Nine Energy Serv Financials
This page shows Nine Energy Serv (NINEQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Nine Energy Serv has an operating margin of 0.4%, meaning the company retains $0 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is down from 1.6% the prior year.
Nine Energy Serv's revenue grew a modest 1.4% year-over-year to $561.9M. This slow but positive growth earns a score of 36/100.
Nine Energy Serv's current ratio of 1.85 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
While Nine Energy Serv generated -$7.3M in operating cash flow, capex of $15.9M consumed most of it, leaving -$23.3M in free cash flow. This results in a low score of 15/100, reflecting heavy capital investment rather than weak cash generation.
Nine Energy Serv passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Nine Energy Serv generates $0.14 in operating cash flow (-$7.3M OCF vs -$51.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Nine Energy Serv earns $0.0 in operating income for every $1 of interest expense ($2.3M vs $55.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Nine Energy Serv generated $561.9M in revenue in fiscal year 2025. This represents an increase of 1.4% from the prior year.
Nine Energy Serv's EBITDA was $36.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.7% from the prior year.
Nine Energy Serv reported -$51.3M in net income in fiscal year 2025. This represents a decrease of 24.9% from the prior year.
Nine Energy Serv earned $-1.25 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 12.6% from the prior year.
Cash & Balance Sheet
Nine Energy Serv generated -$23.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1383.0% from the prior year.
Nine Energy Serv held $18.4M in cash against $341.6M in long-term debt as of fiscal year 2025.
Nine Energy Serv had 43M shares outstanding in fiscal year 2025. This represents an increase of 2.3% from the prior year.
Margins & Returns
Nine Energy Serv's operating margin was 0.4% in fiscal year 2025, reflecting core business profitability. This is down 1.2 percentage points from the prior year.
Nine Energy Serv's net profit margin was -9.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.
Capital Allocation
Nine Energy Serv invested $15.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.0% from the prior year.
NINEQ Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $132.2M+0.1% | $132.0M-10.3% | $147.3M-2.1% | $150.5M+6.4% | $141.4M+2.4% | $138.2M+4.3% | $132.4M-6.8% | $142.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $19.9M+55.6% | $12.8M-8.1% | $13.9M+4.6% | $13.3M-6.5% | $14.2M+14.7% | $12.4M-0.9% | $12.5M+1.8% | $12.3M |
| Operating Income | -$5.5M-370.6% | -$1.2M-134.5% | $3.4M-40.0% | $5.6M+60.6% | $3.5M+43.0% | $2.5M+270.7% | -$1.4M-132.5% | $4.4M |
| Interest Expense | $13.9M+1.3% | $13.7M-6.9% | $14.7M+14.4% | $12.9M+0.1% | $12.9M-0.1% | $12.9M+0.8% | $12.8M-0.1% | $12.8M |
| Income Tax | $115K+117.0% | $53K+111.7% | -$454K-494.8% | $115K+168.5% | -$168K-330.1% | $73K-47.5% | $139K-9.7% | $154K |
| Net Income | -$19.2M-31.2% | -$14.6M-41.0% | -$10.4M-47.2% | -$7.1M+20.2% | -$8.8M+12.8% | -$10.1M+27.8% | -$14.0M-74.3% | -$8.1M |
| EPS (Diluted) | N/A | $-0.35-40.0% | $-0.25-38.9% | $-0.18 | N/A | $-0.26+35.0% | $-0.40-66.7% | $-0.24 |
NINEQ Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $339.5M-0.4% | $340.7M-5.7% | $361.2M+0.6% | $359.2M-0.2% | $360.1M+1.9% | $353.2M-7.5% | $381.7M+0.3% | $380.4M |
| Current Assets | $168.8M+3.6% | $162.9M-7.3% | $175.7M+0.7% | $174.6M+2.4% | $170.5M+8.2% | $157.6M-11.6% | $178.3M+6.3% | $167.7M |
| Cash & Equivalents | $18.4M+28.2% | $14.4M+1.2% | $14.2M-17.7% | $17.3M-38.0% | $27.9M+78.1% | $15.7M-39.9% | $26.0M+154.2% | $10.2M |
| Inventory | $56.6M-0.4% | $56.8M+4.8% | $54.2M+5.9% | $51.2M+0.8% | $50.8M-9.0% | $55.8M-6.5% | $59.7M+6.0% | $56.3M |
| Accounts Receivable | $76.0M-6.7% | $81.4M-13.3% | $94.0M-1.2% | $95.1M+17.2% | $81.2M+1.8% | $79.7M-5.5% | $84.4M-7.2% | $91.0M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $454.4M+4.1% | $436.6M-1.4% | $442.9M+2.7% | $431.3M+1.2% | $426.1M+3.7% | $410.8M-4.8% | $431.4M+1.8% | $423.7M |
| Current Liabilities | $91.4M+23.9% | $73.8M-21.4% | $93.9M+9.2% | $86.0M+5.5% | $81.5M+27.2% | $64.1M-22.7% | $83.0M+12.3% | $73.9M |
| Long-Term Debt | $341.6M+0.6% | $339.4M+4.9% | $323.5M+1.4% | $319.1M+0.6% | $317.3M-0.4% | $318.5M-0.1% | $318.7M+0.5% | $317.1M |
| Total Equity | -$115.0M-19.9% | -$95.9M-17.3% | -$81.7M-13.3% | -$72.1M-9.2% | -$66.1M-14.8% | -$57.6M-15.8% | -$49.7M-14.8% | -$43.3M |
| Retained Earnings | -$918.6M-2.1% | -$899.4M-1.7% | -$884.8M-1.2% | -$874.4M-0.8% | -$867.3M-1.0% | -$858.5M-1.2% | -$848.3M-1.7% | -$834.3M |
NINEQ Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.2M+78.1% | -$9.9M-198.6% | $10.1M+291.2% | -$5.3M-135.2% | $15.0M+356.2% | -$5.8M-145.4% | $12.9M+245.9% | -$8.8M |
| Capital Expenditures | $2.6M-24.4% | $3.5M-40.9% | $5.9M+47.5% | $4.0M+23.1% | $3.2M-4.9% | $3.4M+28.9% | $2.6M-51.9% | $5.5M |
| Free Cash Flow | -$4.8M+64.2% | -$13.4M-418.2% | $4.2M+145.5% | -$9.3M-178.8% | $11.8M+227.0% | -$9.3M-190.2% | $10.3M+171.6% | -$14.3M |
| Investing Cash Flow | -$432K+87.4% | -$3.4M+40.7% | -$5.8M-44.8% | -$4.0M-32.6% | -$3.0M+2.6% | -$3.1M-17.1% | -$2.6M+51.8% | -$5.5M |
| Financing Cash Flow | $6.3M-47.6% | $12.0M+407.3% | -$3.9M-151.6% | -$1.6M-459.4% | $433K+131.0% | -$1.4M-125.4% | $5.5M+188.4% | -$6.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NINEQ Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -4.2%-3.3pp | -0.9%-3.2pp | 2.3%-1.5pp | 3.7%+1.3pp | 2.5%+0.7pp | 1.8%+2.9pp | -1.1%-4.2pp | 3.1% |
| Net Margin | -14.5%-3.5pp | -11.1%-4.0pp | -7.1%-2.4pp | -4.7%+1.6pp | -6.3%+1.1pp | -7.3%+3.3pp | -10.6%-4.9pp | -5.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -5.7%-1.4pp | -4.3%-1.4pp | -2.9%-0.9pp | -2.0%+0.5pp | -2.5%+0.4pp | -2.9%+0.8pp | -3.7%-1.6pp | -2.1% |
| Current Ratio | 1.85-0.4 | 2.21+0.3 | 1.87-0.2 | 2.03-0.1 | 2.09-0.4 | 2.46+0.3 | 2.15-0.1 | 2.27 |
| Debt-to-Equity | -2.97+0.6 | -3.54+0.4 | -3.96+0.5 | -4.43+0.4 | -4.80+0.7 | -5.53+0.9 | -6.41+0.9 | -7.32 |
| FCF Margin | -3.6%+6.5pp | -10.2%-13.0pp | 2.9%+9.0pp | -6.2%-14.5pp | 8.3%+15.0pp | -6.7%-14.5pp | 7.8%+17.8pp | -10.1% |
Note: Shareholder equity is negative (-$115.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Frequently Asked Questions
What is Nine Energy Serv's annual revenue?
Nine Energy Serv (NINEQ) reported $561.9M in total revenue for fiscal year 2025. This represents a 1.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nine Energy Serv's revenue growing?
Nine Energy Serv (NINEQ) revenue grew by 1.4% year-over-year, from $554.1M to $561.9M in fiscal year 2025.
Is Nine Energy Serv profitable?
No, Nine Energy Serv (NINEQ) reported a net income of -$51.3M in fiscal year 2025, with a net profit margin of -9.1%.
What is Nine Energy Serv's EBITDA?
Nine Energy Serv (NINEQ) had EBITDA of $36.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nine Energy Serv have?
As of fiscal year 2025, Nine Energy Serv (NINEQ) had $18.4M in cash and equivalents against $341.6M in long-term debt.
What is Nine Energy Serv's operating margin?
Nine Energy Serv (NINEQ) had an operating margin of 0.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Nine Energy Serv's net profit margin?
Nine Energy Serv (NINEQ) had a net profit margin of -9.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Nine Energy Serv's free cash flow?
Nine Energy Serv (NINEQ) generated -$23.3M in free cash flow during fiscal year 2025. This represents a -1383.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nine Energy Serv's operating cash flow?
Nine Energy Serv (NINEQ) generated -$7.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nine Energy Serv's total assets?
Nine Energy Serv (NINEQ) had $339.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nine Energy Serv's capital expenditures?
Nine Energy Serv (NINEQ) invested $15.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Nine Energy Serv's current ratio?
Nine Energy Serv (NINEQ) had a current ratio of 1.85 as of fiscal year 2025, which is generally considered healthy.
What is Nine Energy Serv's debt-to-equity ratio?
Nine Energy Serv (NINEQ) had a debt-to-equity ratio of -2.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nine Energy Serv's return on assets (ROA)?
Nine Energy Serv (NINEQ) had a return on assets of -15.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nine Energy Serv's cash runway?
Based on fiscal year 2025 data, Nine Energy Serv (NINEQ) had $18.4M in cash against an annual operating cash burn of $7.3M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Nine Energy Serv's debt-to-equity ratio negative or unusual?
Nine Energy Serv (NINEQ) has negative shareholder equity of -$115.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Nine Energy Serv's Piotroski F-Score?
Nine Energy Serv (NINEQ) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nine Energy Serv's earnings high quality?
Nine Energy Serv (NINEQ) has an earnings quality ratio of 0.14x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Nine Energy Serv cover its interest payments?
Nine Energy Serv (NINEQ) has an interest coverage ratio of 0.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Nine Energy Serv?
Nine Energy Serv (NINEQ) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.