Loading institutional data...
Loading institutional data...
No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$23.3M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: -22%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~15.9% on $347.9M of debt.
Cash of $18.4M fully covers short-term debt of $6.3M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 18 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SLB | $79.3B | 22.9× | — | 2.2× | -1.6% | — | 9.4% | 12.9% | 9.4% | — | 515 |
| HAL | $29.9B | — | 10.3× | 1.4× | -3.3% | — | 5.8% | 12.3% | 7.3% | 1.5× | 319 |
| OII | $4.1B | 11.7× | 9.5× | 1.5× | 4.6% | 20.4% | 12.7% | 33.0% | 22.7% | -0.5× | 70 |
| LBRT | $2.8B | 19.0× | 5.2× | 0.7× | -7.2% | 20.9% | 3.7% | 7.1% | 6.4% | 0.4× | 56 |
| WTTR | $2.5B | — | 83.3× | 1.8× | -3.1% | 14.4% | 1.5% | 2.6% | 1.9% | 8.7× | 52 |
| NESR | $2.1B | 41.0× | 9.5× | 1.6× | 1.7% | 12.4% | 3.9% | 5.3% | 4.2% | 0.5× | 29 |
| XPRO | $1.9B | 38.4× | 6.7× | 1.2× | -6.2% | — | 3.2% | 3.4% | 3.2% | -0.4× | 1 |
| WBI | $1.7B | — | 14.1× | 3.3× | 66.2% | 27.1% | 0.0% | 0.0% | 0.0% | 6.3× | 21 |
| HLX | $1.6B | 50.5× | 5.8× | 1.2× | -4.9% | 12.3% | 2.4% | 2.0% | 1.6% | -0.4× | 46 |
| RES | $1.4B | 41.1× | 5.6× | 0.8× | 15.0% | 24.2% | 2.0% | 2.9% | 2.9% | -1.0× | 42 |
| PUMP | $950M | — | 5.3× | 0.8× | -12.1% | — | 0.1% | 0.1% | 0.1% | 0.1× | 32 |
| ACDC | $889M | — | 9.9× | 0.5× | -11.4% | — | -19.0% | -51.4% | -21.2% | 5.2× | 16 |
| CLB | $488M | 16.9× | 8.1× | 0.9× | 0.5% | 20.7% | 5.6% | 11.2% | 7.9% | 1.2× | 24 |
| NGS | $418M | 20.6× | 5.7× | 2.4× | 9.9% | — | 11.6% | 7.3% | 7.3% | 0.0× | 21 |
| RNGR | $356M | 27.8× | 5.7× | 0.7× | -4.2% | — | 2.2% | 4.1% | 4.1% | -0.1× | 20 |
| TUSK | $153M | 31.8× | — | 3.5× | -2.9% | — | 10.4% | 1.8% | 1.8% | — | 7 |
| NCSM | $140M | 6.2× | 6.8× | 0.8× | 13.0% | — | 12.9% | 18.8% | 17.7% | -1.8× | — |
| KLXE | $117M | — | 5.7× | 0.2× | -10.2% | 21.2% | -12.1% | 104% | -42.5% | 3.9× | 3 |
| NINE | $109M | — | 17.2× | 0.2× | 1.4% | — | -9.1% | 44.6% | -22.0% | 12.9× | — |
Peers = companies sharing NINE's sector (Oil & Gas Field Services, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $7.84 today, the market must believe free cash flow compounds 14.1%/yr for a decade (off $20.9M on the 3-yr avg basis).
On the basis ($18.7M) the requirement is 15.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 13.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt $329.4M
mean -87.4% · volatility σ 64% · implied rate exceeded in 0/3 yrs
Central path = implied 14.1%/yr growth; shaded band = ±1σ (64%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $561.9M 100.0% | $554.1M 100.0% | $609.5M 100.0% | $593.4M 100.0% | $349.4M 100.0% | $310.9M 100.0% | $832.9M 100.0% | $827.2M 100.0% | $543.7M 100.0% | $282.4M 100.0% |
| Cost of Revenue | — | — | — | — | — | $302.2M 97.2% | $670.0M 80.4% | $639.3M 77.3% | $448.5M 82.5% | $246.1M 87.2% |
| Cost of Products | — | — | — | — | — | — | — | $639.3M 77.3% | $448.5M 82.5% | $246.1M 87.2% |
| Gross Profit | — | — | — | — | — | $8.7M 2.8% | $163.0M 19.6% | $187.9M 22.7% | $95.2M 17.5% | $36.2M 12.8% |
| Selling, General & Admin | $59.7M 10.6% | $51.3M 9.3% | $59.8M 9.8% | $51.7M 8.7% | $45.3M 13.0% | $49.3M 15.9% | $81.3M 9.8% | $73.1M 8.8% | $49.5M 9.1% | $39.4M 13.9% |
| Operating Income | $2.3M 0.4% | $8.9M 1.6% | $17.6M 2.9% | $43.6M 7.3% | -$50.0M -14.3% | -$383.2M -123.3% | -$182.7M -21.9% | -$28.3M -3.4% | -$57.0M -10.5% | -$83.0M -29.4% |
| Interest Expense | $55.2M 9.8% | $51.3M 9.3% | $51.1M 8.4% | $32.5M 5.5% | — | $36.8M 11.8% | $39.8M 4.8% | $22.3M 2.7% | $15.7M 2.9% | $14.2M 5.0% |
| Interest & Investment Income | — | — | — | — | — | $615K 0.2% | $860K 0.1% | — | — | — |
| Other Income (Expense), net | — | — | — | — | — | — | — | -$22.3M -2.7% | -$15.7M -2.9% | -$14.2M -5.0% |
| Pretax Income | -$51.5M -9.2% | -$40.9M -7.4% | -$31.6M -5.2% | $14.9M 2.5% | -$64.6M -18.5% | -$381.4M -122.7% | -$221.6M -26.6% | -$50.6M -6.1% | -$72.7M -13.4% | -$97.2M -34.4% |
| Income Tax Expense | -$171K -0.0% | $198K 0.0% | $585K 0.1% | $546K 0.1% | -$25K -0.0% | -$2.5M -0.8% | -$3.9M -0.5% | $2.4M 0.3% | -$5.0M -0.9% | -$26.3M -9.3% |
| Net Income | -$51.3M -9.1% | -$41.1M -7.4% | -$32.2M -5.3% | $14.4M 2.4% | -$64.6M -18.5% | -$378.9M -121.9% | -$217.8M -26.1% | -$53.0M -6.4% | -$67.7M -12.4% | -$70.9M -25.1% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.25 | -$1.11 | -$0.97 | $0.47 | -$2.13 | -$12.74 | -$7.43 | -$2.17 | -$4.55 | -$5.34 |
| EPS (Diluted) | -$1.25 | -$1.11 | -$0.97 | $0.45 | -$2.13 | -$12.74 | -$7.43 | -$2.17 | -$4.55 | -$5.34 |
| Weighted Avg Shares (Basic) | 40.9M | 37.2M | 33.3M | 30.9M | 30.3M | 29.7M | 29.3M | 24.4M | 14.9M | 13.3M |
| Weighted Avg Shares (Diluted) | 40.9M | 37.2M | 33.3M | 32.3M | 30.3M | 29.7M | 29.3M | 24.4M | 14.9M | 13.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 45% against ROIC -22% — 67% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 77.3 | 80.4 | 97.2 | — | — | — | — | — |
| Gross Profit | 22.7 | 19.6 | 2.8 | — | — | — | — | — |
| SG&A | 8.8 | 9.8 | 15.9 | 13.0 | 8.7 | 9.8 | 9.3 | 10.6 |
| Operating Income | -3.4 | -21.9 | -123.3 | -14.3 | 7.3 | 2.9 | 1.6 | 0.4 |
| Income Tax | 0.3 | -0.5 | -0.8 | -0.0 | 0.1 | 0.1 | 0.0 | -0.0 |
| Net Income | -6.4 | -26.1 | -121.9 | -18.5 | 2.4 | -5.3 | -7.4 | -9.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NINE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -12.31pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -24.8% | 13.2% (today's — no rate published for this year) | -37.9pts |
| FY2020 | -107.9% | 13.2% (today's — no rate published for this year) | -121.1pts |
| FY2021 | -15.1% | 13.2% (today's — no rate published for this year) | -28.3pts |
| FY2022 | 12.0% | 11.8% | 0.3pts |
| FY2023 | 5.4% | 12.6% | -7.2pts |
| FY2024 | 3.1% | 13.1% | -10.0pts |
| FY2025 | 0.9% | 13.0% | -12.2pts |
| Now | -22.0% | 13.2% | -35.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 12.8% | -29.4% | -25.1% |
| FY2017 | 17.5% | -10.5% | -12.4% |
| FY2018 | 22.7% | -3.4% | -6.4% |
| FY2019 | 19.6% | -21.9% | -26.1% |
| FY2020 | 2.8% | -123.3% | -121.9% |
| FY2021 | not reported | -14.3% | -18.5% |
| FY2022 | not reported | 7.3% | 2.4% |
| FY2023 | not reported | 2.9% | -5.3% |
| FY2024 | not reported | 1.6% | -7.4% |
| FY2025 | not reported | 0.4% | -9.1% |
Margins have compressed 3 years running even as the spread stayed positive.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Stressed coverage falls to 0.0x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 0.04x |
| 5% | 0.04x |
| 10% | 0.04x |
| 15% | 0.04x |
| 20% | 0.03x |
| 25% | 0.03x |
| 30% | 0.03x |
| 35% | 0.03x |
| 40% | 0.03x |
| 45% | 0.02x |
| 50% | 0.02x |
| 55% | 0.02x |
| 60% | 0.02x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
At $7.84, free cash flow must compound 15.25%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −139.4% | 15.3% |
| FY2024 | −107.5% | 15.3% |
The implied rate of 15.25% has not been achieved in any of the last 2 years.