited
- Production Services: $330M (63%)
- Drilling and Evaluation Services: $191M (37%)
Questions
Which is bigger, Liberty Energy or National Energy Services Reunited?
Liberty Energy is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $521M for National Energy Services Reunited (Q2 2026).
Is Liberty Energy or National Energy Services Reunited growing faster?
National Energy Services Reunited is growing faster (+59% against +26% a year earlier).
Which is more profitable, Liberty Energy or National Energy Services Reunited?
National Energy Services Reunited is more profitable, with an operating margin of 12.5% against 1.6%.
More: Liberty Energy earnings · how Liberty Energy makes money · National Energy Services Reunited earnings · how National Energy Services Reunited makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.