NCS Multistage (NCSM)
Market Price (3/30/2026): $73.28 | Market Cap: $190.4 MilSector: Energy | Industry: Oil & Gas Equipment & Services
NCS Multistage (NCSM)
Market Price (3/30/2026): $73.28Market Cap: $190.4 MilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.5%, FCF Yield is 11% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Stock price has recently run up significantly12M Rtn12 month market price return is 110% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% | Key risksNCSM 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. | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% | ||
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.5%, FCF Yield is 11% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 110% |
| Key risksNCSM 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. |
Qualitative Assessment
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NCS Multistage (NCSM) stock has gained about 100% since 11/30/2025 because of the following key factors:
1. Exceptional Q4 and Full-Year 2025 Financial Performance: NCS Multistage reported robust financial results, significantly exceeding prior guidance. Fourth-quarter 2025 revenue increased by 13% year-over-year to $50.6 million, while full-year 2025 revenue also surged by 13% to $183.6 million. Diluted earnings per share (EPS) for Q4 2025 reached $5.34, comfortably beating expectations by $4.67, and full-year 2025 diluted EPS improved to $8.65 from $2.55 in the prior year. Adjusted EBITDA for 2025 rose 20% year-over-year to $26.7 million, with free cash flow after distributions to non-controlling interests exceeding guidance at $18.9 million.
2. Release of Deferred Tax Valuation Allowance: The company's net income was significantly boosted by the release of deferred tax valuation allowances. This resulted in a net positive impact of $9.8 million in the fourth quarter of 2025 and $11.5 million for the full year 2025, directly contributing to the substantial increase in reported profitability and EPS.
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1. Exceptional Q4 and Full-Year 2025 Financial Performance: NCS Multistage reported robust financial results, significantly exceeding prior guidance. Fourth-quarter 2025 revenue increased by 13% year-over-year to $50.6 million, while full-year 2025 revenue also surged by 13% to $183.6 million. Diluted earnings per share (EPS) for Q4 2025 reached $5.34, comfortably beating expectations by $4.67, and full-year 2025 diluted EPS improved to $8.65 from $2.55 in the prior year. Adjusted EBITDA for 2025 rose 20% year-over-year to $26.7 million, with free cash flow after distributions to non-controlling interests exceeding guidance at $18.9 million.
2. Release of Deferred Tax Valuation Allowance: The company's net income was significantly boosted by the release of deferred tax valuation allowances. This resulted in a net positive impact of $9.8 million in the fourth quarter of 2025 and $11.5 million for the full year 2025, directly contributing to the substantial increase in reported profitability and EPS.
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Stock Movement Drivers
Fundamental Drivers
The 102.4% change in NCSM stock from 11/30/2025 to 3/29/2026 was primarily driven by a 87.8% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.06 | 73.00 | 102.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 178 | 184 | 3.2% |
| Net Income Margin (%) | 6.9% | 12.9% | 87.8% |
| P/E Multiple | 7.6 | 8.0 | 4.7% |
| Shares Outstanding (Mil) | 3 | 3 | -0.2% |
| Cumulative Contribution | 102.4% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NCSM | 102.4% | |
| Market (SPY) | -5.3% | 9.7% |
| Sector (XLE) | 39.5% | 3.1% |
Fundamental Drivers
The 91.6% change in NCSM stock from 8/31/2025 to 3/29/2026 was primarily driven by a 80.1% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.10 | 73.00 | 91.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 175 | 184 | 4.6% |
| Net Income Margin (%) | 7.2% | 12.9% | 80.1% |
| P/E Multiple | 7.8 | 8.0 | 1.8% |
| Shares Outstanding (Mil) | 3 | 3 | -0.2% |
| Cumulative Contribution | 91.6% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NCSM | 91.6% | |
| Market (SPY) | 0.6% | 14.1% |
| Sector (XLE) | 40.8% | 14.5% |
Fundamental Drivers
The 171.1% change in NCSM stock from 2/28/2025 to 3/29/2026 was primarily driven by a 397.7% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.93 | 73.00 | 171.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 153 | 184 | 20.2% |
| Net Income Margin (%) | 28.0% | 12.9% | -53.8% |
| P/E Multiple | 1.6 | 8.0 | 397.7% |
| Shares Outstanding (Mil) | 3 | 3 | -1.9% |
| Cumulative Contribution | 171.1% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NCSM | 171.1% | |
| Market (SPY) | 9.8% | 16.2% |
| Sector (XLE) | 42.1% | 24.8% |
Fundamental Drivers
The 206.2% change in NCSM stock from 2/28/2023 to 3/29/2026 was primarily driven by a 169.3% change in the company's P/S Multiple.| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.84 | 73.00 | 206.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 152 | 184 | 21.2% |
| P/S Multiple | 0.4 | 1.0 | 169.3% |
| Shares Outstanding (Mil) | 2 | 3 | -6.2% |
| Cumulative Contribution | 206.2% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| NCSM | 206.2% | |
| Market (SPY) | 69.4% | 12.0% |
| Sector (XLE) | 65.5% | 19.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NCSM Return | 29% | -14% | -29% | 45% | 52% | 79% | 214% |
| Peers Return | 1512% | 64% | 20% | -16% | 9% | 33% | 3799% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| NCSM Win Rate | 50% | 42% | 25% | 58% | 58% | 67% | |
| Peers Win Rate | 45% | 65% | 52% | 42% | 67% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| NCSM Max Drawdown | -2% | -25% | -51% | -17% | -6% | -5% | |
| Peers Max Drawdown | -6% | -10% | -19% | -26% | -26% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HAL, BKR, SLB, NOV, WFRD.
[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] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | NCSM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -78.6% | -25.4% |
| % Gain to Breakeven | 366.5% | 34.1% |
| Time to Breakeven | 846 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -81.7% | -33.9% |
| % Gain to Breakeven | 445.3% | 51.3% |
| Time to Breakeven | 650 days | 148 days |
| 2018 Correction | ||
| % Loss | -93.4% | -19.8% |
| % Gain to Breakeven | 1410.6% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to HAL, BKR, SLB, NOV, WFRD
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)
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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NCS Multistage is like a highly specialized division of companies such as Halliburton (HAL) or Schlumberger (SLB), focusing exclusively on the advanced tools and diagnostic services required for oil and natural gas well completions and fracking.
Think of NCS Multistage as the "surgical tools and diagnostics" supplier for oil and gas wells, much like how Medtronic (MDT) provides specialized medical devices, but for petroleum extraction.
NCS Multistage is like a precision engineering firm for the oilfield, similar to how KLA Corporation (KLAC) provides critical process control tools for semiconductor manufacturing, but NCSM designs and supplies specialized systems for optimizing oil and gas well completion.
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- Fracturing Systems: Engineered products like casing-installed sliding sleeves, downhole frac isolation assemblies, sand jet perforating products, and Accelus sliding sleeves, critical for oil and natural gas well completions.
- Injection Control Devices: Specialized equipment designed to manage and optimize fluid flow and injection within wells.
- Well Construction Products: A range of products essential for the building and completion phases of oil and natural gas wells.
- Tracer Diagnostics Services: Support services employing downhole chemical and radioactive tracers for analyzing well completion and reservoir characteristics.
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NCS Multistage (NCSM) primarily sells its engineered products and support services to other companies, specifically exploration and production (E&P) companies in the oil and natural gas industry.
Based on their public filings, no single customer accounts for more than 10% of their consolidated revenues, meaning specific major customer names are not individually disclosed. However, NCSM serves a diverse range of E&P companies, which can be broadly categorized as:
- Large multinational oil and gas companies
- Independent oil and gas companies
- National oil companies
These customers utilize NCSM's products and services for oil and natural gas well completions and field development strategies, primarily in onshore wells.
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Ryan Hummer, Chief Executive Officer Mr. Hummer has served as Chief Executive Officer of NCS Multistage since November 2022, having previously held the positions of Chief Financial Officer and Treasurer from March 2020 to November 2022, and Chief Financial Officer from November 2016 to March 2020. Prior to these roles, he was Executive Vice President, Corporate Development from August 2015 to November 2016, and Vice President, Corporate Development from July 2014 to August 2015. Before joining NCS Multistage, Mr. Hummer was Director, Investment Banking at Lazard Freres & Co. from January 2011 to April 2014, where he advised clients on a variety of transactions including mergers & acquisitions, restructuring, and debt and equity capital raises. Michael Morrison, Chief Financial Officer and Treasurer Mr. Morrison was appointed Chief Financial Officer and Treasurer of NCS Multistage effective November 3, 2022. Prior to joining NCS Multistage, 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. He held various other finance and accounting positions at ION Geophysical Corporation since 2002. Before 2002, Mr. Morrison was a Director of Accounting, providing transaction support for an energy trading company, and held various positions at Deloitte & Touche, LLP. Robert Nipper, Director Mr. Nipper co-founded NCS Multistage in 2006 and has served as a director since December 2012. He previously served as Chief Executive Officer from December 2012 to April 2016, and again from November 2016 until his retirement from the CEO position in November 2022. He also served as Executive Chairman from April 2016 to February 2017. With over 30 years of industry experience, Mr. Nipper has invented several patented technologies related to downhole oil, natural gas, and geothermal service equipment. Before founding NCS, he spent 18 years with Tri-State Oil Tools and Baker Hughes, where he held various operations and sales management positions, culminating as North American Marketing Manager at Baker Hughes. NCS qualifies as a controlled company, with Advent beneficially owning over 50% voting power. Tim Willems, Chief Operations Officer Mr. Willems has more than 30 years of experience in the oil and gas industry, with a specialization in wellbore construction, completion, and remediation. His career includes sixteen years in the international arena, holding diverse roles in applications engineering, operations, and sales. Ori Lev, Executive Vice President, General Counsel and Secretary Mr. Lev serves as the Executive Vice President, General Counsel, and Secretary for NCS Multistage.AI Analysis | Feedback
The key risks to NCS Multistage's business operations and financial performance are primarily tied to the cyclical nature of the oil and natural gas industry, its significant exposure to the Canadian market, and customer concentration.
- Dependence on Volatile Oil and Natural Gas Exploration and Production (E&P) Activity and Commodity Prices: NCS Multistage's financial performance is directly impacted by the levels of exploration and production activity within the oil and natural gas industry. Fluctuations in oil and natural gas prices directly influence customer activity and demand for NCSM's products and services, creating a cyclical risk for the company.
- Significant Exposure to the Canadian Market and Related Legal/Tax Challenges: A substantial portion of NCS Multistage's revenue, approximately 58% in 2025, originated from Canada. The company anticipates a decrease in Canadian revenue for 2026 due to a lower total rig count and customer consolidation in the region. Furthermore, NCSM faces ongoing Canadian patent litigation and recently received a Notice of Reassessment from the Canada Revenue Agency totaling about $13.5 million (CAD $18.6 million) for multiple tax years, which could require the remittance of approximately $6.8 million (CAD $9.3 million) during the appeals process. The company also has exposure to Canadian dollar exchange rate fluctuations.
- Customer Concentration: NCS Multistage has a notable customer concentration risk, with one combined customer representing 18% of its 2025 revenue. The potential loss of such a significant customer or a substantial reduction in their activity could materially affect the company's sales and financial results.
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NCS Multistage Holdings, Inc. operates in several key addressable markets related to oil and natural gas well completions and field development. The primary markets for their products and services, including fracturing systems, downhole tools, and tracer diagnostics, are substantial both globally and in North America. The addressable markets for NCS Multistage's main products and services are as follows: * Well Completion Equipment and Services Market * Globally, this market was valued at approximately USD 11.75 billion in 2024 and is projected to reach around USD 18.02 billion by 2035. Other estimates for the global market include USD 12.22 billion in 2025, expected to reach USD 15.75 billion by 2030, and USD 9.832 billion in 2024, projected to grow to USD 14.34 billion by 2035. North America is a significant region within this market, holding roughly a 40.7% share of the global market value in 2024. * The United States market for Well Completion Equipment and Services was approximately USD 2.43 billion in 2024. This market encompasses various equipment such as packers, liner hangers, sand-control tools, and multi-stage fracturing systems, as well as associated services like well intervention and completion design. * Hydraulic Fracturing Market * The global hydraulic fracturing market, which directly relates to NCS Multistage's fracturing systems, was valued at USD 12.25 billion in 2023. Other sources provide higher estimates, with the market valued at USD 58.49 billion in 2025, projected to reach USD 95.92 billion by 2033, or USD 19.97 billion in 2025, expected to reach USD 31.88 billion by 2034. Another estimate places the global market at USD 43.12 billion in 2025, anticipated to reach USD 83.73 billion by 2033. * North America holds a dominant share of the global hydraulic fracturing market, accounting for around 83.1% of total revenue in 2025, or 67.60% revenue share in 2025. The U.S. market alone for hydraulic fracturing is poised to be valued at USD 15.46 billion in 2025. * Downhole Tools Market * This market, relevant to NCS Multistage's downhole frac isolation assemblies and other downhole components, had a global size estimated at USD 5.18 billion in 2025 and is projected to reach USD 7.58 billion by 2033. Other estimates for the global market include USD 4.10 billion in 2025, growing to USD 6.31 billion by 2034, and USD 4.70 billion in 2023, expected to reach USD 7.74 billion by 2033. * North America was the largest market in 2025, holding approximately 34.9% of the global downhole tools market revenue. * Tracer Services for Oil & Gas Well Intervention Market * The global market for tracer services, directly related to NCS Multistage's tracer diagnostics services, was valued at USD 1.12 billion in 2024 and is projected to grow to USD 2.05 billion by 2035. * North America dominates this market, holding over 35% of the global oilfield services share for tracer use.AI Analysis | Feedback
NCS Multistage (NCSM) is anticipated to drive future revenue growth over the next two to three years through several key strategies:- Integration and Synergies from Acquisitions: The acquisition of ResMetrix in July 2025 is expected to continue enhancing NCS Multistage's global tracer diagnostics capabilities. This integration is projected to realize synergies and generate new revenue opportunities through expanded product deployment.
- Growth in the U.S. Market: The company anticipates continued strong performance in the U.S. market, driven by increased sales of its fracturing systems and higher revenue from Repeat Precision products. The U.S. market experienced a significant year-over-year revenue increase in late 2025.
- International Market Expansion: NCS Multistage is actively expanding its presence in international markets, particularly in the North Sea and the Middle East. This includes securing new customers in the Dutch sector of the North Sea and the successful completion of initial fracturing system wells and sales of Repeat Precision frac plugs in the Middle East, with further applications expected. The company aims to capitalize on high-margin growth opportunities globally.
- New Technology Commercialization and Product Innovation: Expected revenue growth will be fueled by the commercialization of new technologies and ongoing product innovations. This strategy involves introducing innovative solutions to customers and utilizing advanced engineering capabilities for complex applications, potentially leading to higher profit margins.
- Expansion of Repeat Precision Products: Growth in revenue is also expected from the continued success and expansion of the Repeat Precision product line, specifically higher sales of frac plugs in existing markets like the U.S. and new international markets such as the Middle East.
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Capital Allocation Decisions (2021-2026)
Outbound Investments
- NCS Multistage acquired ResMetrics on July 31, 2025.
- The company paid a contingent consideration of $1.5 million in January 2026 related to the ResMetrics acquisition.
Capital Expenditures
- NCS Multistage incurred capital expenditures of $0.4 million in 2021.
- Capital expenditures were $0.7 million in 2022, $1.7 million in 2023, and $0.8 million in 2024 (net of proceeds from the sale of property and equipment).
- In 2025, capital expenditures were $0.5 million.
- For 2026, gross capital expenditures are expected to be between $1.5 million and $2.0 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| NCS Multistage Earnings Notes | 12/16/2025 | |
| Can NCS Multistage Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to NCSM.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 82.3% | 82.3% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 23.6% | 23.6% | -6.5% |
| 12122025 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 56.9% | 56.9% | -7.0% |
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 31.6% | 31.6% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 41.7% | 41.7% | 0.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 58.36 |
| Mkt Cap | 20.6 |
| Rev LTM | 15,464 |
| Op Inc LTM | 1,902 |
| FCF LTM | 1,274 |
| FCF 3Y Avg | 1,310 |
| CFO LTM | 2,088 |
| CFO 3Y Avg | 2,150 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.5% |
| Rev Chg 3Y Avg | 6.5% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Mgn LTM | 13.4% |
| Op Mgn 3Y Avg | 14.0% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 13.7% |
| CFO/Rev 3Y Avg | 13.7% |
| FCF/Rev LTM | 9.6% |
| FCF/Rev 3Y Avg | 8.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 20.6 |
| P/S | 1.5 |
| P/EBIT | 15.8 |
| P/E | 23.9 |
| P/CFO | 10.9 |
| Total Yield | 5.9% |
| Dividend Yield | 1.6% |
| FCF Yield 3Y Avg | 8.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.4% |
| 3M Rtn | 41.3% |
| 6M Rtn | 43.7% |
| 12M Rtn | 57.7% |
| 3Y Rtn | 54.0% |
| 1M Excs Rtn | 9.2% |
| 3M Excs Rtn | 49.0% |
| 6M Excs Rtn | 50.0% |
| 12M Excs Rtn | 42.6% |
| 3Y Excs Rtn | -0.5% |
Price Behavior
Price Behavior
| Market Price | $73.00 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 04/28/2017 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $48.10 | $39.59 |
| DMA Trend | up | up |
| Distance from DMA | 51.8% | 84.4% |
| 3M | 1YR | |
| Volatility | 62.7% | 67.3% |
| Downside Capture | -0.78 | 0.00 |
| Upside Capture | 206.04 | 79.34 |
| Correlation (SPY) | 12.9% | 18.8% |
NCSM Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.42 | 0.98 | 0.65 | 0.82 | 0.62 | 0.47 |
| Up Beta | 0.83 | 0.99 | 0.10 | -0.13 | 0.20 | 0.17 |
| Down Beta | 0.48 | 1.35 | 0.94 | 1.12 | 1.40 | 0.96 |
| Up Capture | 23% | 77% | 97% | 89% | 52% | 19% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 21 | 32 | 58 | 123 | 332 |
| Down Capture | 35% | 81% | 35% | 96% | 44% | 63% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 18 | 27 | 64 | 124 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCSM | |
|---|---|---|---|---|
| NCSM | 98.4% | 67.4% | 1.30 | - |
| Sector ETF (XLE) | 37.0% | 24.9% | 1.22 | 26.1% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 18.8% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 6.4% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 29.1% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 13.3% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 11.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCSM | |
|---|---|---|---|---|
| NCSM | 29.7% | 62.8% | 0.73 | - |
| Sector ETF (XLE) | 25.3% | 26.1% | 0.86 | 22.2% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 17.1% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 6.2% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 19.3% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 14.9% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 2.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCSM | |
|---|---|---|---|---|
| NCSM | -12.6% | 79.4% | 0.14 | - |
| Sector ETF (XLE) | 11.4% | 29.4% | 0.42 | 35.1% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 28.0% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 4.3% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 24.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 23.2% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 8.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/4/2026 | 12.1% | 69.0% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 5 |
| # Negative | 6 | 10 | 13 |
| Median Positive | 3.4% | 11.1% | 15.7% |
| Median Negative | -2.6% | -8.6% | -11.4% |
| Max Positive | 52.4% | 69.0% | 36.6% |
| Max Negative | -16.9% | -18.8% | -37.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 03/10/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/07/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nipper, Robert | Direct | Sell | 11052025 | 40.00 | 1,000 | 40,000 | 1,338,200 | Form | |
| 2 | Nipper, Robert | Family Limited Partnership | Sell | 11042025 | 40.00 | 3,147 | 125,880 | 3,543,840 | Form | |
| 3 | Mitchell, Valerie A | Direct | Sell | 8052025 | 30.00 | 548 | 16,440 | 765,600 | Form | |
| 4 | Mitchell, Valerie A | Direct | Sell | 8052025 | 30.16 | 1,969 | 59,385 | 710,298 | Form | |
| 5 | Mitchell, Valerie A | Direct | Sell | 3132025 | 29.02 | 357 | 10,360 | 790,940 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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