Tearsheet

NCS Multistage (NCSM)

Market Price (12/28/2025): $40.96 | Market Cap: $106.3 Mil
Sector: Energy | Industry: Oil & Gas Equipment & Services

NCS Multistage (NCSM)

Market Price (12/28/2025): $40.96
Market Cap: $106.3 Mil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.5%, FCF Yield is 18%	Weak multi-year price returns 3Y Excs Rtn is -23%	Key risks NCSM key risks include [1] a high dependence on volatile exploration and production spending by its oil and gas customers and [2] adverse regulatory and environmental changes that could reduce industry demand.
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
3	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US Oilfield Technologies.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.5%, FCF Yield is 18%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
3	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US Oilfield Technologies.
4	Weak multi-year price returns 3Y Excs Rtn is -23%
5	Key risks NCSM key risks include [1] a high dependence on volatile exploration and production spending by its oil and gas customers and [2] adverse regulatory and environmental changes that could reduce industry demand.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$40.96	$25.96	$17.85	$25.00	$28.99
Market Cap CYE ($ Mil)	106.3	66.2	44.4	61.0	69.6
Total Debt ($ Mil)	13.1	14.6	13.5	12.9	13.2
Total Cash ($ Mil)	25.3	25.9	16.7	16.2	22.2
Enterprise Value ($ Mil)	94.1	80.8	57.9	73.9	82.8
Valuation Ratios
P/S TTM	0.6	0.4	0.3	0.4	0.6
P/EBIT TTM	8.2	7.6	-16.0	146.9	-25.0
P/E TTM	8.7	10.0	-14.0	-55.2	-14.7
P/FCF TTM	5.8	5.8	17.1	-23.8	6.5
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6	1.3	1.3
P/EBIT TTM (Sector)	7.7	6.7	5.7	4.1	4.7
P/E TTM (Sector)	11.3	10.3	8.5	5.6	5.4
P/FCF TTM (Sector)	7.1	7.0	7.6	5.0	5.4

	12/28/25	2024	2023
Share Price CYE	$40.96	$25.96	$17.85
Market Cap CYE ($ Mil)	106.3	66.2	44.4
Total Debt ($ Mil)	13.1	14.6	13.5
Total Cash ($ Mil)	25.3	25.9	16.7
Enterprise Value ($ Mil)	94.1	80.8	57.9
Valuation Ratios
P/S TTM	0.6	0.4	0.3
P/EBIT TTM	8.2	7.6	-16.0
P/E TTM	8.7	10.0	-14.0
P/FCF TTM	5.8	5.8	17.1
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6
P/EBIT TTM (Sector)	7.7	6.7	5.7
P/E TTM (Sector)	11.3	10.3	8.5
P/FCF TTM (Sector)	7.1	7.0	7.6

	NCSM	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.2
Rev Chg Q	5.8%	7.3%
Rev Chg LTM	16.5%	6.1%
Rev Chg 3Y Avg	5.8%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	4.6%	18.8%
CFO/Rev LTM	11.1%	20.4%
Net Inc Mgn	6.9%	13.1%
VALUATION	LOW
P/S	0.6	3.3
P/CFO	5.4	15.8
P/FCF	5.8	20.7
P/E	8.7	23.7
STABILITY	VERY GOOD
Debt/Equity	0.12	0.21
Cash/Assets	0.16	0.07

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Metric

Upcoming
3/09/2026	Earnings Release	Rev: - EPS: -

NCSM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points for why NCS Multistage (NCSM) stock moved by 6% during the approximate time period from August 31, 2025, to December 28, 2025:

1. NCS Multistage reported strong second-quarter 2025 financial results, significantly exceeding analyst expectations. The company posted earnings per share (EPS) of $0.34, a notable turnaround from a forecasted loss of $1.3 per share, and revenue reached $36.5 million, surpassing the anticipated $27.74 million. This positive financial performance led to a 5.97% increase in premarket trading on August 1, 2025, just at the beginning of the specified period.

2. The company continued to outperform with its third-quarter 2025 earnings. NCS Multistage reported $1.37 EPS, exceeding the consensus estimate of $1.17 by $0.20. Additionally, the business achieved revenue of $46.54 million, surpassing the consensus estimate of $46.10 million.

3. Analyst ratings for NCSM experienced fluctuations during this period. While Zacks Research downgraded shares from a "strong-buy" to a "hold" rating on October 3rd, and Wall Street Zen downgraded from "strong-buy" to "buy" on November 8th, Singular Research subsequently raised its rating to a "strong-buy" on November 11th. Weiss Ratings reissued a "hold (c)" rating on December 22nd.

4. Short interest in NCS Multistage Holdings, Inc. saw a significant percentage increase in December. Short interest rose by 92.3% to 5,084 shares, representing approximately 0.2% of the stock. While a large percentage increase, the absolute volume remained relatively small.

5. A notable increase in institutional investment by UBS Group AG occurred in the third quarter. UBS Group AG raised its stake in NCS Multistage by 9,535.4%, acquiring an additional 23,457 shares. The firm now owns 23,703 shares of the company's stock, valued at $1,210,000.

Stock Movement Drivers

Fundamental Drivers

The -23.9% change in NCSM stock from 9/27/2025 to 12/27/2025 was primarily driven by a -21.8% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	53.08	40.41	-23.87%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	175.47	178.00	1.44%
Net Income Margin (%)	7.18%	6.89%	-4.08%
P/E Multiple	10.93	8.55	-21.76%
Shares Outstanding (Mil)	2.59	2.59	0.00%
Cumulative Contribution			-23.87%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
NCSM	-23.9%
Market (SPY)	4.3%	25.8%
Sector (XLE)	-3.9%	12.0%

Fundamental Drivers

The 35.9% change in NCSM stock from 6/28/2025 to 12/27/2025 was primarily driven by a 35.4% change in the company's Net Income Margin (%).

	6282025	12272025	Change
Stock Price ($)	29.74	40.41	35.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	168.70	178.00	5.51%
Net Income Margin (%)	5.09%	6.89%	35.43%
P/E Multiple	8.90	8.55	-3.95%
Shares Outstanding (Mil)	2.57	2.59	-1.01%
Cumulative Contribution			35.86%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
NCSM	35.9%
Market (SPY)	12.6%	3.2%
Sector (XLE)	4.5%	17.3%

Fundamental Drivers

The 63.5% change in NCSM stock from 12/27/2024 to 12/27/2025 was primarily driven by a 480.5% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	24.72	40.41	63.47%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	152.80	178.00	16.49%
Net Income Margin (%)	27.98%	6.89%	-75.39%
P/E Multiple	1.47	8.55	480.50%
Shares Outstanding (Mil)	2.55	2.59	-1.81%
Cumulative Contribution			63.42%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
NCSM	63.5%
Market (SPY)	17.0%	17.3%
Sector (XLE)	7.1%	29.5%

Fundamental Drivers

The 64.9% change in NCSM stock from 12/28/2022 to 12/27/2025 was primarily driven by a 49.4% change in the company's P/S Multiple.

	12282022	12272025	Change
Stock Price ($)	24.51	40.41	64.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	151.56	178.00	17.44%
P/S Multiple	0.39	0.59	49.35%
Shares Outstanding (Mil)	2.44	2.59	-6.40%
Cumulative Contribution			64.18%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
NCSM	126.4%
Market (SPY)	48.0%	15.9%
Sector (XLE)	11.4%	27.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NCSM Return	-46%	29%	-14%	-29%	45%	59%	-1%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
NCSM Win Rate	50%	50%	42%	25%	58%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
NCSM Max Drawdown	-82%	-2%	-25%	-51%	-17%	-6%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	NCSM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-78.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	366.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-81.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	445.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	650 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-93.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	1410.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

NCS Multistage's stock fell -78.6% during the 2022 Inflation Shock from a high on 3/18/2022. A -78.6% loss requires a 366.5% gain to breakeven.

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About NCS Multistage (NCSM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

NCS 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.

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A highly specialized Halliburton, focusing on the advanced tools and systems for multistage fracking in oil and gas wells.
It's like the NVIDIA for oil well completions, providing the specialized, high-performance downhole technology that enables complex multistage fracking.
Think of it as the 'Intel Inside' for oil and gas wells, providing the critical components and systems that make multistage fracturing possible and efficient.

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Multistage Frac Systems: Downhole tool systems, including frac sleeves and packers, that enable pinpoint stimulation in horizontal wells without the need for multiple trips into the wellbore.
Open Hole Isolation Packers: Inflatable and mechanical packers used for zonal isolation and sealing in open hole environments during well completions.
Coiled Tubing and Wireline Tools: Tools deployed via coiled tubing or wireline for well intervention, stimulation, and completion operations.
Casing and Cementing Accessories: Products such as casing centralizers and float equipment designed to facilitate effective cementing and wellbore integrity.
Tracer Diagnostics: Technology that uses chemical tracers to provide data on frac fluid distribution and reservoir flowback performance.

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NCS Multistage (symbol: NCSM) primarily sells its highly engineered products and support services to other companies within the oil and natural gas industry, specifically for well completions and hydraulic fracturing.

Based on their latest public filings (such as their Form 10-K for the fiscal year ended December 31, 2023), NCS Multistage has customer concentration, with a significant portion of their revenue coming from a limited number of customers. For the year ended December 31, 2023, sales to two customers each represented 10% or more of their total revenue (18% and 11% respectively).

However, NCS Multistage does not publicly disclose the specific names of these major customers in their SEC filings. Therefore, specific customer names and their symbols cannot be provided.

Generally, companies like NCS Multistage serve the following category of customers:

Exploration and Production (E&P) Companies: These are companies engaged in the upstream sector of the oil and gas industry. They are responsible for locating, extracting, and producing crude oil and natural gas. E&P companies are the primary end-users of NCSM's well completion products and services, utilizing them to optimize the performance and recovery from their oil and gas wells.

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Ryan Hummer, Chief Executive Officer
Mr. Hummer has served as Chief Executive Officer of NCS Multistage since November 1, 2022. He joined NCS Multistage in 2014 and previously held positions including Chief Financial Officer and Treasurer (March 2020 - November 2022), Chief Financial Officer (November 2016 - March 2020), Executive Vice President, Corporate Development (August 2015 - November 2016), and Vice President, Corporate Development (July 2014 - August 2015). Prior to joining NCS, Mr. Hummer was a Director, Investment Banking at Lazard Freres & Co. from January 2011 to April 2014, where he advised clients on various transactions, including mergers and acquisitions, restructuring, and debt and equity capital raises.

Michael Morrison, Chief Financial Officer
Mr. Morrison was appointed Chief Financial Officer and Treasurer of NCS Multistage, effective November 3, 2022. Before joining NCS, he served as Executive Vice President and Chief Financial Officer at ION Geophysical Corporation from February 2020 to September 2022, and as Vice President of Finance and Treasurer from April 2016 to February 2020. Mr. Morrison held various other finance and accounting roles at ION Geophysical Corporation since 2002. Prior to 2002, he was a Director of Accounting, providing transaction support for an energy trading company, and also held various positions at Deloitte & Touche, LLP, a public accounting firm.

Tim Willems, Chief Operations Officer
Mr. Willems has over 30 years of experience in the oil and gas industry, with expertise in wellbore construction, completion, and remediation. His career includes 16 years in the international arena, holding diverse positions in applications engineering, operations, sales, and marketing. He has also served as a vice president for a major service company in both U.S. and international operations and marketing.

Ori Lev, Executive Vice President, General Counsel And Secretary
Mr. Lev serves as the Executive Vice President, General Counsel, and Secretary at NCS Multistage.

Heather Mueller, Executive Vice President, Product Strategy
Ms. Mueller is the Executive Vice President of Product Strategy at NCS Multistage.

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NCS Multistage (symbol: NCSM) faces several key risks inherent to its operations in the oil and natural gas industry. The most significant risks include:

Dependence on the Volatile Oil and Natural Gas Industry: NCS Multistage's business is highly dependent on the level of exploration and production (E&P) activity by its customers, which are primarily oil and natural gas producers. Fluctuations in oil and natural gas prices directly impact these customers' spending, making it difficult to predict future market movements. A decline in E&P activity in North America and international markets or volatile commodity prices can significantly affect the company's revenue and financial performance. This also encompasses the cyclical and seasonal nature of the business and its reliance on customer spending.
Intense Competition: The markets in which NCS Multistage operates are highly competitive. To succeed, the company must continuously provide services and products that meet the specific needs of E&P companies at competitive prices.
Regulatory and Environmental Changes: The company is exposed to risks associated with changes in legislation or regulations governing the oil and natural gas industry, particularly those related to climate change and restrictions on greenhouse gas emissions. Such regulatory shifts could impact demand for oil and natural gas, and consequently, demand for NCS Multistage's products and services.

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NCS Multistage (symbol: NCSM) operates in several key addressable markets related to oil and natural gas well completions and field development strategies.

The main products and services offered by NCS Multistage, and their corresponding addressable markets, are as follows:

Well Completion Equipment and Services: NCS Multistage is a prominent provider of highly engineered products and support services for optimizing oil and natural gas well completions. The global well completion equipment and services market was valued at $10.59 billion in 2024. This market is projected to grow to $14.77 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 7.2%. North America holds the largest share in this market.
Dissolvable and Composite Frac Plugs: NCS Multistage is a key player in the market for dissolvable frac plugs and composite frac plugs and frac balls, which are critical components in hydraulic fracturing operations. The global composite frac plugs and frac balls market was sized at approximately USD 789.1 million in 2024. It is forecast to reach USD 1042.5 million by 2030, growing at a CAGR of 4.1% from 2025 to 2030. North America is identified as the largest market for these products.
Oilwell Completion Tools: More broadly, the global market for oilwell completion tools, which includes a range of products used in well completions, is another addressable market for NCS Multistage. This market is projected to expand from USD 216.7 million in 2025 to USD 323.9 million by 2035, demonstrating a CAGR of 4.1% during this forecast period.

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Here are 3-5 expected drivers of future revenue growth for NCS Multistage (NCSM) over the next 2-3 years:

Strategic Acquisitions, notably ResMetrix: The acquisition of ResMetrix in July 2025 is expected to contribute significantly to NCS Multistage's revenue, particularly in tracer diagnostics and by expanding its service offerings and market penetration in the Middle East. This acquisition is a key component of the company's growth strategy.
Expansion into International and Offshore Markets: NCS Multistage is strategically focused on capitalizing on offshore and international opportunities, including the North Sea, the Middle East, Argentina, and China. These markets are anticipated to grow faster than North America, with customers often prioritizing technical characteristics over price. The company is also developing and deploying deepwater fracturing systems, with a candidate well identified in the Gulf of America for deployment in the second half of 2026.
Product Innovation and Commercialization of New Technology Solutions: The company emphasizes its focus on internal research and development (R&D) and bringing innovative technology to market. This includes new solutions such as the Luminate multi-day composite sampling units and ATRS AICV sliding sleeves, designed to address complex customer challenges and expand the addressable market. This strategy aims to deliver tangible value to customers by offering solutions that save time, money, or both, and help create more productive wells.
Leveraging Leading Market Positions in Key Product Lines and Geographies: NCS Multistage aims to build on its strong market positions in fracturing systems globally, its presence in Canadian completions, and its worldwide capabilities in tracer diagnostics. While Canadian revenue has seen some fluctuations due to market activity, increased fracturing system sales in Canada and robust contributions from fracturing services, fracturing systems, and tracer diagnostics in the U.S. are expected to contribute to revenue growth.

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Capital Allocation Decisions (Last 3-5 Years) for NCS Multistage (NCSM)

Share Repurchases

No specific share repurchase programs or authorized amounts for future repurchases were identified within the last 3-5 years.

Share Issuance

As of September 30, 2025, NCS Multistage had 2,607,362 shares issued and 2,540,849 shares outstanding.
As of December 31, 2024, the company had 2,563,979 shares issued and 2,507,430 shares outstanding.
The net issuance of preferred stock for the trailing twelve months ended June 2025 was $0.0 million, indicating no significant activity in preferred share issuance or buyback.

Inbound Investments

No significant inbound investments made in NCS Multistage by third-parties, such as strategic partners or private equity firms, were reported within the specified timeframe.

Outbound Investments

On July 31, 2025, NCS Multistage acquired ResMetrics LLC for $7.2 million, consisting of $5.9 million in cash and assumed debt, with an additional earn-out of up to $1.3 million.
This acquisition was strategic, aimed at expanding the company's product offerings and market reach in chemical tracer diagnostics services.
The ResMetrics acquisition was funded entirely with cash, which helped preserve NCS Multistage's balance sheet.

Capital Expenditures

NCS Multistage incurred capital expenditures of $0.4 million for the full year 2021, $1 million in 2022, $2 million in 2023, and $1 million in 2024.
For the nine months ended September 30, 2025, capital expenditures were $1.0 million.
The company expects to incur approximately $1.3 million to $1.5 million in capital expenditures for the full year 2025, primarily focused on upgrades to manufacturing facilities (including Repeat Precision), tracer diagnostics deployment, sampling, laboratory equipment, and field service equipment to support North American operations.

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SECTOR: Energy

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CIVI (14.4% | 0.5x)

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Enbridge

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Higher Rev Chg 3Y Avg (Value for NCSM: 5.8%)

CCJ (24.2%)

Cameco

FANG (20.8%)

Diamondback Energy

OKE (16.4%)

ONEOK

BKR (10.4%)

Baker Hughes

ENB (8.6%)

Enbridge

Higher Op Mgn LTM (Value for NCSM: 4.6%)

WMB (34.3%)

Williams Companies

COP (21.0%)

ConocoPhillips

ENB (17.4%)

Enbridge

XOM (11.0%)

Exxon Mobil

CVX (8.1%)

Chevron

Higher CFO/Rev LTM (Value for NCSM: 11.1%)

WMB (48.2%)

Williams Companies

COP (33.3%)

ConocoPhillips

ENB (20.0%)

Enbridge

CVX (17.0%)

Chevron

XOM (15.9%)

Exxon Mobil

Higher FCF/Rev LTM (Value for NCSM: 10.4%)

CNQ (18.2%)

Canadian Natural Resources

KMI (16.8%)

Kinder Morgan

WMB (15.0%)

Williams Companies

TRP (13.3%)

TC Energy

COP (11.9%)

ConocoPhillips

Higher Total Yield (Value for NCSM: 11.7%)

CNQ (16.7%)

Canadian Natural Resources

SU (15.4%)

Suncor Energy

ENB (13.7%)

Enbridge

EOG (13.7%)

EOG Resources

TRP (12.3%)

TC Energy

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NCSM: 5.8% | 0.6x)

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NCSM: 5.8% | 12.7x)

UNH (11.4% | 11.4x)

UnitedHealth

NEM (23.9% | 12.4x)

Newmont

HCA (6.6% | 10.3x)

HCA Healthcare

CVS (7.7% | 9.4x)

CVS Health

APO (89.3% | 10.8x)

Apollo Asset Management

Higher Rev Chg LTM (Value for NCSM: 16.5%)

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

LLY (36.8%)

Eli Lilly

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

Higher Rev Chg 3Y Avg (Value for NCSM: 5.8%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for NCSM: 4.6%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for NCSM: 11.1%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for NCSM: 10.4%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for NCSM: 11.7%)

CMCSA (25.2%)

Comcast

VZ (18.3%)

Verizon Communications

PFE (13.7%)

Pfizer

TD (12.8%)

Toronto-Dominion Bank

T (12.6%)

AT&T

		Best Bets In Energy Sector
	NCSM	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	8.6	41.6	17.9	11.7	11.0	30.4	12.0	18.3	18.9	30.7	10.1
P/EBIT	8.1	33.9	10.1	8.7	9.4	17.0	8.8	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	5.8%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	16.5%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	5.8%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	5.8%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	NCS Multistage Earnings Notes
2	Can NCS Multistage Stock Hold Up When Markets Turn?	Return

	Title
0	ARTICLES

Trade Ideas

Select ideas related to NCSM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.1%	12.1%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.4%	6.4%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.1%	28.1%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.9%	-4.9%	-7.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for NCS Multistage

Peers to compare with:

Financials

	NCSM	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	NCS Mult.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	40.41	23.26	24.49	305.09	78.16	273.40	59.28
Mkt Cap	0.1	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	178	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	8	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	18	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	10	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	20	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	11	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	NCSM	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	NCS Mult.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	16.5%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	5.8%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	5.8%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	1.4%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	4.6%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	1.0%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	-0.1%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.0%
CFO/Rev LTM	11.1%	6.7%	8.5%	20.6%	23.8%	26.6%	15.8%
CFO/Rev 3Y Avg	6.9%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	10.4%	5.1%	1.8%	18.1%	22.1%	23.5%	14.2%
FCF/Rev 3Y Avg	5.8%	5.5%	4.6%	18.6%	24.6%	25.6%	12.2%

Valuation

	NCSM	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	NCS Mult.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.1	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.6	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	8.1	6.8	19.9	25.1	22.5	31.3	21.2
P/E	8.6	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	5.3	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	11.7%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	12.5%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.1	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	-0.1	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	NCSM	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	NCS Mult.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	7.9%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	-23.9%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	35.9%	-4.0%	34.5%	6.6%	15.2%	36.3%	24.9%
12M Rtn	63.5%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	64.9%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	7.4%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	-28.2%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	23.6%	-16.3%	22.3%	-5.7%	3.0%	24.0%	12.6%
12M Excs Rtn	49.0%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	-23.5%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	3/10/2025	3/8/2024	3/7/2023	3/8/2022	3/8/2021	3/3/2020
Key Financials
Total Revenue	178	163	142	156	119	107	205
EBITDA	19	14	2	5	2	-39	0
Operating Income	8	4	-6	-2	-5	-21	-2
Net Income	12	7	-3	-1	-5	-58	-33
EPS	4.77	2.60	-1.27	-0.45	-1.98	-24.37	-14.08
Growth Rates
Total Revenue Growth	16.5%	14.1%	-8.5%	31.3%	10.8%	-47.9%	-9.5%
EBITDA Growth	-63.2%	652.2%	-60.7%	175.5%	104.4%	-13388.8%	100.2%
Operating Income Growth	5045.5%	178.2%	-145.5%	56.0%	75.9%	-1284.1%	-108.5%
Net Income Growth	-71.3%	309.1%	-186.1%	76.7%	91.8%	-75.5%	82.8%
Margins
EBITDA Margin	10.5%	8.6%	1.3%	3.0%	1.4%	-36.6%	0.1%
Operating Income Margin	4.6%	2.7%	-3.9%	-1.4%	-4.3%	-19.9%	-0.7%
Net Income Margin	6.9%	4.1%	-2.2%	-0.7%	-4.0%	-53.8%	-16.0%
Cash & Debt
Total Cash	25	26	17	16	22	16	11
Total Debt	13	15	14	13	13	12	18
Net Debt / (Cash)	-12	-11	-3	-3	-9	-4	7
Cash Flows
Net Cash from Operations	20	13	5	-1	12	35	18
Free Cash from Operations	18	11	3	-3	11	33	12
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	0	0	0	0	0	0	0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	8/1/2025	5/1/2025	3/10/2025	10/31/2024	8/1/2024	5/2/2024	3/8/2024	10/31/2023	8/1/2023	5/9/2023	3/7/2023
Key Financials Quarterly
Total Revenue	47	36	50	45	44	30	44	35	38	25	44	40
Ebitda	5	2	7	5	6	-1	4	41	5	-29	-15	5
Operating Income	3	-2	4	3	3	-4	3	-2	2	-7	1	2
Net Income	4	1	4	3	4	-3	2	40	4	-32	-15	2
EPS	1.47	0.36	1.58	1.36	1.63	-1.21	0.83	15.96	1.78	-13.02	-6.10	0.81
Key Financials TTM
Total Revenue TTM	178	175	169	163	153	147	143	142	147	158	160	156
Ebitda TTM	19	19	16	14	51	49	21	2	-35	-35	-10	5
Operating Income TTM	8	8	6	4	-0	-1	-4	-6	-2	0	1	-2
Net Income TTM	12	13	9	7	43	43	14	-3	-41	-41	-15	-1
Growth Rates Quarterly
Total Revenue Growth	5.8%	22.8%	14.0%	27.7%	15.0%	16.9%	0.7%	-12.3%	-21.7%	-7.5%	11.4%	11.3%
EBITDA Growth	-13.1%	285.3%	49.3%	-88.8%	28.5%	96.1%	129.6%	804.7%	-6.4%	-561.3%	-2978.5%	28.1%
Operating Income Growth	0.9%	51.1%	71.5%	288.9%	62.1%	41.8%	95.4%	-185.8%	-53.7%	-20.6%	158.1%	41.3%
Net Income Growth	-8.2%	129.9%	95.9%	-91.2%	-5.9%	90.4%	113.8%	1903.0%	12.0%	-488.0%	-875.2%	19.1%
Margins Quarterly
EBITDA Margin	11.4%	5.9%	13.1%	10.3%	13.9%	-3.9%	10.0%	117.1%	12.5%	-115.8%	-33.9%	11.3%
Operating Income Margin	6.6%	-5.6%	8.6%	6.5%	6.9%	-14.0%	5.7%	-4.4%	4.9%	-28.1%	2.9%	4.5%
Net Income Margin	8.2%	2.5%	8.1%	7.7%	9.4%	-10.4%	4.7%	112.5%	11.5%	-126.9%	-34.4%	4.9%
Cash & Debt
Total Cash	25	25	23	26	15	19	14	17	11	14	14	16
Total Debt	13	14	14	15	13	13	14	14	14	15	13	13
Net Debt / (Cash)	-12	-12	-9	-11	-3	-5	-0	-3	3	1	-1	-3
Cash Flows Quarterly
FCF from Operations	7	4	-2	11	-2	6	-2	6	-0	1	-2	8
Cash Flows TTM
FCF from Operations TTM	20	11	13	13	8	10	4	5	6	3	3	-1
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	0	0	-0	-0	0	0	0	-0	0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	3.5%	-2.3%	4.3%	3.4%	3.4%	-4.7%	2.4%	-1.8%	2.1%	-8.0%	1.4%	1.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	2.4%	2.4%	1.7%	1.2%	-0.0%	-0.4%	-1.1%	-1.5%	-0.6%	0.0%	0.3%	-0.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Product sales	100	106	83	75	146
Services	42	50	35	32	60
Total	142	156	119	107	205

Price Behavior

Price Behavior

Market Price	$40.41
Market Cap ($ Bil)	0.1
First Trading Date	04/28/2017
Distance from 52W High	-23.9%
	50 Days	200 Days
DMA Price	$38.77	$34.12
DMA Trend	up	down
Distance from DMA	4.2%	18.4%
	3M	1YR
Volatility	68.2%	69.9%
Downside Capture	283.87	20.38
Upside Capture	96.63	66.12
Correlation (SPY)	25.8%	17.3%

NCSM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.99	1.76	0.97	0.08	0.65	0.49
Up Beta	-2.27	0.48	-0.22	0.20	0.18	0.21
Down Beta	1.64	0.01	1.12	1.45	1.58	0.89
Up Capture	128%	113%	86%	-8%	61%	18%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	15	26	59	121	326
Down Capture	179%	331%	148%	-124%	29%	73%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	27	37	65	125	356

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of NCSM With Other Asset Classes (Last 1Y)
	NCSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	71.2%	8.6%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	69.5%	24.4%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.05	0.29	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		29.5%	17.3%	3.6%	29.3%	18.2%	9.5%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of NCSM With Other Asset Classes (Last 5Y)
	NCSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.0%	21.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	63.9%	26.7%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.45	0.75	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		24.4%	17.4%	5.6%	20.0%	15.4%	7.0%

Based On 10-Year Data

		Comparison of NCSM With Other Asset Classes (Last 10Y)
	NCSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-23.3%	8.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	79.3%	29.8%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.00	0.33	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		35.7%	28.4%	4.0%	24.5%	23.7%	8.9%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	5,084
Short Interest: % Change Since 11302025	92.3%
Average Daily Volume	18,049
Days-to-Cover Short Interest	1
Basic Shares Quantity	2,594,000
Short % of Basic Shares	0.2%

Returns Analyses

	Title
0	Can NCS Multistage Stock Hold Up When Markets Turn?

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/29/2025	-7.0%	-3.3%	-6.6%
7/31/2025	3.2%	10.5%	24.2%
3/10/2025	7.3%	26.9%	-1.3%
10/30/2024	2.4%	22.5%	15.7%
7/31/2024	-0.5%	-1.3%	15.5%
3/7/2024	2.7%	1.7%	8.9%
10/30/2023	-4.7%	-7.5%	-15.9%
7/31/2023	-16.9%	-16.0%	-11.8%
...
SUMMARY STATS
# Positive	13	9	5
# Negative	6	10	14
Median Positive	3.2%	10.5%	15.7%
Median Negative	-2.6%	-8.6%	-10.7%
Max Positive	52.4%	26.9%	36.6%
Max Negative	-16.9%	-18.8%	-37.9%

	Forward Returns
10/29/2025	-7.0%	-3.3%	-6.6%
7/31/2025	3.2%	10.5%	24.2%
3/10/2025	7.3%	26.9%	-1.3%
10/30/2024	2.4%	22.5%	15.7%
7/31/2024	-0.5%	-1.3%	15.5%
3/7/2024	2.7%	1.7%	8.9%
10/30/2023	-4.7%	-7.5%	-15.9%
7/31/2023	-16.9%	-16.0%	-11.8%
3/6/2023	3.4%	0.4%	-7.9%
10/31/2022	8.1%	6.2%	-4.3%
8/1/2022	0.0%	-5.6%	-9.9%
3/7/2022	-0.3%	-2.6%	-6.9%
11/1/2021	9.2%	11.1%	-11.4%
8/2/2021	-0.5%	-9.8%	-20.3%
3/1/2021	0.4%	-18.8%	-32.7%
11/4/2020	3.5%	12.4%	36.6%
8/10/2020	0.2%	-10.9%	-15.3%
3/2/2020	52.4%	-17.6%	-37.9%
11/4/2019	2.2%	3.5%	-5.7%
SUMMARY STATS
# Positive	13	9	5
# Negative	6	10	14
Median Positive	3.2%	10.5%	15.7%
Median Negative	-2.6%	-8.6%	-10.7%
Max Positive	52.4%	26.9%	36.6%
Max Negative	-16.9%	-18.8%	-37.9%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	8012025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	3102025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	3082024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	3072023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8022022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	3082022	10-K 12/31/2021

Insider Activity

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External Quote Links

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7	FinViz

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NCS Multistage (NCSM)

Market Price (12/28/2025): $40.96 | Market Cap: $106.3 MilSector: Energy | Industry: Oil & Gas Equipment & Services

NCS Multistage (NCSM)

Market Price (12/28/2025): $40.96Market Cap: $106.3 MilSector: EnergyIndustry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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NCSM Stock

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About NCS Multistage (NCSM)

Interactive Breakdown

Better Bets than NCS Multistage (NCSM)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for NCSM: 5.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NCSM: 5.8% | 12.7x)

Higher Rev Chg LTM (Value for NCSM: 16.5%)

Higher Rev Chg 3Y Avg (Value for NCSM: 5.8%)

Higher Op Mgn LTM (Value for NCSM: 4.6%)

Higher CFO/Rev LTM (Value for NCSM: 11.1%)

Higher FCF/Rev LTM (Value for NCSM: 10.4%)

Higher Total Yield (Value for NCSM: 11.7%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for NCSM: 5.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NCSM: 5.8% | 12.7x)

Higher Rev Chg LTM (Value for NCSM: 16.5%)

Higher Rev Chg 3Y Avg (Value for NCSM: 5.8%)

Higher Op Mgn LTM (Value for NCSM: 4.6%)

Higher CFO/Rev LTM (Value for NCSM: 11.1%)

Higher FCF/Rev LTM (Value for NCSM: 10.4%)

Higher Total Yield (Value for NCSM: 11.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NCSM: 5.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NCSM: 5.8% | 12.7x)

Higher Rev Chg LTM (Value for NCSM: 16.5%)

Higher Rev Chg 3Y Avg (Value for NCSM: 5.8%)

Higher Op Mgn LTM (Value for NCSM: 4.6%)

Higher CFO/Rev LTM (Value for NCSM: 11.1%)

Higher FCF/Rev LTM (Value for NCSM: 10.4%)

Higher Total Yield (Value for NCSM: 11.7%)

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Market Price (12/28/2025): $40.96 | Market Cap: $106.3 Mil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Market Price (12/28/2025): $40.96
Market Cap: $106.3 Mil
Sector: Energy
Industry: Oil & Gas Equipment & Services