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NCSM

NCS Multistage Holdings, Inc.

NCSM

NCS Multistage Holdings, Inc. • NASDAQ
$35.79 ▼ -4.41% (-1.65)
Market Cap $90.94 M
52w High $53.69
52w Low $20.00
Dividend Yield 0%
P/E 7.85
Volume 8.13K
Outstanding Shares 2.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $46.538M ▲ $14.815M ▲ $3.808M ▲ 8.183% ▲ $1.47 ▲ $5.327M ▲
Q2-2025 $36.454M ▼ $13.626M ▼ $924K ▼ 2.535% ▼ $0.36 ▼ $2.136M ▼
Q1-2025 $50.005M ▲ $16.195M ▲ $4.056M ▲ 8.111% ▲ $1.58 ▲ $6.54M ▲
Q4-2024 $45.003M ▲ $15.031M ▲ $3.471M ▼ 7.713% ▼ $1.36 ▼ $4.624M ▼
Q3-2024 $44.006M $14.139M $4.147M 9.424% $1.63 $6.133M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $25.295M ▼ $162.024M ▲ $34.911M ▲ $110.137M ▲
Q2-2025 $25.372M ▲ $157.977M ▲ $33.998M ▼ $106.437M ▲
Q1-2025 $22.997M ▼ $155.118M ▲ $34.282M ▼ $103.168M ▲
Q4-2024 $25.88M ▲ $152.812M ▲ $36.703M ▲ $98.839M ▲
Q3-2024 $15.33M $145.843M $31.733M $96.039M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.242M ▲ $7.168M ▲ $-5.586M ▼ $-1.554M ▼ $-77K ▼ $6.876M ▲
Q2-2025 $1.698M ▼ $3.521M ▲ $-23K ▲ $-1.45M ▼ $2.375M ▲ $3.24M ▲
Q1-2025 $4.454M ▲ $-1.645M ▼ $-451K ▼ $-790K ▲ $-2.883M ▼ $-2.109M ▼
Q4-2024 $3.72M ▼ $10.643M ▲ $1.211M ▲ $-1.59M ▼ $10.55M ▲ $10.417M ▲
Q3-2024 $4.704M $-2.017M $-339K $-1.01M $-3.284M $-2.484M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $30.00M ▲$40.00M ▲$30.00M ▼$30.00M ▲
Service
Service
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has inched up over the past several years, showing a slow but steady rebuilding from the downturn in 2020. Gross profit has stayed positive and has improved slightly, suggesting the core products and services are being priced and delivered reasonably well. Operating results have moved from clear losses a few years ago to roughly breakeven and then to a small profit most recently. That’s a positive trend, but profitability is still very thin, so even modest swings in activity or pricing could push results back into the red. Earnings per share have been very volatile, partly because of the reverse stock split and the company’s small size. The overall picture is of a business that has stabilized and is edging into profitability, but with earnings that can move around a lot from year to year.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative. Total assets have stayed fairly steady over the period, which suggests a stable but not rapidly expanding asset base. Cash represents a meaningful portion of the company’s assets, and debt levels appear modest. That combination points to limited financial leverage and some flexibility to handle weaker periods in the cycle. Shareholders’ equity has been broadly steady to slightly higher, which aligns with the shift from losses to roughly breakeven and then small profits. The trade‑off is that the company does not have a large asset base, which can limit scale and bargaining power compared with bigger industry players.

Cash Flow

Cash Flow Cash generation has been close to breakeven to modestly positive in most years. The company has generally been able to cover its day‑to‑day operating needs from its own cash flow, which is an important sign of underlying viability. Free cash flow has tracked operating cash flow closely because capital spending has been quite low. That points to an asset‑light, capital‑disciplined model but also suggests that growth investments are being kept tight. Overall, the cash flow profile is stable but not yet robust. It provides some cushion, but not a large safety margin if market conditions worsen or the company decides to invest more heavily in expansion.

Competitive Edge

Competitive Edge NCS Multistage occupies a specialized niche in well completions and diagnostics rather than competing as a broad, full‑line oilfield services giant. Its focus is on precision technologies that improve how wells are stimulated and evaluated, which can be very valuable to operators seeking more efficient production. The company benefits from a defended intellectual property base, especially around its AirLock system and related technologies, and has successfully protected this in court. It also holds a strong position in certain markets, notably Canadian completions and global tracer diagnostics, where its experience and track record create switching costs for customers. However, NCS is still small compared with the largest industry players and operates in a cyclical sector heavily tied to drilling and completion activity. This means its competitive strengths in technology and customer relationships are balanced by exposure to industry cycles and pricing pressure from larger rivals.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of NCS Multistage’s strategy. The company has built a differentiated offering around pinpoint stimulation, its Multistage Unlimited system, and tools like sliding sleeves and frac isolation assemblies that give operators more control over how they complete wells. The AirLock casing buoyancy system stands out as a signature product, reducing friction and installation time for long horizontal wells without extra downhole intervention. Its tracer diagnostics services and systems like Innovus further extend the value proposition by turning well performance into actionable data, helping operators fine‑tune their completion designs. Looking forward, NCS is pushing deeper into higher‑margin, data‑rich areas like tracer diagnostics (aided by the ResMetrics acquisition) and is extending its technologies into geothermal applications. These moves aim to diversify beyond traditional oil and gas and tap into new energy markets. The opportunity is meaningful, but success will depend on sustained adoption by customers and the company’s ability to execute international and new‑market expansion effectively.

Summary

NCS Multistage has moved from a period of clear losses during the 2020 downturn to a more stable footing, now showing thin but positive profitability and modestly positive cash flow. Revenue and gross profit have grown gradually rather than rapidly, reflecting a measured recovery tied to energy activity levels. The balance sheet is relatively conservative, with modest debt and a solid cash position for a company of its size, which reduces financial risk but also highlights that this is a small, niche player rather than a large, diversified services firm. Strategically, the company’s strength lies in specialized, patented technologies and data‑driven services that improve well performance and provide valuable diagnostics. Its leadership positions in certain segments and regions, plus a clear innovation roadmap that reaches into geothermal and expanded tracer diagnostics, create meaningful long‑term opportunities. At the same time, NCS remains exposed to the ups and downs of the oil and gas cycle, operates with thin margins, and lacks the scale of the largest competitors. The story is one of a specialized technology player: financially more stable than a few years ago, with distinct technical strengths and growth avenues, but still operating in a volatile, competitive industry with limited room for error.

NEWS

November 20, 2025 · 4:05 PM UTC

NCS Multistage Holdings, Inc. to Present at the Sidoti Year End Virtual Investor Conference

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October 30, 2025 · 4:43 PM UTC

Stonegate Updates Coverage on NCS Multistage Holdings, Inc. (NASDAQ: NCSM) 2025 Q3

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October 29, 2025 · 4:05 PM UTC

NCS Multistage Holdings, Inc. Announces Third Quarter 2025 Results

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October 22, 2025 · 4:10 PM UTC

NCS Multistage Holdings, Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call

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