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OIL & GAS FIELD SERVICES, NEC · SMALL CAP

NCS Multistage Holdings, Inc. NCSM

11 fiscal years on record · USD · FY2025 reported · SEC filings only
$183.6M
▲ 13.0% YoY
$23.7M
▲ 260.2% YoY
$21.0M
▲ 83.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

NCS Multistage Holdings, Inc. provides products and services, including fracturing systems, enhanced oil recovery systems, well construction products and tracer diagnostics services, primarily to exploration and production companies for use in onshore and offshore oil and natural gas wells, predominantly those drilled with horizontal laterals. As of December 31, 2025, it had 272 full-time employees, of whom 153 were based in the United States, 109 in Canada and 10 outside North America. Its 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, and it provided them to more than 230 customers in 2025, including large independent oil and natural gas companies and major oil companies. Its fracturing systems products and services include casing-installed sliding sleeves, which customers typically purchase as consumable products cemented at intervals into the casing of the wellbore, and a downhole frac isolation assembly, the use of which is supervised by company personnel during completion operations. Repeat Precision, LLC, a consolidated entity in which the company holds a 50% controlling interest, sells composite and dissolvable frac plugs, setting tools, perforating guns and related products directly to customers and provides machining services for NCS products. The company sells products for well construction, including casing buoyancy systems, liner hanger systems and toe initiation sleeves, which customers use to install casing and production liners, facilitate cementing operations and initiate a flow path into the formation at the commencement of stimulation operations. It also provides tracer diagnostics services for well completion and reservoir characterization that utilize downhole chemical tracers, which customers use to characterize their assets and optimize completion designs. The company was incorporated in Delaware on November 28, 2012 under the name "Pioneer Super Holdings, Inc." and changed its name to "NCS Multistage Holdings, Inc." on December 13, 2016.

Written from the business description in NCS Multistage Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 5 March 2026. Every sentence was checked against that document before publication.

Growth

USD 183.6M
Revenue, FY2025 · full 11-year series below
Revenue $M Net income $M
FY2025 · Revenue 183.6 · Net income 23.7
100M200M-100M-200M
20152018202120242025
Compound annual growth
+5.7%
+11.4%
+4.9%
−1.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +11.4% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

14 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 5.7% · Net 14.2%
10%20%-50%
201520202025
ROE
FY2025 · ROE 21.1%
10%20%-20%-40%-60%
201520202025
Three returns, three denominators.

Each USD of equity produced 21 cents of profit this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 21.0
15M30M
201520202025
Net buybacks $ Dividends $
FY2016 · Dividends · · Net buybacks 73000.0
3000060000
2016

Total assetsUSD 181.2M
EquityUSD 126.2M
CashUSD 36.7M
Gross debtUSD 5.3M
Net debtUSD -31.5M
Current ratio4.27×

The company holds more cash than debt.

The 11-year record

11 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
NCSM, 11-year financial record
Metric 20252024202320222021202020192018201720162015
Revenue $B0.20.20.10.20.10.10.20.20.20.10.1
Operating income $B0.00.0−0.0−0.0−0.0−0.1−0.0−0.20.0−0.0−0.0
EBITDA $B0.00.0−0.00.0−0.0−0.10.0−0.20.00.00.0
Income tax $B−0.00.0−0.00.00.0−0.00.0−0.00.0−0.0−0.0
Net income $B0.00.0−0.0−0.0−0.0−0.1−0.0−0.20.0−0.00.0
Free cash flow $B0.00.00.0−0.00.00.00.00.00.00.00.0
EPS, diluted $8.652.55−1.27−0.45−1.98−24.37−14.08−85.000.05−0.530.86
Dividend / sh $◌0.000.000.000.000.000.000.000.000.00◌
Payout % — not applicable: no dividend———————————
ROE %21.16.9−3.5−1.2−5.1−48.4−21.5−73.50.8−9.814.9
Shares out B0.000.000.000.000.000.000.050.050.040.03◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 42 reconciliationsAUDITED

Reconciled in 11 of the 11 fiscal years we could check. 18 checks were skipped: the balance sheet is not tagged before 2016. Eight checks were skipped: EPS is not tagged before 2015. Eight checks were skipped: revenue is not tagged before 2015.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityOil & Gas Field Services, NEC
Listed onnot stated in the filings
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2015

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