USWS - U.S. Well Services Looks Overvalued Based On Fundamentals

• The company is among the largest owners of e-frac spreads in the USA and this technology seems likely to gain a significant share of the fracking market in the future.
• While EBITDA margins are good, depreciation and amortization expenses are high and the business is unprofitable even in good years for the oil and gas sector.
• The shareholders' equity of U.S. Well Services is negative and the company has debts of close to $300 million.
• Overall, I think the business isn't worth much in its current state and I'm bearish.

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