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 The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Revenue has oscillated without sustained momentum, with gross margin ranging from 31.8% to 41.0% and SG&A holding near $14M to $18M regardless of activity, which drove operating margin from 11.2% in 2025Q4 to -14.6% in 2026Q2.
NCS Multistage Holdings, Inc. (NCSM) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 181.52M | 184.73M | 162.56M | 142.47M | 155.63M | 118.5M | 106.98M | 205.49M | 226.96M | 201.63M | 98.48M | 114M |
| Revenue Growth % | 3.45% | 13.64% | 14.1% | -8.46% | 31.33% | 10.77% | -47.94% | -9.46% | 12.56% | 104.75% | -13.62% | - |
| Cost of Goods Sold | 114.78M | 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 | 66.74M | 70.64M | 62.15M | 50.99M | 56.09M | 43.97M | 38.18M | 87.02M | 100.82M | 75.19M | 19.08M | 32.02M |
| Gross Margin % | 36.77% | 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 | 60.97M | 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 | 62.71M | 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 | 5.77M | 11.8M | 4.33M | -5.53M | -2.25M | -5.12M | -71.44M | -9.49M | -206.66M | 4.96M | -17.98M | -5.78M |
| Operating Margin % | 3.18% | 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 | 12.07M | 17.68M | 9.64M | -915K | 2.07M | -619K | -65.55M | 945K | -188.83M | 32.61M | 7.58M | 21.49M |
| EBITDA Margin % | 6.65% | 9.57% | 5.93% | -0.64% | 1.33% | -0.52% | -61.27% | 0.46% | -83.2% | 16.17% | 7.7% | 18.85% |
| EBITDA Growth % | -12.42% | 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) | 6.3M | 5.88M | 5.32M | 4.62M | 4.32M | 4.5M | 5.89M | 10.44M | 17.84M | 27.65M | 25.57M | 27.27M |
| EBIT | 8.17M | 17.07M | 8.67M | -2.76M | 414K | -2.78M | -45.09M | -10.14M | -206.32M | 11.48M | -20.46M | 19.86M |
| Net Interest Income | -471K | -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 | 471K | 251K | 414K | 586K | 1.01M | 733K | 1.8M | 1.93M | 1.96M | 4.31M | 6.29M | 8.06M |
| Other Income/Expense | 3.43M | 5.02M | 3.93M | 2.19M | 1.65M | 1.6M | 24.55M | -2.58M | -1.62M | -3M | -8.76M | 17.58M |
| Pretax Income | 9.2M | 16.82M | 8.25M | -3.34M | -601K | -3.52M | -46.89M | -12.07M | -208.28M | 1.96M | -26.75M | 11.8M |
| Pretax Margin % | 5.07% | 9.11% | 5.08% | -2.35% | -0.39% | -2.97% | -43.83% | -5.87% | -91.77% | 0.97% | -27.16% | 10.35% |
| Income Tax | -9.39M | -9.22M | 116K | -232K | 351K | 263K | -7.78M | 10.75M | -23.05M | 670K | -8.82M | -16.22M |
| Effective Tax Rate % | -102.1% | -54.8% | 1.41% | 6.94% | -58.4% | -7.48% | 16.6% | -89.11% | 11.07% | 34.15% | 32.97% | -137.48% |
| Net Income | 15.36M | 23.75M | 6.59M | -3.15M | -1.1M | -4.73M | -57.6M | -32.82M | -190.32M | 2.1M | -17.93M | 28.02M |
| Net Margin % | 8.46% | 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 % | 21.92% | 260.2% | 309.1% | -186.12% | 76.72% | 91.78% | -75.48% | 82.75% | -9154.09% | 111.73% | -163.97% | - |
| Net Income (Continuing) | 18.59M | 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 | 20.54M | 16.86M | 17.27M | 17.77M | 18.23M | 18.08M | 19.88M | 18.93M | 14.93M | 12.14M | 0 | 0 |
| EPS (Diluted) | 5.78 | 8.65 | 2.55 | -1.27 | -0.45 | -1.98 | -24.37 | -9.78 | -84.99 | 1.00 | -7.91 | 11.66 |
| EPS Growth % | 1.47% | 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 | 2.66M | 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 | 2.66M | 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 | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Volatile quarterly profitability and revenue
Metrics are mathematically derived from official filings.
Revenue Oscillating Without Durable Momentum
Based on NCSM's reported quarterly figures, revenue moved between $29.7M and $51.0M across ten quarters, with the latest quarter showing a 5.2% year-over-year gain that does not yet establish a sustained recovery trend.
The revenue pattern is cyclical rather than compounding, with peaks in 2025Q4 and 2024Q1 separated by sharp troughs such as 2024Q2 and 2025Q2. Year-over-year growth rates swing from double-digit gains to declines in 2026Q1, which suggests demand tied closely to activity levels in the oilfield services cycle. Investors should monitor whether the 2026Q2 rebound persists across the next several quarters before treating it as durable growth.
Gross Margin Tracks Activity Rather Than Pricing
As reported in NCSM's income statements, gross margin ranged from 31.8% to 41.0%, and the 32.2% level in 2026Q2 sits well below the 39-41% achieved at activity peaks, indicating cost absorption sensitivity.
The strong correlation between revenue and gross margin across the period points to fixed-cost underabsorption as the primary driver rather than structural pricing shifts. Margin compression during trough quarters suggests limited ability to pass through costs when utilization falls. This cyclicality warrants caution when extrapolating peak-quarter profitability.
Negative Operating Leverage in Downturns
Based on reported figures, SG&A remained near $14M to $18M regardless of revenue swings, causing operating income to swing from $5.7M profit in 2025Q4 to a $5.6M loss in 2026Q2 as overhead stayed largely fixed.
SG&A rose to $18.0M in 2026Q2 even as revenue fell from $51.0M to $38.4M, implying overhead is not flexing down with activity. This pattern indicates high operating leverage that amplifies earnings volatility in both directions. Investors may wish to examine whether cost actions are being implemented as activity declines.
Net Income Driven by Non-Operating Items
According to reported financials, 2025Q4 net income of $15.0M far exceeded operating income of $5.7M, a gap that suggests material non-operating or tax-related contributions that warrant further investigation.
The divergence between operating income and net income in 2025Q4 is large enough to indicate items outside core operations, such as tax benefits or other income, drove the reported EPS of $5.34. Such figures appear non-recurring relative to the surrounding quarters, where net margins ranged from roughly -10% to 9%. Stock-based compensation of $1.2M to $2.2M per quarter is modest but warrants monitoring for dilution effects.
Peak Profitability May Not Be Repeatable
Based on NCSM's reported figures, the 2025Q4 peak of 29.3% net margin is an outlier against a ten-quarter average that is near breakeven, raising questions about whether the recent profit recovery is sustainable.
Short-side scrutiny would focus on whether reported peak earnings reflect one-time items rather than operating strength, given the gap between operating and net income. Repeated quarters of operating losses in 2024Q2 and 2026Q2 suggest the business has not consistently covered its cost base at lower activity. Investors should weigh the risk that current margin recovery reverts toward the historical trough range.