WBI
WaterBridge Infrastructure LLC
Oil & Gas Energy
Market Cap$1.43B
5Y Perf.+3.9%
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Side-by-side financial analysisWBI
NCSM
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Stock Comparison
WBI vs NCSM
Revenue, margins, valuation, and 5-year total return — side by side.
NCSM
NCS Multistage Holdings, Inc.
Oil & Gas Equipment & Services
Market Cap$142M
5Y Perf.+12.1%
WBI vs NCSM — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot |  WBI |  NCSM |
|---|---|---|
| Industry | Oil & Gas Energy | Oil & Gas Equipment & Services |
| Market Cap | $1.43B | $142M |
| Revenue (TTM) | $548M | $180M |
| Net Income (TTM) | $16M | $19M |
| Gross Margin | 24.5% | 36.7% |
| Operating Margin | 14.7% | 5.2% |
| Forward P/E | 58.8x | 15.8x |
| Total Debt | $13M | $13M |
| Cash & Equiv. | $52M | $37M |
Quick Verdict: WBI vs NCSM
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: NCSM leads in 4 of 6 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. WaterBridge Infrastructure LLC is the stronger pick specifically for capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
🥇NCSM emerged as the overall leader. Track its performance:
WBI
WaterBridge Infrastructure LLC
The Long-Run Compounder
WBI is the clearest fit if your priority is long-term compounding and sleep-well-at-night.
- 21.5% 10Y total return vs NCSM's -86.5%
- Low D/E 0.7%, current ratio 1.38x
- Lower D/E ratio (0.7% vs 9.0%)
Best for: long-term compounding and sleep-well-at-night
NCSM
NCS Multistage Holdings, Inc.
The Defensive Pick
NCSM carries the broadest edge in this set and is the clearest fit for defensive.
- Beta 0.32, current ratio 4.27x
- Lower P/E (15.8x vs 58.8x)
- 10.8% margin vs WBI's 2.9%
Best for: defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Value |  NCSM | Lower P/E (15.8x vs 58.8x) |
| Quality / Margins | NCSM | 10.8% margin vs WBI's 2.9% |
| Stability / Safety |  WBI | Lower D/E ratio (0.7% vs 9.0%) |
| Dividends | Tie | Neither stock pays a meaningful dividend |
| Momentum (1Y) | NCSM | +78.7% vs WBI's +21.5% |
| Efficiency (ROA) | NCSM | 11.4% ROA vs WBI's 0.4%, ROIC 7.9% vs 3.3% |
WBI vs NCSM — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
WBI vs NCSM — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLWBILAGGINGNCSM
NCSMNCS Multistage Holdin…
2leads
WBIWaterBridge Infrastru…
2leads
6 Total Categories
CATEGORYLEADERvs NCSMMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
Tied
—
Valuation MetricsMultiples, price ratios, and targets
WBI3/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NCSM5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
NCSM5/6
Risk & VolatilityBeta, volatility, and downside exposure
WBI1/1
Analyst OutlookRatings, price targets, and dividends
—
—
Income & Cash Flow (Last 12 Months)
Evenly matched — WBI and NCSM each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
WBI is the larger business by revenue, generating $548M annually — 3.1x NCSM's $180M. NCSM is the more profitable business, keeping 10.8% of every revenue dollar as net income compared to WBI's 2.9%. On growth, WBI holds the edge at +12.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | WBIWaterBridge Infra… | NCSMNCS Multistage Ho… |
|---|---|---|
| RevenueTrailing 12 months | $548M | $180M |
| EBITDAEarnings before interest/tax | $249M | $15M |
| Net IncomeAfter-tax profit | $16M | $19M |
| Free Cash FlowCash after capex | -$135M | $24M |
| Gross MarginGross profit ÷ Revenue | +24.5% | +36.7% |
| Operating MarginEBIT ÷ Revenue | +14.7% | +5.2% |
| Net MarginNet income ÷ Revenue | +2.9% | +10.8% |
| FCF MarginFCF ÷ Revenue | -24.6% | +13.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +12.8% | -8.7% |
| EPS Growth (YoY)Latest quarter vs prior year | +100.0% | -109.3% |
Evenly matched — WBI and NCSM each lead in 3 of 6 comparable metrics.
Valuation Metrics
WBI leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
On an enterprise value basis, WBI's 6.3x EV/EBITDA is more attractive than NCSM's 6.7x.
| Metric | WBIWaterBridge Infra… | NCSMNCS Multistage Ho… |
|---|---|---|
| Market CapShares × price | $1.4B | $142M |
| Enterprise ValueMkt cap + debt − cash | $1.4B | $118M |
| Trailing P/EPrice ÷ TTM EPS | -305.00x | 6.24x |
| Forward P/EPrice ÷ next-FY EPS est. | 58.76x | 15.82x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 6.35x | 6.67x |
| Price / SalesMarket cap ÷ Revenue | 2.73x | 0.77x |
| Price / BookPrice ÷ Book value/share | 0.71x | 1.04x |
| Price / FCFMarket cap ÷ FCF | — | 6.76x |
WBI leads this category, winning 3 of 5 comparable metrics.
Profitability & Efficiency
NCSM leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
NCSM delivers a 14.4% return on equity — every $100 of shareholder capital generates $14 in annual profit, vs $1 for WBI. WBI carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to NCSM's 0.09x. On the Piotroski fundamental quality scale (0–9), WBI scores 7/9 vs NCSM's 6/9, reflecting strong financial health.
| Metric | WBIWaterBridge Infra… | NCSMNCS Multistage Ho… |
|---|---|---|
| ROE (TTM)Return on equity | +0.9% | +14.4% |
| ROA (TTM)Return on assets | +0.4% | +11.4% |
| ROICReturn on invested capital | +3.3% | +7.9% |
| ROCEReturn on capital employed | +2.2% | +8.4% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 6 |
| Debt / EquityFinancial leverage | 0.01x | 0.09x |
| Net DebtTotal debt minus cash | -$39M | -$24M |
| Cash & Equiv.Liquid assets | $52M | $37M |
| Total DebtShort + long-term debt | $13M | $13M |
| Interest CoverageEBIT ÷ Interest expense | 0.30x | 28.21x |
NCSM leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
NCSM leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NCSM five years ago would be worth $17,685 today (with dividends reinvested), compared to $12,148 for WBI. Over the past 12 months, NCSM leads with a +78.7% total return vs WBI's +21.5%. The 3-year compound annual growth rate (CAGR) favors NCSM at 42.8% vs WBI's 6.7% — a key indicator of consistent wealth creation.
| Metric | WBIWaterBridge Infra… | NCSMNCS Multistage Ho… |
|---|---|---|
| YTD ReturnYear-to-date | +21.5% | +36.2% |
| 1-Year ReturnPast 12 months | +21.5% | +78.7% |
| 3-Year ReturnCumulative with dividends | +21.5% | +191.0% |
| 5-Year ReturnCumulative with dividends | +21.5% | +76.9% |
| 10-Year ReturnCumulative with dividends | +21.5% | -86.5% |
| CAGR (3Y)Annualised 3-year return | +6.7% | +42.8% |
NCSM leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
WBI leads this category, winning 1 of 1 comparable metric.
Risk & Volatility
WBI currently trades 95.6% from its 52-week high vs NCSM's 61.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | WBIWaterBridge Infra… | NCSMNCS Multistage Ho… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | — | 0.32x |
| 52-Week HighHighest price in past year | $31.90 | $87.36 |
| 52-Week LowLowest price in past year | $23.18 | $28.73 |
| % of 52W HighCurrent price vs 52-week peak | +95.6% | +61.8% |
| RSI (14)Momentum oscillator 0–100 | 54.8 | 53.2 |
| Avg Volume (50D)Average daily shares traded | 599K | 39K |
WBI leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
| Metric | WBIWaterBridge Infra… | NCSMNCS Multistage Ho… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | — |
| Price TargetConsensus 12-month target | $34.00 | — |
| # AnalystsCovering analysts | 5 | — |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.2% |
Insufficient data to determine a leader in this category.
Key Takeaway
WBI leads in 2 of 6 categories (Valuation Metrics, Risk & Volatility). NCSM leads in 2 (Profitability & Efficiency, Total Returns). 1 tied.
Best OverallWaterBridge Infrastructure … (WBI)Leads 2 of 6 categories
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WBI vs NCSM: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is WBI or NCSM a better buy right now?
NCS Multistage Holdings, Inc.
(NCSM) offers the better valuation at 6. 2x trailing P/E (15. 8x forward), making it the more compelling value choice. Analysts rate WaterBridge Infrastructure LLC (WBI) a "Buy" — based on 5 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — WBI or NCSM?
On forward P/E, NCS Multistage Holdings, Inc.
is actually cheaper at 15. 8x.
03Which is the better long-term investment — WBI or NCSM?
Over the past 5 years, NCS Multistage Holdings, Inc.
(NCSM) delivered a total return of +76. 9%, compared to +21. 5% for WaterBridge Infrastructure LLC (WBI). Over 10 years, the gap is even starker: WBI returned +21. 5% versus NCSM's -86. 5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — WBI or NCSM?
On balance sheet safety, WaterBridge Infrastructure LLC (WBI) carries a lower debt/equity ratio of 1% versus 9% for NCS Multistage Holdings, Inc.
— giving it more financial flexibility in a downturn.
05Which has better profit margins — WBI or NCSM?
NCS Multistage Holdings, Inc.
(NCSM) is the more profitable company, earning 12. 9% net margin versus -0. 9% for WaterBridge Infrastructure LLC — meaning it keeps 12. 9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WBI leads at 15. 0% versus 6. 4% for NCSM. At the gross margin level — before operating expenses — NCSM leads at 38. 2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is WBI or NCSM more undervalued right now?
On forward earnings alone, NCS Multistage Holdings, Inc.
(NCSM) trades at 15. 8x forward P/E versus 58. 8x for WaterBridge Infrastructure LLC — 42. 9x cheaper on a one-year earnings basis.
07Which pays a better dividend — WBI or NCSM?
None of the stocks in this comparison currently pay a material dividend.
All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is WBI or NCSM better for a retirement portfolio?
For long-horizon retirement investors, NCS Multistage Holdings, Inc.
(NCSM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 32)). Both have compounded well over 10 years (NCSM: -86. 5%, WBI: +21. 5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between WBI and NCSM?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: WBI is a small-cap quality compounder stock; NCSM is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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