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Ncs Multistage Hldgs Inc Financials

NCSM
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Ncs Multistage Hldgs Inc (NCSM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NCSM FY2025

Stable gross margins and mostly fixed overhead converted a sales recovery into materially stronger profit and cash flow.

FY2025’s net-income surge overstates the change in the core business: operating margin reached 5.7%, not the 12.9% suggested by net margin. That spread is largely explained by a tax benefit of -$9.2M, while rising operating cash flow shows the improvement is also being earned in cash rather than appearing only below the operating line.

The turnaround looks like fixed-cost absorption more than a repricing story. Gross margin stayed in a tight band between 38.8% and 41.5% over the recent cycle, but selling and admin expense changed far less than revenue, so incremental sales finally dropped through to operating profit after several loss-making years.

This is becoming an asset-light cash engine. FY2025 capital spending was only $1.2M against free cash flow of $21.0M, so maintenance reinvestment is not consuming operating cash. With $36.7M of cash and only modest long-term debt, the company now appears internally funded rather than dependent on external financing to support operations.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 58 / 100
Financial Profile 58/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Ncs Multistage Hldgs Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
29

Ncs Multistage Hldgs Inc has an operating margin of 5.7%, meaning the company retains $6 of operating profit per $100 of revenue. This below-average margin results in a low score of 29/100, suggesting thin profitability after operating expenses. This is up from 2.7% the prior year.

Growth
56

Ncs Multistage Hldgs Inc's revenue grew 13.0% year-over-year to $183.6M, a solid pace of expansion. This earns a growth score of 56/100.

Leverage
100

Ncs Multistage Hldgs Inc carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
85

With a current ratio of 4.27, Ncs Multistage Hldgs Inc holds $4.27 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.

Cash Flow
46

Ncs Multistage Hldgs Inc has a free cash flow margin of 11.4%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
35

Ncs Multistage Hldgs Inc's ROE of 18.8% shows moderate profitability relative to equity, earning a score of 35/100. This is up from 6.7% the prior year.

Altman Z-Score Grey Zone
1.81

Ncs Multistage Hldgs Inc scores 1.81, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($114.7M) relative to total liabilities ($38.1M). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
5/9

Ncs Multistage Hldgs Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed
0.93x

For every $1 of reported earnings, Ncs Multistage Hldgs Inc generates $0.93 in operating cash flow ($22.2M OCF vs $23.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
$183.6M
YoY+13.0%
5Y CAGR+11.4%
10Y CAGR+4.9%

Ncs Multistage Hldgs Inc generated $183.6M in revenue in fiscal year 2025. This represents an increase of 13.0% from the prior year.

EBITDA
$16.4M
YoY+70.4%
10Y CAGR-2.7%

Ncs Multistage Hldgs Inc's EBITDA was $16.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 70.4% from the prior year.

Net Income
$23.7M
YoY+260.2%
10Y CAGR-1.6%

Ncs Multistage Hldgs Inc reported $23.7M in net income in fiscal year 2025. This represents an increase of 260.2% from the prior year.

EPS (Diluted)
$8.65
YoY+239.2%

Ncs Multistage Hldgs Inc earned $8.65 per diluted share (EPS) in fiscal year 2025. This represents an increase of 239.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$21.0M
YoY+83.7%
5Y CAGR-8.7%
10Y CAGR+19.7%

Ncs Multistage Hldgs Inc generated $21.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 83.7% from the prior year.

Cash & Debt
$36.7M
YoY+41.9%
5Y CAGR+18.8%
10Y CAGR+14.4%

Ncs Multistage Hldgs Inc held $36.7M in cash against $5.3M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
3M
YoY+1.5%
5Y CAGR+1.5%

Ncs Multistage Hldgs Inc had 3M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.

Margins & Returns

Gross Margin
41.1%
YoY-0.4pp
5Y CAGR-0.1pp
10Y CAGR-10.9pp

Ncs Multistage Hldgs Inc's gross margin was 41.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.

Operating Margin
5.7%
YoY+3.1pp
5Y CAGR+72.5pp
10Y CAGR+10.8pp

Ncs Multistage Hldgs Inc's operating margin was 5.7% in fiscal year 2025, reflecting core business profitability. This is up 3.1 percentage points from the prior year.

Net Margin
12.9%
YoY+8.9pp
5Y CAGR+66.8pp
10Y CAGR-11.6pp

Ncs Multistage Hldgs Inc's net profit margin was 12.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 8.9 percentage points from the prior year.

Return on Equity
18.8%
YoY+12.1pp
5Y CAGR+80.3pp
10Y CAGR+3.9pp

Ncs Multistage Hldgs Inc's ROE was 18.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 12.1 percentage points from the prior year.

Capital Allocation

R&D Spending
$2.0M
YoY+0.0%
5Y CAGR+1.0%
10Y CAGR-4.0%

Ncs Multistage Hldgs Inc invested $2.0M in research and development in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$1.2M
YoY-8.3%
5Y CAGR-10.6%
10Y CAGR+3.0%

Ncs Multistage Hldgs Inc invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 8.3% from the prior year.

NCSM Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $45.6M-9.9% $50.6M+8.8% $46.5M+27.7% $36.5M-27.1% $50.0M+11.1% $45.0M+2.3% $44.0M+48.2% $29.7M
Cost of Revenue $27.5M-6.8% $29.5M+8.6% $27.1M+15.6% $23.5M-16.7% $28.1M+9.9% $25.6M+0.6% $25.5M+43.8% $17.7M
Gross Profit $18.2M-14.1% $21.2M+9.0% $19.4M+49.4% $13.0M-40.5% $21.9M+12.7% $19.4M+4.6% $18.5M+54.8% $12.0M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $15.7M+10.7% $14.2M-4.1% $14.8M+8.7% $13.6M-15.9% $16.2M+7.7% $15.0M+6.3% $14.1M-4.6% $14.8M
Operating Income $848K-83.7% $5.2M+70.4% $3.1M+250.9% -$2.0M-147.3% $4.3M+46.0% $2.9M-3.3% $3.0M+173.2% -$4.2M
Interest Expense $100K N/A N/A N/A N/A N/A N/A N/A
Income Tax $834K+110.0% -$8.3M-1413.5% -$549K+46.8% -$1.0M-253.3% $673K+211.1% -$606K-1631.4% -$35K-113.0% $270K
Net Income -$371K-102.5% $15.0M+292.9% $3.8M+312.1% $924K-77.2% $4.1M+16.9% $3.5M-16.3% $4.1M+234.0% -$3.1M
EPS (Diluted) $-0.14 N/A $1.37+302.9% $0.34-77.5% $1.51 N/A $1.60+232.2% $-1.21

NCSM Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $174.6M-3.7% $181.2M+11.8% $162.0M+2.6% $158.0M+1.8% $155.1M+1.5% $152.8M+4.8% $145.8M+4.6% $139.4M
Current Assets $117.0M-4.0% $121.9M+9.5% $111.3M+0.3% $111.0M+1.8% $109.0M+3.3% $105.6M+6.2% $99.5M+8.3% $91.8M
Cash & Equivalents $34.5M-6.2% $36.7M+45.2% $25.3M-0.3% $25.4M+10.3% $23.0M-11.1% $25.9M+68.8% $15.3M-17.6% $18.6M
Inventory $40.8M+4.5% $39.0M-11.5% $44.1M+1.3% $43.5M+6.8% $40.8M-0.5% $41.0M-0.6% $41.2M-0.9% $41.6M
Accounts Receivable $35.8M-11.6% $40.5M+12.3% $36.1M+5.4% $34.2M-10.9% $38.4M+21.9% $31.5M-14.0% $36.7M+49.6% $24.5M
Goodwill $16.4M0.0% $16.4M0.0% $16.4M+7.7% $15.2M0.0% $15.2M0.0% $15.2M0.0% $15.2M0.0% $15.2M
Total Liabilities $30.8M-19.2% $38.1M+9.1% $34.9M+2.7% $34.0M-0.8% $34.3M-6.6% $36.7M+15.7% $31.7M+4.6% $30.3M
Current Liabilities $21.9M-23.3% $28.5M+12.5% $25.4M+6.5% $23.8M-0.2% $23.9M-6.1% $25.4M+15.0% $22.1M+10.9% $19.9M
Long-Term Debt $4.9M-6.7% $5.3M+2.9% $5.1M-6.4% $5.5M+1.7% $5.4M-10.5% $6.0M-8.0% $6.5M-4.4% $6.8M
Total Equity $124.8M-1.1% $126.2M+14.6% $110.1M+3.5% $106.4M+3.2% $103.2M+4.4% $98.8M+2.9% $96.0M+5.5% $91.0M
Retained Earnings -$235.6M-0.2% -$235.3M+6.0% -$250.2M+1.5% -$254.0M+0.4% -$255.0M+1.6% -$259.0M+1.3% -$262.5M+1.6% -$266.6M

NCSM Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $1.3M-90.3% $13.1M+83.2% $7.2M+103.6% $3.5M+314.0% -$1.6M-115.5% $10.6M+627.7% -$2.0M-133.7% $6.0M
Capital Expenditures $591K+162.7% $225K-2.6% $231K-17.8% $281K-39.4% $464K+105.3% $226K-49.8% $450K+34.7% $334K
Free Cash Flow $689K-94.7% $12.9M+86.0% $6.9M+114.1% $3.2M+253.6% -$2.1M-120.2% $10.4M+522.3% -$2.5M-143.7% $5.6M
Investing Cash Flow -$559K-139.9% -$233K+95.8% -$5.6M-24187.0% -$23K+94.9% -$451K-137.2% $1.2M+457.2% -$339K-31.9% -$257K
Financing Cash Flow -$2.9M-94.6% -$1.5M+2.9% -$1.6M-7.2% -$1.4M-83.5% -$790K+50.3% -$1.6M-57.4% -$1.0M+2.8% -$1.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

NCSM Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 39.8%-2.0pp 41.8%+0.1pp 41.7%+6.1pp 35.7%-8.1pp 43.7%+0.6pp 43.1%+1.0pp 42.1%+1.8pp 40.3%
Operating Margin 1.9%-8.4pp 10.3%+3.7pp 6.6%+12.2pp -5.6%-14.2pp 8.6%+2.1pp 6.5%-0.4pp 6.9%+20.9pp -14.0%
Net Margin -0.8%-30.4pp 29.5%+21.4pp 8.2%+5.6pp 2.5%-5.6pp 8.1%+0.4pp 7.7%-1.7pp 9.4%+19.8pp -10.4%
Return on Equity -0.3%-12.2pp 11.8%+8.4pp 3.5%+2.6pp 0.9%-3.1pp 3.9%+0.4pp 3.5%-0.8pp 4.3%+7.7pp -3.4%
Return on Assets -0.2%-8.5pp 8.3%+5.9pp 2.4%+1.8pp 0.6%-2.0pp 2.6%+0.3pp 2.3%-0.6pp 2.8%+5.1pp -2.2%
Current Ratio 5.35+1.1 4.27-0.1 4.39-0.3 4.66+0.1 4.57+0.4 4.15-0.3 4.50-0.1 4.61
Debt-to-Equity 0.040.0 0.040.0 0.050.0 0.050.0 0.050.0 0.060.0 0.070.0 0.07
FCF Margin 1.5%-24.0pp 25.5%+10.6pp 14.9%+6.0pp 8.9%+13.1pp -4.2%-27.4pp 23.2%+28.8pp -5.6%-24.6pp 19.0%

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Frequently Asked Questions

Ncs Multistage Hldgs Inc (NCSM) reported $183.6M in total revenue for fiscal year 2025. This represents a 13.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Ncs Multistage Hldgs Inc (NCSM) revenue grew by 13% year-over-year, from $162.6M to $183.6M in fiscal year 2025.

Yes, Ncs Multistage Hldgs Inc (NCSM) reported a net income of $23.7M in fiscal year 2025, with a net profit margin of 12.9%.

Ncs Multistage Hldgs Inc (NCSM) reported diluted earnings per share of $8.65 for fiscal year 2025. This represents a 239.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ncs Multistage Hldgs Inc (NCSM) had EBITDA of $16.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Ncs Multistage Hldgs Inc (NCSM) had $36.7M in cash and equivalents against $5.3M in long-term debt.

Ncs Multistage Hldgs Inc (NCSM) had a gross margin of 41.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Ncs Multistage Hldgs Inc (NCSM) had an operating margin of 5.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Ncs Multistage Hldgs Inc (NCSM) had a net profit margin of 12.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Ncs Multistage Hldgs Inc (NCSM) has a return on equity of 18.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Ncs Multistage Hldgs Inc (NCSM) generated $21.0M in free cash flow during fiscal year 2025. This represents a 83.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Ncs Multistage Hldgs Inc (NCSM) generated $22.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Ncs Multistage Hldgs Inc (NCSM) had $181.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Ncs Multistage Hldgs Inc (NCSM) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Ncs Multistage Hldgs Inc (NCSM) invested $2.0M in research and development during fiscal year 2025.

Ncs Multistage Hldgs Inc (NCSM) had 3M shares outstanding as of fiscal year 2025.

Ncs Multistage Hldgs Inc (NCSM) had a current ratio of 4.27 as of fiscal year 2025, which is generally considered healthy.

Ncs Multistage Hldgs Inc (NCSM) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Ncs Multistage Hldgs Inc (NCSM) had a return on assets of 13.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Ncs Multistage Hldgs Inc (NCSM) has an Altman Z-Score of 1.81, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Ncs Multistage Hldgs Inc (NCSM) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Ncs Multistage Hldgs Inc (NCSM) has an earnings quality ratio of 0.93x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Ncs Multistage Hldgs Inc (NCSM) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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