NCS Multistage Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NCS Multistage Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	98.5	202	227	205	107	119	156	142	163	184
Cost of revenue	53.8	98.8	108	108	62.9	70	95.2	86.9	95.1	108
Gross profit	44.6	103	119	97.5	44.1	48.5	60.4	55.6	67.5	75.4
Research and development	3.3	3	3.8	2.8	1.9	2.1	2.7	2.5	2	2
Selling, general and administrative	37.1	64.7	82.8	88.6	59.4	49.1	58.3	56.5	57.8	58.8
Operating income	-18	4.96	-207	-9.49	-71.4	-5.12	-2.25	-5.53	4.33	10.5
Other non-operating income	-8.76	-3	-1.62	-2.58	24.6	1.6	1.65	2.19	3.93	6.28
Pre-tax income	-26.7	1.96	-208	-12.1	-46.9	-3.52	-0.6	-3.34	8.25	16.8
Income tax	-8.82	0.67	-23.1	10.8	-7.78	0.26	0.35	-0.23	0.12	-9.22
Net income to minority interests		-0.81	5.09	10	18.5	0.96	0.15	0.04	1.55	2.29
Net income	-17.9	2.1	-190	-32.8	-57.6	-4.73	-1.1	-3.15	6.59	23.7
EBITDA	7.59	32.6	-189	0.95	-65.5	-0.62	2.07	-0.92	9.64	16.4
EPS, basic	-10.60	1.00	-85.00	-14.08	-24.37	-1.98	-0.45	-1.27	2.60	9.17
EPS, diluted	-10.60	1.00	-85.00	-14.08	-24.37	-1.98	-0.45	-1.27	2.55	8.65
Shares, basic (weighted)	1.7	2.02	2.24	2.33	2.36	2.4	2.43	2.47	2.54	2.59
Shares, diluted (weighted)	1.7	2.18	2.24	2.33	2.36	2.4	2.43	2.47	2.59	2.75
Dividend per share	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	18.3	33.8	25.1	11.2	15.5	22.2	16.2	16.7	25.9	36.7
Receivables	32.1	47.9	50	42	21.9	24.4	27.8	24	31.5	40.5
Inventory	17	33.1	32.8	39.9	34.9	33.9	37	41.6	41	39
Other current assets	2.45	1.62	2.04	2.44	2.98	3.29	2.82	1.86	2.06	2.03
Total current assets	75	118	115	101	83.7	88.5	87.7	103	106	122
Property, plant and equipment	9.76	23.7	32.3	33	24.4	24.7	23.3	23.3	21.3	19.8
Lease right-of-use assets				5.07	5.17	4.81	4.52	4.85	5.91	4.82
Goodwill	122	184	23.1	15.2	15.2	15.2	15.2	15.2	15.2	16.4
Intangible assets	119	136	49	45.2	6.41	5.74	5.08	4.41	3.69	5.99
Other non-current assets	1.27	1.56	1.39	3.46	3.56	3.11	2.76	0.94
Total assets	327	464	230	203	139	142	139	152	153	181
Accounts payable	10.3	7.45	7.17	8.55	4.94	7.5	7.55	6.23	8.97	8.52
Accrued liabilities	3.29	6.67	4.08	3.45	3.35	6.32	4.39	3.7	8.35	9.46
Deferred revenue		0.17	0.52	0.06	0.05	0.07	0.05	0.46	0.22	0.06
Short-term debt	0.77	5.33	2.24	1.48	1.35	1.48	1.49	1.81	2.14	2.39
Total current liabilities	17.5	31.7	25.6	19.8	14.9	19.8	17.7	32.1	25.4	28.5
Long-term debt	88.4	21.7	23.5	11.4	4.44	6.34	6.44	6.34	6	5.26
Lease liabilities				3.49	3.99	3.78	3.68	3.78	4.89	3.72
Other non-current liabilities	0.72	4.51	1.26	1.37	1.86	1.61	1.33	0.21	0.21	0.2
Total liabilities	149	94.9	53.5	39	25.2	31.7	29.3	42.6	36.7	38.1
Total debt	89.2	24.6	22.4	12.9	5.79	7.82	7.93	8.16	8.14	7.64
Paid-in capital	238	399	411	425	433	437	440	445	447	450
Retained earnings	21.8	23.9	-166	-199	-257	-261	-262	-266	-259	-235
Treasury stock	-0.18	-0.18	-0.34	-0.65	-0.81	-1.01	-1.39	-1.68	-1.94	-2.27
Other comprehensive income	-82	-66.7	-84	-80.8	-81.8	-82.1	-85.6	-85.8	-87.6	-86.1
Shareholders' equity	177	357	161	145	93.6	92.6	91	91.6	98.8	126
Minority interests		12.1	14.9	18.9	19.9	18.1	18.2	17.8	17.3	16.9
Total equity	177	369	176	164	113	111	109	109	116	143
Total liabilities and equity	327	464	230	203	139	142	139	152	153	181
Shares outstanding	1.7	2.2	45.1	2.34	2.36	2.38	2.41	2.44	2.51	2.55

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-17.9	1.29	-185	-22.8	-39.1	-3.78	-0.95	-3.11	8.14	26
Depreciation and amortization	25.6	27.7	17.8	10.4	5.89	4.5	4.32	4.62	5.32	5.89
Stock-based compensation	1.35	6.11	10.9	12.5	8.48	6.62	6.04	5.37	5.21	6.21
Deferred income tax	-9.27	-19	-28.8	9	-3.2	0.1	0.27	0.15	-0.38	-11
Change in receivables	-6.48	-9.49	-4.21	4.74	19.3	-2.56	-4.86	3.86	-9.15	-5.5
Change in inventory	3.54	-10.6	-2.95	-7.64	3.24	-0.94	-7.68	-5.76	-2.81	2.21
Change in payables	5.13	-3.76	0.22	2.58	-3.17	2.84	1.22	-1.2	2.71	0.43
Cash from operations	10.7	16.1	14	17.9	35.1	11.6	-1.42	4.77	12.7	22.2
Capital expenditures	-1.16	-5.37	-11.1	-6.12	-2.1	-0.5	-1.04	-1.88	-1.31	-1.2
Acquisitions		-81.2							0	-5.76
Cash from investing	-1.84	-85.2	-15.4	-5	-1.06	-0.44	-0.7	-1.68	0.48	-6.29
Stock issued	0.1	151	1.08
Share buybacks	-0.18
Cash from financing	-0.32	84	-5.13	-27.3	-29.8	-4.27	-2.74	-2.44	-4.27	-5.3
Exchange rate effect	0.2	0.61	-2.16	0.47	0.02	-0.25
Net change in cash	8.73	15.5	-8.68	-13.9	4.3	6.62	-5.93	0.49	9.16	10.8
Free cash flow	9.53	10.7	2.89	11.8	33	11.1	-2.46	2.89	11.4	21
Interest paid	5.45	3.02	1.37	1.07	0.93	0.42	0.56	0.38	0.17	0.08
Income taxes paid	0.13	4.03	22.4	0.12	-1.92	-3.53	-0.3	-0.14	0.43	1.61

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $53.35 on August 31, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.1%	Gross profit / revenue.
Operating margin	1.9%	Operating income / revenue.
EBITDA margin	5.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.1%	Pre-tax income / revenue.
Net margin	7.6%	Net income / revenue.
FCF margin	10.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.9%	Cash from operations / revenue.
Effective tax rate	-102.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.8%	Net income / average total assets.
Return on invested capital (ROIC)	2.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	34.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	143.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	70.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	99.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	260.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	239.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	74.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-8.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	83.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-8.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	27.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.27x	Current assets / current liabilities.
Quick ratio	2.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.2%	Total debt / total assets.
Liabilities / assets	20.7%	Total liabilities / total assets.
Net debt	-$23.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$89.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$98.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.02x	Revenue / average total assets.
Fixed asset turnover	9.26x	Revenue / average property, plant and equipment.
Inventory turnover	2.44x	Cost of revenue / average inventory.
Days inventory	150 days	365 x average inventory / cost of revenue.
Receivables turnover	5.47x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	173 days	Days inventory + days sales outstanding - days payables.
FCF conversion	131.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$67.42	Revenue / diluted weighted shares.
FCF per share	$6.74	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.32	Cash from operations / diluted weighted shares.
Book value per share	$45.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$37.51	Tangible book value / shares outstanding.
Cash per share	$11.93	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$140.0M	Share price x shares outstanding.
Enterprise value	$116.2M	Market cap + total debt - cash - short-term investments.
P/E	10.2x	Market cap / net income. Only when net income is positive.
P/S	0.77x	Market cap / revenue.
P/B	1.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.42x	Market cap / tangible book value, when positive.
P/FCF	7.73x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.12x	Market cap / cash from operations, when positive.
EV/Sales	0.64x	Enterprise value / revenue.
EV/EBIT	33.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.41x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.9%	Free cash flow / market cap.
Earnings yield	9.8%	Net income / market cap (the inverse of P/E).

What was NCS Multistage Holdings, Inc.'s revenue in fiscal 2025?

NCS Multistage Holdings, Inc. reported revenue of $183.6M for fiscal 2025, 13% higher than the year before.

Was NCS Multistage Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $23.7M, a net margin of 12.9%.

How much free cash flow did NCS Multistage Holdings, Inc. generate in fiscal 2025?

Cash from operations of $22.2M minus capital expenditures of $1.2M left free cash flow of $21.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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