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Ncs Multistage Holdings
(NASDAQ:NCSM)
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Rating:78Outperform
Price Target:
$57.00
▲(17.16% Upside)
Action:Reiterated
Date:08/25/26
NCSM scores highest on financial strength (low leverage and sustained profitability/FCF) and a relatively attractive P/E valuation. Technical indicators are mildly positive but not strongly bullish due to mixed trend signals (below the 100-DMA) and elevated stochastic. Corporate events add support via the pending Weatherford acquisition and clarified consideration mechanics.
Positive Factors
Strategic acquisition by Weatherford
The pending Weatherford transaction could broaden NCS’s technology reach, add international commercialization capacity, and provide operating synergies. Its defined structure and majority approval create a credible path to integration, though customary closing conditions remain.
Negative Factors
Cooling revenue and earnings momentum
The decline in revenue and earnings indicates that recent operating momentum has weakened after a stronger 2025. If lower activity or pricing persists, reduced scale could pressure margins and limit the pace at which NCS compounds profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic acquisition by Weatherford
The pending Weatherford transaction could broaden NCS’s technology reach, add international commercialization capacity, and provide operating synergies. Its defined structure and majority approval create a credible path to integration, though customary closing conditions remain.
Read all positive factors
Ncs Multistage Holdings (NCSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$128.13M
Dividend YieldN/A
Average Volume (3M)33.00K
Price to Earnings (P/E)9.5
Beta (1Y)-0.04
Revenue Growth3.44%
EPS Growth9.13%
CountryUS
Employees272
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)5.36
Shares Outstanding2,624,523
10 Day Avg. Volume23,352
30 Day Avg. Volume33,002
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.81
Price to Sales (P/S)0.55
P/FCF Ratio4.87
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.53
Revenue Forecast (FY)$190.80M
Ncs Multistage Holdings Business Overview & Revenue Model
Company 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 r...
How the Company Makes Money
NCSM generates revenue by providing oilfield services and selling or renting completion-related equipment and downhole tools to oil and gas operators and other service companies. Key revenue streams typically include (i) service fees for field ope...
Ncs Multistage Holdings Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: strong operational wins and product traction (notably a >100% U.S. revenue increase, Repeat Precision commercialization, ResMetrics integration, improved cash flow and solid liquidity) but offset by a significant Canadian slowdown, a Q1 revenue shortfall, lower adjusted EBITDA and margin pressure. Management is modestly raising full-year revenue guidance, maintaining adjusted EBITDA guidance, investing to expand Repeat Precision capacity, and expects seasonally weighted performance into the second half. Near-term risks are largely timing, seasonal and personnel-related rather than structural, while multiple commercial and international opportunities provide upside if activity accelerates.Positive Updates
U.S. Revenue Surge
U.S. revenue more than doubled year-over-year (>100% YoY) and increased 6% sequentially versus Q4 2025, driven by Repeat Precision product sales and tracer diagnostics (including a $1.8M contribution from ResMetrics).
Negative Updates
Quarterly Revenue Shortfall
Q1 revenue of $45.6M was 9% below Q1 2025 and roughly $5M below the midpoint of prior guidance, with the shortfall concentrated in Canada and from international service declines.
Read all updates
Q1-2026 Updates
Positive
Negative
U.S. Revenue Surge
U.S. revenue more than doubled year-over-year (>100% YoY) and increased 6% sequentially versus Q4 2025, driven by Repeat Precision product sales and tracer diagnostics (including a $1.8M contribution from ResMetrics).
Read all positive updates
Company Guidance
The company updated 2026 guidance while providing Q2 and Q1 context: Q2 revenue is guided to $36–39M (implying ~3% growth at the midpoint vs Q2 2025) with U.S. revenue $18–19M, international $5–6M and Canada $13–14M; adjusted gross margin 35.5%–37.5% (midpoint modestly higher YoY); adjusted EBITDA breakeven to $2M; and depreciation & amortization ≈ $1.6M. Full‑year 2026 revenue is now $186–194M (a $2M raise to the low end and $1M to the prior midpoint), adjusted EBITDA unchanged at $26–29M, capex $2.2–2.8M (up $0.8M at the midpoint), and free cash flow after JV distributions $11–15M (down $1M at the midpoint), with EBITDA and FCF weighted to the second half. For reference, Q1 results were revenue $45.6M (–9% YoY), adjusted gross profit $18.2M (40% margin), adjusted EBITDA $5.6M (≈12%+ margin), net loss $0.4M (–$0.14/sh), cash $34.5M, total debt $7.2M (net cash >$27M) and total liquidity $53M.Ncs Multistage Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 181.52M | 184.73M | 162.56M | 142.47M | 155.63M | 118.50M |
| Gross Profit | 68.33M | 70.64M | 62.15M | 50.99M | 56.09M | 43.97M |
| EBITDA | 15.75M | 22.96M | 13.98M | 1.86M | 4.73M | 1.72M |
| Net Income | 13.79M | 23.75M | 6.59M | -3.15M | -1.10M | -4.73M |
Balance Sheet | ||||||
| Total Assets | 177.56M | 181.20M | 152.81M | 152.03M | 138.60M | 142.32M |
| Cash, Cash Equivalents and Short-Term Investments | 31.32M | 36.73M | 25.88M | 16.72M | 16.23M | 22.17M |
| Total Debt | 7.58M | 12.95M | 14.63M | 13.51M | 12.88M | 13.15M |
| Total Liabilities | 36.81M | 38.10M | 36.70M | 42.64M | 29.34M | 31.66M |
| Stockholders Equity | 120.21M | 126.24M | 98.84M | 91.62M | 91.03M | 92.58M |
Cash Flow | ||||||
| Free Cash Flow | 18.06M | 20.97M | 11.42M | 2.58M | -2.55M | 10.75M |
| Operating Cash Flow | 19.66M | 22.18M | 12.72M | 4.77M | -1.42M | 11.58M |
| Investing Cash Flow | -6.83M | -6.29M | 479.00K | -1.68M | -698.00K | -444.00K |
| Financing Cash Flow | -6.60M | -5.30M | -4.27M | -2.44M | -2.74M | -4.26M |
Ncs Multistage Holdings Technical Analysis
Positive
48.65
Price Trends
46.97
Positive
51.41
Negative
48.04
Positive
Market Momentum
0.77
Positive
58.35
Neutral
40.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NCSM, the sentiment is Positive. The current price of 48.65 is below the 20-day moving average (MA) of 49.47, above the 50-day MA of 46.97, and above the 200-day MA of 48.04, indicating a bullish trend. The MACD of 0.77 indicates Positive momentum. The RSI at 58.35 is Neutral, neither overbought nor oversold. The STOCH value of 40.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NCSM.
Ncs Multistage Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $205.21M | 18.65 | 4.41% | ― | 26.53% | 1135.48% | |
78 Outperform | $128.13M | 9.48 | 11.46% | ― | 3.44% | 9.13% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
57 Neutral | $136.19M | -7.52 | -7.70% | ― | -5.16% | 89.21% | |
49 Neutral | $88.56M | -30.66 | -2.49% | ― | -5.48% | 32.73% | |
46 Neutral | $162.25M | -0.47 | 73.91% | ― | -4.78% | 22.13% | |
45 Neutral | $103.10M | 26.62 | 26.73% | ― | 86.31% | ― |
* Energy Sector Average
NCSM
Ncs Multistage Holdings
50.80
11.59
29.56%
DWSN
Dawson Geophysical Company
3.25
1.63
100.62%
BOOM
DMC Global
6.99
0.68
10.78%
SND
Smart Sand
5.04
3.19
172.29%
KLXE
KLX Energy Services Holdings
1.50
-0.43
-22.24%
DTI
Drilling Tools International
2.48
0.53
27.18%
Ncs Multistage Holdings Corporate Events
Business Operations and StrategyM&A Transactions
NCS Multistage Sets Shareholder Election Deadline in Acquisition
Positive
Aug 24, 2026
On August 24, 2026, Weatherford International and NCS Multistage announced that NCS shareholders have until 5:00 p.m. Eastern Time on August 31, 2026 to elect the form of consideration in Weatherford’s pending acquisition of NCS Multistage. ...
Business Operations and StrategyM&A Transactions
NCS Multistage to Be Acquired by Weatherford International
Positive
Jun 2, 2026
On May 31, 2026, NCS Multistage Holdings agreed to be acquired by Weatherford International in an all-stock or stock-and-cash merger that will see NCS become a wholly owned subsidiary of Weatherford, subject to regulatory and other customary appro...
Executive/Board ChangesShareholder Meetings
NCS Multistage Investors Back Board, Pay at 2026 Meeting
Positive
May 27, 2026
On May 27, 2026, NCS Multistage Holdings, Inc. held its 2026 Annual Meeting of Stockholders, where investors elected two Class III directors, John Deane and W. Matt Ralls, to serve until the 2029 annual meeting. Stockholder participation was stron...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.