What are the investment strengths of Nine Energy Service Inc (NINE)?

Asset turnover TTM 1.61x is 3.3x the industry median (0.49x), showing capital-light ops that could generate outsized cash flow if pricing improves even modestly. P/S ratio 0.60x TTM vs industry median 1.73x — if revenue stabilizes and margins normalize to even half industry median, EV repricing potential is material.

What are the investment risks for Nine Energy Service Inc (NINE)?

Interest expense of 55.2M TTM exceeds EBITDA of 53.3M — the company cannot service its debt from operations. Negative equity of -115.0M means no asset cushion for creditors. FCF -23.3M and operating CF -2.2M TTM with only 18.4M cash. Revenue declining -7.4% 3Y CAGR while losing money — liquidity crisis risk is elevated.

Nine Energy Service Inc

NINE

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Nine Energy Service Inc AI Insights

Informational only. Not investment advice.

As of 2026-04-02

Snapshot

Equity is -115.0M (TTM) with 382.6M total debt vs 53.3M EBITDA — leverage at 7.2x EBITDA, interest expense of 55.2M nearly consumes all EBITDA.[Total Debt / EBITDA / Interest Expense]
Net margin TTM -9.1% vs industry median +5.4%; FCF TTM -23.3M. Revenue down -7.4% 3Y CAGR while peers grew +7.1%.[Net Margin / Free Cash Flow / Revenue 3Y Growth]
Goodwill & intangibles of 68.1M (TTM) sit on -115.0M equity — any impairment deepens insolvency on an already negative book value.[Goodwill and Other Intangible Assets / Total Equity]

Watch Triggers

Cash and Equivalents: Falls below 10M — With -2.2M operating CF and 55.2M annual interest, cash depletion accelerates restructuring timeline
EBITDA: Rises above 70M (>1.3x interest expense) — Would signal first meaningful debt coverage cushion — prerequisite for any equity recovery thesis
Gross Margin: Sustains above 15% for two quarters — At 10.7% TTM vs 19.7% industry median, margin recovery is the key lever for solvency

Bull Case

Asset turnover TTM 1.61x is 3.3x the industry median (0.49x), showing capital-light ops that could generate outsized cash flow if pricing improves even modestly.

Asset TurnoverTotal Revenue

P/S ratio 0.60x TTM vs industry median 1.73x — if revenue stabilizes and margins normalize to even half industry median, EV repricing potential is material.

P/S RatioGross MarginEnterprise Value

Bear Case

Interest expense of 55.2M TTM exceeds EBITDA of 53.3M — the company cannot service its debt from operations. Negative equity of -115.0M means no asset cushion for creditors.

Interest ExpenseEBITDATotal Equity

FCF -23.3M and operating CF -2.2M TTM with only 18.4M cash. Revenue declining -7.4% 3Y CAGR while losing money — liquidity crisis risk is elevated.

Free Cash FlowCash and EquivalentsRevenue 3Y Growth

Bull vs Bear Balance

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Forward Thesis

Debt service burden likely forces restructuring or dilutive capital raise within 12-24 months

1-3yhigh

Interest expense 55.2M TTM vs EBITDA 53.3M — no coverage cushion
FCF -23.3M TTM with negative equity of -115.0M
Cash of 18.4M provides limited runway

Total Debt 382.6M, Long-Term Debt 362.9M (TTM)Operating CF -2.2M TTM, negative FCF -23.3M TTMTangible Book Value -183.0M (TTM)

Revenue contraction and margin pressure unlikely to reverse without oilfield activity recovery

1-3ymed

3Y revenue CAGR -7.4% vs industry median +7.1%
Gross margin 10.7% TTM vs industry median 19.7%
Operating income near zero at 0.4M TTM

Total Revenue TTM 561.9M, shrinkingOperating Margin 0.07% TTM vs median 9.7%EPS TTM -1.25

Valuation Context

Caveats

NINE Fundamentals

Mining, Quarrying, and Oil and Gas Extraction → Support Activities for Mining

Metric	Value	Industry Percentile
Market Cap	$145.08M	—
Enterprise Value	$260.35M	—
P/E Ratio	0.00	—
Total Revenue - TTM	$0	—
Earnings Per Share (diluted) - TTM	$0.00	—
Operating Margin - TTM	0%	—
Net Margin - TTM	0%	—
Free Cash Flow - TTM	$0	—
Return on Common Equity - TTM	0%	—
Beta 5Y (Monthly)	unknown	—

NINE Dividend History

No dividends

NINE Stock Splits

No stock splits

NINE SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/31/26	03/31/26	10-Q	0001532286-26-000008
03/04/26	12/31/25	Unknown	0001532286-26-000005
10/30/25	09/30/25	10-Q	0001532286-25-000026
08/05/25	06/30/25	10-Q	0001532286-25-000016
05/07/25	03/31/25	10-Q	0001532286-25-000011
03/06/25	12/31/24	Unknown	0001532286-25-000008
10/31/24	09/30/24	10-Q	0001532286-24-000018
08/06/24	06/30/24	10-Q	0001532286-24-000014
05/07/24	03/31/24	10-Q	0001532286-24-000009
03/08/24	12/31/23	10-K	0001532286-24-000004
11/07/23	09/30/23	10-Q	0001532286-23-000019
08/04/23	06/30/23	10-Q	0001532286-23-000014
05/09/23	03/31/23	10-Q	0001532286-23-000010
03/08/23	12/31/22	10-K	0001532286-23-000005
11/07/22	09/30/22	10-Q	0001532286-22-000019
08/04/22	06/30/22	10-Q	0001532286-22-000015
05/05/22	03/31/22	10-Q	0001532286-22-000010
03/08/22	12/31/21	10-K	0001532286-22-000006
11/04/21	09/30/21	10-Q	0001532286-21-000021
08/05/21	06/30/21	10-Q	0001532286-21-000014
05/06/21	03/31/21	10-Q	0001532286-21-000010
03/08/21	12/31/20	10-K	0001532286-21-000006
11/06/20	09/30/20	10-Q	0001532286-20-000018
08/07/20	06/30/20	10-Q	0001532286-20-000014
05/08/20	03/31/20	10-Q	0001532286-20-000010
03/10/20	12/31/19	10-K	0001532286-20-000005
11/12/19	09/30/19	10-Q	0001532286-19-000015
08/12/19	06/30/19	10-Q	0001532286-19-000011
05/08/19	03/31/19	10-Q	0001532286-19-000008
03/07/19	12/31/18	10-K	0001532286-19-000004
11/13/18	09/30/18	10-Q	0001564590-18-029128
08/13/18	06/30/18	10-Q	0001564590-18-021485
05/14/18	03/31/18	10-Q	0001564590-18-013469
03/29/18	12/31/17	10-K	0001564590-18-007130
01/22/18	09/30/17	424B4	0001193125-18-016088
08/14/17	06/30/17	S-1/A	0001193125-17-256143
05/14/18	03/31/17	10-Q	0001564590-18-013469
01/22/18	12/31/16	424B4	0001193125-18-016088
09/30/16	09/30/16	Unknown	--