NCSM

MKT CAP:$207M

NCS Multistage Holdings, Inc.

Market Cap

$207M

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Equipment & Services·🇺🇸·NASDAQ

Stock Price

$75.33+$35.68 (+89.99%)

Apr 17, 2026

Company Details

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...

CEO

Ryan Hummer

IPO Date

Apr 28, 2017

Website

www.ncsmultistage.com

Key Metrics TTM

Revenue

$142M

+38.6% YoY

Net Income

-$48M

EPS (Diluted)

-$19.51

Free Cash Flow

$1M

Revenue / Share

$55.92

Gross Margin

36.3%

Operating Margin

-5.3%

Net Margin

-33.8%

FCF Margin

0.7%

P/S

1.5x

P/E

—

Earnings Reports

Q3 2024

Apr 29, 2026

PENDING

FY 2025

Mar 5, 2026

$185MEPS $8.65

Q2 2024

Aug 1, 2024

$30M+16.9%EPS -$1.21

Q1 2024

May 2, 2024

$44M+0.7%EPS $0.82

Q2 2023

Aug 1, 2023

$25M-7.5%EPS -$13.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$23M	$4M	-$4M
Q2 16	$11M	-$2M	-$10M
Q3 16	$29M	$7M	-$1M
Q4 16	$35M	$9M	-$3M
Q2 22	$27M	$8M	-$6M
Q1 23	$44M	$17M	$1M
Q2 23	$25M	$7M	-$7M
Q1 24	$44M	$16M	$3M
Q2 24	$30M	$11M	-$4M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q2 16	—	—
Q3 16	—	—
Q4 16	2.1x	—
Q2 22	2.0x	—
Q1 23	1.5x	—
Q2 23	1.6x	—
Q1 24	1.5x	—
Q2 24	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	$5M	$5M
Q2 16	$6M	$5M
Q3 16	-$4M	-$4M
Q4 16	$4M	$3M
Q2 22	$900.0K	$651.0K
Q1 23	-$2M	-$2M
Q2 23	$509.0K	-$245.0K
Q1 24	-$2M	-$2M
Q2 24	$6M	$6M

Capital Expenditures

Quarter	CapEx
Q1 16	$63.0K
Q2 16	$238.0K
Q3 16	$133.0K
Q4 16	$723.0K
Q2 22	$249.0K
Q1 23	$564.0K
Q2 23	$754.0K
Q1 24	$312.0K
Q2 24	$374.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+18.9%	+21.9%
Q1 23	+286.1%	+97.1%
Q2 23	-11.4%	+9.6%
Q1 24	+23.7%	+8.9%
Q2 24	+8.1%	+1.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$335.0K	1.4%
Q2 16	$335.0K	3.0%
Q3 16	$336.0K	1.2%
Q4 16	$348.0K	1.0%
Q2 22	$1M	4.5%
Q1 23	$1M	2.9%
Q2 23	$1M	5.0%
Q1 24	$902.0K	2.1%
Q2 24	$1M	4.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 16	—	—	$8M
Q2 16	—	—	$8M
Q3 16	—	—	$8M
Q4 16	$3M	—	$12M
Q2 22	—	—	$14M
Q1 23	—	—	$16M
Q2 23	—	—	$14M
Q1 24	—	$14M	—
Q2 24	—	$15M	—

Revenue Segments

Quarter	Product	Service
Q1 24	$32M	$12M
Q2 24	$19M	$11M

Revenue by Geography

Quarter	Canada	Other Countries	United States
Q1 24	$32M	$2M	$10M
Q2 24	$12M	$6M	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$16M	$0	$16M
Q2 22	$15M	$0	$15M
Q3 22	$10M	$0	$10M
Q4 22	$16M	$0	$16M
Q1 23	$14M	$0	$14M
Q2 23	$14M	$0	$14M
Q3 23	$11M	$0	$11M
Q4 23	$17M	$0	$17M
Q1 24	$14M	$0	$14M
Q2 24	$19M	$0	$19M
Q3 24	$15M	$0	$15M
Q4 24	$26M	$0	$26M
Q1 25	$23M	$0	$23M
Q2 25	$25M	$0	$25M
Q3 25	$25M	$0	$25M
Q4 25	$37M	$0	$37M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	2M	—	—
Q2 16	2M	0.0%	—
Q3 16	2M	0.0%	—
Q4 16	2M	0.0%	—
Q2 22	2M	+7.6%	+7.6%
Q1 23	2M	+0.6%	+8.2%
Q2 23	2M	+1.0%	+9.3%
Q1 24	3M	+2.5%	+12.0%
Q2 24	3M	+0.4%	+4.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	—	—
Q2 16	—	—
Q3 16	—	—
Q4 16	—	—
Q2 22	$122.6K	224
Q1 23	$166.2K	262
Q2 23	$96.9K	262
Q1 24	$180.5K	243
Q2 24	$122.2K	243

Revenue / Employee