Download PDF

1. Company Snapshot

1.a. 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 include casing-installed sliding sleeves, downhole frac isolation assemblies, sand jet perforating products, accelus sliding sleeves, injection control devices, repeat precision products, chemical and radioactive tracer diagnostics, and well construction products.


The company also provides tracer diagnostics services for well completion and reservoir characterization that utilize downhole chemical and radioactive tracers.It offers its products and services primarily to exploration and production companies for use in onshore wells through technically-trained direct sales force, and operating partners or sales representatives.The company was formerly known as Pioneer Super Holdings, Inc.


and changed its name to NCS Multistage Holdings, Inc.in December 2016.NCS Multistage Holdings, Inc.


was founded in 2006 and is headquartered in Houston, Texas.

Show Full description

1.b. Last Insights on NCSM

NCS Multistage Holdings, Inc.'s recent performance was driven by strong Q2 2025 earnings, with total revenues increasing 22.8% year-over-year to $36.5 million, outpacing industry activity levels. Net income was $0.9 million, with diluted earnings per share of $0.34. Adjusted EBITDA rose $1.3 million year-over-year to $2.2 million. The company's solid financials and positive outlook, coupled with its passing of the "Recent Price Strength" screen, suggest momentum may continue. Stonegate Capital Partners updated their coverage, highlighting the company's strong operational performance.

1.c. Company Highlights

2. NCS Multistage's Q3 2025 Earnings: A Strong Performance

NCS Multistage reported a revenue of $46.5 million for Q3 2025, marking a 6% year-over-year improvement and exceeding the midpoint of their guided range. The acquisition of ResMetrix contributed significantly to this growth. The company's adjusted EBITDA for the first 9 months of 2025 was $17.5 million, a 24% year-over-year increase. EPS came in at $1.37, beating estimates of $1.17. The strong financial performance was driven by a 26% sequential and 54% year-over-year increase in US revenue. The company's cash balance stood at over $25 million as of September 30, 2025, and generated $6.8 million in free cash flow after distributions to noncontrolling interest during the first 9 months of 2025.

Publication Date: Nov -17

📋 Highlights
  • Q3 2025 Revenue Growth:: Revenue reached $46.5M, a 6% YoY increase and above guided range midpoint, driven by the ResMetrix acquisition.
  • US Market Expansion:: US revenue surged 26% sequentially and 54% YoY (37% ex-ResMetrix), reflecting strong regional demand.
  • Full-Year Guidance:: 2025 revenue projected at $174–178M (8% YoY growth), including 5% organic and 3% from ResMetrix integration.
  • Synergy Potential:: ResMetrix integration targets $1.5M in synergies, with 5% efficiency gains via cost of sales improvements.
  • Free Cash Flow Strength:: Generated $6.8M in free cash flow YTD 2025, with $25M+ cash balance and $11–13M full-year outlook.

Revenue Growth and Guidance

For Q4 2025, NCS expects revenue in the range of $41 million to $45 million and adjusted EBITDA in the range of $5 million to $6.5 million. For the full year 2025, the company expects revenue of $174 million to $178 million, representing year-over-year growth of 8%. The company narrowed its pro forma combined adjusted EBITDA range to $22.5 million to $24 million. Free cash flow after distributions to noncontrolling interest is expected to be $11 million to $13 million.

Integration of ResMetrix and Synergy Opportunities

The integration of ResMetrix is progressing as planned, with several early successes, including cost savings from integrating the businesses. The synergy opportunity for the deal is estimated to be around $1.5 million, mainly from cost of sales efficiencies. ResMetrix, acquired for $10 million in annual revenue, and NCS tracer business, in the high teens, are expected to benefit from these synergies. As the company continues to deliver on its core strategies through organic growth and technological development, it aims to align processes and implement best practices, targeting early next year for integration.

Market Outlook and Valuation

The North Sea market remains robust, with orders in hand for 2026 and expected activity at least as robust as 2025. The Canadian market weakness has led to a pullback in activity, but the company expects to continue growing market share in Canada. With a P/E Ratio of 7.55 and an EV/EBITDA of 4.63, the market seems to be pricing in moderate growth expectations. Analysts estimate next year's revenue growth at 7.6%, which is slightly higher than the current valuation multiples. The company's strong free cash flow yield of 19.64% is an attractive feature, indicating a potential undervaluation.

3. NewsRoom

Card image cap

NCS Multistage Holdings, Inc. to Present at the Sidoti Year End Virtual Investor Conference

Nov -20

Source: globenewswire.com

Card image cap

Stonegate Updates Coverage on NCS Multistage Holdings, Inc. (NASDAQ: NCSM) 2025 Q3

Oct -30

Source: newsfilecorp.com

Card image cap

NCS Multistage Holdings, Inc. (NCSM) Q3 2025 Earnings Call Transcript

Oct -30

Source: seekingalpha.com

Card image cap

NCS Multistage (NCSM) Q3 Earnings and Revenues Beat Estimates

Oct -29

Source: zacks.com

Card image cap

NCS Multistage Holdings, Inc. Announces Third Quarter 2025 Results

Oct -29

Source: globenewswire.com

Card image cap

TechnipFMC (NYSE:FTI) & NCS Multistage (NASDAQ:NCSM) Head to Head Comparison

Oct -26

Source: defenseworld.net

Card image cap

NCSM Poised to Report Q3 Earnings: Here's What You Need to Know

Oct -24

Source: zacks.com

Card image cap

NCS Multistage Holdings, Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call

Oct -22

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.59%)

6. Segments

Engineered Products

Expected Growth: 5.5%

NCS Multistage Holdings' Engineered Products segment growth of 5.5% is driven by increasing demand for oil and gas production, expansion into international markets, and strategic acquisitions. Additionally, the company's focus on innovative product development, operational efficiency, and strong customer relationships contribute to its growth momentum.

Support Services

Expected Growth: 5.8%

NCS Multistage Holdings' Support Services segment growth of 5.8% is driven by increasing demand for oilfield services, rising oil prices, and growing adoption of multistage completions. Additionally, the company's strategic acquisitions and expansion into new markets have contributed to the segment's growth.

7. Detailed Products

FracStim

A comprehensive suite of fracturing and stimulation services designed to optimize well performance and increase hydrocarbon recovery.

FracFlow

A proprietary technology that enables real-time monitoring and control of fracturing operations, ensuring optimal treatment design and execution.

FracIQ

A data analytics platform that provides real-time insights and predictive analytics to optimize fracturing operations and improve well performance.

FracNetic

A suite of advanced fracturing technologies designed to improve well performance, reduce costs, and minimize environmental impact.

FracRite

A proprietary system that enables real-time monitoring and control of fracturing operations, ensuring optimal treatment design and execution.

8. NCS Multistage Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for NCS Multistage Holdings, Inc. is medium due to the availability of alternative products and services in the oil and gas industry.

Bargaining Power Of Customers

The bargaining power of customers for NCS Multistage Holdings, Inc. is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for NCS Multistage Holdings, Inc. is medium due to the presence of multiple suppliers in the market, but the company's dependence on a few critical suppliers.

Threat Of New Entrants

The threat of new entrants for NCS Multistage Holdings, Inc. is high due to the relatively low barriers to entry in the oil and gas industry and the attractiveness of the market.

Intensity Of Rivalry

The intensity of rivalry for NCS Multistage Holdings, Inc. is high due to the presence of several established players in the market, leading to intense competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 12.85%
Debt Cost 4.66%
Equity Weight 87.15%
Equity Cost 11.18%
WACC 10.34%
Leverage 14.75%

11. Quality Control: NCS Multistage Holdings, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NCS Multistage Holdings

A-Score: 5.3/10

Value: 7.9

Growth: 4.8

Quality: 6.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Dawson Geophysical

A-Score: 4.5/10

Value: 7.2

Growth: 4.6

Quality: 3.2

Yield: 4.0

Momentum: 8.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Smart Sand

A-Score: 4.5/10

Value: 5.3

Growth: 4.4

Quality: 3.1

Yield: 6.0

Momentum: 4.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Superior Drilling Products

A-Score: 4.3/10

Value: 7.2

Growth: 5.4

Quality: 7.2

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Newpark Resources

A-Score: 3.8/10

Value: 5.5

Growth: 1.7

Quality: 5.4

Yield: 0.0

Momentum: 5.0

Volatility: 5.3

1-Year Total Return ->

View Full Report
Stock-Card
DMC Global

A-Score: 3.4/10

Value: 9.1

Growth: 3.8

Quality: 3.1

Yield: 0.0

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

39.28$

Current Price

39.28$

Potential

-0.00%

Expected Cash-Flows