What is the revenue and EPS growth rate for NCS Multistage year over year?

What guidance did NCS Multistage's management provide for the next earnings period?

What is NCS Multistage's latest dividend and current dividend yield?

What factors drove the changes in NCS Multistage's revenue and profit?

What does NCS Multistage do and what are its main business segments?

What were the key takeaways from NCS Multistage’s earnings call?

What were the key takeaways from NCS Multistage's earnings call?

Did NCS Multistage beat or miss consensus estimates last quarter?

- **Record 2025 Performance**: 13% revenue growth to $183.6M, 20% EBITDA expansion to $26.7M, and $18.9M free cash flow after distributions.
- **Strategic Acquisitions Paying Dividends**: ResMetrics added $5.2M in revenue, with cross-selling of tracer diagnostics in Canada and U.S.
- **2026 Outlook**: Target $184M-$194M revenue, 50%+ free cash flow conversion, and expansion into deepwater, geothermal, and SAGD markets.
- **Key Risks**: North American market flattish in 2026, with Canadian activity headwinds in Q1. Middle East geopolitical risks could impact international projects.

**【CEO Summary Section】**
- **2025 Performance Highlights**: Revenue grew 13% YoY to $183.6M, with adjusted EBITDA up 20% to $26.7M. Free cash flow after distributions was $18.9M (70% of adjusted EBITDA). ResMetrics acquisition added $5.2M in revenue post-acquisition.
- **Strategic Focus**: 
  - **Market Share Growth**: U.S. revenue up 69% YoY, driven by fracturing systems and frac plug sales. Canada saw 10% growth excluding ResMetrics.
  - **Innovation**: Introduced RateSaver frac plugs and Terrus AICV system for enhanced oil recovery. Expanded tracer diagnostics with ResMetrics' SmartProp and rapid trace technology.
  - **International Expansion**: First fracturing system deployment in the Middle East and deepwater Gulf of Mexico projects.
- **2026 Goals**: Target $184M-$194M revenue, $26M-$29M adjusted EBITDA. Free cash flow after distributions expected to be $12M-$16M (50%+ of adjusted EBITDA).

**【CFO Financial Commentary】**
- **Q4 2025 Results**: 
  - Revenue: $50.6M (13% YoY growth), with U.S. up 69%, Canada down 7% due to market headwinds.
  - Adjusted EBITDA: $9.2M (18% margin), exceeding guidance. Net income $15M, driven by tax valuation allowance reversal.
  - Free Cash Flow: $18.9M annualized, 70% of adjusted EBITDA.
- **2025 Full Year**: 
  - Adjusted gross margin stable at 41%. SG&A up 2% YoY due to ResMetrics integration and share-based compensation.
  - Balance Sheet: $29M net cash, $61M total liquidity.
- **Q1 2026 Guidance**: 
  - Revenue: $49M-$53M (2% YoY growth at midpoint). Adjusted EBITDA: $6.5M-$8.5M. Gross margin 39%-41%.

**【Q&A Highlights】**
- **Revenue Timing**: 2026 earnings weighted to H2 due to Canadian seasonality and international project timelines (e.g., Middle East tracer contracts).
- **Cross-Selling Success**: ResMetrics' SmartProp tracer adopted in Canada. Rapid trace technology gaining traction in remote markets.
- **North Sea Growth**: Expanded customer base to 7 operators in 2025, with 2 new customers in the Dutch sector. Fracturing systems technology being replicated in deepwater Gulf of Mexico.
- **New Markets**: Exploring SAGD (heavy oil) and geothermal applications. First deepwater deployment expected in 2026.


NCS Multistage Holdings, Inc.(NCSM)-20260305-2025 Q4 Earnings call transcript

**Revenue Growth and Integration Success**: Q3 revenue beat expectations at $46.5 million, with 37% U.S. growth and 38% international expansion. ResMetrix integration yields $1 million in synergies and strengthens Middle East market access.
**Financial Strength**: Adjusted EBITDA of $7 million and free cash flow of $6.8 million year-to-date, with 2025 guidance for $11-$13 million free cash flow post-distributions.
**Product Development Momentum**: New deepwater systems and tracer diagnostics solutions poised for 2026 deployments, supported by confirmed North Sea orders.
**Market Dynamics**: Canadian customers cautious but NCS maintains share through value-driven pricing; Middle East contracts provide recurring revenue potential despite project-based execution.

**【CEO Summary Section】**
- Q3 2025 revenue of $46.5 million exceeded guidance, driven by 37% year-over-year growth in U.S. operations and 38% increase in international markets.
- Emphasized successful integration of ResMetrix, with $1 million in cost synergies and expanded Middle East market presence.
- Highlighted new product developments, such as deepwater fracturing systems, targeting 2026 deployments in the Gulf of America.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $7 million for Q3, with free cash flow of $6.8 million year-to-date.
- Projected 2025 revenue of $174-$178 million, with 8% growth driven by organic initiatives and ResMetrix contributions.
- Free cash flow after distributions expected to reach $11-$13 million, yielding 11% of market cap.

**【Q&A Key Highlights】**
- Customers in Canada showing cautious spending, but NCS maintaining market share through value-based pricing.
- North Sea pipeline includes confirmed orders for 2026, with potential for new product applications.
- Middle East tracer diagnostics contracts provide recurring revenue visibility, though project-based execution remains lumpy.
- Integration of ResMetrix on track for early 2026 completion, with $1.5 million in cost savings opportunities.


NCS Multistage Holdings, Inc. (NCSM) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 revenue up 23% YoY to $36.5M, driven by 49% Canada growth and 15% U.S. expansion.
- **Acquisition Impact**: ResMetrics adds $10M revenue and 30% EBITDA margin, with $1-2M long-term synergies.
- **Financial Strength**: $36M total liquidity post-acquisition, 2025 free cash flow guidance of $7-11M.
- **Strategic Positioning**: Leading tracer diagnostics provider with 7 North Sea customers (vs 2 in 2022), expanding Middle East chemical tracing.

**【CEO Summary Section】**
- Q2 2025 revenue of $36.5 million exceeded high-end guidance by $7 million, driven by 49% year-over-year growth in Canada and 15% growth in the U.S. 
- Adjusted EBITDA of $2.2 million improved 142% YoY, with first-half EBITDA up 49% to $10.4 million.
- Acquired ResMetrics for $5.9 million upfront + $1.3 million earn-out, adding $10 million trailing revenue and 30% EBITDA margin in tracer diagnostics.
- 2025 full-year guidance: $168-176 million revenue (6% midpoint growth) and $21-24 million EBITDA, with ResMetrics contributing $4-5 million revenue and $1-1.5 million EBITDA post-acquisition.

**【CFO Financial Commentary】**
- Q2 gross margin 36% vs 40% YoY, due to product mix (higher frac system sales vs. higher-margin tracer work).
- Sequential revenue decline 27% due to Canadian spring breakup, offset by U.S. and international growth.
- Strong cash position: $25.4 million pre-acquisition, $17.7 million net cash post-acquisition, $36 million total liquidity.
- 2025 free cash flow forecast: $7-11 million after distributions, excluding ResMetrics purchase.

**【Acquisition of ResMetrics】**
- Complements NCS tracer diagnostics with liquid oil tracers, radioactive tracing, and Middle East partnerships.
- Expected $1-2 million long-term operational synergies through chemical cost optimization.
- 2025 contribution: $4-5 million revenue and $1-1.5 million EBITDA from Nov-Dec.

**【Q&A Highlights】**
- Cross-selling opportunities: ResMetrics' liquid tracers + NCS particulate tracers to expand use cases.
- Canadian rig count 10-15% below 2024 levels, but NCS outperformed market with 27% Canada revenue growth vs 1% rig count growth.
- North Sea and Middle East growth: 7 customers in North Sea (vs 5 in 2024), expanding chemical tracing in Middle East.
- Cautious outlook: 60% revenue exposure to Canada, watching OPEC supply and U.S. rig count trends.

NCS Multistage Holdings, Inc. (NCSM) Q2 2025 Earnings Call Transcript

- **Revenue Record**: Q1 2025 revenue of $50 million, highest since 2020, driven by 19% YoY growth in Canada and 34% surge in international markets.
- **Margin Expansion**: Adjusted gross margin improved to 44% (vs. 40% YoY), supported by higher-margin international activity.
- **Strategic Momentum**: 2025 tech initiatives include field trials for dissolvable frac plugs and rapidTrack tracer diagnostics, with Argentina marking first enhanced recovery system deployment.
- **Financial Strength**: $23 million cash, $50 million liquidity, and free cash flow positive for 2025, positioning for M&A or shareholder returns.
- **Risk Management**: Cautious on H2 2025 due to lower commodity prices and trade uncertainties, but maintaining guidance with wider ranges.


**【CEO Opening Remarks】**
- Q1 2025 revenue of $50 million exceeded guidance by $4 million, marking the highest quarterly revenue since Q1 2020.
- Adjusted gross margin of 44% (vs. 40% YoY) driven by higher-margin international activity.
- Canada revenue grew 19% YoY, outpacing a 3% increase in rig count, fueled by adoption of single-point entry frac technology.
- International revenue surged 34% YoY, with success in the Middle East, North Sea, and Argentina.

**【CFO Financial Highlights】**
- GAAP net income of $4.1 million (EPS: $1.51) vs. $2.1 million (EPS: $0.82) YoY.
- Adjusted EBITDA of $8.2 million vs. $6.1 million YoY, exceeding the $4.5-$6.5 million guidance.
- Q2 2025 revenue expected in $26-$29 million range, with adjusted EBITDA targeting -$2 million to breakeven.
- Full-year 2025 revenue guidance maintained at $165-$175 million, adjusted EBITDA raised to $20-$24 million.

**【CEO Strategic Updates】**
- Core strategies: market leadership (Canada), international expansion (North Sea, Middle East), innovation (Stage Saver plugs, rapidTrack tracer diagnostics).
- 2025 tech initiatives include field trials for dissolvable frac plugs, enhanced recovery systems, and multi-day automated samplers.
- Balance sheet strength: $23 million cash, $50 million total liquidity, positive free cash flow expected for the year.

**【Q&A Key Takeaways】**
- **Capacity Constraints**: No near-term bottlenecks; supply chain partners have sufficient capacity.
- **Sales Pipeline**: US product sales expected to strengthen as field trials convert to regular activity (e.g., Stage Saver plugs).
- **M&A Strategy**: Open to tactical acquisitions but prioritizing organic growth and shareholder returns.
- **Pricing Environment**: Disciplined approach to cost pass-through, leveraging technology differentiation to maintain margins.
- **North Sea Pipeline**: Q2 activity limited, with more significant opportunities expected in H2 2025.


NCS Multistage Holdings, Inc. (NCSM) Q1 2025 Earnings Call Transcript

- **Revenue Growth**: 14% YoY to $162.6M, driven by 280% intl revenue surge
- **Profitability**: Adjusted EBITDA up 87% to $22.3M, free cash flow $10M
- **2025 Outlook**: $165-175M revenue guided, with 4% FX-driven margin compression
- **Strategic Moves**: Expanding into North Sea/Argentina, evaluating M&A for tech adjacencies
- **Operational Strength**: 250bp margin expansion, $26M cash balance, no debt

**【CEO Opening Remarks】**
- NCS aims to be a trusted partner in unconventional resource development, leveraging technology and expertise across North America, the North Sea, and Middle East. 
- 2024 achievements include:
  - Doubling international revenue to 10% of total (vs 5% in 2023)
  - 250bp improvement in adjusted gross margin to 41%
  - Successful deployment of fracturing systems in North Sea and Argentina
- 2025 priorities: grow revenue > market activity in key regions, expand international trials, and maintain financial flexibility

**【CFO Financial Highlights】**
- Q4 2024 Results:
  - Revenue: $45M (+20% YoY), driven by 280% intl growth
  - Adjusted EBITDA: $8.2M (+232% YoY)
  - Net income: $3.5M (vs loss in Q4 2023)
- Full Year 2024:
  - Revenue: $162.6M (+14% YoY)
  - Adjusted EBITDA: $22.3M (+87% YoY)
  - Free cash flow: $10M after distributions
- 2025 Guidance:
  - Revenue: $165-175M (flat to down US, + Canada/intl)
  - Adjusted EBITDA: $20-23M
  - FX headwinds: ~$4M revenue reduction

**【Q&A Key Takeaways】**
- Canada activity: Q4 2024 saw unusual strength in winter, expect normal seasonal decline in Q1
- Margin trends: 2024 margin expansion due to intl growth and cost control; 2025 margins expected flat due to FX
- M&A strategy: Actively evaluating tech-driven opportunities with global expansion potential
- R&D pipeline: Multiple stage-gate products in testing phase for 2025 commercialization

Actual											-0.2	-4	-2	-2.7	-1.18	-2.04	-0.4	0.48	-0.93	-1.64	1.41		-6.1	-13.02	1.91	-0.36	0.99	-1.03	1.5	2.27	1.5111	-0.0993	1.5309	1.6
Forecast											-0.4452	-5.4378	-3.0464	-1.7442	-0.442	-2.3	0.05	1.32	1.33	-1.34	0.34	1.08			2.59	1.18	-0.36	-1.23	1.27	0.815	0.79	-1.295	1.065	0.685
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+55.08%	+26.44%	+34.35%	-54.80%	-166.97%	+11.30%	-900.00%	-63.64%	-169.92%	-22.39%	+314.71%	0.00%	0.00%	0.00%	-26.25%	-130.51%	+375.00%	+16.26%	+18.11%	+178.53%	+91.28%	+92.33%	+43.75%	+133.58%

Actual	--	--	--	--	--	--	--	--	--	--	54.55M	8.73M	16.31M	27.38M	28.51M	21.46M	32.41M	36.12M	39.11M	27.46M	48.87M	--	43.60M	25.39M	38.28M	35.25M	43.86M	29.69M	44.01M	45.00M	50.01M	36.45M	46.54M	50.63M
Forecast	--	--	--	--	--	--	--	--	--	--	56.59M	14.57M	15.43M	23.00M	28.00M	19.00M	30.00M	38.00M	40.00M	26.00M	33.00M	38.00M	--	--	51.10M	39.70M	45.90M	28.50M	42.80M	40.26M	44.69M	27.74M	46.05M	44.30M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.61%	-40.05%	+5.69%	+19.06%	+1.84%	+12.95%	+8.04%	-4.96%	-2.22%	+5.63%	+48.09%	0.00%	0.00%	0.00%	-25.09%	-11.22%	-4.45%	+4.18%	+2.82%	+11.79%	+11.89%	+31.41%	+1.05%	+14.30%

NCSM

NCSM fundamentals

NCSM Q4 2025 Earnings

Earnings Call

You can ask Aime

NCSM

NCSM fundamentals

NCSM Q4 2025 Earnings

Earnings Call

NCSM Earnings Call Summary for Q4/20258:30 AM on Mar 5, 2026

NCSM Earnings Call Summary for Q3/20258:30 AM on Oct 30, 2025

NCSM Earnings Call Summary for Q2/20258:30 AM on Aug 1, 2025

NCSM Earnings Call Summary for Q1/20258:30 AM on May 1, 2025

NCSM Earnings Call Summary for Q4/20248:30 AM on Mar 11, 2025

You can ask Aime