Nine Energy Service, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Nine Energy Service, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	282	544	827	833	311	349	593	610	554	562
Cost of revenue	246	448	639	670	302
Gross profit	36.2	95.2	188	163	8.69
General and administrative	39.4	49.5	73.1	81.3	49.3	45.3	51.7	59.8	51.3	59.7
Operating income	-83	-57	-28.3	-183	-383	-50	43.6	17.6	8.94	2.35
Interest expense	14.2	15.7	22.3	39.8	36.8		32.5	51.1	51.3	55.2
Interest income				0.86	0.62
Other non-operating income	-14.2	-15.7	-22.3
Pre-tax income	-97.2	-72.7	-50.6	-222	-381	-64.6	14.9	-31.6	-40.9	-51.5
Income tax	-26.3	-4.99	2.38	-3.89	-2.46	-0.03	0.55	0.59	0.2	-0.17
Net income	-70.9	-67.7	-53	-218	-379	-64.6	14.4	-32.2	-41.1	-51.3
EBITDA	-27.8	-3.54	26	-132	-351	-21.1	70.4	46.7	34.5	25.6
EPS, basic	-5.34	-4.55	-2.17	-7.43	-12.74	-2.13	0.47	-0.97	-1.11	-1.25
EPS, diluted	-5.34	-4.55	-2.17	-7.43	-12.74	-2.13	0.45	-0.97	-1.11	-1.25
Shares, basic (weighted)	13.3	14.9	24.4	29.3	29.7	30.3	30.9	33.3	37.2	40.9
Shares, diluted (weighted)	13.3	14.9	24.4	29.3	29.7	30.3	32.3	33.3	37.2	40.9

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.07	17.5	63.6	93	68.9	21.5	17.4	30.8	27.9	18.4
Receivables		99.6	155	96.9	41.2	64	105	88.4	81.2	76
Inventory		22.2	91.4	60.9	38.4	42.2	62	54.5	50.8	56.6
Other current assets		7.93	15.7	17.4	16.3	10.2	11.2	0.5	0.38	2.92
Total current assets		147	333	269	166	139	197	184	170	169
Property, plant and equipment		259	212	129	102	87	89.7	82.4	70.5	64.3
Lease right-of-use assets					36.4	35.1	36.3	42.1	37.3	34.1
Goodwill	125	93.8	308	296	0
Intangible assets	54.1	63.5	173	149	133	116	102	90.4	79.2	68.1
Other non-current assets		4.81	6.39	8.19	3.31	2.38	1.56	3.45	2.57	4.18
Total assets		579	1,141	851	443	382	427	402	360	339
Accounts payable		29.6	46.1	35.5	18.1	28.7	42.2	33.4	36.1	43.6
Accrued liabilities		14.7	61.4	24.7	17.1	18.5	28.4	36.2	30.7	27.8
Short-term debt		242	0	0	0.84	2.09	2.27	2.86	3.58	6.31
Total current liabilities		286	108	61.2	43.4	56.5	81	82.8	81.5	91.4
Long-term debt		0	425	392	343	332	338	321	317	342
Lease liabilities		0	2.33	2.2	32.3	30.4	29.4	32.6	26.7	21.4
Other non-current liabilities		0.06	4.84	3.96	2.66	1.61	1.94	1.75	0.62	0.09
Total liabilities		292	546	461	422	421	450	438	426	454
Total debt		242	425	392	344	334	340	323	321	348
Paid-in capital		385	746	759	768	773	775	795	806	808
Retained earnings		-94.1	-147	-365	-744	-808	-794	-826	-867	-919
Other comprehensive income		-3.68	-4.84	-4.47	-4.5	-4.54	-4.83	-4.86	-5.41	-5.19
Shareholders' equity	288	287	595	390	20.4	-39.3	-23.5	-35.6	-66.1	-115
Total equity	288	287	595	390	20.4	-39.3	-23.5	-35.6	-66.1	-115
Total liabilities and equity		579	1,141	851	443	382	427	402	360	339
Shares outstanding		15.8	30.2	30.6	31.6	32.8	33.2	35.3	42.3	43.3

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-70.9	-67.7	-53	-218	-379	-64.6	14.4	-32.2	-41.1	-51.3
Depreciation and amortization	55.3	53.4	54.3	50.5	32.4	28.9	26.8	29.1	25.6	23.2
Stock-based compensation	5.71	7.57	13.2	14.1	9.74	5.41	2.44	2.17	2.95	2.21
Deferred income tax	-12.2	-5.82	0.9	-4.33	-1.59	0	0	0	0	0
Change in receivables	2.07	-52.2	-25	41.9	52.9	-22.5	-41.1	16.5	6.72	5.21
Change in inventory	-0.56	-8.21	-15	22.5	13.6	-8.61	-23	5.22	1.71	-7.14
Change in payables	-2.4	12.5	27.2	-27.9	-25.5	12.4	19.5	1.06	-2.09	2.71
Cash from operations	-3.29	5.67	89.6	101	-4.9	-40.4	16.7	45.5	13.2	-7.31
Capital expenditures	-9.13	-45.2	-46.6	-65	-9.42	-15.4	-28.6	-24.6	-14.8	-15.9
Acquisitions	0	0	-350	1.02	0
Cash from investing	-4.18	-44.5	-390	-34.1	-1.78	-11.9	-25.4	-23.2	-14.2	-13.6
Debt issued	0	0	400	0
Debt repaid	-19.7	-22.5	-271	0	-14.6	-8.36	-10.1	0
Stock issued	0	0	2.91	0.02	0			0	8.25	0
Cash from financing	-7.32	52.3	347	-37.9	-17.4	5.05	4.85	-8.89	-1.68	12.9
Exchange rate effect									-0.29	0
Net change in cash	-14.8	13.4	46.1	29.4	-24.1	-47.4	-4.06	13.4	-2.96	-8.04
Free cash flow	-12.4	-39.5	42.9	36.3	-14.3	-55.8	-11.9	20.9	-1.57	-23.3
Interest paid	12.4	15	5.98	37.4	34.4	30.1	29.7	31.4	43.9	43.2
Income taxes paid	-8.72	-14.3	1.7	0.52	0.54	0.02	-0.12	0.56	0.53	-0.85

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	0.4%	Operating income / revenue.
EBITDA margin	4.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.2%	Pre-tax income / revenue.
Net margin	-9.1%	Net income / revenue.
FCF margin	-4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.3%	Cash from operations / revenue.
Return on assets (ROA)	-14.7%	Net income / average total assets.
Return on invested capital (ROIC)	0.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-73.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-62.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-26.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-28.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-155.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	10.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.85x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / assets	102.5%	Total debt / total assets.
Liabilities / assets	133.9%	Total liabilities / total assets.
Net debt	$329.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	12.9x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.04x	Operating income / interest expense.
Working capital	$77.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$183.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.61x	Revenue / average total assets.
Fixed asset turnover	8.34x	Revenue / average property, plant and equipment.
Receivables turnover	7.15x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.25	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$1.25	Net income per basic share, as reported (split-adjusted).
Revenue per share	$13.73	Revenue / diluted weighted shares.
FCF per share	-$0.57	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.18	Cash from operations / diluted weighted shares.
Book value per share	-$2.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.22	Tangible book value / shares outstanding.
Cash per share	$0.43	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$120.0M	Share price x shares outstanding.
Enterprise value	$449.4M	Market cap + total debt - cash - short-term investments.
P/S	0.21x	Market cap / revenue.
EV/Sales	0.80x	Enterprise value / revenue.
EV/EBIT	191x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.6x	Enterprise value / EBITDA, when both are positive.
FCF yield	-19.4%	Free cash flow / market cap.
Earnings yield	-42.8%	Net income / market cap (the inverse of P/E).

What was Nine Energy Service, Inc.'s revenue in fiscal 2025?

Nine Energy Service, Inc. reported revenue of $561.9M for fiscal 2025, 1.4% higher than the year before.

Was Nine Energy Service, Inc. profitable in fiscal 2025?

No. It reported a net loss of $51.3M.

How much free cash flow did Nine Energy Service, Inc. generate in fiscal 2025?

Cash from operations of $7.3M minus capital expenditures of $15.9M left free cash flow of -$23.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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