Tearsheet

Nine Energy Service (NINE)


Market Price (1/19/2026): $0.4751 | Market Cap: $19.6 Mil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Nine Energy Service (NINE)


Market Price (1/19/2026): $0.4751
Market Cap: $19.6 Mil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies.
Weak multi-year price returns
2Y Excs Rtn is -127%, 3Y Excs Rtn is -172%
Penny stock
Mkt Price is 0.5
1   Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1863%
2   Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -4.4%
3   Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.2%
4   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -215%
5   High stock price volatility
Vol 12M is 124%
6   Key risks
NINE key risks include [1] a significant and immediate threat of being delisted from the NYSE and [2] deteriorating financial health, Show more.
0 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies.
1 Weak multi-year price returns
2Y Excs Rtn is -127%, 3Y Excs Rtn is -172%
2 Penny stock
Mkt Price is 0.5
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1863%
4 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -4.4%
5 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.2%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -215%
7 High stock price volatility
Vol 12M is 124%
8 Key risks
NINE key risks include [1] a significant and immediate threat of being delisted from the NYSE and [2] deteriorating financial health, Show more.

Valuation, Metrics & Events

NINE Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

Here are the key points explaining the approximate -15.6% stock movement for Nine Energy Service (NINE) from October 31, 2025, to January 19, 2026:

1. Disappointing Q3 2025 Earnings Report.

Nine Energy Service reported a larger-than-expected loss per share and revenue that fell short of analyst forecasts for the third quarter of 2025, leading to an immediate stock drop of 14.5% on October 31, 2025. The company posted an earnings per share (EPS) loss of $0.35, compared to a forecasted loss of $0.30, and revenue of $132 million, missing the $139.16 million forecast.

2. Decline in U.S. Rig Counts.

The company's performance in Q3 2025 was significantly impacted by a decline in U.S. rig counts, indicating a reduction in drilling and completion activities within the oilfield services sector. This downturn affected revenue generated from key segments such as cementing, wireline, and completion tools.

Show more

Stock Movement Drivers

Fundamental Drivers

The -15.6% change in NINE stock from 10/31/2025 to 1/18/2026 was primarily driven by a -15.6% change in the company's P/S Multiple.
103120251182026Change
Stock Price ($)0.560.47-15.57%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)571.17571.170.00%
P/S Multiple0.040.03-15.57%
Shares Outstanding (Mil)41.3041.300.00%
Cumulative Contribution-15.57%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 1/18/2026
ReturnCorrelation
NINE-15.6% 
Market (SPY)1.4%27.1%
Sector (XLE)8.2%50.9%

Fundamental Drivers

The -38.0% change in NINE stock from 7/31/2025 to 1/18/2026 was primarily driven by a -37.2% change in the company's P/S Multiple.
73120251182026Change
Stock Price ($)0.760.47-37.99%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)562.45571.171.55%
P/S Multiple0.050.03-37.21%
Shares Outstanding (Mil)40.1641.30-2.82%
Cumulative Contribution-38.04%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 1/18/2026
ReturnCorrelation
NINE-38.0% 
Market (SPY)9.7%27.1%
Sector (XLE)10.3%45.1%

Fundamental Drivers

The -59.5% change in NINE stock from 1/31/2025 to 1/18/2026 was primarily driven by a -58.4% change in the company's P/S Multiple.
13120251182026Change
Stock Price ($)1.160.47-59.48%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)556.75571.172.59%
P/S Multiple0.080.03-58.40%
Shares Outstanding (Mil)39.2141.30-5.33%
Cumulative Contribution-59.60%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 1/18/2026
ReturnCorrelation
NINE-59.5% 
Market (SPY)15.9%19.8%
Sector (XLE)11.5%38.1%

Fundamental Drivers

The -96.6% change in NINE stock from 1/31/2023 to 1/18/2026 was primarily driven by a -95.8% change in the company's P/S Multiple.
13120231182026Change
Stock Price ($)13.710.47-96.57%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)531.81571.177.40%
P/S Multiple0.800.03-95.76%
Shares Outstanding (Mil)31.1041.30-32.79%
Cumulative Contribution-96.94%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 1/18/2026
ReturnCorrelation
NINE-96.6% 
Market (SPY)76.5%22.7%
Sector (XLE)16.4%46.8%

Return vs. Risk


Price Returns Compared

 202120222023202420252026Total [1]
Returns
NINE Return-63%1353%-82%-58%-69%45%-82%
Peers Return58%60%-12%8%-8%11%146%
S&P 500 Return27%-19%24%23%16%1%85%

Monthly Win Rates [3]
NINE Win Rate33%67%25%25%25%100% 
Peers Win Rate58%53%35%55%42%100% 
S&P 500 Win Rate75%42%67%75%67%100% 

Max Drawdowns [4]
NINE Max Drawdown-69%0%-87%-69%-72%0% 
Peers Max Drawdown-5%-5%-29%-18%-39%-1% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%0% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LBRT, PTEN, PUMP, RES, RNGR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/16/2026 (YTD)

How Low Can It Go

Unique KeyEventNINES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-88.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven769.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-96.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven2536.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven973 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-88.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven785.7%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days

Compare to LBRT, PTEN, PUMP, RES, RNGR

In The Past

Nine Energy Service's stock fell -88.5% during the 2022 Inflation Shock from a high on 1/13/2023. A -88.5% loss requires a 769.7% gain to breakeven.

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About Nine Energy Service (NINE)

Nine Energy Service, Inc. operates as an onshore completion services provider that targets unconventional oil and gas resource development across North American basins and internationally. It offers cementing services, which consist of blending high-grade cement and water with various solid and liquid additives to create a cement slurry that is pumped between the casing and the wellbore of the well. The company also provides a portfolio of completion tools, such as liner hangers and accessories, fracture isolation packers, frac sleeves, stage one prep tools, frac plugs, casing flotation tools, specialty open hole float equipment, disk subs, composite cement retainers, and centralizers that provide pinpoint frac sleeve system technologies. In addition, it offers wireline services consisting of plug-and-perf completions, which is a multistage well completion technique for cased-hole wells that consists of deploying perforating guns and isolation tools to a specified depth; and coiled tubing services, which perform wellbore intervention operations utilizing a continuous steel pipe that is transported to the wellsite wound on a large spool in lengths of up to 30,000 feet. The company was formerly known as NSC-Tripoint, Inc. and changed its name to Nine Energy Service, Inc. in October 2011. Nine Energy Service, Inc. was incorporated in 2011 and is headquartered in Houston, Texas.

AI Analysis | Feedback

Here are 1-3 brief analogies for Nine Energy Service:

  • Caterpillar for oil wells: Similar to how Caterpillar provides heavy equipment and essential services for construction and mining, Nine Energy Service provides specialized tools and services critical for the completion and production phases of oil and gas wells.

  • Applied Materials for oil well completions: Like Applied Materials provides essential equipment and services to enable semiconductor manufacturing, Nine Energy Service provides the specialized technology and services necessary to bring oil and gas wells into production.

AI Analysis | Feedback

  • Cementing: Provides well cementing services to secure casing, prevent fluid migration, and isolate zones in oil and gas wells.
  • Wireline Services: Offers cased-hole and open-hole wireline services for logging, perforating, and downhole tool deployment.
  • Coiled Tubing: Delivers coiled tubing operations for well intervention, stimulation, and cleanout tasks without removing the production string.
  • Completion Tools: Supplies a range of downhole completion tools including packers, plugs, and sleeves essential for well construction and production.
  • Drilling Tools: Provides specialized drilling tools that aid in efficient and safe well drilling operations.
  • Production Solutions: Offers services and technologies aimed at enhancing well production, optimizing flow, and extending well life.

AI Analysis | Feedback

Nine Energy Service (symbol: NINE) sells primarily to other companies in the oil and natural gas industry.

Specifically, its customers are exploration and production (E&P) companies engaged in drilling and completing oil and natural gas wells, primarily in North America.

Due to competitive reasons and client confidentiality, Nine Energy Service does not publicly disclose the names of its specific major customers. Furthermore, according to its annual filings (10-K), no single customer accounted for 10% or more of its consolidated revenues in recent fiscal years (e.g., 2021, 2022, or 2023).

Therefore, while the customer base consists of various E&P companies, specific names of major customers are not publicly available from Nine Energy Service.

AI Analysis | Feedback

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Ann G. Fox, President and Chief Executive Officer

Ann G. Fox has served as the President and Chief Executive Officer of Nine Energy Service, Inc. since July 2015, and has been a Director since September 2014. She joined Nine in 2013, previously holding roles as Chief Financial Officer and Vice President of Strategic Development. Before joining Nine, Ms. Fox worked at SCF Partners, a private equity firm focused on investments in the energy services industry, becoming a Managing Director in December 2012. She also served in the United States Marine Corps, including multiple tours in Iraq, and worked as an investment banking analyst for Prudential Securities and Warburg Dillon Read. Under her leadership as CEO, Nine completed its IPO in January 2018 and has executed two significant technology acquisitions.

Guy Sirkes, Senior Vice President and Chief Financial Officer

Guy Sirkes assumed the role of Senior Vice President and Chief Financial Officer of Nine Energy Service in April 2020. Prior to this, he served as the Vice President of Strategic Development for Nine, where his responsibilities included M&A, strategic development, and financial planning and analysis. Before joining Nine in March 2019, Mr. Sirkes was an Executive Director with J.P. Morgan's Oil & Gas Investment Banking group from July 2007 to March 2019, where he was involved in executing equity, debt, and M&A transactions, including Nine's initial public offering and the acquisition of Magnum Energy Tools.

David Crombie, Executive Vice President, Chief Operating Officer

David Crombie was promoted to Chief Operating Officer and Executive Vice President effective January 1, 2019. An oil and gas industry veteran, Mr. Crombie founded Crest Pumping Technologies, LLC, and served as its President before joining Nine. Crest Pumping Technologies provided pressure pumping services. Prior to founding Crest, he was the Vice President of Operations and Sales for Pumpco Energy Services, a subsidiary of Complete Production Services, where he oversaw stimulation and cementing services.

Theodore R. Moore, Senior Vice President, General Counsel and Secretary

Theodore R. Moore serves as the Senior Vice President, General Counsel and Secretary for Nine Energy Service.

S. Brett Luz, Chief Accounting Officer

S. Brett Luz holds the position of Chief Accounting Officer at Nine Energy Service.

AI Analysis | Feedback

Here are the key risks to Nine Energy Service (NINE):

1. NYSE Delisting Risk

Nine Energy Service faces a significant and immediate risk of delisting from the New York Stock Exchange (NYSE). The company received a notice of non-compliance due to its market capitalization and stockholders' equity falling below $50 million, and its stock price trading below $1.00 per share. Delisting could severely impact the liquidity of its common stock, negatively affect its market perception, and make it more challenging to raise capital in the future. The company has a cure period to regain compliance, but failure to meet the NYSE's milestones could lead to delisting.

2. Deteriorating Financial Health and Liquidity Concerns

The company is grappling with substantial financial challenges, including a forecast for negative free operating cash flow (FOCF) in 2025. S&P Global Ratings revised its outlook on Nine Energy Service to negative due to expected negative FOCF, and views the company's leverage, with debt to EBITDA exceeding 5x, as unsustainable. Nine Energy Service did not generate excess cash flow in recent fiscal quarters, and S&P assesses its liquidity as less than adequate due to the forecast for negative FOCF and limited access to public markets. Macroaxis estimates that Nine Energy Service has an over 60% probability of financial distress in the next two years.

3. Industry Headwinds and Market Volatility in the Oil and Gas Sector

Nine Energy Service's operational results are highly sensitive to conditions in the oil and gas industry, particularly the U.S. rig count, which has been declining. The oil and gas industry has experienced significant volatility in recent years, leading to reduced demand for oilfield services, declining revenues, profitability, and substantial pricing pressure across all service lines. Management anticipates lower revenue and earnings in upcoming quarters due to these activity declines and continued low pricing for services. Additionally, increased attention to climate change and conservation measures could further reduce oil and natural gas demand, posing a long-term risk to the business.

AI Analysis | Feedback

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AI Analysis | Feedback

Nine Energy Service (symbol: NINE) operates primarily in North America, offering a range of completion and production services for unconventional oil and gas resource development. The addressable markets for its main products and services in North America are as follows:

  • Cementing Services: The North America well cementing services market was valued at approximately USD 4.40 billion in 2024. This market is projected to reach US$ 4,728.2 million by 2030.
  • Completion Tools (as part of Completion Equipment and Services): The North America completion equipment and services market was valued at approximately USD 2.40 billion in 2024. It is estimated to grow from US$ 2,377.24 million in 2021 to US$ 3,012.32 million by 2028.
  • Wireline Services: The North America wireline services market held a revenue of approximately USD 5.5 billion in 2024. This market is expected to surpass USD 6.7 billion in 2024 and reach USD 12.3 billion by 2031.
  • Coiled Tubing Services: The North America coiled tubing services market was valued at USD 3.96 billion in 2024. It is estimated to lead the global market, with a share of 41.7% in 2025.

AI Analysis | Feedback

Nine Energy Service (NINE) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

  1. International Market Expansion: The company is actively pursuing growth in international markets, demonstrating positive results with international tools revenue surging 20% year-over-year in the first half of 2025. This expansion is evident in increased sales across regions such as the UAE, Argentina, and Australia, and is a deliberate strategy to reduce reliance on cyclical U.S. oil markets.
  2. Advancements in Completion Tool Technology: Nine Energy Service's acquisition of Magnum Oil Tools International provides a significant first-mover advantage in the dissolvable frac plug market and a broader portfolio of patented downhole completion products. The company's ongoing commitment to research and development (R&D) in new completion tools is also a key strategy.
  3. Increased Focus and Activity in Gas-Levered Basins: Nine Energy Service has strategically pivoted towards gas-levered basins, such as the Haynesville and Northeast regions of the U.S., where it has observed revenue growth. With approximately 30% of its revenue tied to natural gas basins and a more promising outlook for natural gas prices in 2025 compared to 2024, this focus is anticipated to contribute to future revenue.
  4. Market Share Gains through Operational Excellence and Diversified Services: Despite challenging market conditions and declining rig counts, Nine Energy Service has demonstrated the ability to gain market share in specific service lines and regions. This includes growth in coiled tubing operations in the Permian Basin and an increase in cementing market share within its operating regions in Q4 2024. The company emphasizes market share capture and cost optimization as core components of its strategy.

AI Analysis | Feedback

Share Repurchases

  • Nine Energy Service made share repurchases of $644.00 in Q4 2022, $346.49K in Q3 2022, $294.99K in Q2 2022, and $114.45K in Q1 2022.
  • The company reported minor share repurchases of $428.00 in Q4 2021 and $1.51K in Q3 2021.
  • Nine Energy Service did not generate "Excess Cash Flow" in the six-month periods ending March 31, 2025, and September 30, 2025, consequently, no required offers to repurchase senior secured notes were made.

Share Issuance

  • Nine Energy Service did not sell any shares of common stock under its at-the-market equity offering program during the first, second, or third quarters of 2025.

Capital Expenditures

  • Capital expenditures for the full year 2025 are projected to be in the lower end of the $15 million to $25 million guidance range.
  • Total capital expenditures amounted to $3.5 million in Q3 2025 and $13.9 million for the first nine months of 2025.
  • From 2021 to 2024, annual capital expenditures averaged approximately $21 million, marking a roughly 60% reduction from the $53 million average between 2017 and 2019, consistent with an "asset-light business model" and a "capital efficiency strategy."

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Peer Comparisons for Nine Energy Service

Peers to compare with:

Financials

NINELBRTPTENPUMPRESRNGRMedian
NameNine Ene.Liberty .Patterso.ProPetro RPC Ranger E. 
Mkt Price0.4720.197.1510.296.1314.708.72
Mkt Cap0.03.32.71.11.30.31.2
Rev LTM5713,9114,8381,3001,5365481,418
Op Inc LTM1275-6726632023
FCF LTM-7-228938755346
FCF 3Y Avg-32403956615950112
CFO LTM1059188018823478211
CFO 3Y Avg218321,01630134882325

Growth & Margins

NINELBRTPTENPUMPRESRNGRMedian
NameNine Ene.Liberty .Patterso.ProPetro RPC Ranger E. 
Rev Chg LTM2.6%-12.0%-16.6%-11.7%4.2%-5.5%-8.6%
Rev Chg 3Y Avg3.2%4.8%33.5%5.7%4.5%-1.4%4.7%
Rev Chg Q-4.4%-16.8%-13.4%-18.6%32.4%-15.8%-14.6%
QoQ Delta Rev Chg LTM-1.1%-4.7%-3.6%-4.9%7.7%-4.2%-3.9%
Op Mgn LTM2.0%1.9%-1.4%2.0%4.1%3.7%2.0%
Op Mgn 3Y Avg2.9%10.0%4.9%7.2%10.5%4.6%6.1%
QoQ Delta Op Mgn LTM-0.7%-2.8%1.4%-1.1%0.1%-1.7%-0.9%
CFO/Rev LTM1.7%15.1%18.2%14.5%15.2%14.2%14.8%
CFO/Rev 3Y Avg3.5%18.7%22.1%20.1%22.0%14.0%19.4%
FCF/Rev LTM-1.2%-0.1%6.0%3.0%4.9%9.7%3.9%
FCF/Rev 3Y Avg-0.5%5.1%8.5%4.5%9.9%8.6%6.8%

Valuation

NINELBRTPTENPUMPRESRNGRMedian
NameNine Ene.Liberty .Patterso.ProPetro RPC Ranger E. 
Mkt Cap0.03.32.71.11.30.31.2
P/S0.00.80.60.80.80.60.7
P/EBIT1.511.9-41.0-106.917.913.96.7
P/E-0.517.6-20.1-63.027.221.58.5
P/CFO2.05.53.15.75.64.14.8
Total Yield-210.9%7.3%-2.7%-1.6%5.0%6.3%1.7%
Dividend Yield0.0%1.6%2.3%0.0%1.3%1.6%1.5%
FCF Yield 3Y Avg-15.9%7.5%13.6%6.8%11.5%17.0%9.5%
D/E19.40.20.50.20.10.10.2
Net D/E18.60.20.40.1-0.1-0.10.2

Returns

NINELBRTPTENPUMPRESRNGRMedian
NameNine Ene.Liberty .Patterso.ProPetro RPC Ranger E. 
1M Rtn38.2%15.5%22.6%13.0%10.5%6.4%14.2%
3M Rtn-14.5%32.4%31.6%85.7%42.3%19.1%32.0%
6M Rtn-40.0%80.1%23.8%81.5%30.6%28.5%29.5%
12M Rtn-60.2%-8.6%-18.9%-5.6%-9.8%-14.8%-12.3%
3Y Rtn-96.8%45.1%-49.8%11.5%-23.3%39.7%-5.9%
1M Excs Rtn46.4%10.3%19.3%6.0%9.6%7.3%10.0%
3M Excs Rtn-18.7%65.2%24.3%96.3%37.9%9.9%31.1%
6M Excs Rtn-50.2%69.9%13.5%71.3%20.4%18.3%19.3%
12M Excs Rtn-78.1%-25.4%-35.9%-20.7%-24.7%-30.9%-28.1%
3Y Excs Rtn-171.6%-44.0%-128.2%-76.2%-106.1%-38.3%-91.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Cement225    
Tools145    
Coiled tubing123    
Wireline117    
Completion Solutions 593349311775
Production Solutions    58
Total610593349311833


Price Behavior

Price Behavior
Market Price$0.47 
Market Cap ($ Bil)0.0 
First Trading Date01/19/2018 
Distance from 52W High-70.4% 
   50 Days200 Days
DMA Price$0.42$0.63
DMA Trenddowndown
Distance from DMA12.0%-25.8%
 3M1YR
Volatility134.8%122.4%
Downside Capture296.24207.33
Upside Capture150.1781.06
Correlation (SPY)26.8%20.7%
NINE Betas & Captures as of 12/31/2025

 1M2M3M6M1Y3Y
Beta-1.503.573.332.861.371.51
Up Beta-6.911.883.882.600.670.94
Down Beta-7.173.893.594.102.191.96
Up Capture-155%186%111%76%70%40%
Bmk +ve Days11233772143431
Stock +ve Days9193059114328
Down Capture427%441%345%279%147%112%
Bmk -ve Days11182755108320
Stock -ve Days13213366132392

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 NINE vs. Other Asset Classes (Last 1Y)
 NINESector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-59.8%7.1%19.8%70.5%3.8%10.2%-1.0%
Annualized Volatility124.6%25.0%19.3%20.0%15.3%16.7%34.5%
Sharpe Ratio-0.170.230.812.560.040.410.07
Correlation With Other Assets 36.5%21.0%5.8%35.3%16.8%24.3%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 NINE vs. Other Asset Classes (Last 5Y)
 NINESector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-29.5%22.5%14.1%19.4%11.1%6.1%20.0%
Annualized Volatility117.6%26.7%17.1%15.6%18.7%18.8%48.1%
Sharpe Ratio0.210.770.661.000.470.230.45
Correlation With Other Assets 45.1%15.0%13.4%38.5%13.2%9.4%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 NINE vs. Other Asset Classes (Last 10Y)
 NINESector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-39.6%9.7%15.5%14.8%7.6%5.9%70.8%
Annualized Volatility120.9%29.8%18.0%14.8%17.6%20.8%55.7%
Sharpe Ratio0.120.370.750.830.350.250.91
Correlation With Other Assets 47.7%20.1%7.5%37.5%17.2%11.2%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date12312025
Short Interest: Shares Quantity3,123,498
Short Interest: % Change Since 1215202529.6%
Average Daily Volume2,314,214
Days-to-Cover Short Interest1.35
Basic Shares Quantity41,297,925
Short % of Basic Shares7.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202510/30/202510-Q (09/30/2025)
06/30/202508/05/202510-Q (06/30/2025)
03/31/202505/07/202510-Q (03/31/2025)
12/31/202403/06/202510-K (12/31/2024)
09/30/202410/31/202410-Q (09/30/2024)
06/30/202408/06/202410-Q (06/30/2024)
03/31/202405/07/202410-Q (03/31/2024)
12/31/202303/08/202410-K (12/31/2023)
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