NCS Multistage Holdings, Inc.

Niche oilfield-products leader posting top-decile returns, margins and growth in a strong rebound year.

Strengths

• Top-decile ROA (100th pct), net margin (100th), revenue growth (100th) and ROE 18.8% (88th) with net income nearly quadrupling to $23.7M
• Fortress balance sheet — current ratio 4.27 and quick 2.91 (both 100th pct) plus solid FCF margin 11.4% (92nd)

Risks

• Small-cap, highly cyclical oilfield services tied to E&P activity; ~58% revenue from Canada concentrates demand risk
• Strong year partly reflects a cyclical rebound off a low 2024 base rather than secular growth

Notable findings

• Customer concentration~60% of revenue from one customer/distributor — In 2025, approximately 60% of our revenue was derived from fracturing systems products and services and enhanced oil recovery systems, approximately 20% was derived from Repeat Precision and approxima