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Stonegate Updates Coverage on NCS Multistage Holdings, Inc. (NCSM) 2025 Q4

2026-03-06

TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Potash · Canada · Corporate Finance

Dallas, Texas--(Newsfile Corp. - March 6, 2026) - NCS Multistage Holdings, Inc. (NASDAQ: NCSM): Stonegate Capital Partners Updates Coverage on NCS Multistage Holdings, Inc. (NASDAQ: NCSM). In FY25, NCSM grew revenue 13% to $183.6M despite a still-challenging activity backdrop, driven by product strength across regions, U.S. momentum in fracturing systems and Repeat Precision, continued traction in the North Sea and Middle East, and a $5.2M contribution from ResMetrics following the July acquisition. The quality of growth was solid with ex-ResMetrics revenue still increased 10%, adj EBITDA rose 20% to $26.7M, and EBITDA margin expanded ~80 bps to 15%, while adjusted gross margin held at 41% despite some service-mix pressure. Free cash flow after NCI nearly doubled to $18.9M, reinforcing the benefits of the Company's asset-light model and supporting the view that FY25 outperformance was driven more by share gains, product execution, and targeted expansion than by a stronger underlying market.

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Key Takeaways:

FY25 outperformance reflected real execution, with share gains, product traction, and and incremental contribution from ResMetrics. 4Q25 materially outpaced expectations as U.S. fracturing demand accelerated and international markets stayed constructive. NCSM exits FY25 with a strong balance sheet, supporting continued reinvestment, integration execution, and tuck-in M&A flexibility.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners (214) 987-4121 info@stonegateinc.com

Source: Stonegate, Inc.

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