OMS Energy Technologies (OMSE) valuation at a glance
- Price
- $4.50
- Forward P/E
- 5.0×
- Market cap
- $191M
- P/S (TTM)
- 1.2×
CompaniesOMSE
Overview
OMSE
OMS Energy Technologies
EnergyOilfield ServicesInsider-Owned
$4.50+1.1%
Market Cap
$191M
SEC 20-F (yfinance-validated)
P/E (TTM)
6.5×
via financials
Rev Growth YoY
-35.9%
-35.9%SEC filing
Gross Margin
31.3%
SEC filing
FCF Yield
17.4%
calculated
Upside to FV
–
vs fair value
Conviction
2/5Founder-controlled (64%) Singapore energy-tech at ~17% FCF yield and 0.47× EV/sales with $126M cash — but 67% of revenue is one customer (Saudi Aramco) and revenue fell −36%.
Research Depth
ScreeningDeep ResearchFull Model
Data as of 2026-06-03
Quality Snowflake
Overall 67/100
Value4/4
Future1/3
Past4/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
OMS Energy is a Singapore-incorporated oilfield-equipment supplier; the controlling shareholder owns ~64% after a 2023 MBO and 2025 IPO. It screens on a ~17% FCF yield, 0.47× EV/revenue and $126M cash (66% of market cap) with effectively no net debt. The catch is severe customer concentration — Saudi Aramco is ~67% of revenue under no-minimum, 30-day-termination call-off contracts — and a −36% revenue / −58% earnings decline that management attributes to order timing. Phase 1.
Bull Case
Valuation~17% FCF yield, 0.47× EV/revenue, $126M cash (66% of cap); current ratio 7.1× and net-cash balance sheet.
OptionalityManagement signalled M&A intent; a cash-funded diversifying acquisition from the war chest would remove the concentration discount.
Bear Case
ConcentrationSaudi Aramco ~67% of FY2025 revenue (top-10 = 91%); no-minimum call-off contracts with 30-day termination — revenue has no floor.
DeclineRevenue −35.9% and earnings −58.1%; two years of this would be structural, not timing.
Governance~64% single-shareholder control in a Cayman/Singapore holding structure — minimal minority-shareholder recourse and go-private risk.
Key Metrics
Market Cap
$191M
SEC 20-F (yfinance-validated)
Enterprise Value
$72M
calculated
Revenue (TTM)
$157M
SEC filing
P/E (TTM)
6.5×
via financials
Forward P/E
5.0×
consensus
P/S (TTM)
1.2×
via financials
P/B
1.1×
via financials
EV/EBITDA
1.4×
calculated
PEG
–
calculated
Revenue Growth
-35.9%
SEC filing
Gross Margin
31.3%
SEC filing
Operating Margin
21.6%
SEC filing
Net Margin
18.6%
SEC filing
Free Cash Flow
$33M
SEC filing
FCF Yield
17.4%
calculated
Debt / Equity
0.0×
SEC filing
Current Ratio
7.1×
SEC filing
Short Interest
0.1%
exchange
Institutional Own.
0.7%
13F
Insider Own.
64.0%
proxy
Shares Out.
85.0M
SEC filing
Float
32.0M
exchange
Valuation
Price vs Fair Value
Valuation pending
Scenario fair-value range awaiting model.
Cash-Flow Snapshot
FCF (TTM)
$33M
FCF Yield
17.4%
Balance Sheet
$119M net cash
Rev CAGR
53%
Free cash flow and balance sheet from the latest filings. A full multi-scenario DCF is built at the deep-research stage; the fair-value range above is the working estimate until then.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY22 | 37.7× | 5.6× | 23.1× |
| FY23 | 27.4× | 3.3× | 11.3× |
| FY24 | 3.8× | 1.8× | 3.1× |
| FY25 | 7.1× | 1.6× | 3.9× |
| TTM · | 6.5× | 1.1× | 1.4× |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| OMSE | $177M | 6.5× | 1.1× | 1.4× | -36.0% | 31.0% | 19.0% |
| NOV | $7.36B | 82.1× | 0.8× | 9.1× | -2.0% | 21.0% | 1.0% |
| WHD | $4.03B | 55.3× | 3.4× | 12.6× | +38.0% | 34.0% | 13.0% |
| OII | $3.78B | 11.3× | 1.3× | 10.2× | +3.0% | 20.0% | 12.0% |
| TS | $31.12B | 16.2× | 2.6× | 21.1× | +6.0% | 39.0% | 16.0% |
Financials
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Revenue | 97.5 | 163.3 | 203.6 |
| Cost of Sales | 69.4 | 114.5 | 134.6 |
| Gross Profit | 28.0 | 48.7 | 69.0 |
| Operating Profit | 19.9 | 40.2 | 59.9 |
| Net Income | 12.4 | 82.1 | 47.0 |
| Diluted EPS | – | 2.19 | 1.18 |
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash & Equivalents | 29.5 | 43.5 | 73.0 |
| Total Assets | 100.1 | 153.4 | 170.5 |
| Total Liabilities | 66.0 | 73.1 | 35.9 |
| Equity | 34.1 | 80.4 | 134.6 |
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating Cash Flow | 29.0 | 24.0 | 40.5 |
| Capital Expenditure | 1.1 | 3.2 | 2.9 |
Figures from OMSE's SEC 20-F filed 2025-07-25, normalized from XBRL company facts (ifrs-full). USD millions; EPS per share. Annual periods. Source: SEC 20-F filed 2025-07-25 ↗
Catalysts
H2 FY26
Operationshigh relevance
Aramco order-volume normalization
Revenue recovery toward prior-year levels would validate the lumpiness thesis and re-rate the multiple.
2026
M&A
Diversifying acquisition from $126M cash
A cash-funded deal reducing Aramco concentration would remove the biggest discount factor.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Saudi Aramco customer concentration | Competition | High | High | ~67% of revenue; no-minimum, 30-day-termination contracts mean revenue has no floor. |
| Revenue/earnings in steep decline | Execution | High | Medium | Revenue −35.9%, earnings −58.1%; a second year would confirm a structural problem. |
| 64% insider control / go-private risk | Key Person | Medium | Medium | Single controlling shareholder; weak minority protection. |
Technical Snapshot
52-Week Range
$3.27$4.50$8.24
RSI (14)
45
neutral
50-Day MA
$4.70
-4.3%below
200-Day MA
$5.20
-13.5%below
Avg Vol (30d)
0.3M
-5%vs average
Support Levels
$3.27
Resistance Levels
$5.50$8.24
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages. Connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
| Institution | Shares | % Held | Chg QoQ | Filing |
|---|---|---|---|---|
| Diametric Capital, Lp | 85K | 0.20% | flat | 2026-03-31 |
| Two Sigma Investments, LP | 61K | 0.14% | +21.1% | 2026-03-31 |
| Marex Group Plc | 43K | 0.10% | +47.6% | 2026-03-31 |
| Pfg Investments, LLC | 30K | 0.07% | flat | 2026-03-31 |
| Geode Capital Management, LLC | 24K | 0.06% | flat | 2026-03-31 |
| Millennium Management Llc | 19K | 0.05% | -30.5% | 2026-03-31 |
| Prelude Capital Management LLC | 13K | 0.03% | -4.9% | 2026-03-31 |
Insider Activity
Controlling shareholder owns ~64% (post-MBO); institutions only ~0.7%. Short interest negligible (~0.1%).
No open-market insider transactions
None reported in the recent Form 4 window.
Insider & large-holder data from SEC Form 4 · SC 13D/G filings. Institutional holdings aggregated from 13F filers.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| OMSE | $177M | 6.5× | 1.1× | 1.4× | -36.0% | 31.0% | 19.0% |
| NOV | $7.36B | 82.1× | 0.8× | 9.1× | -2.0% | 21.0% | 1.0% |
| WHD | $4.03B | 55.3× | 3.4× | 12.6× | +38.0% | 34.0% | 13.0% |
| OII | $3.78B | 11.3× | 1.3× | 10.2× | +3.0% | 20.0% | 12.0% |
| TS | $31.12B | 16.2× | 2.6× | 21.1× | +6.0% | 39.0% | 16.0% |
Recognizable sector comparables. Multiples are trailing-twelve-month figures from market and exchange data; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-06-03Internal
Watchlist — cheap but concentrated
~17% FCF yield, 0.47× EV/sales, $126M cash. Revenue decline (−36%) and ~67% Aramco concentration plus 64% insider control argue caution despite the cash machine optics.
OMS Energy Technologies valuation questions
What is OMS Energy Technologies's forward P/E ratio?
OMS Energy Technologies (OMSE) trades at a forward P/E of 5.0×, and 1.2× trailing sales.
What is OMS Energy Technologies's market cap?
OMS Energy Technologies (OMSE) has a market capitalization (its market value, often searched as "net worth") of $191M, and an enterprise value of $72M.