The strong revenue growth, significant improvement in operating leverage, and substantial increase in free cash flow suggest a robust operational turnaround. The release of the deferred tax valuation allowance indicates a sustainable return to profitability. Traders should monitor the integration of ResMetrics and the company's guidance for 2026, as management expects a challenging market environment.
Price Chart
Executive Summary
NCS Multistage reported strong 2025 results with 13% year-over-year revenue growth to $183.6 million and net income of $23.7 million, significantly boosted by a $11.5 million tax benefit from the release of its deferred tax valuation allowance. The company also highlighted improved operating leverage with operating income more than doubling and free cash flow reaching $18.9 million.
Key Financial Metrics
Key Facts
- Full year 2025 revenue was $183.6 million, a 13% increase from 2024.
- Net income was $23.7 million, including an $11.5 million benefit from the release of the deferred tax valuation allowance.
- Operating income more than doubled to $10.5 million from $4.3 million in 2024.
- Adjusted EBITDA was $26.7 million, a 20% improvement from 2024, with a margin of 15%.
- Free cash flow after distributions to non-controlling interest was $18.9 million, up $9.0 million from 2024.
- The company acquired Reservoir Metrics (ResMetrics), which contributed $5.2 million in revenue.
Financial Impact
Revenue increased by $21.0 million, operating income increased by $6.2 million, and free cash flow increased by $9.0 million compared to 2024.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| United States | $58.3M | +33.5% |
| Canada | $107.2M | +4.7% |
| Other Countries | $18.1M | +10.0% |
Risk Factors
- The significant net income was partially due to a one-time $11.5 million tax benefit, which may not recur.
- Management's outlook for 2026 is cautious, expecting lower customer activity in the U.S. and flat activity in Canada.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-006915 |
| Document: ncsm20251102_8k.htm | 0001437749-26-006915 |
| Document: 0001437749-26-006915-index-headers.html | 0001437749-26-006915 |
| Document: 0001437749-26-006915-index.html | 0001437749-26-006915 |
| Document: 0001437749-26-006915.txt | 0001437749-26-006915 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | Court Ruling | — | awaiting T+1 | — | — |
Sep 11, 2026 21d ago | 15-12G | — | awaiting T+1 | — | — |
Sep 9, 2026 23d ago | EFFECT | — | awaiting T+1 | — | — |
Sep 9, 2026 23d ago | EFFECT | — | awaiting T+1 | — | — |
Sep 1, 2026 4w ago | 25-NSE | $53.35 $53.35 | · 0.00% | ▼ −0.44% | — |
Sep 1, 2026 4w ago | 8-K | $53.35 $53.35 | · 0.00% | ▼ −0.44% | — |
Jul 30, 2026 9w ago | Press Release | $47.00 $47.13 | ▼ −0.28% | ▲ +1.15% | — |
Jun 1, 2026 17w ago | 425 | $55.60 $55.72 | ▲ +0.22% | ▲ +0.94% | — |
Jun 1, 2026 17w ago | 425 | $55.60 $55.72 | ▲ +0.22% | ▲ +0.94% | — |
Jun 1, 2026 17w ago | 425 | $55.60 $55.72 | ▲ +0.22% | ▲ +0.94% | — |
US Market Status
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