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 DiveFull Model
Updated 13d ago
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
[awaiting: calc]
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
[awaiting: filing]
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.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches Deep Dive.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
Peer set pending
Comparable companies awaiting selection.
Financials
Income statement pending
Awaiting SEC filing backfill.
Balance sheet pending
Awaiting SEC filing backfill.
Cash flow pending
Awaiting SEC filing backfill.
Phase 1 — full backfill pending; metrics yfinance-validated.
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
13F holdings pending
Institutional holder detail awaiting filing.
Insider Activity
Controlling shareholder owns ~64% (post-MBO); institutions only ~0.7%. Short interest negligible (~0.1%).
Insider transactions pending
This section is being deepened.
Peer Comparison
Peer set pending
Comparable companies awaiting selection.
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.