Earnings summaries and quarterly performance for NCS Multistage Holdings.
Executive leadership at NCS Multistage Holdings.
Board of directors at NCS Multistage Holdings.
Research analysts who have asked questions during NCS Multistage Holdings earnings calls.
David Storms
Stonegate Capital Partners
4 questions for NCSM
Also covers: ACOG, AMTX, ARLP +19 more
JD
John Daniel
Daniel Energy Partners
3 questions for NCSM
Also covers: ACDC, CLB, CVEO +19 more
GS
Gowshihan Sriharan
Singular Research
2 questions for NCSM
Also covers: APOG, CNDT, FTK +6 more
Jeffrey Robertson
Water Tower Research
1 question for NCSM
Also covers: AMPY, BATL, DNOW +14 more
JJ
Joshua Jayne
Daniel Energy Partners
1 question for NCSM
Also covers: AESI, AROC, CLB +17 more
Recent press releases and 8-K filings for NCSM.
NCS Multistage discusses 2024 performance, 2025 outlook, and ResMetrics acquisition
NCSM
M&A
Guidance Update
Revenue Acceleration/Inflection
- NCS Multistage (NCSM) is a technology-focused oil field services and equipment company that operates with a capital-light business model.
- The company achieved 14% revenue growth in 2024 and projects 8% revenue growth in 2025, with 5% from organic initiatives and 3% from the ResMetrics acquisition.
- International revenue more than doubled in 2024 compared to 2023, increasing from approximately 5% to 10% of total revenue.
- NCSM acquired ResMetrics at the end of July for approximately $7 million in cash, aiming to establish a leading global Tracer Diagnostics business.
- NCSM reported trailing 12-month EBITDA of approximately $26 million and free cash flow of $20 million. The company trades at an Enterprise Value to 2025 EBITDA multiple of about four times, which is a 30% discount to its peer median of nearly six times.
Dec 10, 2025, 6:45 PM
NCS Multistage Discusses 2024 Performance, 2025 Outlook, and ResMetrics Acquisition
NCSM
M&A
Guidance Update
Revenue Acceleration/Inflection
- NCS Multistage (NCSM) reported 14% revenue growth in 2024, increasing by $20 million, and anticipates 8% revenue growth in 2025, with 5% organic growth and 3% from the ResMetrics acquisition.
- The company's international revenue more than doubled in 2024 compared to 2023, rising from approximately 5% to 10% of total revenue, driven by market penetration in the North Sea and Middle East.
- NCSM acquired ResMetrics at the end of July, a Tracer Diagnostics provider with trailing 12-month revenues over $10 million and an EBITDA margin over 30%, funded by $7 million in cash on hand.
- The company maintains a strong balance sheet with $26 million in cash at September 30th and $19 million available through its revolving credit facility.
- NCSM trades at approximately four times Enterprise Value to 2025 EBITDA, a 30% discount to its peer median, despite a capital-light business model that generates strong free cash flow, with a midpoint free cash flow guidance of $12 million for the year.
Dec 10, 2025, 6:45 PM
NCS Multistage Reports Strong 2024 Revenue Growth and Projects Continued Growth in 2025
NCSM
M&A
Guidance Update
Revenue Acceleration/Inflection
- NCS Multistage (NCSM) is a technology-focused oil field services and equipment company that reported 14% revenue growth in 2024 and projects 8% revenue growth in 2025, with 5% organic growth and 3% from the ResMetrics acquisition.
- The company acquired ResMetrics for approximately $7 million in cash, a Tracer Diagnostics provider with trailing 12-month revenues over $10 million and an EBITDA margin over 30%, expanding NCSM's global Tracer Diagnostics business and Middle East presence.
- NCSM operates with a capital-light business model, enabling it to generate meaningful free cash flow and maintain a strong balance sheet with a net cash position. It expects to convert 50%-60% of Adjusted EBITDA to free cash flow over time.
- Management believes NCSM is undervalued, trading at approximately four times Enterprise Value to 2025 EBITDA, which is a 30% discount to its peer median, despite its attractive growth prospects and financial performance.
Dec 10, 2025, 6:45 PM
NCS Multistage Reports Strong Q3 2025 Results and Raises Full-Year Free Cash Flow Guidance
NCSM
Earnings
Guidance Update
M&A
- NCS Multistage reported revenue of $46,500,000 and adjusted EBITDA of $7,000,000 for Q3 2025, both exceeding the midpoint of their guidance. Diluted earnings per share was $1.37.
- For the first nine months of 2025, revenue increased 13% year-over-year to $133,000,000, and adjusted EBITDA grew 24% to $17,500,000. The company maintained a strong balance sheet with $25,300,000 in cash and $44,700,000 in total liquidity as of September 30, 2025.
- NCS Multistage raised its full-year 2025 free cash flow guidance (after distributions to non-controlling interest) to $11,000,000 to $13,000,000, reflecting an increase of $3,000,000 at the midpoint.
- The integration of the ResMetrix acquisition, completed in late July 2025, is progressing well with an expected $1,000,000 in synergies. The company issued Q4 2025 revenue guidance of $41,000,000 to $45,000,000 and full-year 2025 revenue guidance of $174,000,000 to $178,000,000.
Oct 30, 2025, 12:30 PM
NCS Multistage Reports Strong Q3 2025 Results and Updates Full-Year Guidance
NCSM
Earnings
Guidance Update
M&A
- NCS Multistage reported Q3 2025 revenue of $46.5 million, a 6% year-over-year improvement, and adjusted EBITDA of $7 million, both exceeding the midpoint of their guidance. For the first nine months of 2025, revenue reached $133 million, up 13% year-over-year, with adjusted EBITDA increasing 24% to $17.5 million.
- The company provided Q4 2025 revenue guidance of $41 million to $45 million and adjusted EBITDA guidance of $5 million to $6.5 million. Full-year 2025 revenue is now projected at $174 million to $178 million, representing 8% year-over-year growth, with pro forma combined adjusted EBITDA expected between $22.5 million and $24 million.
- NCS Multistage generated $6.8 million in free cash flow (after distributions to non-controlling interest) for the first nine months of 2025, significantly improving from the prior year and contributing to a cash balance of $25.3 million as of September 30, 2025. Full-year free cash flow guidance (excluding cash paid for Resmetrics) was increased to $11 million to $13 million.
- The integration of Resmetrics, acquired in late July 2025, is progressing well, with anticipated synergies of approximately $1.5 million at the midpoint.
- The Federal Court of Appeal in Canada overturned a prior judgment against NCS, setting aside a finding of infringement and remanding the matter for reconsideration.
Oct 30, 2025, 12:30 PM
NCS Multistage Holdings, Inc. Announces Q3 2025 Results
NCSM
Earnings
Legal Proceedings
M&A
- NCS Multistage Holdings, Inc. reported total revenues of $46.5 million for the third quarter of 2025, marking a 6% year-over-year improvement.
- Net income was $3.8 million and diluted earnings per share were $1.37 for Q3 2025, compared to net income of $4.1 million and diluted EPS of $1.60 in the same quarter of 2024.
- Adjusted EBITDA was $7.0 million, consistent with the third quarter of 2024.
- As of September 30, 2025, the company had $25.3 million in cash and $7.4 million of total debt.
- In October 2025, the Federal Court of Appeal of Canada overturned a prior judgment in a patent dispute, reducing the cost award against the Company from approximately $1.8 million to $0.9 million.
Oct 29, 2025, 8:08 PM
NCSM Reports Q3 2025 Financial Results and Provides Full Year Guidance
NCSM
Earnings
Guidance Update
M&A
- NCSM reported Q3 2025 total revenue of $46.5 million, a 6% increase compared to Q3 2024, with net income of $3.8 million and Adjusted EBITDA of $7.0 million. For the nine months ended September 30, 2025, revenue was $133.0 million and Adjusted EBITDA was $17.5 million.
- The company provided Full Year 2025 financial guidance, projecting total revenue between $174 million and $178 million (a 6% year-over-year increase at the midpoint) and Adjusted EBITDA between $22.5 million and $24.0 million.
- NCSM completed the strategic acquisition of Tracer Diagnostics, which has delivered revenue growth, margin expansion, and free cash flow in 2024 and 2025, expanding its service offering and footprint in strategic regions. The company has also diversified its business through organic sales, new product development, and the Repeat Precision joint venture.
- As of September 30, 2025, NCSM maintains a strong balance sheet with $25.3 million in cash and $7.4 million in total debt. The company's Enterprise Value / 2025E EBITDA Multiple is 4.7x, trading at a ~12% discount to the peer median multiple.
Oct 28, 2025, 11:00 PM
Quarterly earnings call transcripts for NCS Multistage Holdings.
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