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NCS Multistage
NCS Multistage (NCSM) investor relations material
NCS Multistage Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Achieved strong financial performance in 2025, with revenue up 13% year-over-year to $183.6 million, exceeding guidance and driven by leadership in well construction, completion technologies, and the ResMetrics acquisition.
Q4 2025 revenue reached $50.6 million, up 13% year-over-year, with operating income up 78% and net income of $15.0 million, including a $9.8 million deferred tax valuation allowance benefit.
Maintained a capital-light, asset-light business model, generating robust free cash flow and supporting strategic acquisitions and organic growth.
Integration of ResMetrics enhanced tracer diagnostics capabilities, expanded market reach in the U.S. and Middle East, and contributed to revenue and cost synergies.
Continued investment in technology, operational efficiency, and product innovation, including new solutions such as ATRS AICV, RapidTrace, Lumen8, and SmartProp tracer.
Financial highlights
Full-year 2025 revenue was $183.6 million, up from $162.6 million in 2024; adjusted EBITDA rose 20% to $26.7 million (margin 15%).
Free cash flow after distributions to non-controlling interest totaled $18.9 million, with over 70% conversion from adjusted EBITDA.
Net income for 2025 was $23.7 million, or $8.65 per diluted share, including $11.5 million benefit from deferred tax valuation allowance release.
Ended 2025 with $36.7 million in cash, $7.6 million in debt, and $29.1 million net cash position; total liquidity was $61.1 million.
Adjusted gross margin for 2025 was 41%; Q4 gross margin was 40%, with adjusted Q4 margin at 42%.
Outlook and guidance
2026 revenue guidance: $184–$194 million; adjusted EBITDA: $26–$29 million; free cash flow after distributions: $12–$16 million.
Q1 2026 revenue expected at $49–$53 million; adjusted gross margin 39–41%; adjusted EBITDA $6.5–$8.5 million.
Capital expenditures for 2026 expected at $1.5–$2 million.
Revenue growth anticipated in U.S. and international markets, with Canadian revenue expected to decline due to lower rig count and customer consolidation.
Market environment expected to remain challenging in North America, with international growth weighted to the second half of 2026.
ResMetrics integration progress and 2026 impact
Mitigate Canada customer consolidation impact
Address Q4 gross margin decline drivers
New market revenue contribution?
ResMetrics revenue synergy timeline
What drives 2026 gross margin expansion?
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Next NCS Multistage earnings date
Q1 202630 Apr, 2026
NCS Multistage
Next NCS Multistage earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
NCS Multistage Holdings, Inc. is a provider of engineered products and support services for the oil and gas industry, specializing in multistage completions. The company offers fracturing systems, liner hangers, and related technologies designed to optimize well construction, reservoir performance, and production efficiency. Its solutions are primarily used in unconventional oil and gas reservoirs, including shale plays, to enhance resource recovery. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.
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