NCS Multistage Holdings

NCSM

Oil & Gas Equipment & Services · Energy

Price

$43.59

+0.36 (+0.83%)

Market Cap

$114.4M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+14.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.4M (2021) → 2.7M (2025)

NCS Multistage Holdings, Inc. provides engineered products and support services for oil and natural gas well completions and field development strategies in the United States, Canada, and internationally. It offers fracturing systems, which include casing-installed sliding sleeves, downhole frac isolation assemblies, sand jet perforating products, accelus sliding sleeves, injection control devices, repeat precision products, chemical and radioactive tracer diagnostics, and well construction prod

Winston Score History

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

-8.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-108.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$2M/ year

→ Flat (+0% vs prior year)

1.1% of revenue

In line with sector average (1%)

Steady R&D investment year-over-year

Insider Activity

68.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$34M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

NCS Multistage Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

36.3%

Modest — 36.3% gross margin

Operating Margin

5.7%

Thin — 5.7% operating margin

ROCE

2.0%

Weak — 2.0% 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 YoY

+6.5%

Slow sales growth (6.5% YoY)

EPS YoY

+121.7%

Earnings growing fast (121.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

130%

Turns 130% of profit into real cash

FCF Margin

13.2%

Converts sales into free cash efficiently (13.2%)

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

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Stability

Debt / Equity

0.06

Conservative — low debt load (0.06)

Interest Cover

20.53x

Comfortably covers interest (20.5x)

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

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Valuation

P/E Ratio (TTM)

5.9x

Attractive valuation — P/E 5.9

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

P/E vs Forward

-11.8

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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