Nine Energy Service, Inc. (NINE) intrinsic value & 10-year financials
Nine Energy Service, Inc. (NINE) has a Graham intrinsic value of $9.47 per share. At $8.39 on Oct 17, 2026, the stock trades 11% below that value. Over the last 10 fiscal years revenue grew 8.0% a year to $561.9M, with an average return on invested capital of -12.4%.
- Graham intrinsic value
- $9.47
- Share price (Oct 17, 2026)
- $8.39
- Price vs Graham value
- 11% below
- Market cap
- $343.3M
- Revenue (FY2025)
- $561.9M
- Revenue growth (10-yr CAGR)
- 8.0%
- ROIC (10-yr avg)
- -12.4%
- Free cash flow (FY2025)
- -$23.3M
NINE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $561.9M | -$51.3M | -$1.25 | -$23.3M | 0.4% | 1.0% |
| FY2024 | $554.1M | -$41.1M | -$1.11 | -$1.6M | 1.6% | 3.3% |
| FY2023 | $609.5M | -$32.2M | -$0.97 | $20.9M | 2.9% | 5.7% |
| FY2022 | $593.4M | $14.4M | $0.45 | -$11.9M | 7.3% | 13.3% |
| FY2021 | $349.4M | -$64.6M | -$2.13 | -$55.8M | -14.3% | -15.8% |
| FY2020 | $310.9M | -$378.9M | -$12.74 | -$14.3M | -123.3% | -74.5% |
| FY2019 | $832.9M | -$217.8M | -$7.43 | $36.3M | -21.9% | -21.7% |
| FY2018 | $827.2M | -$53.0M | -$2.17 | $42.9M | -3.4% | -3.8% |
| FY2017 | $543.7M | -$67.7M | -$4.55 | -$39.5M | -10.5% | -10.4% |
| FY2016 | $282.4M | -$70.9M | -$5.34 | -$12.4M | -29.4% | -21.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Nine Energy Service, Inc. has demonstrated mature, steady growth, with revenue compounding at 7.9% annually over the past decade.
Nine Energy Service, Inc. has historically struggled to out-earn its cost of capital, averaging just -12.4% ROIC.
Nine Energy Service, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Nine Energy Service, Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $9.47 per share.