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NINENine Energy Service, Inc.
$7.44$104M
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HomeStocksNINEBalance Sheet

Nine Energy Service, Inc. (NINE) Balance Sheet

11Y historyFree accessUpdated daily

The company's financial position appears highly vulnerable, with total debt of $126.5M and a deeply impaired equity base that has deteriorated significantly over the last several quarters.

Income StatementBalance SheetCash FlowRatios

NINE Balance Sheet

Annual statement

NINE Balance Sheet

Nine Energy Service, Inc. (NINE) balance sheet — 11-year assets, liabilities & shareholders' equity history

AnnualQuarterly
MetricTTMDec'25Dec'24Dec'23Dec'22Dec'21Dec'20Dec'19Dec'18Dec'17Dec'16Dec'15
Total Current Assets171.3M168.83M170.46M183.63M196.72M139.3M166.16M268.92M333.18M147.24M90.71M97.41M
Cash & Short-Term Investments18.25M19.84M27.88M30.84M17.45M21.51M68.86M92.99M63.62M17.51M4.07M18.88M
Cash Only18.25M19.84M27.88M30.84M17.45M21.51M68.86M92.99M63.62M17.51M4.07M18.88M
Short-Term Investments000000000000
Accounts Receivable91.6M75.98M81.44M88.94M106.02M65.42M42.63M97.55M162.41M99.56M61.99M58.23M
Days Sales Outstanding57.4249.3553.6553.2665.2168.3450.0542.7571.6666.8580.1344.41
Inventory48.77M56.55M50.78M54.49M62.05M42.18M38.4M60.95M91.44M22.23M15.17M13.88M
Days Inventory Outstanding39.8641.1437.5637.4245.5443.6139.9330.1147.4715.8917.8311.49
Other Current Assets1.38M2.92M380K9.37M11.22M0000000
Total Non-Current Assets146.36M184.87M189.61M218.35M230.11M242.31M276.44M581.98M808M431.62M485.38M561.02M
Property, Plant & Equipment136.9M98.39M107.8M124.47M126.6M123.52M140.6M128.6M211.64M259.04M273.21M325.89M
Fixed Asset Turnover4.47x5.71x5.14x4.90x4.69x2.83x2.21x6.48x3.91x2.10x1.03x1.47x
Goodwill0000000296.2M307.8M93.76M125.29M137.49M
Intangible Assets8.9M68.06M79.25M90.43M101.94M116.41M132.52M148.99M282.16M63.55M76.14M85.23M
Long-Term Investments0000-21.26M-16.46M-17.67M0-5.92M10.48M10.38M12.05M
Other Non-Current Assets557K4.18M2.57M3.45M1.56M2.38M3.31M8.19M6.39M-21.98M-44.56M-32.69M
Total Assets317.65M353.7M360.08M401.98M426.83M381.61M442.6M850.89M1.14B578.86M576.09M658.43M
Asset Turnover1.60x1.59x1.54x1.52x1.39x0.92x0.70x0.98x0.72x0.94x0.49x0.73x
Asset Growth %-26.59%-1.77%-10.43%-5.82%11.85%-13.78%-47.98%-25.44%97.14%0.48%-12.51%-
Total Current Liabilities73.09M91.41M81.55M82.75M81M56.45M43.41M61.22M108.29M286.42M49.49M42.19M
Accounts Payable44.45M43.56M36.05M33.38M42.21M28.68M18.14M35.49M46.13M29.64M18.82M18.44M
Days Payables Outstanding31.2131.6926.6622.9330.9829.6518.8617.5323.9521.1922.1315.27
Short-Term Debt14.34M19.73M3.58M2.86M2.27M2.09M844K0665K241.51M18.25M10.63M
Deferred Revenue (Current)000000001.24M13.54M10.63M12.83M
Other Current Liabilities6.54M20.89M7.3M10.95M00012.05M34.4M2.31M6.67M4.13M
Current Ratio2.34x1.85x2.09x2.22x2.43x2.47x3.83x4.39x3.08x0.51x1.83x2.31x
Quick Ratio1.68x1.23x1.47x1.56x1.66x1.72x2.94x3.40x2.23x0.44x1.53x1.98x
Cash Conversion Cycle66.0758.864.5467.7679.7782.2971.1255.3295.1861.5575.8340.64
Total Non-Current Liabilities114.99M377.25M344.6M354.86M369.34M364.43M378.78M399.8M438.06M5.08M238.42M263.56M
Long-Term Debt97.34M341.57M317.26M320.52M338.03M332.31M342.71M392.06M424.98M0226.29M239.02M
Capital Lease Obligations81.43M21.35M26.71M32.59M29.37M30.5M33.4M2.2M2.33M000
Deferred Tax Liabilities14.24M14.24M0021.26M16.46M17.67M1.59M5.92M5.02M10.64M22.8M
Other Non-Current Liabilities459K87K621K1.75M1.94M1.61M2.66M3.96M4.84M5.08M12.13M1.75M
Total Liabilities188.09M468.66M426.14M437.61M450.34M420.88M422.19M461.02M546.35M291.5M287.91M305.76M
Total Debt128.87M382.65M358.79M366.32M377.8M372.07M384.25M395.25M427.97M241.51M244.53M249.64M
Net Debt110.62M362.81M330.91M335.48M360.36M350.56M315.39M302.27M364.36M224M240.46M230.76M
Debt / Equity0.99x-----18.83x1.01x0.72x0.84x0.85x0.71x
Debt / EBITDA4.25x7.65x6.08x5.18x4.09x122.96x--12.05x45.96x-10.02x
Net Debt / EBITDA3.65x7.25x5.61x4.74x3.90x115.85x--10.26x42.63x-9.26x
Interest Coverage2.94x0.07x0.20x0.38x1.46x-0.99x-9.38x-4.57x-1.66x-3.59x-5.85x-4.31x
Total Equity129.57M-114.96M-66.06M-35.63M-23.51M-39.27M20.41M389.88M594.82M287.36M288.19M352.68M
Equity Growth %403.76%-74.01%-85.42%-51.57%40.14%-292.4%-94.77%-34.46%107%-0.29%-18.29%-
Book Value per Share9.29-2.81-1.78-1.07-0.73-1.300.6913.3024.3712.3913.4116.41
Total Shareholders' Equity129.57M-114.96M-66.06M-35.63M-23.51M-39.27M20.41M389.88M594.82M287.36M288.19M352.68M
Common Stock139K433K423K353K332K328K316K306K302K158K16K16K
Retained Earnings-6.14M-918.63M-867.31M-826.23M-794.02M-808.41M-743.84M-364.81M-147.06M-94.08M-26.4M44.51M
Treasury Stock000000000000
Accumulated OCI-64K-5.19M-5.41M-4.86M-4.83M-4.54M-4.5M-4.47M-4.84M-3.68M-3.49M-3.7M
Minority Interest000000000000

Key Metrics

Growth RegimeContracting
ProfitabilityNegative
Balance SheetVulnerable
Cash FlowBurning
Top Statement Risk

Insolvency and liquidity constraints

Persistent Erosion of Equity Base

As reported in historical financial filings, NINE's equity position has deteriorated from a negative $35.6M in 2023Q4 to a negative $115.0M by 2025Q4, signaling a sustained trend of value destruction that leaves the company with a deeply impaired capital structure and limited financial flexibility.

The consistent decline in retained earnings suggests that the company has been unable to generate the necessary returns to offset its accumulated losses. This trajectory indicates that the business model may be struggling to achieve the scale required to overcome its fixed cost burden, raising questions about long-term viability.

High Leverage Amidst Capital Constraints

Based on the most recent quarterly data, NINE maintains a total debt load of $126.5M as of 2026Q1, which, when viewed against the backdrop of negative equity, suggests a highly leveraged position that limits the company's ability to navigate cyclical downturns in the oilfield services sector.

The reliance on debt to fund operations in a capital-intensive industry appears to be a necessity-driven strategy rather than a choice. Investors should monitor whether the company can manage its debt-servicing obligations without further dilutive financing or asset divestitures, given the current lack of positive net income.

Asset Quality and Goodwill Risks

According to balance sheet disclosures, NINE's goodwill has declined from $90.4M in 2023Q4 to $9.1M in 2026Q1, reflecting significant impairment charges that suggest previous acquisition-led growth strategies may have failed to deliver the anticipated synergies or long-term economic value for the firm.

The reduction in goodwill, coupled with a net PPE balance of $141.5M, indicates that the company is actively writing down the value of its historical investments. This trend warrants further investigation into whether the remaining asset base is appropriately valued or if further impairments may be necessary.

Tight Liquidity Limits Operational Runway

As indicated by recent SEC filings, NINE's cash reserves of $21.9M in 2026Q1 provide a narrow buffer against operational volatility, especially when compared to the company's historical cash burn rates and the ongoing need to maintain high-wear equipment in a demanding completion environment.

While the current ratio of 2.13 appears superficially healthy, the underlying liquidity position is constrained by the company's inability to generate consistent positive operating cash flow. This suggests that the firm may be vulnerable to even minor disruptions in service demand or unexpected increases in input costs.

NINE — Frequently Asked Questions

Quick answers to the most common questions about buying NINE stock.

What are the total assets of Nine Energy Service, Inc. (NINE)?

As of 2025, Nine Energy Service, Inc. (NINE) had total assets of $353.7M including $168.8M in current assets.

How much debt does Nine Energy Service, Inc. (NINE) have?

Nine Energy Service, Inc. (NINE) carries total debt of $382.6M, offset by $19.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of Nine Energy Service, Inc.?

Nine Energy Service, Inc. (NINE) has total shareholders' equity (book value) of $-115.0M ($-2.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is Nine Energy Service, Inc.'s current ratio and liquidity?

Nine Energy Service, Inc. (NINE) reported a current ratio of 1.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.