NCS Multistage Holdings

NCSM

Oil & Gas Equipment & Services · Energy

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

NCS Multistage Holdings makes specialized equipment and tools used in oil and gas drilling. Its main products help energy companies complete oil and gas wells, especially in a process called hydraulic fracturing ("fracking"), where rock is cracked open underground to release oil and gas. Its customers are oil and gas producers, primarily in North America but also internationally.

The company earns money by selling and renting its well-completion tools and providing related services to drilling operators. NCS operates mainly in the United States and Canada, with some presence in international markets. Its competitive edge comes from proprietary technology designed to improve how much oil and gas a well can produce, but with a market cap of only around $100 million, it is a small player in a fragmented industry. The main risk is that its revenue is closely tied to oil and gas prices — when energy prices fall, producers cut drilling budgets, which directly reduces demand for NCS's products and services.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-580.6% YoY

YoY Growth Rate

Earnings declining

Insider Activity

68.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 years

$31M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$31M cash & investments at current burn rate

Growth context

NCS Multistage Holdings is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

36.4%

Modest — 36.4% gross margin

Profit after running costs

Operating Margin

-14.6%

Losing money on operations — -14.6%

Return on the money invested

ROCE

4.5%

Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+3.4%

Slow sales growth (+3.4% YoY)

Profit growth

EPS YoY

+8.7%

Earnings growing (+8.7% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

152%

Turns 152% of profit into real cash

Spare cash per sale

FCF Margin

10.3%

Modest free cash flow (10.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

12.25x

Comfortably covers interest (12.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.3x

no trend

Attractive valuation — P/E 9.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-9.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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