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

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.

Source: Stonegate, Inc.

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