Here are the 10-K annual reports from NCS Multistage Holdings, Inc. (NCSM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NCSM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NCSM filings page.
NCS Multistage Holdings, Inc. provides engineered products and services that optimize oil and gas well construction, completion and field development, focused on horizontal, often unconventional, wells.
For the year ended December 31, 2025, revenue was $183.6 million, up from $162.6 million in 2024. Net income attributable to NCS Multistage Holdings, Inc. rose to $23.7 million from $6.6 million, while total assets increased to $181.2 million from $152.8 million.
About 60% of 2025 revenue came from fracturing systems and enhanced recovery, ~20% from Repeat Precision and ~10% each from well construction products and tracer diagnostics. Geographically, Canada contributed approximately 58% of 2025 revenue, the United States 32% and other international markets 10%. The company owns a 50% controlling interest in Repeat Precision and acquired Reservoir Metrics, LLC on July 31, 2025 to expand tracer diagnostics.
As of March 3, 2026, NCS had 2,545,535 common shares outstanding and, as of December 31, 2025, 272 full-time employees plus 216 employees at Repeat Precision. Key risks include commodity price cyclicality, customer concentration (one combined customer represented 18% of 2025 revenue), Canadian dollar exposure, supply chain and tariff pressures, extensive environmental and hydraulic fracturing regulation, patent litigation in Canada and a Canadian Notice of Reassessment totaling about $13.5 million.