Ncs Multistage Holdings (NCSM)
NASDAQ:NCSM
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Ncs Multistage Holdings
(NASDAQ:NCSM)
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Rating:65Neutral
Price Target:
$47.00
▲(25.53% Upside)
Action:Reiterated
Date:05/29/26
The score is primarily supported by strong financial performance: a conservatively levered balance sheet and robust, improving free cash flow. The main offsets are weak technicals (price below major moving averages with negative MACD) and limited/negative valuation usefulness due to a negative P/E and no dividend yield.
Positive Factors
Conservative balance sheet
Very low leverage and a materially larger equity base provide durable financial flexibility. Strong recent ROE indicates efficient capital use versus prior loss years, enabling the company to fund operations, invest in tools, and withstand cyclicality without forcing dilutive financing in normal downturns.
Negative Factors
Exposure to completion activity cycles
Revenue dependence on E&P completion programs makes cash flow and utilization cyclical and correlated to commodity prices and operator capex. This structural sensitivity reduces predictability of revenue and can depress utilization rates and pricing during prolonged industry downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and a materially larger equity base provide durable financial flexibility. Strong recent ROE indicates efficient capital use versus prior loss years, enabling the company to fund operations, invest in tools, and withstand cyclicality without forcing dilutive financing in normal downturns.
Read all positive factors
Ncs Multistage Holdings (NCSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$115.93M
Dividend YieldN/A
Average Volume (3M)33.00K
Price to Earnings (P/E)5.9
Beta (1Y)0.04
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 Cap0.74
Enterprise Value/Revenue0.48
Enterprise Value/Gross Profit1.30
Enterprise Value/Ebitda4.54
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.42
Revenue Forecast (FY)$191.98M
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
Negative
37.44
Price Trends
59.65
Negative
51.30
Negative
46.19
Negative
Market Momentum
-4.65
Negative
35.87
Neutral
55.94
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 37.44 is below the 20-day moving average (MA) of 43.58, below the 50-day MA of 59.65, and below the 200-day MA of 46.19, indicating a bearish trend. The MACD of -4.65 indicates Negative momentum. The RSI at 35.87 is Neutral, neither overbought nor oversold. The STOCH value of 55.94 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $121.11M | 24.63 | 26.73% | ― | 64.11% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $115.93M | 5.87 | 16.53% | ― | 6.81% | 122.00% | |
61 Neutral | $210.63M | 8.37 | 9.10% | ― | 21.72% | ― | |
60 Neutral | $146.56M | -5.72 | -10.34% | ― | -7.73% | 84.44% | |
51 Neutral | $100.15M | -27.16 | -2.98% | ― | -3.52% | -117.16% | |
44 Neutral | $58.14M | -0.74 | 105.06% | ― | -8.92% | -7.64% |
* Energy Sector Average
NCSM
Ncs Multistage Holdings
43.16
13.07
43.44%
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Ncs Multistage Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
NCS Multistage Investors Back Board, Pay at 2026 Meeting
Positive
May 27, 2026
On May 27, 2026, NCS Multistage Holdings, Inc. held its 2026 Annual Meeting of Stockholders, where investors elected two Class III directors, John Deane and W. Matt Ralls, to serve until the 2029 annual meeting. Stockholder participation was stron...
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.