NCSM is no longer listed. Its last trade on record was Sep 2, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Latest Ratios: P/E Ratio N/A · EV/EBITDA N/A · ROE N/A. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | — | $108M | $67M | $44M | $61M | $69M | $53M | $98M | $228M | $642M | — |
| Enterprise Value | — | $85M | $56M | $41M | $57M | $60M | $49M | $105M | $229M | $636M | — |
| P/E Ratio → | — | 4.57 | 10.18 | — | — | — | — | — | — | 294.80 | — |
| P/S Ratio | — | 0.59 | 0.41 | 0.31 | 0.39 | 0.59 | 0.50 | 0.48 | 1.00 | 3.19 | — |
| P/B Ratio | — | 0.76 | 0.58 | 0.40 | 0.56 | 0.63 | 0.47 | 0.60 | 1.29 | 1.74 | — |
| P/FCF | — | 5.17 | 5.89 | 17.10 | — | 6.46 | 1.61 | 8.46 | — | 60.07 | — |
| P/OCF | — | 4.89 | 5.28 | 9.25 | — | 6.00 | 1.52 | 5.46 | 16.25 | 39.87 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 0.34 | 0.29 | 0.37 | 0.51 | 0.46 | 0.51 | 1.01 | 3.15 | — |
| EV / EBITDA | — | 4.79 | 5.81 | — | 27.81 | — | — | 111.28 | — | 19.49 | — |
| EV / EBIT | — | 4.96 | 6.46 | — | 138.76 | — | — | — | — | 55.35 | — |
| EV / FCF | — | 4.04 | 4.90 | 15.85 | — | 5.62 | 1.49 | 9.09 | — | 59.44 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | 38.2% | 38.2% | 35.8% | 36.0% | 37.1% | 35.7% | 42.3% | 44.4% | 37.3% | 19.4% |
| Operating Margin | — | 6.4% | 2.7% | -3.9% | -1.4% | -4.3% | -66.8% | -4.6% | -91.1% | 2.5% | -18.3% |
| Net Profit Margin | — | 12.9% | 4.1% | -2.2% | -0.7% | -4.0% | -53.8% | -16.0% | -83.9% | 1.0% | -18.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | 18.3% | 5.8% | -2.9% | -1.0% | -4.2% | -41.6% | -19.3% | -69.8% | 0.8% | -9.8% |
| ROA | — | 14.2% | 4.3% | -2.2% | -0.8% | -3.4% | -33.8% | -15.2% | -54.9% | 0.5% | -5.4% |
| ROIC | — | 7.9% | 3.1% | -3.9% | -1.6% | -3.6% | -38.2% | -4.1% | -57.5% | 1.2% | -5.3% |
| ROCE | — | 8.4% | 3.5% | -4.6% | -1.9% | -4.2% | -46.6% | -4.9% | -64.9% | 1.3% | -5.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | 0.09 | 0.13 | 0.12 | 0.12 | 0.12 | 0.10 | 0.11 | 0.15 | 0.07 | 0.50 |
| Debt / EBITDA | — | 0.73 | 1.52 | — | 6.23 | — | — | 19.53 | — | 0.83 | 11.76 |
| Net Debt / Equity | — | -0.17 | -0.10 | -0.03 | -0.03 | -0.08 | -0.03 | 0.04 | 0.00 | -0.02 | 0.40 |
| Net Debt / EBITDA | — | -1.34 | -1.17 | — | -1.62 | — | — | 7.63 | — | -0.21 | 9.35 |
| Debt / FCF | — | -1.13 | -0.99 | -1.24 | — | -0.84 | -0.12 | 0.62 | — | -0.63 | 7.44 |
| Interest Coverage | — | 68.01 | 20.94 | -4.70 | 0.41 | -3.80 | -25.11 | -5.27 | -105.10 | 2.67 | -3.25 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | 4.27 | 4.15 | 3.22 | 4.95 | 4.47 | 5.62 | 5.09 | 4.47 | 3.74 | 4.28 |
| Quick Ratio | — | 2.91 | 2.54 | 1.92 | 2.86 | 2.75 | 3.28 | 3.07 | 3.19 | 2.69 | 3.31 |
| Cash Ratio | — | 1.29 | 1.02 | 0.52 | 0.92 | 1.12 | 1.04 | 0.57 | 0.98 | 1.07 | 1.04 |
| Asset Turnover | — | 1.02 | 1.06 | 0.94 | 1.12 | 0.83 | 0.77 | 1.01 | 0.99 | 0.43 | 0.30 |
| Inventory Turnover | — | 2.92 | 2.45 | 2.20 | 2.69 | 2.20 | 1.97 | 2.97 | 3.85 | 3.82 | 4.67 |
| Days Sales Outstanding | — | 87.24 | 82.31 | 110.22 | 74.05 | 89.69 | 103.32 | 83.46 | 87.92 | 89.15 | 130.35 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 21.9% | 9.8% | — | — | — | — | — | — | 0.3% | — |
| FCF Yield | — | 19.3% | 17.0% | 5.8% | — | 15.5% | 61.9% | 11.8% | — | 1.7% | — |
| Buyback Yield | — | 0.3% | 0.4% | 0.7% | 0.6% | 0.3% | 0.3% | 0.3% | 0.1% | 0.0% | — |
| Total Shareholder Yield | — | 0.3% | 0.4% | 0.7% | 0.6% | 0.3% | 0.3% | 0.3% | 0.1% | 0.0% | — |
| Shares Outstanding | — | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M |
Includes 30+ ratios · 11 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying NCSM stock.
Based on historical data, NCS Multistage Holdings, Inc. is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Volatile margins and earnings quality
Metrics are mathematically derived from official filings.
Trailing Multiples Flatter a Fragile Earnings Base
NCSM trades at 6.17x trailing P/E and 6.57x EV/EBITDA against a forward P/E of 21.09x, as reported in the supplied multiples data, implying the market expects earnings to contract sharply from the 2025Q4 peak.
The gap between trailing and forward P/E suggests the trailing figure is inflated by the 29.3% net margin quarter in 2025Q4 rather than reflecting repeatable earning power. A 0.76x P/S and 1.02x P/B point to the equity being priced close to tangible asset value rather than carrying a growth premium. Investors should monitor whether forward estimates hold, since the implied earnings base is far thinner than the trailing multiple suggests.
Peak Margins Overstate Repeatable Earning Power
Across ten reported quarters, NCSM's operating margin ranged from -14.6% to 11.2%, and its net margin averaged near breakeven, indicating earnings power sits well below the 2025Q4 peak.
Gross margin moved between 31.8% and 41.0%, and the latest 32.2% reading sits well below activity-driven peaks, which suggests cost absorption is highly sensitive to utilization. The 29.3% net margin in 2025Q4 diverged sharply from a 6.6% operating margin, so non-operating or tax items likely drove that result, making operating margin the more reliable gauge. Earnings appear cyclical and should not be capitalized at peak-period levels without evidence of durability.
Returns Oscillate Without Sustained Compounding
ROIC has ranged from -3.6% to 3.7% over ten quarters, with the latest reading at -3.6%, as reported in NCSM's ratio history, indicating returns have not compounded durably.
ROE of 11.1% in 2025Q4 was an outlier against a ten-quarter pattern mostly between 0% and 3%, which suggests the spike reflects the same non-operating gains rather than improved capital efficiency. ROIC stayed below 4% throughout, a level that may not comfortably exceed the cost of capital for a cyclical oilfield services business. The data points to returns driven by volatile margins rather than improving asset turnover, warranting continued monitoring.
Light Debt Keeps Refinancing Exposure Contained
NCSM's debt-to-equity ratio fell from 0.13 to 0.05 over the period, while interest coverage swung from negative readings to above 100x, based on reported figures, showing light leverage but unstable coverage.
Low leverage limits refinancing exposure, yet coverage ratios such as 175.6x and 123.1x reflect a tiny interest burden against volatile operating income rather than a robust debt-service cushion. The negative coverage reading in 2026Q2 shows that when operating income turns negative, the modest debt load cannot be serviced from operations. Leverage risk appears low, but the metric is distorted by the small denominator and should be read with caution.
Current Ratio Strong While Asset Turnover Weakens
A current ratio of 4.27 in 2026Q2, held between roughly 4.2 and 5.4 across periods, indicates ample short-term coverage, as reported in the balance sheet ratio data.
The high current ratio is supported by a sizable cash position and receivables, and the quick ratio of 2.65 shows current assets remain liquid even excluding inventory. Asset turnover of 0.22 and 0.26 in recent quarters, compared with 0.29 to 0.32 earlier, suggests the asset base generates less revenue per dollar and may be underused. Liquidity appears adequate under moderate stress, though the declining turnover warrants monitoring.
Cash Conversion Cycle Stretches Beyond 200 Days
NCSM's cash conversion cycle reached 202 days in 2026Q2 and 218 days in 2025Q2, driven by inventory days near 149 to 154, as reported in the working capital ratio series.
A long cash conversion cycle reflects heavy inventory holding relative to payables, with DPO of 41 days offset by DIO exceeding 149 days in the latest quarter. This suggests working capital absorbs cash during slower activity, consistent with the episodic operating cash flow pattern. Investors should watch whether inventory normalizes, since a persistently elevated cycle may constrain free cash flow even when reported earnings improve.
Peer Multiples Mask Cyclical Downside Risk
NCSM's 6.17x trailing P/E looks inexpensive against the peer group, yet peers with negative or distorted earnings make the comparison unreliable, as suggested by the supplied peer context and reported ROIC figures.
The low trailing multiple may appear attractive, but the peer set includes companies with negative earnings or extreme P/E values such as PUMP at 819x, so the comparison offers limited guidance on fair value. NCSM's own ROIC of -3.6% in the latest quarter sits below peers such as WTTR at 2.3%, suggesting the discount may reflect weaker returns rather than mispricing. Investors should treat the multiple discount as a signal to examine the durability of earnings rather than as evidence of undervaluation.