NCS Multistage Holdings, Inc. (NCSM)
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 regions. Its array of offerings includes fracturing systems, featuring advanced components like casing-installed sliding sleeves, subsurface frac isolation assemblies, sand jet perforating tools, Accelus sliding sleeves, injection control devices, and repeat precision products. Additionally, the company provides chemical and radioactive tracer diagnostics, along with general well construction materials. Beyond products, the firm delivers tracer diagnostic services that utilize downhole chemical and radioactive tracers to facilitate accurate well completion and thorough reservoir characterization. These solutions are primarily directed at exploration and production companies for their onshore drilling projects. Sales and distribution are handled by a technically proficient direct sales force, in collaboration with operating partners, or via authorized sales representatives. Founded in 2006, NCS Multistage Holdings, Inc. is headquartered in Houston, Texas, and was formerly known as Pioneer Super Holdings, Inc. until its name change in December 2016.
Sector: Oil & Gas Field Services, NEC
Industry: Oil & Gas Equipment & Services
NCS Multistage Holdings, Inc.
NASDAQ:NCSMEnergy · Oil & Gas Equipment & Services
Mkt Cap$140.02M
Float836K
O/S2.62M
Inst Own74.0%
SI4.4%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$184.73M
Net Income$23.75M
Total Assets$181.2M
Free Cash Flow$20.97M
Debt & Equity
Debt 9%
Equity 91%
Total Debt$12.95M
Total Equity$126.24M
Shares Outstanding
Short Interest
Split History2 splits · 2 reverse
- 1:20Reverse splitDec 1, 202020 shares → 1
- 1:7Reverse splitJul 20, 20047 shares → 1
Balance Sheet Details
Assets$181.2M
Liabilities$38.1M
Accounts Receivable$44.15M
Accounts Payable$8.52M
Inventory$39.01M
PP&E (Net)$24.67M
Goodwill$16.39M
Intangible Assets$5.99M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Revenue | $184.73M | $162.56M | $142.47M | $155.63M | $118.5M | $106.98M | $205.49M | $226.96M | $201.63M | $98.48M | $114M |
| YoY Growth | 13.6% | 14.1% | -8.5% | 31.3% | 10.8% | -47.9% | -9.5% | 12.6% | 104.7% | -13.6% | - |
| Cost of Revenue | $114.09M | $100.41M | $91.48M | $99.55M | $74.53M | $68.8M | $118.47M | $126.14M | $126.44M | $79.4M | $81.98M |
| Gross Profit | $70.64M | $62.15M | $50.99M | $56.09M | $43.97M | $38.18M | $87.02M | $100.82M | $75.19M | $19.08M | $32.02M |
| Gross Margin | 38.2% | 38.2% | 35.8% | 36.0% | 37.1% | 35.7% | 42.3% | 44.4% | 37.3% | 19.4% | 28.1% |
| Research and Development | $2M | $2M | $2.5M | $2.7M | $2.1M | $0 | $0 | $3.8M | $3M | $3.3M | $3M |
| Selling, General, and Administrative | $56.84M | $57.82M | $54.02M | $58.34M | $49.09M | $59.42M | $88.55M | $82.81M | $64.71M | $37.06M | $37.8M |
| Other | $0 | -$2M | $0 | -$2.7M | -$2.1M | $50.19M | $7.96M | $182K | $1.08M | $45K | -$131K |
| Total Operating Expenses | $58.84M | $57.82M | $56.52M | $58.34M | $49.09M | $109.62M | $96.51M | $82.81M | $64.71M | $37.06M | $37.8M |
| Operating Income (EBIT) | $11.8M | $4.33M | -$5.53M | -$2.25M | -$5.12M | -$71.44M | -$9.49M | -$206.66M | $4.96M | -$17.98M | -$5.78M |
| Operating Margin | 6.4% | 2.7% | -3.9% | -1.4% | -4.3% | -66.8% | -4.6% | -91.1% | 2.5% | -18.3% | -5.1% |
| Interest Expense | $251K | $414K | $586K | $1.01M | $733K | $1.8M | $1.93M | $1.96M | $4.31M | $6.29M | $8.06M |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $5.02M | $3.93M | $2.19M | $1.65M | $1.6M | $24.55M | -$2.58M | -$1.62M | -$3M | -$8.76M | $17.58M |
| Income Before Tax (EBT) | $16.82M | $8.25M | -$3.34M | -$601K | -$3.52M | -$46.89M | -$12.07M | -$208.28M | $1.96M | -$26.75M | $11.8M |
| Income Tax Expense | -$9.22M | $116K | -$232K | $351K | $263K | -$7.78M | $10.75M | -$23.05M | $670K | -$8.82M | -$16.22M |
| Net Income | $23.75M | $6.59M | -$3.15M | -$1.1M | -$4.73M | -$57.6M | -$32.82M | -$190.32M | $2.1M | -$17.93M | $28.02M |
| Net Income Margin | 12.9% | 4.1% | -2.2% | -0.7% | -4.0% | -53.8% | -16.0% | -83.9% | 1.0% | -18.2% | 24.6% |
| Supplementary Data | |||||||||||
| EPS | 9.17 | 2.60 | -1.27 | -0.45 | -1.98 | -24.37 | -9.78 | -85.00 | 1.00 | -7.91 | 11.66 |
| Diluted EPS | 8.65 | 2.55 | -1.27 | -0.45 | -1.98 | -24.37 | -9.78 | -84.99 | 1.00 | -7.91 | 11.66 |
| Weighted Average OS | 2.59M | 2.54M | 2.47M | 2.43M | 2.40M | 2.36M | 2.33M | 2.24M | 2.02M | 2.27M | 2.27M |
| EBITDA | $22.96M | $13.98M | $1.86M | $4.73M | $1.72M | -$39.2M | $295K | -$188.48M | $39.13M | $5.11M | $47.14M |
| EBITDA Margin | 12.4% | 8.6% | 1.3% | 3.0% | 1.4% | -36.6% | 0.1% | -83.0% | 19.4% | 5.2% | 41.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and Cash Equivalents | $36.73M | $25.88M | $16.72M | $16.23M | $22.17M | $15.54M | $11.24M | $25.13M | $33.81M | $18.27M | $9.54M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $36.73M | $25.88M | $16.72M | $16.23M | $22.17M | $15.54M | $11.24M | $25.13M | $33.81M | $18.27M | $9.54M |
| Accounts Receivable | $44.15M | $36.66M | $43.02M | $31.57M | $29.12M | $30.28M | $46.99M | $54.67M | $49.25M | $35.17M | $28.58M |
| Inventory | $39.01M | $40.97M | $41.61M | $37.04M | $33.92M | $34.87M | $39.92M | $32.75M | $33.13M | $17.02M | $22.42M |
| Other Current Assets | $2.03M | $2.06M | $1.86M | $2.81M | $0 | $2.98M | $0 | $2.04M | $1.62M | $2.12M | $1.59M |
| Total Current Assets | $121.92M | $105.57M | $103.22M | $87.66M | $88.49M | $83.67M | $100.6M | $114.59M | $117.81M | $75.02M | $62.74M |
| Long-Term Assets | |||||||||||
| Property, Plant & Equipment Net | $24.67M | $27.19M | $28.18M | $27.83M | $29.52M | $29.61M | $32.97M | $32.3M | $23.65M | $9.76M | $10.58M |
| Goodwill | $16.39M | $15.22M | $15.22M | $15.22M | $15.22M | $15.22M | $15.22M | $23.11M | $184.48M | $122.08M | $119.28M |
| Intangible Assets | $5.99M | $3.69M | $4.41M | $5.08M | $5.74M | $6.41M | $45.25M | $48.98M | $136.41M | $118.7M | $138.89M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$24.18M | $0 | $0 |
| Deferred Tax Assets | $11.65M | $424K | $66K | $46K | $236K | $205K | $6K | $9.33M | $24.18M | $0 | $0 |
| Other Long-Term Assets | $586K | $712K | $937K | $2.76M | $3.11M | $3.56M | $8.53M | $1.39M | $1.56M | $1.27M | $1.04M |
| Total Long-Term Assets | $59.28M | $47.24M | $48.81M | $50.94M | $53.83M | $55M | $101.98M | $115.11M | $346.1M | $251.81M | $269.79M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $181.2M | $152.81M | $152.03M | $138.6M | $142.32M | $138.68M | $202.58M | $229.7M | $463.91M | $326.83M | $332.54M |
| Liabilities | |||||||||||
| Current Liabilities | |||||||||||
| Accounts Payable | $8.52M | $8.97M | $6.23M | $7.55M | $7.5M | $4.94M | $8.55M | $7.17M | $7.45M | $10.26M | $5.08M |
| Short-Term Debt | $3.97M | $3.74M | $0 | $1.49M | $1.48M | $3.17M | $1.48M | $2.24M | $5.33M | $772K | $0 |
| Current Income Tax Payable | $1.15M | $934K | $615K | $468K | $844K | $653K | $1.88M | $184K | $10.56M | $322K | $459K |
| Current Unearned Revenue | $60K | $223K | $0 | $46K | $0 | $0 | $5.33M | $608K | $17.23M | $3.29M | $0 |
| Other Current Liabilities | $6.4M | $4.2M | $3.81M | $4.11M | $2.66M | $5.12M | -$194K | $13.41M | $3.18M | $5.66M | $2.68M |
| Total Current Liabilities | $28.53M | $25.42M | $32.06M | $17.69M | $19.82M | $14.88M | $19.78M | $25.63M | $31.47M | $17.54M | $8.09M |
| Long-Term Liabilities | |||||||||||
| Long-Term Debt | $0 | $0 | $0 | $56K | $6.33M | $0 | $11.44M | $23.45M | $20.56M | $88.39M | $85.86M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $398K | $186K | $249K | $199K | $114K | $13K | $2.96M | $3.13M | $24.18M | $42.7M | $50.43M |
| Other Long-Term Liabilities | $202K | $206K | $213K | $1.33M | $1.61M | $1.86M | $1.37M | -$253K | $17.35M | $717K | $693K |
| Total Long-Term Liabilities | $9.57M | $11.28M | $10.58M | $11.64M | $11.84M | $10.31M | $19.25M | $27.84M | $63.45M | $131.81M | $136.98M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $38.1M | $36.7M | $42.64M | $29.34M | $31.66M | $25.19M | $39.03M | $53.47M | $94.92M | $149.35M | $145.07M |
| Stockholders' Equity | |||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $26K | $26K | $25K | $24K | $24K | $24K | $469K | $451K | $439K | $340K | $340K |
| Retained Earnings | -$235.28M | -$259.02M | -$265.62M | -$262.46M | -$261.36M | -$256.63M | -$199.03M | -$166.21M | $23.86M | $21.76M | $39.69M |
| Comprehensive Income & Other | -$86.13M | -$87.6M | -$85.75M | -$85.62M | -$82.09M | -$81.78M | -$80.81M | -$84.03M | -$66.71M | -$82.02M | -$88.67M |
| Other Stockholders' Equity | $361.49M | $357.84M | $357.21M | $353.47M | $353.92M | $350.21M | $343.17M | $327.06M | $332.54M | $155.38M | $147.44M |
| Total Equity | $126.24M | $98.84M | $91.62M | $91.03M | $92.58M | $93.61M | $144.61M | $161.3M | $356.85M | $177.48M | $187.47M |
| Minority Interest | $16.86M | $17.27M | $17.77M | $18.23M | $18.08M | $19.88M | $18.93M | $14.93M | $12.14M | $0 | $0 |
| Total Liabilities and Equity | $164.34M | $135.54M | $134.26M | $120.37M | $124.24M | $118.8M | $183.64M | $214.77M | $451.77M | $326.83M | $332.54M |
| Supplementary Data | |||||||||||
| Total Debt | $12.95M | $14.63M | $13.51M | $12.88M | $13.15M | $11.6M | $18.46M | $25.69M | $27.04M | $89.17M | $85.86M |
| Net Debt | -$23.78M | -$11.24M | -$3.21M | -$3.35M | -$9.02M | -$3.94M | $7.21M | $560K | -$6.77M | $70.89M | $76.31M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
| Operating Activities | |||||||||||
| Net Income | $23.75M | $8.14M | -$3.11M | -$952K | -$3.78M | -$39.11M | -$22.82M | -$185.23M | $1.29M | -$17.93M | $28.02M |
| Depreciation & Amortization | $5.88M | $5.32M | $4.62M | $4.32M | $4.5M | $5.89M | $10.44M | $17.84M | $27.65M | $25.57M | $27.27M |
| Deferred Income Tax | -$10.96M | -$380K | $152K | $266K | $96K | -$3.2M | $9M | -$28.84M | -$18.96M | -$9.27M | -$11.3M |
| Stock-Based Compensation | $6.21M | $5.21M | $5.37M | $6.04M | $6.62M | $8.48M | $12.54M | $10.93M | $6.11M | $1.35M | $1.31M |
| Changes in Working Capital: | |||||||||||
| Accounts Receivable | -$5.5M | -$9.15M | $3.86M | -$4.86M | -$2.56M | $19.25M | $4.74M | -$4.21M | -$9.49M | -$6.48M | $16.3M |
| Inventory | $2.21M | -$2.81M | -$5.76M | -$7.68M | -$939K | $3.24M | -$7.64M | -$2.95M | -$10.61M | $3.54M | $4.16M |
| Accounts Payable | $427K | $2.71M | -$1.2M | $1.22M | $2.84M | -$3.17M | $2.58M | $219K | -$3.75M | $5.13M | -$3.13M |
| Other Working Capital | -$1.14M | $387K | -$1.06M | -$2.92M | $2.99M | -$5.34M | -$196K | -$20.78M | $18.28M | $3.18M | -$35.34M |
| Total Working Capital Change | -$4M | -$8.87M | -$4.17M | -$14.23M | $2.33M | $13.98M | -$520K | -$27.73M | -$5.58M | $5.37M | -$18.01M |
| Other Non-Cash Items | $1.3M | $3.31M | $1.92M | $3.14M | $1.81M | $49.07M | $9.31M | $227.06M | $5.6M | $5.59M | -$22.93M |
| Net Cash from Operating | $22.18M | $12.72M | $4.77M | -$1.42M | $11.58M | $35.12M | $17.95M | $14.03M | $16.11M | $10.68M | $4.37M |
| Investing Activities | |||||||||||
| Capital Expenditures | -$1.2M | -$1.31M | -$1.88M | -$1.13M | -$833K | -$2.15M | -$6.37M | -$11.13M | -$5.42M | -$1.16M | -$890K |
| Acquisitions | -$5.76M | $0 | $0 | $433K | $389K | $1.09M | $1.37M | $0 | -$81.16M | $317K | $424K |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $666K | $1.79M | $199K | $0 | $0 | $0 | $0 | -$4.28M | $1.35M | -$683K | -$331K |
| Net Cash from Investing | -$6.29M | $479K | -$1.68M | -$698K | -$444K | -$1.06M | -$5M | -$15.41M | -$85.22M | -$1.84M | -$1.22M |
| Financing Activities | |||||||||||
| Debt Repaid | $2.28M | $1.95M | $1.6M | $1.41M | $1.32M | $11.51M | $14.19M | $3.75M | $64.94M | - | $51.57M |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $151.36M | $102K | $40M |
| Common Stock Repurchases | -$326K | -$267K | -$287K | -$383K | -$197K | -$157K | -$315K | -$162K | $0 | -$175K | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$2.7M | -$2.05M | -$500K | -$952K | -$2.75M | -$18.1M | -$12.8M | -$1.22M | -$2.39M | -$140K | -$1.2M |
| Net Cash from Financing | -$5.3M | -$4.27M | -$2.44M | -$2.74M | -$4.26M | -$29.77M | -$27.3M | -$5.13M | $84.03M | -$315K | -$12.77M |
| Forex Effect | $266K | $225K | -$164K | -$1.07M | -$251K | $17K | $470K | -$2.16M | $608K | $201K | -$1.01M |
| Net Change in Cash | $10.85M | $9.16M | $486K | -$5.93M | $6.62M | $4.3M | -$13.89M | -$8.68M | $15.53M | $8.73M | -$10.63M |
| Supplementary Data | |||||||||||
| Operating Cash Flow | $22.18M | $12.72M | $4.77M | -$1.42M | $11.58M | $35.12M | $17.95M | $14.03M | $16.11M | $10.68M | $4.37M |
| Capital Expenditure | -$1.2M | -$1.31M | -$2.19M | -$1.13M | -$833K | -$2.15M | -$6.37M | -$15.81M | -$5.42M | -$1.16M | -$890K |
| Free Cash Flow | $20.97M | $11.42M | $2.58M | -$2.55M | $10.75M | $32.96M | $11.57M | -$1.78M | $10.69M | $9.53M | $3.48M |
| Cash at Beginning | $25.88M | $16.72M | $16.23M | $22.17M | $15.54M | $11.24M | $25.13M | $33.81M | $18.27M | $9.54M | $20.17M |
| Cash at End | $36.73M | $25.88M | $16.72M | $16.23M | $22.17M | $15.54M | $11.24M | $25.13M | $33.81M | $18.27M | $9.54M |