Energy · Oil & Gas Equipment & Services
Price
$44.44
Market Cap
$116.6M
Employees
252
Beta
0.17
Avg Volume
35,991
CEO
Ryan Hummer
Business Description
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.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
6.05
Stock Price: $44.44
EPS (Diluted): 9.17
EPS (Diluted): 9.17
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.81
Stock Price: $44.44
Total Equity: $126.24M
Shares: 2,746,000
Total Equity: $126.24M
Shares: 2,746,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
4.34
Market Cap: $116.63M
Total Debt: $0.00
Cash: $36.73M
EBITDA: $22.96M
Total Debt: $0.00
Cash: $36.73M
EBITDA: $22.96M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$78.5M
Market Cap: $116.63M
Total Debt: $0.00
Cash: $36.73M
Total Debt: $0.00
Cash: $36.73M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
38.2%
Gross Profit: $70.64M
Revenue: $184.73M
Revenue: $184.73M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
6.4%
Operating Income: $11.80M
Revenue: $184.73M
Revenue: $184.73M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
12.9%
Net Income: $23.75M
Revenue: $184.73M
Revenue: $184.73M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
16.5%
Net Income: $23.75M
Total Equity: $126.24M
Total Equity: $126.24M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
6.0%
Operating Income: $11.80M
Tax Rate: -54.8%
Equity: $126.24M
Total Debt: $0.00
Cash: $36.73M
Tax Rate: -54.8%
Equity: $126.24M
Total Debt: $0.00
Cash: $36.73M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
4.27
Current Assets: $121.92M
Current Liabilities: $28.53M
Current Liabilities: $28.53M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $126.24M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $126.24M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$67.27
Revenue: $184.73M
Shares: 2,746,000
Shares: 2,746,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$45.97
Total Equity: $126.24M
Shares: 2,746,000
Shares: 2,746,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$7.64
Operating CF: $22.18M
CapEx: -$1.20M
Shares: 2,746,000
CapEx: -$1.20M
Shares: 2,746,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $44.44
Stock Price: $44.44
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $23.75M
Net Income: $23.75M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares NCSM against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 26, 2026 7:21am (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $118.5M | $155.6M | $142.5M | $162.6M | $184.7M |
| Cost of Revenue | $74.5M | $99.5M | $91.5M | $100.4M | $114.1M |
| Gross Profit | $44.0M | $56.1M | $51.0M | $62.1M | $70.6M |
| Operating Expenses | $49.1M | $58.3M | $56.5M | $57.8M | $58.8M |
| Operating Income | -$5.1M | -$2.3M | -$5.5M | $4.3M | $11.8M |
| Net Income | -$4.7M | -$1.1M | -$3.2M | $6.6M | $23.7M |
| EBITDA | $1.7M | $4.7M | $1.9M | $14.0M | $23.0M |
| EPS | $-1.98 | $-0.45 | $-1.27 | $2.60 | $9.17 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 26, 2026 7:21am (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $22.2M | $16.2M | $16.7M | $25.9M | $36.7M |
| Total Current Assets | $88.5M | $87.7M | $103.2M | $105.6M | $121.9M |
| Total Assets | $142.3M | $138.6M | $152.0M | $152.8M | $181.2M |
| Current Liabilities | $19.8M | $17.7M | $32.1M | $25.4M | $28.5M |
| Long-Term Debt | $6.3M | $56,000 | $0 | $0 | $0 |
| Total Liabilities | $31.7M | $29.3M | $42.6M | $36.7M | $38.1M |
| Total Equity | $92.6M | $91.0M | $91.6M | $98.8M | $126.2M |
| Retained Earnings | -$261.4M | -$262.5M | -$265.6M | -$259.0M | -$235.3M |
Cash Flow (Annual)
Last updated: Jun 26, 2026 7:21am (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $11.6M | -$1.4M | $4.8M | $12.7M | $22.2M |
| Capital Expenditure | $-833,000 | -$1.1M | -$2.2M | -$1.3M | -$1.2M |
| Free Cash Flow | $10.8M | -$2.6M | $2.6M | $11.4M | $21.0M |
| Acquisitions (net) | $389,000 | $433,000 | $0 | $0 | -$5.8M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $-197,000 | $-383,000 | $-287,000 | $-267,000 | $-326,000 |
| Net Change in Cash | $6.6M | -$5.9M | $486,000 | $9.2M | $10.8M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 8:00am (1h ago)| Metric | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|
| Revenue |
$157.8M $156.9M – $158.8M
|
$177.3M $176.6M – $178.0M
|
$190.8M $189.6M – $192.0M
|
$206.7M $203.1M – $210.3M
|
| EBITDA |
$8.5M $8.4M – $8.5M
|
$9.5M $9.5M – $9.5M
|
$10.2M $10.2M – $10.3M
|
$11.1M $10.9M – $11.3M
|
| Net Income |
$5.9M $5.9M – $6.0M
|
$10.7M $10.6M – $10.8M
|
$6.9M $5.1M – $8.7M
|
$10.8M $9.9M – $11.7M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 26, 2026 7:21am (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +31.3% | -8.5% | +14.1% | +13.6% |
| Gross Profit Growth | +27.5% | -9.1% | +21.9% | +13.7% |
| Operating Income Growth | +56.0% | -145.5% | +178.2% | +172.8% |
| Net Income Growth | +76.7% | -186.1% | +309.1% | +260.2% |
| EBITDA Growth | +175.5% | -60.7% | +652.2% | +64.2% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 8:00am (1h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-02-28 | WILLIAMS DEWAYNE | M-Exempt | 4,535.00 | $0.00 | $0 |
| 2026-03-03 | WILLIAMS DEWAYNE | A-Award | 1,366.00 | $0.00 | $0 |
| 2026-03-03 | WILLIAMS DEWAYNE | A-Award | 1,366.00 | $0.00 | $0 |
| 2026-02-28 | WILLIAMS DEWAYNE | F-InKind | 4,535.00 | $39.84 | $180,674 |
| 2026-02-28 | WILLIAMS DEWAYNE | D-Return | 301.00 | $39.84 | $11,992 |
| 2026-02-28 | WILLIAMS DEWAYNE | M-Exempt | 4,535.00 | $0.00 | $0 |
| 2026-03-03 | LEV ORI | A-Award | 1,940.00 | $0.00 | $0 |
| 2026-03-02 | LEV ORI | A-Award | 6,853.00 | $0.00 | $0 |
| 2026-02-28 | LEV ORI | M-Exempt | 5,289.00 | $0.00 | $0 |
| 2026-03-02 | LEV ORI | D-Return | 1,730.00 | $40.93 | $70,809 |
| 2026-02-28 | LEV ORI | F-InKind | 5,289.00 | $39.84 | $210,714 |
| 2026-02-28 | LEV ORI | D-Return | 374.00 | $39.84 | $14,900 |
| 2026-03-03 | LEV ORI | A-Award | 1,940.00 | $0.00 | $0 |
| 2026-02-28 | LEV ORI | M-Exempt | 5,289.00 | $0.00 | $0 |
| 2026-03-03 | LEV ORI | A-Award | 3,921.00 | $0.00 | $0 |
| 2026-03-03 | MORRISON MICHAEL L | A-Award | 2,463.00 | $0.00 | $0 |
| 2026-03-02 | MORRISON MICHAEL L | A-Award | 7,996.00 | $0.00 | $0 |
| 2026-03-02 | MORRISON MICHAEL L | D-Return | 2,019.00 | $40.93 | $82,638 |
| 2026-02-28 | MORRISON MICHAEL L | M-Exempt | 4,972.00 | $0.00 | $0 |
| 2026-03-03 | MORRISON MICHAEL L | A-Award | 2,463.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for NCSM — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30