NCS Multistage Holdings, Inc. NCSM
NCS Multistage Holdings, Inc. ("NCS," the "Company," "we," "our" or "us") is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completion and field development strategies. We provide our products and services primarily to E&P companies for use in onshore and offshore wells, predominantly those that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. Our products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East and Argentina. Our extensive research and development efforts are influenced and driven by the needs of our customers, allowing us to introduce innovative and commercial solutions that improve customer efficiency and profitability. We provided our products and services to more than 230 customers in 2025, including large independent oil and natural gas companies and major oil companies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $183.6M | $162.6M | $142.5M | $155.6M | $118.5M | $107.0M | $205.5M | $227.0M | $201.6M | $98.5M |
| Cost of revenue | — | — | $86.9M | $95.2M | $70.0M | $62.9M | $108.0M | $108.3M | $98.8M | $53.8M |
| Gross profit | — | — | $55.6M | $60.4M | $48.5M | $44.1M | $97.5M | $118.7M | $102.8M | $44.6M |
| R&D | $2.0M | $2.0M | $2.5M | $2.7M | $2.1M | $1.9M | $2.8M | $3.8M | $3.0M | $3.3M |
| SG&A | $58.8M | $57.8M | $56.5M | $58.3M | $49.1M | $59.4M | $88.6M | $82.8M | $64.7M | $37.1M |
| Operating income | $10.5M | $4.3M | -$5.5M | -$2.3M | -$5.1M | -$71.4M | -$9.5M | -$206.7M | $5.0M | -$18.0M |
| Pre-tax income | $16.8M | $8.3M | -$3.3M | -$601.0K | -$3.5M | -$46.9M | -$12.1M | -$208.3M | $2.0M | -$26.7M |
| Income tax | $9.2M | $116.0K | $232.0K | $351.0K | $263.0K | $7.8M | $10.8M | $23.1M | $670.0K | $8.8M |
| Net income | $23.7M | $6.6M | -$3.2M | -$1.1M | -$4.7M | -$57.6M | -$32.8M | -$190.3M | $2.1M | -$17.9M |
| EPS, basic | 9.17 | 2.60 | -1.27 | -0.45 | -1.98 | -24.37 | -14.08 | -85.00 | 0.05 | -0.53 |
| EPS, diluted | 8.65 | 2.55 | -1.27 | -0.45 | -1.98 | -24.37 | -14.08 | -85.00 | 0.05 | -0.53 |
| Shares, diluted (wtd. avg.) | 2.7M | 2.6M | 2.5M | 2.4M | 2.4M | 2.4M | 2.3M | 2.2M | 43.6M | 34.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $36.7M | $25.9M | $16.7M | $16.2M | $22.2M | $15.5M | $11.2M | $25.1M | $33.8M | $18.3M |
| Receivables | $40.5M | $31.5M | $24.0M | $27.8M | $24.4M | $21.9M | $42.0M | $50.0M | $47.9M | $32.1M |
| Inventory | $39.0M | $41.0M | $41.6M | $37.0M | $33.9M | $34.9M | $39.9M | $32.8M | $33.1M | $17.0M |
| Total current assets | $121.9M | $105.6M | $103.2M | $87.7M | $88.5M | $83.7M | $100.6M | $114.6M | $117.8M | $75.0M |
| Property, plant and equipment | — | — | $23.3M | $23.3M | $24.7M | $24.4M | $33.0M | $32.3M | $23.7M | $9.8M |
| Goodwill | $16.4M | $15.2M | $15.2M | $15.2M | $15.2M | $15.2M | $15.2M | $23.1M | $184.5M | $122.1M |
| Other intangibles | $6.0M | $3.7M | $4.4M | $5.1M | $5.7M | $6.4M | $45.2M | $49.0M | $136.4M | $118.7M |
| Total assets | $181.2M | $152.8M | $152.0M | $138.6M | $142.3M | $138.7M | $202.6M | $229.7M | $463.9M | $326.8M |
| Accounts payable | $8.5M | $9.0M | $6.2M | $7.5M | $7.5M | $4.9M | $8.5M | $7.2M | $7.4M | $10.3M |
| Short-term debt | — | — | — | — | $1.5M | $1.3M | $1.5M | $2.2M | $5.3M | $772.0K |
| Total current liabilities | $28.5M | $25.4M | $32.1M | $17.7M | $19.8M | $14.9M | $19.8M | $25.6M | $31.7M | $17.5M |
| Long-term debt | — | — | — | — | $6.3M | $4.4M | $11.4M | $23.5M | $21.7M | $88.4M |
| Total liabilities | $38.1M | $36.7M | $42.6M | $29.3M | $31.7M | $25.2M | $39.0M | $53.5M | $94.9M | $149.3M |
| Retained earnings | -$235.3M | -$259.0M | -$265.6M | -$262.5M | -$261.4M | -$256.6M | -$199.0M | -$166.2M | $23.9M | $21.8M |
| Total equity | $126.2M | $98.8M | $109.4M | $109.3M | $110.7M | $113.5M | $163.5M | $176.2M | $369.0M | $177.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $22.2M | $12.7M | $4.8M | -$1.4M | $11.6M | $35.1M | $17.9M | $14.0M | $16.1M | $10.7M |
| Depreciation and amortisation | $5.9M | $5.3M | $4.6M | $4.3M | $4.5M | $5.9M | $10.4M | $17.8M | $27.7M | $25.6M |
| Stock-based compensation | $6.2M | $5.2M | $5.4M | $6.0M | $6.6M | $8.5M | $12.5M | $10.9M | $6.1M | $1.4M |
| Capital expenditure | $1.2M | $1.3M | $1.9M | $1.0M | $495.0K | $2.1M | $6.1M | $11.1M | $5.4M | $1.2M |
| Investing cash flow | -$6.3M | $479.0K | -$1.7M | -$698.0K | -$444.0K | -$1.1M | -$5.0M | -$15.4M | -$85.2M | -$1.8M |
| Financing cash flow | -$5.3M | -$4.3M | -$2.4M | -$2.7M | -$4.3M | -$29.8M | -$27.3M | -$5.1M | $84.0M | -$315.0K |
| Buybacks | — | — | $287.0K | $383.0K | $197.0K | $157.0K | $315.0K | $162.0K | — | $175.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-007065.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $98.5M | $201.6M | $227.0M | $205.5M | $107.0M | $118.5M | $155.6M | $142.5M | $162.6M | $183.6M |
| Gross profit | $44.6M | $102.8M | $118.7M | $97.5M | $44.1M | $48.5M | $60.4M | $55.6M | — | — |
| Net income | -$17.9M | $2.1M | -$190.3M | -$32.8M | -$57.6M | -$4.7M | -$1.1M | -$3.2M | $6.6M | $23.7M |
Recent filings and events
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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