Revenue growth remains highly cyclical, swinging from a 22.8% expansion in 2025Q2 to an 8.7% contraction by 2026Q1, while gross margins have compressed to 36.3%.
| Sales/Revenue | 179.61M | 184.73M | 162.56M | 142.47M | 155.63M | 118.5M | 106.98M | 205.49M | 226.96M | 201.63M | 98.48M | 114M |
| Revenue Growth % | 6.46% | 13.64% | 14.1% | -8.46% | 31.33% | 10.77% | -47.94% | -9.46% | 12.56% | 104.75% | -13.62% | - |
| Cost of Goods Sold | 113.63M | 114.09M | 100.41M | 91.48M | 99.55M | 74.53M | 68.8M | 118.47M | 126.14M | 126.44M | 79.4M | 81.98M |
| COGS % of Revenue | - | 61.76% | 61.77% | 64.21% | 63.96% | 62.89% | 64.31% | 57.65% | 55.58% | 62.71% | 80.63% | 71.91% |
| Gross Profit | 65.98M | 70.64M | 62.15M | 50.99M | 56.09M | 43.97M | 38.18M | 87.02M | 100.82M | 75.19M | 19.08M | 32.02M |
| Gross Margin % | 36.74% | 38.24% | 38.23% | 35.79% | 36.04% | 37.11% | 35.69% | 42.35% | 44.42% | 37.29% | 19.37% | 28.09% |
| Gross Profit Growth % | - | 13.68% | 21.88% | -9.09% | 27.54% | 15.18% | -56.13% | -13.69% | 34.09% | 294.1% | -40.42% | - |
| Operating Expenses | 56.64M | 58.84M | 57.82M | 56.52M | 58.34M | 49.09M | 109.62M | 96.51M | 82.81M | 64.71M | 37.06M | 37.8M |
| OpEx % of Revenue | - | 31.85% | 35.57% | 39.67% | 37.48% | 41.43% | 102.47% | 46.97% | 36.49% | 32.09% | 37.63% | 33.16% |
| Selling, General & Admin | 58.38M | 56.84M | 57.82M | 54.02M | 58.34M | 49.09M | 59.42M | 88.55M | 82.81M | 64.71M | 37.06M | 37.8M |
| SG&A % of Revenue | - | 30.77% | 35.57% | 37.92% | 37.48% | 41.43% | 55.55% | 43.1% | 36.49% | 32.09% | 37.63% | 33.16% |
| Research & Development | 0 | 2M | 2M | 2.5M | 2.7M | 2.1M | 0 | 0 | 3.8M | 3M | 3.3M | 3M |
| R&D % of Revenue | - | 1.08% | 1.23% | 1.75% | 1.73% | 1.77% | - | - | 1.67% | 1.49% | 3.35% | 2.63% |
| Other Operating Expenses | -1000K | 0 | -2M | 0 | -2.7M | -2.1M | 50.19M | 7.96M | 182K | 1.08M | 45K | -131K |
| Operating Income | 9.34M | 11.8M | 4.33M | -5.53M | -2.25M | -5.12M | -71.44M | -9.49M | -206.66M | 4.96M | -17.98M | -5.78M |
| Operating Margin % | 5.2% | 6.39% | 2.66% | -3.88% | -1.45% | -4.32% | -66.78% | -4.62% | -91.06% | 2.46% | -18.26% | -5.07% |
| Operating Income Growth % | - | 172.81% | 178.2% | -145.49% | 56% | 92.83% | -652.71% | 95.41% | -4267.45% | 127.58% | -210.95% | - |
| EBITDA | 15.45M | 17.68M | 9.64M | -915K | 2.07M | -619K | -65.55M | 945K | -188.83M | 32.61M | 7.58M | 21.49M |
| EBITDA Margin % | 8.6% | 9.57% | 5.93% | -0.64% | 1.33% | -0.52% | -61.27% | 0.46% | -83.2% | 16.17% | 7.7% | 18.85% |
| EBITDA Growth % | 33.67% | 83.43% | 1153.66% | -144.29% | 433.76% | 99.06% | -7036.4% | 100.5% | -679.05% | 329.93% | -64.7% | - |
| D&A (Non-Cash Add-back) | 6.11M | 5.88M | 5.32M | 4.62M | 4.32M | 4.5M | 5.89M | 10.44M | 17.84M | 27.65M | 25.57M | 27.27M |
| EBIT | 12.84M | 11.8M | 8.67M | -2.76M | 414K | -2.78M | -45.09M | -10.14M | -206.32M | 11.48M | -20.46M | 19.86M |
| Net Interest Income | -455K | -251K | -414K | -586K | -1.01M | -733K | -1.8M | -1.93M | -1.96M | -4.31M | -6.29M | -8.06M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 455K | 251K | 414K | 586K | 1.01M | 733K | 1.8M | 1.93M | 1.96M | 4.31M | 6.29M | 8.06M |
| Other Income/Expense | 4.92M | 5.02M | 3.93M | 2.19M | 1.65M | 1.6M | 24.55M | -2.58M | -1.62M | -3M | -8.76M | 17.58M |
| Pretax Income | 14.27M | 16.82M | 8.25M | -3.34M | -601K | -3.52M | -46.89M | -12.07M | -208.28M | 1.96M | -26.75M | 11.8M |
| Pretax Margin % | 7.94% | 9.11% | 5.08% | -2.35% | -0.39% | -2.97% | -43.83% | -5.87% | -91.77% | 0.97% | -27.16% | 10.35% |
| Income Tax | -9.06M | -9.22M | 116K | -232K | 351K | 263K | -7.78M | 10.75M | -23.05M | 670K | -8.82M | -16.22M |
| Effective Tax Rate % | -63.47% | -54.8% | 1.41% | 6.94% | -58.4% | -7.48% | 16.6% | -89.11% | 11.07% | 34.15% | 32.97% | -137.48% |
| Net Income | 19.32M | 23.75M | 6.59M | -3.15M | -1.1M | -4.73M | -57.6M | -32.82M | -190.32M | 2.1M | -17.93M | 28.02M |
| Net Margin % | 10.76% | 12.86% | 4.06% | -2.21% | -0.71% | -3.99% | -53.84% | -15.97% | -83.85% | 1.04% | -18.2% | 24.58% |
| Net Income Growth % | 125.21% | 260.2% | 309.1% | -186.12% | 76.72% | 91.78% | -75.48% | 82.75% | -9154.09% | 111.73% | -163.97% | - |
| Net Income (Continuing) | 23.32M | 26.04M | 8.14M | -3.11M | -952K | -3.78M | -39.11M | -22.82M | -185.23M | 1.29M | -17.93M | 28.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 18.97M | 16.86M | 17.27M | 17.77M | 18.23M | 18.08M | 19.88M | 18.93M | 14.93M | 12.14M | 0 | 0 |
| EPS (Diluted) | 7.35 | 8.65 | 2.55 | -1.27 | -0.45 | -1.98 | -24.37 | -9.78 | -84.99 | 1.00 | -7.91 | 11.66 |
| EPS Growth % | 114.6% | 239.22% | 300.79% | -182.22% | 77.27% | 91.88% | -149.18% | 88.49% | -8599% | 112.64% | -167.84% | - |
| EPS (Basic) | - | 9.17 | 2.60 | -1.27 | -0.45 | -1.98 | -24.37 | -9.78 | -85.00 | 1.00 | -7.91 | 11.66 |
| Diluted Shares Outstanding | 2.63M | 2.75M | 2.59M | 2.47M | 2.43M | 2.4M | 2.36M | 2.33M | 2.24M | 2.18M | 2.27M | 2.27M |
| Basic Shares Outstanding | 2.63M | 2.59M | 2.54M | 2.47M | 2.43M | 2.4M | 2.36M | 2.33M | 2.24M | 2.02M | 2.27M | 2.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Revenue Volatility
According to the provided quarterly data, NCSM's revenue growth has exhibited significant volatility, swinging from a 22.8% expansion in 2025Q2 to an 8.7% contraction by 2026Q1, reflecting the company's sensitivity to the unpredictable capital expenditure cycles of North American oil and gas operators.
The inconsistent top-line performance suggests that NCSM lacks the scale to decouple from regional drilling activity, particularly in the Canadian market. Investors should monitor whether the recent revenue decline indicates a structural shift in operator preference toward lower-cost completion alternatives rather than just seasonal or cyclical headwinds.
As reported in financial statements, NCSM maintained gross margins averaging near 38% over the last ten quarters, though the recent compression to 36.3% in 2026Q1 suggests that the company's pricing power for its proprietary pinpoint fracturing hardware may be eroding against competitive industry-standard alternatives.
While these margins remain superior to many completion service peers, the inability to consistently hold above the 40% threshold indicates that input cost inflation and competitive pricing pressure are limiting profitability. The reliance on specialized hardware suggests that any further commoditization of sleeve-based completion technology could lead to a permanent narrowing of these margins.
Based on the income statement data, NCSM's operating income frequently fails to scale with gross profit, as evidenced by the 2026Q1 operating margin of 5.7% despite generating $16.6 million in gross profit, highlighting a rigid cost structure that limits bottom-line expansion during periods of revenue growth.
The company's inability to achieve consistent operating leverage suggests that fixed overheads, including specialized sales and administrative support, remain disproportionately high relative to current revenue volumes. This lack of scalability warrants further investigation into whether management can optimize SG&A expenses without compromising the technical support required for their proprietary fracturing methodology.
Analysis of the reported figures reveals a significant disconnect between operating and net income, most notably in 2023Q4 where net margins reached 112.5% due to non-operating items, suggesting that headline EPS figures are frequently influenced by one-time events rather than core operational performance.
Investors should exercise caution when evaluating the company's profitability, as the frequent divergence between operating and net income indicates that bottom-line results are often bolstered by tax adjustments or litigation-related gains. This volatility obscures the true underlying earnings power of the business and makes it difficult to assess the sustainability of current net income levels.
While the company maintains a strong balance sheet, the persistent risk of obsolescence for its core sliding sleeve technology, combined with the recent 109.3% decline in EPS growth in 2026Q1, suggests that the firm's competitive moat may be narrowing in the face of evolving industry completion standards.
Short-term observers may focus on the company's inability to maintain consistent profitability, which could indicate that the pinpoint fracturing method is losing its technical advantage over high-throughput plug-and-perf methods. The lack of R&D investment in recent quarters further raises concerns about the company's ability to innovate and defend its market share against larger, better-capitalized service providers.
Quick answers to the most common questions about buying NCSM stock.
For fiscal year 2025, NCS Multistage Holdings, Inc. (NCSM) reported total revenue of $184.7M. This represents a 62.0% increase compared to $114.0M in 2015.
NCS Multistage Holdings, Inc. (NCSM) is profitable, generating $23.7M in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.
NCS Multistage Holdings, Inc. (NCSM) reported an operating income of $11.8M, resulting in an operating profit margin of 6.4%. This margin reflects the operational efficiency of the business before interest and taxes.
NCS Multistage Holdings, Inc. (NCSM) generated $70.6M in gross profit for the year, representing a gross profit margin of 38.2%. This demonstrates the company's core pricing power and production efficiency.