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.
Others in SIC 1389
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SLB | SLB LIMITED/NV | $85.35B | 24.5x | -1.6% |
| HAL | HALLIBURTON CO | $30.88B | — | -3.3% |
| OII | OCEANEERING INTERNATIONAL INC | $5.12B | 14.7x | 4.1% |
| NESR | National Energy Services Reunited Corp. | $3.50B | 66.8x | 1.7% |
| LBRT | Liberty Energy Inc. | $3.36B | 23.1x | -7.2% |
| WBI | WaterBridge Infrastructure LLC | $1.57B | — | 66.2% |
| HLX | HORNBECK OFFSHORE SERVICES, INC. | $1.56B | 50.5x | -4.9% |
| RES | RPC INC | $1.44B | 43.3x | 15.0% |