What is Nine Energy Serv's earnings per share (EPS)?

Nine Energy Serv (NINEQ) reported diluted earnings per share of $-1.25 for fiscal year 2025. This represents a -12.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nine Energy Serv Financials

NINEQ

Source SEC Filings (10-K/10-Q) Data as of Mar 5, 2026 Currency USD FYE December

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).

Rhea AI NINEQ FY2025 2026-04-22

Thin operating earnings are no longer covering a heavy financing load, so stable sales are not reaching equity holders.

From FY2023 to FY2025, operating cash flow moved from $45.5M to -$7.3M even though sales stayed in roughly the same range, showing that cash conversion weakened faster than demand. At the same time, interest expense in FY2025 was $55.2M against only $2.3M of operating income, so the net loss reflects financing structure more than a sudden top-line break.

FY2025 still had a current-asset cushion of about $77.4M over current liabilities, which supports routine obligations, but total liabilities exceeded assets by roughly $115.0M. That split means near-term liquidity looks workable even as the long-term capital structure remains deeply depleted.

With EBITDA down to $36.8M and capital spending still near $15.9M, reinvestment is taking a larger bite out of the cash the business produces before debt service. Inventory growth alongside lower receivables also suggests cash became more tied up in stock on hand than in unpaid customer balances.

Financial Health Signals

Financial health score pending refresh

We are recalculating Nine Energy Serv's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-1.84

Nine Energy Serv scores -1.84, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($520K) relative to total liabilities ($454.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Nine Energy Serv passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.14x

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.

Interest Coverage At Risk

0.0x

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

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Earnings & Revenue

Revenue

$561.9M

YoY+1.4%

5Y CAGR+12.6%

Nine Energy Serv generated $561.9M in revenue in fiscal year 2025. This represents an increase of 1.4% from the prior year.

EBITDA

$36.8M

YoY-19.7%

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.

Net Income

-$51.3M

YoY-24.9%

Nine Energy Serv reported -$51.3M in net income in fiscal year 2025. This represents a decrease of 24.9% from the prior year.

EPS (Diluted)

$-1.25

YoY-12.6%

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

Free Cash Flow

-$23.3M

YoY-1383.0%

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.

Cash & Debt

$18.4M

YoY-33.8%

5Y CAGR-23.2%

Nine Energy Serv held $18.4M in cash against $341.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

43M

YoY+2.3%

5Y CAGR+6.5%

Nine Energy Serv had 43M shares outstanding in fiscal year 2025. This represents an increase of 2.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

0.4%

YoY-1.2pp

5Y CAGR+123.7pp

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.

Net Margin

-9.1%

YoY-1.7pp

5Y CAGR+112.8pp

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.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$15.9M

YoY+8.0%

5Y CAGR+11.1%

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	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$561.9M+1.4%	$554.1M-9.1%	$609.5M+2.7%	$593.4M+69.8%	$349.4M+12.4%	$310.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$302.2M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$8.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$59.7M+16.5%	$51.3M-14.2%	$59.8M+15.8%	$51.7M+14.0%	$45.3M-8.2%	$49.3M
Operating Income	$2.3M-73.7%	$8.9M-49.1%	$17.6M-59.7%	$43.6M+187.1%	-$50.0M+86.9%	-$383.2M
Interest Expense	$55.2M+7.6%	$51.3M+0.4%	$51.1M+57.4%	$32.5M+199.9%	-$32.5M-188.5%	$36.8M
Income Tax	-$171K-186.4%	$198K-66.2%	$585K+7.1%	$546K+2284.0%	-$25K+99.0%	-$2.5M
Net Income	-$51.3M-24.9%	-$41.1M-27.5%	-$32.2M-323.8%	$14.4M+122.3%	-$64.6M+83.0%	-$378.9M
EPS (Diluted)	$-1.25-12.6%	$-1.11-14.4%	$-0.97-315.6%	$0.45+121.1%	$-2.13+83.3%	$-12.74

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$88.4M-33.1%	$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
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	$13.1M-34.3%	$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
Operating Income	-$11.0M-100.4%	-$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
Interest Expense	$5.3M-62.2%	$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
Income Tax	$109K-5.2%	$115K+117.0%	$53K+111.7%	-$454K-494.8%	$115K+168.5%	-$168K-330.1%	$73K-47.5%	$139K
Net Income	$107.9M+661.2%	-$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
EPS (Diluted)	$2.65	N/A	$-0.35-40.0%	$-0.25-38.9%	$-0.18	N/A	$-0.26+35.0%	$-0.40

NINEQ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$339.5M-5.7%	$360.1M-10.4%	$402.0M-5.8%	$426.8M+11.8%	$381.6M-13.8%	$442.6M
Current Assets	$168.8M-1.0%	$170.5M-7.2%	$183.6M-6.7%	$196.7M+41.2%	$139.3M-16.2%	$166.2M
Cash & Equivalents	$18.4M-33.8%	$27.9M-9.6%	$30.8M+76.8%	$17.4M-18.9%	$21.5M-68.8%	$68.9M
Inventory	$56.6M+11.4%	$50.8M-6.8%	$54.5M-12.2%	$62.0M+47.1%	$42.2M+9.8%	$38.4M
Accounts Receivable	$76.0M-6.4%	$81.2M-8.2%	$88.4M-16.0%	$105.3M+64.4%	$64.0M+55.3%	$41.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	$0
Total Liabilities	$454.4M+6.6%	$426.1M-2.6%	$437.6M-2.8%	$450.3M+7.0%	$420.9M-0.3%	$422.2M
Current Liabilities	$91.4M+12.1%	$81.5M-1.5%	$82.8M+2.2%	$81.0M+43.5%	$56.5M+30.0%	$43.4M
Long-Term Debt	$341.6M+7.7%	$317.3M-1.0%	$320.5M-5.2%	$338.0M+1.7%	$332.3M-3.0%	$342.7M
Total Equity	-$115.0M-74.0%	-$66.1M-85.4%	-$35.6M-51.6%	-$23.5M+40.1%	-$39.3M-292.4%	$20.4M
Retained Earnings	-$918.6M-5.9%	-$867.3M-5.0%	-$826.2M-4.1%	-$794.0M+1.8%	-$808.4M-8.7%	-$743.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$326.0M-4.0%	$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
Current Assets	$174.9M+3.6%	$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
Cash & Equivalents	$11.2M-39.0%	$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
Inventory	$50.5M-10.6%	$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
Accounts Receivable	$88.3M+16.2%	$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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$192.1M-57.7%	$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
Current Liabilities	$82.0M-10.3%	$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
Long-Term Debt	$90.4M-73.5%	$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
Total Equity	$134.0M+216.6%	-$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
Retained Earnings	-$1.3M+99.9%	-$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

NINEQ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$7.3M-155.4%	$13.2M-71.0%	$45.5M+173.0%	$16.7M+141.3%	-$40.4M-724.6%	-$4.9M
Capital Expenditures	$15.9M+8.0%	$14.8M-40.0%	$24.6M-13.8%	$28.6M+85.2%	$15.4M+63.7%	$9.4M
Free Cash Flow	-$23.3M-1383.0%	-$1.6M-107.5%	$20.9M+276.0%	-$11.9M+78.7%	-$55.8M-289.9%	-$14.3M
Investing Cash Flow	-$13.6M+4.1%	-$14.2M+38.8%	-$23.2M+8.9%	-$25.4M-113.2%	-$11.9M-570.5%	-$1.8M
Financing Cash Flow	$12.9M+864.2%	-$1.7M+81.1%	-$8.9M-283.4%	$4.8M-3.9%	$5.0M+129.0%	-$17.4M
Dividends Paid	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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$10.0M-357.9%	-$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
Capital Expenditures	$3.0M+12.4%	$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
Free Cash Flow	-$12.9M-168.9%	-$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
Investing Cash Flow	-$2.0M-371.3%	-$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
Financing Cash Flow	$20.5M+225.2%	$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
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	2.8%
Operating Margin	0.4%-1.2pp	1.6%-1.3pp	2.9%-4.5pp	7.3%+21.7pp	-14.3%+108.9pp	-123.3%
Net Margin	-9.1%-1.7pp	-7.4%-2.1pp	-5.3%-7.7pp	2.4%+20.9pp	-18.5%+103.4pp	-121.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	-1856.8%
Return on Assets	-15.1%-3.7pp	-11.4%-3.4pp	-8.0%-11.4pp	3.4%+20.3pp	-16.9%+68.7pp	-85.6%
Current Ratio	1.85-0.2	2.09-0.1	2.22-0.2	2.43-0.0	2.47-1.4	3.83
Debt-to-Equity	-2.97+1.8	-4.80+4.2	-9.00+5.4	-14.38-5.9	-8.46-25.3	16.79
FCF Margin	-4.1%-3.9pp	-0.3%-3.7pp	3.4%+5.4pp	-2.0%+14.0pp	-16.0%-11.4pp	-4.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-12.4%-8.3pp	-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%
Net Margin	122.0%+136.6pp	-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%
Return on Equity	80.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	33.1%+38.8pp	-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%
Current Ratio	2.13+0.3	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
Debt-to-Equity	0.68+3.6	-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
FCF Margin	-14.6%-11.0pp	-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%

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.

How many shares does Nine Energy Serv have outstanding?

Nine Energy Serv (NINEQ) had 43M shares outstanding as of fiscal year 2025.

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 Altman Z-Score?

Nine Energy Serv (NINEQ) has an Altman Z-Score of -1.84, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Nine Energy Serv's Piotroski F-Score?

Nine Energy Serv (NINEQ) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.