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NCS Multistage Holdings, Inc. (NCSM) 10-Year Financial Performance & Capital Metrics

NCSM • • Industrial / General
EnergyOilfield ServicesCompletion & Production EquipmentCompletion Tools & Systems
AboutNCS 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 include casing-installed sliding sleeves, downhole frac isolation assemblies, sand jet perforating products, accelus sliding sleeves, injection control devices, repeat precision products, chemical and radioactive tracer diagnostics, and well construction products. The company also provides tracer diagnostics services for well completion and reservoir characterization that utilize downhole chemical and radioactive tracers. It offers its products and services primarily to exploration and production companies for use in onshore wells through technically-trained direct sales force, and operating partners or sales representatives. The company was formerly known as Pioneer Super Holdings, Inc. and changed its name to NCS Multistage Holdings, Inc. in December 2016. NCS Multistage Holdings, Inc. was founded in 2006 and is headquartered in Houston, Texas.Show more
  • Revenue $163M +14.1%
  • EBITDA $10M +1153.7%
  • Net Income $7M +309.1%
  • EPS (Diluted) 2.55 +300.8%
  • Gross Margin 38.23% +6.8%
  • EBITDA Margin 5.93% +1023.5%
  • Operating Margin 2.66% +168.5%
  • Net Margin 4.06% +283.3%
  • ROE 5.85% +302.8%
  • ROIC 3.07% +178.6%
  • Debt/Equity 0.13 +2.0%
  • Interest Coverage 10.45 +210.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Trading at only 0.9x book value
  • ✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

  • ✗Weak 3Y average ROE of 0.7%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-4.58%
3Y11.11%
TTM16.49%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-71.33%

EPS CAGR

10Y-
5Y-
3Y-
TTM-73.31%

ROCE

10Y Avg-12.97%
5Y Avg-10.74%
3Y Avg-0.98%
Latest3.5%

Peer Comparison

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WHDCactus, Inc.3.53B51.2818.513%15.86%12.41%7.85%0.03
NCSMNCS Multistage Holdings, Inc.99.78M39.2715.4014.1%6.89%9.64%11.44%0.13
TSTenaris S.A.20.4B40.405.58-15.77%16.91%11.58%10.6%0.03
OMSEOMS Energy Technologies Inc.197.81M4.664.40108.91%22.01%53.12%19.03%0.05
NINENine Energy Service, Inc.17.99M0.42-0.37-9.09%-7.17%
BOOMDMC Global Inc.152.58M7.41-0.90-10.61%-1.11%-1.56%19.21%0.27
OISOil States International, Inc.470.2M7.87-43.72-11.47%3.65%3.48%1.78%0.22

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+114M98.48M201.63M226.96M205.49M106.98M118.5M155.63M142.47M162.56M
Revenue Growth %--0.14%1.05%0.13%-0.09%-0.48%0.11%0.31%-0.08%0.14%
Cost of Goods Sold+81.98M79.4M126.44M126.14M118.47M68.8M74.53M99.55M91.48M100.41M
COGS % of Revenue0.72%0.81%0.63%0.56%0.58%0.64%0.63%0.64%0.64%0.62%
Gross Profit+32.02M19.08M75.19M100.82M87.02M38.18M43.97M56.09M50.99M62.15M
Gross Margin %0.28%0.19%0.37%0.44%0.42%0.36%0.37%0.36%0.36%0.38%
Gross Profit Growth %--0.4%2.94%0.34%-0.14%-0.56%0.15%0.28%-0.09%0.22%
Operating Expenses+37.8M37.06M64.71M82.81M96.51M109.62M49.09M58.34M56.52M57.82M
OpEx % of Revenue0.33%0.38%0.32%0.36%0.47%1.02%0.41%0.37%0.4%0.36%
Selling, General & Admin37.8M37.06M64.71M82.81M88.55M59.42M49.09M58.34M54.02M57.82M
SG&A % of Revenue0.33%0.38%0.32%0.36%0.43%0.56%0.41%0.37%0.38%0.36%
Research & Development3M3.3M3M3.8M002.1M2.7M2.5M2M
R&D % of Revenue0.03%0.03%0.01%0.02%--0.02%0.02%0.02%0.01%
Other Operating Expenses-131K45K1.08M182K7.96M50.19M-2.1M-2.7M0-2M
Operating Income+-5.78M-17.98M4.96M-206.66M-9.49M-71.44M-5.12M-2.25M-5.53M4.33M
Operating Margin %-0.05%-0.18%0.02%-0.91%-0.05%-0.67%-0.04%-0.01%-0.04%0.03%
Operating Income Growth %--2.11%1.28%-42.67%0.95%-6.53%0.93%0.56%-1.45%1.78%
EBITDA+21.49M7.58M32.61M-188.83M945K-65.55M-619K2.07M-915K9.64M
EBITDA Margin %0.19%0.08%0.16%-0.83%0%-0.61%-0.01%0.01%-0.01%0.06%
EBITDA Growth %--0.65%3.3%-6.79%1.01%-70.36%0.99%4.34%-1.44%11.54%
D&A (Non-Cash Add-back)27.27M25.57M27.65M17.84M10.44M5.89M4.5M4.32M4.62M5.32M
EBIT19.86M-20.46M11.48M-206.32M-10.14M-45.09M-2.78M414K-2.76M8.67M
Net Interest Income+-8.06M-6.29M-4.31M-1.96M-1.93M-1.8M-733K-1.01M-586K-414K
Interest Income0000000000
Interest Expense8.06M6.29M4.31M1.96M1.93M1.8M733K1.01M586K414K
Other Income/Expense17.58M-8.76M-3M-1.62M-2.58M24.55M1.6M1.65M2.19M3.93M
Pretax Income+11.8M-26.75M1.96M-208.28M-12.07M-46.89M-3.52M-601K-3.34M8.25M
Pretax Margin %0.1%-0.27%0.01%-0.92%-0.06%-0.44%-0.03%-0%-0.02%0.05%
Income Tax+-16.22M-8.82M670K-23.05M10.75M-7.78M263K351K-232K116K
Effective Tax Rate %2.37%0.67%1.07%0.91%2.72%1.23%1.35%1.83%0.94%0.8%
Net Income+28.02M-17.93M2.1M-190.32M-32.82M-57.6M-4.73M-1.1M-3.15M6.59M
Net Margin %0.25%-0.18%0.01%-0.84%-0.16%-0.54%-0.04%-0.01%-0.02%0.04%
Net Income Growth %--1.64%1.12%-91.54%0.83%-0.75%0.92%0.77%-1.86%3.09%
Net Income (Continuing)28.02M-17.93M1.29M-185.23M-22.82M-39.11M-3.78M-952K-3.11M8.14M
Discontinued Operations0000000000
Minority Interest0012.14M14.93M18.93M19.88M18.08M18.23M17.77M17.27M
EPS (Diluted)+11.66-7.911.00-84.99-9.78-24.37-1.98-0.45-1.272.55
EPS Growth %--1.68%1.13%-85.99%0.88%-1.49%0.92%0.77%-1.82%3.01%
EPS (Basic)11.66-7.911.00-85.00-9.78-24.37-1.98-0.45-1.272.60
Diluted Shares Outstanding2.27M2.27M2.18M2.24M2.33M2.36M2.4M2.43M2.47M2.59M
Basic Shares Outstanding2.27M2.27M2.02M2.24M2.33M2.36M2.4M2.43M2.47M2.54M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+62.74M75.02M117.81M114.59M100.6M83.67M88.49M87.66M103.22M105.57M
Cash & Short-Term Investments9.54M18.27M33.81M25.13M11.24M15.54M22.17M16.23M16.72M25.88M
Cash Only9.54M18.27M33.81M25.13M11.24M15.54M22.17M16.23M16.72M25.88M
Short-Term Investments0000000000
Accounts Receivable28.58M35.17M49.25M54.67M46.99M30.28M29.12M31.57M43.02M36.66M
Days Sales Outstanding91.5130.3589.1587.9283.46103.3289.6974.05110.2282.31
Inventory22.42M17.02M33.13M32.75M39.92M34.87M33.92M37.04M41.61M40.97M
Days Inventory Outstanding99.8378.2395.6594.77123185166.11135.82166.02148.93
Other Current Assets1.59M2.12M1.62M2.04M02.98M02.81M1.86M2.06M
Total Non-Current Assets+269.79M251.81M346.1M115.11M101.98M55M53.83M50.94M48.81M47.24M
Property, Plant & Equipment10.58M9.76M23.65M32.3M32.97M29.61M29.52M27.83M28.18M27.19M
Fixed Asset Turnover10.77x10.09x8.53x7.03x6.23x3.61x4.01x5.59x5.06x5.98x
Goodwill119.28M122.08M184.48M23.11M15.22M15.22M15.22M15.22M15.22M15.22M
Intangible Assets138.89M118.7M136.41M48.98M45.25M6.41M5.74M5.08M4.41M3.69M
Long-Term Investments00-24.18M0000000
Other Non-Current Assets1.04M1.27M1.56M1.39M8.53M3.56M3.11M2.76M937K712K
Total Assets+332.54M326.83M463.91M229.7M202.58M138.68M142.32M138.6M152.03M152.81M
Asset Turnover0.34x0.30x0.43x0.99x1.01x0.77x0.83x1.12x0.94x1.06x
Asset Growth %--0.02%0.42%-0.5%-0.12%-0.32%0.03%-0.03%0.1%0.01%
Total Current Liabilities+8.09M17.54M31.47M25.63M19.78M14.88M19.82M17.69M32.06M25.42M
Accounts Payable5.08M10.26M7.45M7.17M8.55M4.94M7.5M7.55M6.23M8.97M
Days Payables Outstanding22.647.1621.520.7426.3426.2236.7427.6824.8432.61
Short-Term Debt0772K5.33M2.24M1.48M3.17M1.48M1.49M00
Deferred Revenue (Current)01000K1000K608K1000K0046K00
Other Current Liabilities2.68M5.66M3.18M13.41M-194K5.12M2.66M4.11M3.81M3.67M
Current Ratio7.76x4.28x3.74x4.47x5.09x5.62x4.47x4.95x3.22x4.15x
Quick Ratio4.99x3.31x2.69x3.19x3.07x3.28x2.75x2.86x1.92x2.54x
Cash Conversion Cycle168.73161.42163.3161.95180.12262.1219.05182.18251.4198.63
Total Non-Current Liabilities+136.98M131.81M63.45M27.84M19.25M10.31M11.84M11.64M10.58M11.28M
Long-Term Debt85.86M88.39M20.56M23.45M11.44M06.33M56K00
Capital Lease Obligations001.14M1.51M3.49M8.43M3.78M10.06M10.12M10.89M
Deferred Tax Liabilities50.43M42.7M24.18M3.13M2.96M13K114K199K249K186K
Other Non-Current Liabilities693K717K17.35M-253K1.37M1.86M1.61M1.33M213K206K
Total Liabilities145.07M149.35M94.92M53.47M39.03M25.19M31.66M29.34M42.64M36.7M
Total Debt+85.86M89.17M27.04M25.69M18.46M11.6M13.15M12.88M13.51M14.63M
Net Debt76.31M70.89M-6.77M560K7.21M-3.94M-9.02M-3.35M-3.21M-11.24M
Debt / Equity0.46x0.50x0.07x0.15x0.11x0.10x0.12x0.12x0.12x0.13x
Debt / EBITDA4.00x11.76x0.83x-19.53x--6.23x-1.52x
Net Debt / EBITDA3.55x9.35x-0.21x-7.63x---1.62x--1.17x
Interest Coverage-0.72x-2.86x1.15x-105.28x-4.93x-39.78x-6.98x-2.22x-9.44x10.45x
Total Equity+187.47M177.48M368.99M176.23M163.54M113.49M110.67M109.26M109.39M116.11M
Equity Growth %--0.05%1.08%-0.52%-0.07%-0.31%-0.02%-0.01%0%0.06%
Book Value per Share82.7278.31169.3378.7070.1348.0146.1944.9344.2344.83
Total Shareholders' Equity187.47M177.48M356.85M161.3M144.61M93.61M92.58M91.03M91.62M98.84M
Common Stock340K340K439K451K469K24K24K24K25K26K
Retained Earnings39.69M21.76M23.86M-166.21M-199.03M-256.63M-261.36M-262.46M-265.62M-259.02M
Treasury Stock0-175K-175K-337K-652K-809K-1.01M-1.39M-1.68M-1.94M
Accumulated OCI-88.67M-82.02M-66.71M-84.03M-80.81M-81.78M-82.09M-85.62M-85.75M-87.6M
Minority Interest0012.14M14.93M18.93M19.88M18.08M18.23M17.77M17.27M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+4.37M10.68M16.11M14.03M17.95M35.12M11.58M-1.42M4.77M12.72M
Operating CF Margin %0.04%0.11%0.08%0.06%0.09%0.33%0.1%-0.01%0.03%0.08%
Operating CF Growth %-1.45%0.51%-0.13%0.28%0.96%-0.67%-1.12%4.35%1.67%
Net Income28.02M-17.93M1.29M-185.23M-22.82M-39.11M-3.78M-952K-3.11M8.14M
Depreciation & Amortization27.27M25.57M27.65M17.84M10.44M5.89M4.5M4.32M4.62M5.32M
Stock-Based Compensation1.31M1.35M6.11M10.93M12.54M8.48M6.62M6.04M5.37M5.21M
Deferred Taxes-11.3M-9.27M-18.96M-28.84M9M-3.2M96K266K152K-380K
Other Non-Cash Items-22.93M5.59M5.6M227.06M9.31M49.07M1.81M3.14M1.92M3.31M
Working Capital Changes-18.01M5.37M-5.58M-27.73M-520K13.98M2.33M-14.23M-4.17M-8.87M
Change in Receivables16.3M-6.48M-9.49M-4.21M4.74M19.25M-2.56M-4.86M3.86M-9.15M
Change in Inventory4.16M3.54M-10.61M-2.95M-7.64M3.24M-939K-7.68M-5.76M-2.81M
Change in Payables-3.13M5.13M-3.75M219K2.58M-3.17M2.84M1.22M-1.2M2.71M
Cash from Investing+-1.22M-1.84M-85.22M-15.41M-5M-1.06M-444K-698K-1.68M479K
Capital Expenditures-890K-1.16M-5.42M-15.81M-6.37M-2.15M-833K-1.13M-1.88M-1.31M
CapEx % of Revenue0.01%0.01%0.03%0.07%0.03%0.02%0.01%0.01%0.01%0.01%
Acquisitions----------
Investments----------
Other Investing-331K-683K1.35M399K0000199K1.79M
Cash from Financing+-12.77M-315K84.03M-5.13M-27.3M-29.77M-4.26M-2.74M-2.44M-4.27M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-1.2M-140K-2.39M-1.22M-12.8M-18.1M-2.75M-952K-500K-2.05M
Net Change in Cash----------
Free Cash Flow+3.48M9.53M10.69M-1.78M11.57M32.96M10.75M-2.55M2.58M11.42M
FCF Margin %0.03%0.1%0.05%-0.01%0.06%0.31%0.09%-0.02%0.02%0.07%
FCF Growth %-1.74%0.12%-1.17%7.49%1.85%-0.67%-1.24%2.01%3.42%
FCF per Share1.544.204.91-0.804.9613.944.49-1.051.044.41
FCF Conversion (FCF/Net Income)0.16x-0.60x7.67x-0.07x-0.55x-0.61x-2.45x1.29x-1.51x1.93x
Interest Paid9.38M5.45M3.02M1.37M1.07M000377K173K
Taxes Paid20.48M130K4.03M22.36M122K0000431K

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)14.95%-9.82%0.77%-69.81%-19.32%-41.58%-4.22%-1%-2.88%5.85%
Return on Invested Capital (ROIC)-1.64%-5.27%1.22%-57.51%-4.1%-38.23%-3.64%-1.63%-3.91%3.07%
Gross Margin28.09%19.37%37.29%44.42%42.35%35.69%37.11%36.04%35.79%38.23%
Net Margin24.58%-18.2%1.04%-83.85%-15.97%-53.84%-3.99%-0.71%-2.21%4.06%
Debt / Equity0.46x0.50x0.07x0.15x0.11x0.10x0.12x0.12x0.12x0.13x
Interest Coverage-0.72x-2.86x1.15x-105.28x-4.93x-39.78x-6.98x-2.22x-9.44x10.45x
FCF Conversion0.16x-0.60x7.67x-0.07x-0.55x-0.61x-2.45x1.29x-1.51x1.93x
Revenue Growth--13.62%104.75%12.56%-9.46%-47.94%10.77%31.33%-8.46%14.1%

Revenue by Segment

20172018201920202021202220232024
Product------100.45M113.05M
Product Growth-------12.54%
Service------42.02M49.51M
Service Growth-------17.82%
Tracer Diagnostic Services---1.6M900K1.2M--
Tracer Diagnostic Services Growth-----43.75%33.33%--
Services-70.32M------
Services Growth--------

Revenue by Geography

20172018201920202021202220232024
CANADA-------102.44M
CANADA Growth--------
UNITED STATES-------43.65M
UNITED STATES Growth--------
Other Countries3.13M5.59M8.83M10.25M6.73M7.85M6.54M16.47M
Other Countries Growth-78.85%57.90%16.09%-34.36%16.69%-16.62%151.64%
C31.18M28.61M26.67M14.22M19.68M29.7M--
C Growth--8.26%-6.78%-46.68%38.42%50.87%--
U22.66M35.98M24.16M7.31M8.87M12.23M--
U Growth-58.81%-32.85%-69.73%21.29%37.86%--

Frequently Asked Questions

Valuation & Price

NCS Multistage Holdings, Inc. (NCSM) has a price-to-earnings (P/E) ratio of 15.4x. This is roughly in line with market averages.

Growth & Financials

NCS Multistage Holdings, Inc. (NCSM) reported $178.0M in revenue for fiscal year 2024. This represents a 56% increase from $114.0M in 2015.

NCS Multistage Holdings, Inc. (NCSM) grew revenue by 14.1% over the past year. This is steady growth.

Yes, NCS Multistage Holdings, Inc. (NCSM) is profitable, generating $12.3M in net income for fiscal year 2024 (4.1% net margin).

Dividend & Returns

NCS Multistage Holdings, Inc. (NCSM) has a return on equity (ROE) of 5.8%. This is below average, suggesting room for improvement.

NCS Multistage Holdings, Inc. (NCSM) generated $18.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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