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what it is
NCS sells the gear and advice oil producers use to crack open wells and finish them faster.
how it gets paid
Last year Ncs Multistage made $184M in revenue. Sliding sleeves was the main engine at $59M, or 32% of sales.
why it's growing
Revenue grew 13.0% last year. The business showed up where it counts: sales grew and profitability stayed positive in a cyclical market.
what just happened
Quarterly revenue reached $50.6M, up 13% vs. prior year, while reported EPS beat the expected $0.70 by $0.91.
At a glance
C++ balance sheet — some cracks in the foundation
5/100 earnings predictability — expect surprises
8.6x trailing p/e — the market's not buying it — or you found a deal
6.5% return on capital — nothing to write home about
$2.55 fy2024 eps est
xvary composite: 47/100 — below average
What they do
NCS sells the gear and advice oil producers use to crack open wells and finish them faster.
This is a niche toolmaker, not a giant driller. It sells specialized completion gear into a business where failure in the hole is expensive, and that helps it stay relevant with just 252 employees. You are betting that customers keep paying for engineered parts and field advice because downtime costs more than the hardware.
How they make money
$184M
annual revenue · their business grew +13.0% last year
Sliding sleeves
$59M
Frac isolation assemblies
$46M
Perforating and SpotFrac systems
$35M
Liner hanger and buoyancy systems
$24M
Tracer and advisory services
$20M
The products that matter
downhole flow control
Sliding Sleeves
inside the $147M product-sales base
These tools sit in the part of the business that accounts for about 80% of revenue. If completion activity slows, this bucket usually feels it first. The page does not break out sleeve revenue separately, so do not pretend the precision is better than it is.
core product mix
zone isolation during fracking
Frac Isolation Assemblies
supports the $184M company revenue base
Multi-stage completion hardware is the company's reason for existing. The clean read is strategic, not segment-level: if customers keep using these systems, the $184M revenue base holds up better. If they do not, the multiple will not save you.
completion critical
creating wellbore openings
Sand Jet Perforating
tied to the $37M services segment
This is part of the services side, which matters because services are the one piece that could make the model slightly less exposed to equipment swings. The catch: $37M is still only about 20% of revenue, so it helps around the edges more than it changes the story.
supporting service mix
Key numbers
8.6x
trailing p/e
P/E → price divided by earnings → so what: you are paying $8.60 for each $1 of trailing profit, which is cheap if profits hold.
5.9%
operating margin
Operating margin → profit after core costs → so what: this business makes less than $6 on every $100 of sales before interest and taxes.
6.5%
return on capital
Return on capital → profit generated from the money tied up in the business → so what: this is decent, not elite.
$9M
long-term debt
Long-term debt → money owed beyond one year → so what: $9 million is only 5% of capital, which keeps leverage from being the main problem.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 15 / 100
- long-term debt $9M (5% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for NCSM right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarterly revenue reached $50.6M, up 13% vs. prior year, while reported EPS beat the expected $0.70 by $0.91.
The business showed up where it counts: sales grew and profitability stayed positive in a cyclical market. The quiet part is that annual earnings still look lumpy, with FY2024 EPS estimated at $2.55 versus trailing EPS of $7.45.
$50.6M
revenue
$1.61
eps beat
13%
revenue growth
the number that mattered
$50.6 million mattered most because this is a small company, and each $5 million swing equals about 3% of its $163 million estimated 2024 revenue base.
source: company earnings report, 2026
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What could go wrong
the core risk is simple: NCS Multistage needs operators to keep spending on well completions. With $147M of revenue tied to product sales, this company does not get much room to hide if that spending stalls.
high
Completion activity rolls over
NCSM sells equipment used after a well is drilled. That means the revenue line depends on operators actually finishing wells and buying completion hardware.
About $147M of revenue comes from product sales, or roughly 80% of the business. If customers cut completion budgets, most of the income statement feels it at once.
med
Flat demand stays flat for too long
Q1 2026 guidance of $49M–$53M is basically level with Q4's $50.6M. Stability is useful. For a small-cap cyclical, it is not enough by itself to earn a higher multiple.
If revenue plateaus while the market waits for better activity, you are left owning a stock that looks cheap and stays cheap. Welcome to the discount trap version of cyclicals.
med
Quarterly earnings keep whipping around
The page shows Q4 EPS at $5.34, but earnings predictability is only 5 / 100 and price stability is 15 / 100. Those numbers are telling you the quarter was loud, not necessarily durable.
Volatile quarterly results can move sentiment fast in a $163M market-cap stock. If you are sizing this like a steady compounder, the stock will correct that assumption for you.
What would change our mind: product sales falling below the current $147M base while adjusted EBITDA margin drops below 15%, or management guiding below the current $49M–$53M quarterly range. If that happens, the low multiple stops looking like a bargain and starts looking accurate.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key metric
product sales still run the stock
$147M of revenue comes from product sales versus $37M from services. If that mix ever tilts more toward services, the model gets a little steadier. Right now the cycle is still in charge.
calendar
q1 2026 earnings report
Expected around late April or early May 2026. Consensus is $52.24M in revenue and $1.57 EPS, which gives you a clean scorecard for whether the flat guide turns into a beat, a miss, or just more sideways.
industry trend
rig count and oil prices
Baker Hughes rig count and WTI crude are the external dashboard here. When operator economics improve, completion budgets usually follow. When they weaken, NCSM feels it fast.
risk check
can margin hold at 15%
Adjusted EBITDA margin reached 15%. If revenue stays flat and margin slips anyway, the low multiple starts looking less like an opportunity and more like a warning label.
Analyst rankings
earnings predictability
5 / 100
in human-speak, analysts do not trust this earnings stream to behave neatly quarter to quarter.
risk rank
2
This measure says the stock is safer than most on the provider's framework. Here's the thing: balance sheet risk and trading volatility are not the same risk.
xvary composite
47 / 100
Below average overall. You need an actual view on completion activity to own this, because the broad scorecard is not carrying the bull case for you.
source: institutional data
Institutional activity
institutional ownership data for NCSM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$39
current price
n/a
target midpoint · n/a from current
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