Ncs Multistage Holdings (NCSM) AI Stock Analysis

• Market Cap: $94.01M
• Dividend Yield: N/A
• Average Volume (3M): 15.38K
• Price to Earnings (P/E): 8.2
• Beta (1Y): 0.52
• Revenue Growth: 16.61%
• EPS Growth: -72.29%
• Country: US
• Employees: 252
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 1.53
• Shares Outstanding: 2,540,920
• 10 Day Avg. Volume: 16,435
• 30 Day Avg. Volume: 15,376
• PEG Ratio: -0.03
• Price to Book (P/B): 0.67
• Price to Sales (P/S): 0.41
• P/FCF Ratio: 5.77
• Enterprise Value/Market Cap: 1.56
• Enterprise Value/Revenue: 0.82
• Enterprise Value/Gross Profit: 2.07
• Enterprise Value/Ebitda: 10.96
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 3.84
• Revenue Forecast (FY): $178.35M

• Rating: 73 Outperform
• Price Target: $47.00 ▲(13.80% Upside)

Ncs Multistage Holdings demonstrates strong financial performance and attractive valuation, which are the primary drivers of its score. Technical indicators present mixed signals, and while the earnings call highlights growth opportunities, it also points to market challenges.

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 include casing-installed sliding sleeves, downhole frac isolation assemblies, sand jet perforating products, accelus sliding sleeves, injection control devices, repeat precision products, chemical and radioactive tracer diagnostics, and well construction products. The company also provides tracer diagnostics services for well completion and reservoir characterization that utilize downhole chemical and radioactive tracers. It offers its products and services primarily to exploration and production companies for use in onshore wells through technically-trained direct sales force, and operating partners or sales representatives. The company was formerly known as Pioneer Super Holdings, Inc. and changed its name to NCS Multistage Holdings, Inc. in December 2016. NCS Multistage Holdings, Inc. was founded in 2006 and is headquartered in Houston, Texas.

How the Company Makes Money

NCS Multistage Holdings generates revenue through the sale and rental of its multistage fracturing systems and associated services to oil and gas operators. The company typically charges clients on a per-stage basis for its completion services, which can include equipment rentals, technical support, and consulting. Key revenue streams include direct sales of proprietary technologies, service contracts for completion operations, and potential licensing agreements for its patented technologies. Significant partnerships with major oil and gas companies enhance its market reach and contribute to consistent revenue growth, as these collaborations often lead to long-term contracts and repeat business.

Ncs Multistage Holdings Financial Statement Overview

Summary

Ncs Multistage Holdings shows strong financial performance with significant revenue growth, improved profitability, and robust cash flow generation. However, historical volatility in these metrics suggests potential risks.

Income Statement

Ncs Multistage Holdings has shown a strong recovery in its income statement metrics. The company achieved a significant revenue growth rate of 44.3% in the TTM period, indicating robust sales performance. Gross profit margin improved to 39.1%, reflecting efficient cost management. Net profit margin increased to 7.2%, showcasing enhanced profitability. EBIT and EBITDA margins also improved, indicating better operational efficiency. However, historical volatility in revenue growth and margins suggests potential risks.

Balance Sheet

The balance sheet of Ncs Multistage Holdings is stable with a low debt-to-equity ratio of 0.08 in the TTM period, indicating conservative leverage. Return on equity improved to 12.5%, reflecting better utilization of equity. The equity ratio remains healthy, suggesting a solid financial foundation. However, fluctuations in ROE over the years highlight potential risks in maintaining consistent returns.

Cash Flow

Cash flow metrics are strong, with a remarkable free cash flow growth rate of 103.9% in the TTM period, indicating excellent cash generation capabilities. The operating cash flow to net income ratio is 0.44, and the free cash flow to net income ratio is 0.86, both reflecting efficient cash conversion. Historical improvements in cash flow metrics demonstrate effective cash management, though past volatility should be monitored.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	178.00M	162.56M	142.47M	155.63M	118.50M	106.98M
Gross Profit	70.83M	62.15M	50.99M	56.09M	43.97M	38.18M
EBITDA	13.38M	13.98M	1.86M	4.73M	1.72M	-39.20M
Net Income	12.69M	6.59M	-3.15M	-1.10M	-4.73M	-57.60M
Balance Sheet
Total Assets	162.02M	152.81M	152.03M	138.60M	142.32M	138.68M
Cash, Cash Equivalents and Short-Term Investments	25.30M	25.88M	16.72M	16.23M	22.17M	15.54M
Total Debt	8.03M	14.63M	13.51M	12.88M	13.15M	11.60M
Total Liabilities	34.91M	36.70M	42.64M	29.34M	31.66M	25.19M
Stockholders Equity	110.14M	98.84M	91.62M	91.03M	92.58M	93.61M
Cash Flow
Free Cash Flow	18.48M	11.42M	2.58M	-2.55M	10.75M	32.96M
Operating Cash Flow	19.69M	12.72M	4.77M	-1.42M	11.58M	35.12M
Investing Cash Flow	-4.85M	479.00K	-1.68M	-698.00K	-444.00K	-1.06M
Financing Cash Flow	-5.38M	-4.27M	-2.44M	-2.74M	-4.26M	-29.77M

Ncs Multistage Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 41.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NCSM, the sentiment is Negative. The current price of 41.3 is above the 20-day moving average (MA) of 39.81, below the 50-day MA of 44.01, and above the 200-day MA of 34.11, indicating a neutral trend. The MACD of -1.42 indicates Positive momentum. The RSI at 40.38 is Neutral, neither overbought nor oversold. The STOCH value of 33.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NCSM.

Ncs Multistage Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NCSM	73 Outperform	$94.01M	8.15	11.89%	―	16.61%	-72.29%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
DWSN	51 Neutral	$60.54M	―	-38.69%	―	-38.69%	-30.53%
SND	51 Neutral	$93.22M	117.58	0.33%	―	3.43%	-36.73%
BOOM	48 Neutral	$158.06M	-0.89	-3.68%	―	-6.90%	94.14%
DTI	46 Neutral	$72.04M	―	-5.18%	―	7.46%	-165.76%
KLXE	45 Neutral	$31.22M	-0.43	―	―	-12.57%	-45.75%

Ncs Multistage Holdings Corporate Events

NCS Multistage Holdings’ Earnings Call: Mixed Sentiments and Future Prospects

NCS Multistage Holdings’ recent earnings call painted a mixed picture, reflecting both significant achievements and notable challenges. On the positive side, the company reported substantial revenue growth in the U.S. and a successful integration of ResMetrix. However, concerns were raised regarding the Canadian market and potential oversupply issues in the oil market, which could impact future performance.

NCS Multistage Reports Strong Q3 2025 Results

NCS Multistage Holdings, Inc. is a prominent provider of engineered products and services aimed at optimizing oil and natural gas well construction and completions, primarily serving exploration and production companies in North America and select international markets. In its third quarter of 2025, NCS Multistage Holdings reported a revenue increase of 6% year-over-year, reaching $46.5 million. Despite a slight decline in net income to $3.8 million from $4.1 million the previous year, the company maintained a strong financial position with $25.3 million in cash and minimal debt. Key financial highlights include a stable adjusted EBITDA of $7.0 million and a notable improvement in cash flow from operations, which increased by $7 million over the first nine months of 2025 compared to 2024. The acquisition of Reservoir Metrics, LLC contributed positively to revenue and operational integration is ahead of schedule, positioning NCS as a potential leader in reservoir analysis. Looking forward, NCS Multistage Holdings aims to sustain its momentum through the end of the year, despite facing challenges such as reduced drilling activity in Canada and potential market oversupply concerns. The company remains committed to its strategic initiatives, leveraging its strong operational teams to drive innovation and shareholder value.