Ncs Multistage Holdings Inc (NCSM)
NASDAQ:NCSM
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Ncs Multistage Holdings
(NASDAQ:NCSM)
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Rating:80Outperform
Price Target:
$71.00
▲(89.64% Upside)
Action:ReiteratedDate:03/31/26
The score is driven primarily by improving financial performance (profitability, cash generation, and low leverage) and a very low P/E valuation. Offsetting factors include elevated technical momentum signals that raise near-term pullback risk and 2026 guidance that is steady but includes softer free cash flow expectations and seasonality-related timing risk.
Positive Factors
Improving profitability and margins
Margin expansion to 41.1% gross and 12.9% net in 2025 reflects stronger pricing, cost control and improved project economics. Sustained higher margins materially increase free cash flow generation and resilience to weaker cycles, supporting reinvestment and shareholder returns over the medium term.
Negative Factors
High cyclicality and historical earnings swings
Revenue and profitability remain tightly linked to completion activity and E&P capital cycles, creating durable volatility risk. Even with improved 2024–25 performance, historic swings underscore that weaker commodity or completion cycles can quickly reverse margins, FCF and ROIC in future downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability and margins
Margin expansion to 41.1% gross and 12.9% net in 2025 reflects stronger pricing, cost control and improved project economics. Sustained higher margins materially increase free cash flow generation and resilience to weaker cycles, supporting reinvestment and shareholder returns over the medium term.
Read all positive factors
Ncs Multistage Holdings (NCSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$161.92M
Dividend YieldN/A
Average Volume (3M)14.51K
Price to Earnings (P/E)4.3
Beta (1Y)0.01
Revenue Growth16.61%
EPS Growth-72.29%
CountryUS
Employees252
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)1.60
Shares Outstanding2,545,535
10 Day Avg. Volume15,608
30 Day Avg. Volume14,506
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 Cap0.82
Enterprise Value/Revenue0.72
Enterprise Value/Gross Profit1.88
Enterprise Value/Ebitda7.51
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.86
Revenue Forecast (FY)$189.10M
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:May 06, 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
80
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 184.73M | 162.56M | 142.47M | 155.63M | 118.50M |
| Gross Profit | 70.64M | 62.15M | 50.99M | 56.09M | 43.97M |
| EBITDA | 17.68M | 13.98M | 1.86M | 4.73M | 1.72M |
| Net Income | 23.75M | 6.59M | -3.15M | -1.10M | -4.73M |
Balance Sheet | |||||
| Total Assets | 181.20M | 152.81M | 152.03M | 138.60M | 142.32M |
| Cash, Cash Equivalents and Short-Term Investments | 36.73M | 25.88M | 16.72M | 16.23M | 22.17M |
| Total Debt | 12.95M | 14.63M | 13.51M | 12.88M | 13.15M |
| Total Liabilities | 38.10M | 36.70M | 42.64M | 29.34M | 31.66M |
| Stockholders Equity | 126.24M | 98.84M | 91.62M | 91.03M | 92.58M |
Cash Flow | |||||
| Free Cash Flow | 20.97M | 11.42M | 2.58M | -2.55M | 10.75M |
| Operating Cash Flow | 22.18M | 12.72M | 4.77M | -1.42M | 11.58M |
| Investing Cash Flow | -6.29M | 479.00K | -1.68M | -698.00K | -444.00K |
| Financing Cash Flow | -5.30M | -4.27M | -2.44M | -2.74M | -4.26M |
Ncs Multistage Holdings Technical Analysis
Positive
37.44
Price Trends
50.78
Positive
44.93
Positive
41.51
Positive
Market Momentum
3.55
Positive
56.11
Neutral
25.47
Neutral
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 66.45, below the 50-day MA of 50.78, and below the 200-day MA of 41.51, indicating a neutral trend. The MACD of 3.55 indicates Positive momentum. The RSI at 56.11 is Neutral, neither overbought nor oversold. The STOCH value of 25.47 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $161.92M | 4.31 | 21.30% | ― | 16.61% | -72.29% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $216.38M | 116.13 | 0.57% | ― | 18.98% | ― | |
52 Neutral | $84.46M | -24.93 | -11.82% | ― | -22.31% | 39.11% | |
51 Neutral | $124.91M | -23.15 | -3.08% | ― | 7.46% | -165.76% | |
49 Neutral | $108.58M | -11.34 | -7.14% | ― | -6.90% | 94.14% | |
45 Neutral | $48.82M | -0.46 | 147.42% | ― | -12.57% | -45.75% |
* Energy Sector Average
NCSM
Ncs Multistage Holdings
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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.