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Pinnacle Oilfield Services · PNOS
DEMO DATAUNDERWRITING ASSUMPTIONHOLDCredit metrics — FY2025A
DEMO DATA inputs · CALCULATED metrics| Metric | Value | Formula | Raw inputs used |
|---|---|---|---|
| Total debt | $850.0M | Σ tranche principal (face value) | debt=850.0 |
| Net debt | $590.0M | Total debt − cash | debt=850.0 · cash=260.0 |
| Gross leverage (Debt / EBITDA) | 2.83x | Total debt ÷ EBITDA | debt=850.0 · ebitda=300.0 |
| Secured leverage | 2.00x | Secured debt ÷ EBITDA | secured=600.0 · ebitda=300.0 |
| Net leverage | 1.97x | Net debt ÷ EBITDA | netDebt=590.0 · ebitda=300.0 |
| Interest coverage (EBIT / interest) | 2.50x | EBIT ÷ interest expense | ebit=165.0 · interest=66.1 |
| EBITDA / interest | 4.54x | EBITDA ÷ interest expense | ebitda=300.0 · interest=66.1 |
| FCF / debt | 10.8% | Free cash flow ÷ total debt | fcf=92.2 · debt=850.0 |
| Debt service coverage | 2.12x | (EBITDA − capex − taxes) ÷ (interest + mandatory amortization) | ebitda=300.0 · capex=135.0 · taxes=24.7 · interest=66.1 · amort=0.00 |
| Cash conversion | 55.0% | (EBITDA − capex) ÷ EBITDA | ebitda=300.0 · capex=135.0 |
| Liquidity ratio | 7.71x | (Cash + undrawn revolver) ÷ (debt due next period + amortization + interest) | liquidity=510.0 · stObl=66.1 |
| Current ratio | 1.67x | Current assets ÷ (current liabilities ex-debt + debt due next period) | currentAssets=700.0 · curLiab=420.0 |
| Short-term debt / liquidity | 0.00x | Debt due next period ÷ (cash + undrawn revolver) | std=0.00 · liquidity=510.0 |
Credit scorecard — deterministic, auditable
Score 79.5 / 100 · Low| Factor | Measure | Value | Best | Worst | Points | Max | Proj. base | Proj. downside | Proj. severe |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | Net debt / LTM EBITDA | 1.97 | 2 | 7 | 15.0 | 15 | 15.0 | 13.8 | 7.9 |
| Coverage | LTM EBITDA / interest expense | 4.54 | 5 | 1 | 13.3 | 15 | 13.6 | 9.0 | 3.5 |
| Liquidity | Cash + undrawn revolver vs next-period obligations | 7.71 | 2 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Free cash flow | LTM FCF / total debt | 0.11 | 0.12 | -0.02 | 9.2 | 10 | 7.5 | 5.7 | 4.5 |
| Maturity risk | Share of debt maturing within 3 periods | 0.00 | 0 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Margin stability | Std-dev of annual EBITDA margin | 0.03 | 0.01 | 0.05 | 6.0 | 10 | 6.0 | 6.0 | 6.0 |
| Revenue stability | Std-dev of annual revenue growth | 0.24 | 0.03 | 0.15 | 0.0 | 8 | 0.0 | 0.0 | 0.0 |
| Asset coverage | Asset base / total debt | 2.00 | 2 | 0.6 | 12.0 | 12 | 12.0 | 12.0 | 12.0 |
| Industry risk | Sector factor (config.ts) | 0.40 | 1 | 0 | 4.0 | 10 | 4.0 | 4.0 | 4.0 |
| Total | 79.5 | 100 | 78.1 | 70.6 | 57.9 | ||||
Why did the score change?
FY2024A (same capital structure) → FY2025A: 81.4 → 79.5
- • Net leverage broadly stable at 2.0x
- ▼ Interest coverage fell from 5.5x to 4.5x (-1.7 pts, negative)
- • Liquidity ratio broadly stable at 7.7x
- • FCF / debt broadly stable at 10.8%
- • Near-term maturity share unchanged at 0%
- • Margin volatility unchanged at 2.6 pts
- • Revenue volatility unchanged at 23.6 pts
- • Asset coverage unchanged at 2.00x
- • Industry risk factor unchanged at 0.40
Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.
Covenant analysis
Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.
Base Case: no breachDownside: no breachSevere Downside: no breach
No active covenants.
Projected credit metrics by scenario
ANALYST PROJECTION| Scenario | Metric | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Base Case | Net debt / EBITDA | 1.7x | 1.4x | 1.1x | 0.8x | 0.4x |
| EBITDA / cash interest | 4.6x | 4.8x | 4.9x | 5.1x | 17.2x | |
| DSCR | 2.2x | 2.2x | 2.3x | 2.4x | 7.6x | |
| Liquidity ($M) | $582M | $659M | $741M | $250M | $250M | |
| Downside | Net debt / EBITDA | 2.4x | 2.6x | 2.4x | 2.1x | 1.8x |
| EBITDA / cash interest | 3.4x | 3.0x | 3.1x | 3.4x | 5.5x | |
| DSCR | 1.5x | 1.2x | 1.4x | 1.5x | 2.4x | |
| Liquidity ($M) | $561M | $583M | $602M | $250M | $250M | |
| Severe Downside | Net debt / EBITDA | 4.4x | 7.2x | 6.8x | 6.2x | 5.5x |
| EBITDA / cash interest | 1.9x | 1.2x | 1.4x | 1.6x | 2.4x | |
| DSCR | 0.7x | 0.2x | 0.4x | 0.6x | 1.1x | |
| Liquidity ($M) | $546M | $514M | $474M | $250M | $250M |
Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Pinnacle Oilfield Services — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Pinnacle Oilfield Services — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |