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Ncs Multistage Holdings
(NASDAQ:NCSM)
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Rating:75Outperform
Price Target:
$51.00
▲(7.98% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by strong financial health (low leverage and sustained profitability/FCF) and an attractive low P/E valuation. These positives are tempered by weakening TTM momentum versus 2025 and a below-trend technical setup (below key longer-term moving averages), with corporate events adding support via the pending acquisition.
Positive Factors
Conservative balance sheet
Very low leverage and modest absolute debt provide durable financial flexibility. This allows the company to fund equipment, absorb cyclical downturns, and pursue strategic options without heavy refinancing, reducing bankruptcy and liquidity risk over the medium term.
Negative Factors
Earnings momentum softened
A sizable step-down in reported earnings year-over-year suggests weakening operational momentum and potential margin pressure. For a services firm, declining earnings reduce internal reinvestment capacity and raise execution risk if utilization or pricing deteriorates further.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and modest absolute debt provide durable financial flexibility. This allows the company to fund equipment, absorb cyclical downturns, and pursue strategic options without heavy refinancing, reducing bankruptcy and liquidity risk over the medium term.
Read all positive factors
Ncs Multistage Holdings (NCSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$123.35M
Dividend YieldN/A
Average Volume (3M)33.00K
Price to Earnings (P/E)8.8
Beta (1Y)-0.02
Revenue Growth3.44%
EPS Growth9.13%
CountryUS
Employees272
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)5.36
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.53
Revenue Forecast (FY)$191.98M
Ncs Multistage Holdings Business Overview & Revenue Model
Company Description
NCS Multistage Holdings, Inc. furnishes specialized engineered products and supportive services vital for completing oil and natural gas wells and executing field development strategies across the United States, Canada, and various international r...
How the Company Makes Money
NCSM generates revenue by providing oilfield services and selling or renting completion-related equipment and downhole tools to oil and gas operators and other service companies. Key revenue streams typically include (i) service fees for field ope...
Ncs Multistage Holdings Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 02, 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
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 181.52M | 184.73M | 162.56M | 142.47M | 155.63M | 118.50M |
| Gross Profit | 68.33M | 70.64M | 62.15M | 50.99M | 56.09M | 43.97M |
| EBITDA | 15.75M | 22.96M | 13.98M | 1.86M | 4.73M | 1.72M |
| Net Income | 13.79M | 23.75M | 6.59M | -3.15M | -1.10M | -4.73M |
Balance Sheet | ||||||
| Total Assets | 177.56M | 181.20M | 152.81M | 152.03M | 138.60M | 142.32M |
| Cash, Cash Equivalents and Short-Term Investments | 31.32M | 36.73M | 25.88M | 16.72M | 16.23M | 22.17M |
| Total Debt | 7.58M | 12.95M | 14.63M | 13.51M | 12.88M | 13.15M |
| Total Liabilities | 36.81M | 38.10M | 36.70M | 42.64M | 29.34M | 31.66M |
| Stockholders Equity | 120.21M | 126.24M | 98.84M | 91.62M | 91.03M | 92.58M |
Cash Flow | ||||||
| Free Cash Flow | 18.06M | 20.97M | 11.42M | 2.58M | -2.55M | 10.75M |
| Operating Cash Flow | 19.66M | 22.18M | 12.72M | 4.77M | -1.42M | 11.58M |
| Investing Cash Flow | -6.83M | -6.29M | 479.00K | -1.68M | -698.00K | -444.00K |
| Financing Cash Flow | -6.60M | -5.30M | -4.27M | -2.44M | -2.74M | -4.26M |
Ncs Multistage Holdings Technical Analysis
Positive
47.23
Price Trends
47.39
Positive
53.97
Negative
47.27
Positive
Market Momentum
0.22
Negative
57.71
Neutral
80.26
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 47.23 is above the 20-day moving average (MA) of 45.40, below the 50-day MA of 47.39, and below the 200-day MA of 47.27, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 57.71 is Neutral, neither overbought nor oversold. The STOCH value of 80.26 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $123.35M | 8.77 | 16.53% | ― | 3.44% | 9.13% | |
66 Neutral | $185.27M | 7.69 | 9.10% | ― | 21.72% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
57 Neutral | $138.45M | -7.25 | -7.70% | ― | -5.16% | 89.21% | |
52 Neutral | $144.71M | 29.81 | 26.73% | ― | 64.11% | ― | |
48 Neutral | $82.58M | -23.83 | -2.98% | ― | -3.52% | -117.16% | |
44 Neutral | $43.61M | -0.58 | 105.06% | ― | -8.92% | -7.64% |
* Energy Sector Average
NCSM
Ncs Multistage Holdings
48.64
14.76
43.57%
DWSN
Dawson Geophysical Company
4.78
3.42
251.47%
BOOM
DMC Global
7.52
1.34
21.58%
SND
Smart Sand
4.42
2.71
158.63%
KLXE
KLX Energy Services Holdings
2.15
0.62
40.52%
DTI
Drilling Tools International
2.35
0.25
11.90%
Ncs Multistage Holdings Corporate Events
Business Operations and StrategyM&A Transactions
NCS Multistage to Be Acquired by Weatherford International
Positive
Jun 2, 2026
On May 31, 2026, NCS Multistage Holdings agreed to be acquired by Weatherford International in an all-stock or stock-and-cash merger that will see NCS become a wholly owned subsidiary of Weatherford, subject to regulatory and other customary appro...
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.