Ncs Multistage Holdings (NCSM)
NASDAQ:NCSM
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Ncs Multistage Holdings
(NASDAQ:NCSM)
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Rating:67Neutral
Price Target:
$48.00
▲(28.21% Upside)
Action:ReiteratedDate:05/05/26
The score is primarily supported by strong financial fundamentals (low leverage, improved profitability, and solid free cash flow). It is held back by weak technicals (trading below major moving averages with oversold momentum) and limited valuation support given a negative P/E and no dividend yield data. Earnings-call commentary is constructive but tempered by softer regions, modest margin pressure, and lower 2026 free cash flow guidance versus 2025.
Positive Factors
Conservative balance sheet
Very low leverage and rising equity provide durable financial flexibility in a cyclical oilfield-services industry. Low debt reduces refinancing and interest risks through downturns, enabling continued investment in tools, M&A integration, and working-capital support without straining cash flow.
Negative Factors
Revenue momentum softness
Declining top-line momentum and region-specific softness (Canada) signal demand sensitivity to rig/completion counts. Persistent revenue weakness would erode operating leverage and limit the firm's ability to scale fixed costs, making margins and cash flow more vulnerable across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and rising equity provide durable financial flexibility in a cyclical oilfield-services industry. Low debt reduces refinancing and interest risks through downturns, enabling continued investment in tools, M&A integration, and working-capital support without straining cash flow.
Read all positive factors
Ncs Multistage Holdings (NCSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$116.84M
Dividend YieldN/A
Average Volume (3M)33.00K
Price to Earnings (P/E)―
Beta (1Y)0.13
Revenue Growth6.81%
EPS Growth122.00%
CountryUS
Employees252
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)7.45
Shares Outstanding2,624,523
10 Day Avg. Volume23,352
30 Day Avg. Volume33,002
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.81
Price to Sales (P/S)0.55
P/FCF Ratio4.87
Enterprise Value/Market Cap0.69
Enterprise Value/Revenue0.45
Enterprise Value/Gross Profit1.22
Enterprise Value/Ebitda4.23
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.58
Revenue Forecast (FY)$191.13M
Ncs Multistage Holdings Business Overview & Revenue Model
Company Description
NCS Multistage Holdings, Inc. provides engineered products and support services for oil and natural gas well completions and field development strategies in the United States, Canada, and internationally. It offers fracturing systems, which includ...
How the Company Makes Money
NCSM makes money by selling and/or renting completion tools and providing associated field services used in multistage well completions. Its revenue is primarily generated when exploration and production (E&P) customers execute completion programs...
Ncs Multistage Holdings Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
Overall the call presents a positive operational and financial story: the company delivered double-digit revenue growth, a 20% increase in adjusted EBITDA, strong free cash flow conversion (>70% of adjusted EBITDA), successful integration progress of the ResMetrics acquisition, and continued product commercialization and geographic expansion. Offsetting these positives are region-specific headwinds in Canada, modest margin compression, seasonal/back-half weighted earnings, lower free cash flow guidance for 2026 versus 2025, and external macro/geo-political risks that are not included in guidance. On balance, the company beat guidance in 2025, strengthened its balance sheet, and provided reasonable 2026 guidance while calling out manageable near-term risks.Positive Updates
Full-Year Revenue Growth
Fiscal 2025 revenue of $183.6M, up 13% year-over-year (10% ex-ResMetrics contribution), exceeding the high end of guidance.
Negative Updates
Canada Softness and Near-Term Headwinds
Canada Q4 revenue declined 7% YoY; management expects Canadian revenue to be lower in 2026 due to lower rig counts and customer consolidation (Q1 Canada revenue guidance $26.5M–$28.5M).
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue Growth
Fiscal 2025 revenue of $183.6M, up 13% year-over-year (10% ex-ResMetrics contribution), exceeding the high end of guidance.
Read all positive updates
Company Guidance
The company guided Q1 2026 revenue of $49–$53 million (≈+2% at the midpoint vs. 2025) with U.S. revenue $19.5–$20.5M, international $3–$4M, and Canada $26.5–$28.5M; adjusted gross margin 39–41%; adjusted EBITDA $6.5–$8.5M; and depreciation & amortization ≈$1.6M. For full-year 2026 management expects revenue of $184–$194M, adjusted EBITDA of $26–$29M, gross capital expenditures of $1.5–$2.0M, and free cash flow after JV distributions of $12–$16M (targeting >50% adjusted-EBITDA-to-FCF conversion). They noted seasonality with EBITDA and FCF weighted to H2, paid $1.5M contingent ResMetrics consideration in Jan 2026, and reiterated medium-term targets of 25–35% incremental adjusted-EBITDA margins and a 15% ROIC objective.Ncs Multistage Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 179.61M | 184.73M | 162.56M | 142.47M | 155.63M | 118.50M |
| Gross Profit | 65.98M | 70.64M | 62.15M | 50.99M | 56.09M | 43.97M |
| EBITDA | 18.95M | 17.68M | 13.98M | 1.86M | 4.73M | 1.72M |
| Net Income | 19.32M | 23.75M | 6.59M | -3.15M | -1.10M | -4.73M |
Balance Sheet | ||||||
| Total Assets | 174.58M | 181.20M | 152.81M | 152.03M | 138.60M | 142.32M |
| Cash, Cash Equivalents and Short-Term Investments | 34.46M | 36.73M | 25.88M | 16.72M | 16.23M | 22.17M |
| Total Debt | 7.21M | 12.95M | 14.63M | 13.51M | 12.88M | 13.15M |
| Total Liabilities | 30.78M | 38.10M | 36.70M | 42.64M | 29.34M | 31.66M |
| Stockholders Equity | 124.83M | 126.24M | 98.84M | 91.62M | 91.03M | 92.58M |
Cash Flow | ||||||
| Free Cash Flow | 23.71M | 20.97M | 11.42M | 2.58M | -2.55M | 10.75M |
| Operating Cash Flow | 25.10M | 22.18M | 12.72M | 4.77M | -1.42M | 11.58M |
| Investing Cash Flow | -6.40M | -6.29M | 479.00K | -1.68M | -698.00K | -444.00K |
| Financing Cash Flow | -7.45M | -5.30M | -4.27M | -2.44M | -2.74M | -4.26M |
Ncs Multistage Holdings Technical Analysis
Positive
37.44
Price Trends
55.47
Positive
47.48
Positive
43.02
Positive
Market Momentum
3.98
Negative
68.67
Neutral
83.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NCSM, the sentiment is Positive. The current price of 37.44 is below the 20-day moving average (MA) of 67.47, below the 50-day MA of 55.47, and below the 200-day MA of 43.02, indicating a bullish trend. The MACD of 3.98 indicates Negative momentum. The RSI at 68.67 is Neutral, neither overbought nor oversold. The STOCH value of 83.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NCSM.
Ncs Multistage Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $116.84M | -109.55 | 18.33% | ― | 6.81% | 122.00% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $235.11M | 33.15 | 0.57% | ― | 6.03% | -52.81% | |
59 Neutral | $158.84M | -3.84 | -10.34% | ― | -7.73% | 84.44% | |
52 Neutral | $112.41M | 21.26 | -11.82% | ― | 1.98% | 52.93% | |
51 Neutral | $79.27M | -0.60 | 147.42% | ― | -10.26% | -27.55% | |
49 Neutral | $120.69M | 17.71 | -3.08% | ― | 3.35% | -200.76% |
* Energy Sector Average
NCSM
Ncs Multistage Holdings
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49.85%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.