NCSMNasdaqOil & Gas Field Services, NECUS GAAP · USD

NCS Multistage Holdings, Inc.

NCS Multistage Holdings designs and sells engineered tools and support services used in oil and natural gas well construction, completion, and field development. Its products are aimed at improving how E&P customers place fractures, complete horizontal wells, and gather downhole data across North America and selected international basins.

Kysy yhtiöstä
Liikevaihto184milj. USD
+13,0 %v/v
Liikevoitto (EBIT)10,5milj. USD
+143,7 %v/v
EBIT-marginaali5,7%
+3,1 %-yks.v/v
Nettotulos23,7milj. USD
+260,2 %v/v
Vapaa kassavirta21,0milj. USD
+83,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50050100150200milj. USD2020: 27 milj. USD2020: EBIT −0,06 milj. USD20202021: 119 milj. USD2021: EBIT −5,1 milj. USD20212022: 156 milj. USD2022: EBIT −2,3 milj. USD20222023: 142 milj. USD2023: EBIT −5,5 milj. USD20232024: 163 milj. USD2024: EBIT 4,3 milj. USD20242025: 184 milj. USD2025: EBIT 11 milj. USD202518411
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: NCS Multistage Holdings, Inc.

Liiketoiminta

Osuus liikevaihdosta
Completion systems45 %

Engineered tools used to optimize horizontal well completion and stimulation.

Field development and recovery tools20 %

Products that support well construction, enhanced recovery, and field development workflows.

Diagnostics and data services20 %

Tracer diagnostics and downhole data interpretation services used to measure well performance.

Casing and wellbore hardware15 %

Specialized hardware such as casing buoyancy systems, liner hangers, and toe sleeves.

Tuotteet

Raportoitu · osuus liikevaihdosta
69,6%30,4%FY2025100 %
  • Products69,6 %
  • Services30,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

NCS sells primarily to oil and natural gas producers, especially E&P companies operating horizontal wells in unconventional and conventional formations. It also sells certain products through oilfield service companies that act as distributors, and it serves both large independents and major oil companies. Customer concentration is meaningful, with the largest customers accounting for a sizable share of revenue and merger activity among E&P customers affecting demand patterns.

Oil and natural gas producers

Buy completion and field development tools directly to improve well construction and stimulation outcomes.

E&P companies

Use fracturing systems, liner hangers, toe initiation sleeves, and diagnostics to optimize horizontal wells.

Oilfield service companies

Distribute selected products, especially casing buoyancy systems, and support well completion activity.

Large independents and major oil companies

Purchase across multiple basins and often represent recurring, technically demanding business.

Strategia

NCS is focused on using R&D and customer field trials to keep its products aligned with changing completion and field development methods. It also aims to expand sales in the United States and selected international markets while defending its position through proprietary technology and patents. Technical marketing and recurring customer relationships are central to its strategy because the products must prove economic value versus competing completion methods.

Commercialize new and improved completion technologiesKeskipitkä aikaväli

Customer adoption depends on measurable efficiency and profitability gains.

Expand geographic reach in the U.S. and select international marketsKeskipitkä aikaväli

Growth depends on winning work in active basins and new regions.

Defend intellectual property and technical differentiationPitkä aikaväli

Patents and know-how support pricing power and customer retention.

Maantiede

Q1/2026

The company generates most of its business in North America, especially the United States and Canada, where it sells directly to E&P customers. It also serves selected international markets, including the North Sea, the Middle East, and Argentina, with some sales routed through local entities or operating partners. Geography matters because activity levels, access conditions, and customer spending vary by basin, and Canada is notably seasonal due to winter access and spring thaw.

Kanada51 %
USA42 %
Other countries (US filing)7,2 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Demand is tied to E&P spending and drilling/completion activity, so the business is exposed to oil and gas cyclicality and customer budget cuts. It also faces intense competition from larger oilfield service companies and alternative completion methods, while customer concentration and consolidation can quickly reduce revenue from key accounts. Operationally, cybersecurity, weather disruption, regulatory constraints, and product/liability exposure are important because the company’s tools are used in hazardous field environments.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration1Oil and gas cycle exposure2Weather and field-access disruption3Competitive pressure4Cybersecurity and IT disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentrationVaikutus: KorkeaTodennäköisyys: Korkea

    A small number of large customers account for a meaningful share of revenue.

    Kohdistuu: Top E&P customers and merged customer groups

  2. Oil and gas cycle exposureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Customer spending rises and falls with commodity prices and E&P budgets.

    Kohdistuu: North America and selected international basins

  3. Weather and field-access disruptionVaikutus: KeskitasoTodennäköisyys: Korkea

    Severe weather and thaw conditions can limit access to well sites, especially in Canada.

    Kohdistuu: Canada and remote drilling areas

  4. Competitive pressureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The company competes with larger, better-capitalized oilfield service firms and niche rivals.

    Kohdistuu: Completion systems and diagnostics

  5. Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    A cyber incident could interrupt operations, expose data, and trigger remediation costs.

    Kohdistuu: Internal systems and third-party suppliers

Kysy Clarifolta: NCS Multistage Holdings, Inc.

Kirjanpito

Harkinnanvaraiset erät
Allowance for credit losses

A concentrated customer base increases the need to estimate collectability carefully.

Vaikutus: Could affect receivables and operating results if a large customer defaults.

Goodwill and long-lived asset impairment

Management must test assets when indicators arise and annually for goodwill.

Vaikutus: May create non-cash charges if expected cash flows weaken.

Seasonality and quarterly variability

Canadian activity typically peaks in winter and slows during thaw periods.

Vaikutus: Can distort quarter-to-quarter revenue and margin comparisons.

Contingencies and intellectual property matters

Patent disputes and enforcement actions can create uncertain legal exposures.

Vaikutus: May require accruals, disclosures, or legal expense recognition.

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Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026

NCS Multistage Holdings, Inc. (NCSM) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo