Latest Ratios: P/E Ratio -9.3x · EV/EBITDA 17.4x · ROE N/A. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $505M | $14M | $42M | $89M | $469M | $30M | $81M | $229M | $550M | — | — |
| Enterprise Value | $868M | $377M | $373M | $425M | $829M | $381M | $396M | $531M | $915M | — | — |
| P/E Ratio → | -9.33 | — | — | — | 32.29 | — | — | — | — | — | — |
| P/S Ratio | 0.90 | 0.03 | 0.08 | 0.15 | 0.79 | 0.09 | 0.26 | 0.28 | 0.67 | — | — |
| P/B Ratio | — | — | — | — | — | — | 3.96 | 0.59 | 0.93 | — | — |
| P/FCF | — | — | — | 4.27 | — | — | — | 6.31 | 12.82 | — | — |
| P/OCF | — | — | 3.16 | 1.96 | 28.11 | — | — | 2.26 | 6.14 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.67 | 0.67 | 0.70 | 1.40 | 1.09 | 1.27 | 0.64 | 1.11 | — | — |
| EV / EBITDA | 17.35 | 7.54 | 6.32 | 6.00 | 8.96 | 125.86 | — | — | 25.75 | — | — |
| EV / EBIT | 2086.08 | 101.47 | 35.69 | 21.79 | 17.48 | — | — | — | — | — | — |
| EV / FCF | — | — | — | 20.31 | — | — | — | 14.62 | 21.30 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.7% | 10.7% | 10.9% | 12.8% | 16.2% | -1.0% | -12.9% | 11.3% | 15.0% | 6.1% | -10.0% |
| Operating Margin | 0.1% | 0.1% | 1.6% | 2.9% | 7.3% | -14.3% | -123.3% | -21.9% | -3.4% | -10.5% | -29.4% |
| Net Profit Margin | -9.1% | -9.1% | -7.4% | -5.3% | 2.4% | -18.5% | -121.9% | -26.1% | -6.4% | -12.4% | -25.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | -184.7% | -44.2% | -12.0% | -23.5% | -22.1% |
| ROA | -14.4% | -14.4% | -10.8% | -7.8% | 3.6% | -15.7% | -58.6% | -21.9% | -6.2% | -11.7% | -11.5% |
| ROIC | 0.1% | 0.1% | 2.4% | 4.1% | 10.1% | -11.6% | -55.9% | -16.6% | -2.9% | -8.2% | -11.2% |
| ROCE | 0.2% | 0.2% | 3.0% | 5.3% | 13.0% | -13.8% | -64.5% | -20.1% | -4.3% | -13.9% | -14.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 18.83 | 1.01 | 0.72 | 0.84 | 0.85 |
| Debt / EBITDA | 7.65 | 7.65 | 6.08 | 5.18 | 4.09 | 122.96 | — | — | 12.05 | 45.96 | — |
| Net Debt / Equity | — | — | — | — | — | — | 15.45 | 0.78 | 0.61 | 0.78 | 0.83 |
| Net Debt / EBITDA | 7.25 | 7.25 | 5.61 | 4.74 | 3.90 | 115.85 | — | — | 10.26 | 42.63 | — |
| Debt / FCF | — | — | — | 16.05 | — | — | — | 8.32 | 8.49 | — | — |
| Interest Coverage | 0.07 | 0.07 | 0.20 | 0.38 | 1.46 | -0.99 | -9.38 | -4.57 | -1.66 | -3.59 | -5.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.85 | 1.85 | 2.09 | 2.22 | 2.43 | 2.47 | 3.83 | 4.39 | 3.08 | 0.51 | 1.83 |
| Quick Ratio | 1.23 | 1.23 | 1.47 | 1.56 | 1.66 | 1.72 | 2.94 | 3.40 | 2.23 | 0.44 | 1.53 |
| Cash Ratio | 0.22 | 0.22 | 0.34 | 0.37 | 0.22 | 0.38 | 1.59 | 1.52 | 0.59 | 0.06 | 0.08 |
| Asset Turnover | — | 1.59 | 1.54 | 1.52 | 1.39 | 0.92 | 0.70 | 0.98 | 0.72 | 0.94 | 0.49 |
| Inventory Turnover | 8.87 | 8.87 | 9.72 | 9.75 | 8.02 | 8.37 | 9.14 | 12.12 | 7.69 | 22.97 | 20.47 |
| Days Sales Outstanding | — | 49.35 | 53.65 | 53.26 | 65.21 | 68.34 | 50.05 | 42.75 | 71.66 | 66.85 | 80.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 3.1% | — | — | — | — | — | — |
| FCF Yield | — | — | — | 23.4% | — | — | — | 15.9% | 7.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.2% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.2% | — | — |
| Shares Outstanding | — | $41M | $37M | $33M | $32M | $30M | $30M | $29M | $24M | $23M | $21M |
Liquidity and solvency constraints
According to recent market data, NINE trades at a forward P/E of 2.59, a valuation that appears to reflect deep investor skepticism regarding the company's ability to sustain profitability rather than an indication of genuine undervaluation relative to its historical performance or broader industry peers.
The disconnect between the low forward P/E and the negative TTM net margin suggests that the market is pricing in a high probability of financial distress. Investors should monitor whether this discount is a temporary reaction to cyclical volatility or a permanent re-rating due to the company's inability to generate consistent earnings.
Based on reported financial statements, NINE's ROIC has struggled to maintain positive territory, frequently dipping into negative values such as -1.9% in 2026Q1, which indicates that the company is failing to generate returns on invested capital that exceed its cost of capital.
This persistent decay in returns suggests that the capital-intensive nature of the completion services business is not being offset by sufficient pricing power or operational efficiency. The inability to compound returns on invested capital warrants further investigation into whether the current asset base is fundamentally misaligned with market demand.
As indicated by quarterly filings, NINE's cash conversion cycle has remained elevated, reaching 65 days in 2026Q1, which highlights the company's ongoing difficulty in managing its working capital effectively compared to more efficient peers in the oilfield services sector.
The persistence of a high CCC suggests that the company is consistently tying up liquidity in receivables and inventory, which exacerbates its already tight cash position. This inefficiency appears to be a structural drag on the company's ability to self-fund operations during periods of reduced activity.
Based on the most recent quarterly data, NINE's debt-to-EBITDA ratio of 20.69 in 2026Q1 underscores a highly leveraged capital structure that leaves the firm with minimal room to maneuver in the face of fluctuating commodity prices and reduced E&P capital expenditure budgets.
The negative interest coverage ratio suggests that the company is currently unable to service its debt obligations through core operating income alone. This precarious position implies that any further contraction in the US rig count could necessitate dilutive financing or asset sales to maintain solvency.
While EV/EBITDA is a standard metric for the energy sector, it is frequently misapplied to NINE because it ignores the company's severe liquidity constraints and the high maintenance capital expenditure required to keep its specialized equipment fleet operational in a demanding market environment.
Investors should instead focus on free cash flow generation and cash-on-hand, as these metrics provide a more accurate picture of the company's ability to survive without external capital. Relying on EBITDA multiples may lead to an overly optimistic assessment of the company's financial health by masking the cash-burning nature of its current operations.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying NINE stock.
Nine Energy Service, Inc.'s current P/E ratio is -9.3x. The historical average is 32.3x.
Nine Energy Service, Inc.'s current EV/EBITDA is 17.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.9x.
Based on historical data, Nine Energy Service, Inc. is trading at a P/E of -9.3x. Compare with industry peers and growth rates for a complete picture.
Nine Energy Service, Inc. has 10.7% gross margin and 0.1% operating margin.
Nine Energy Service, Inc.'s Debt/EBITDA ratio is 7.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.