NCS Multistage Holdings, Inc. (NASDAQ: NCSM) reported fiscal year 2025 results that exceeded expectations, with revenue increasing 13% to $183.6 million despite a still-challenging activity backdrop. The growth was 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 $5.2 million contribution from ResMetrics following its acquisition in July.
The quality of growth was solid, with ex-ResMetrics revenue still increasing 10%. Adjusted EBITDA rose 20% to $26.7 million, and EBITDA margin expanded approximately 80 basis points to 15%, while adjusted gross margin held at 41% despite some service-mix pressure. Free cash flow after non-controlling interests nearly doubled to $18.9 million, 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.
In the fourth quarter, NCSM materially outpaced expectations as U.S. fracturing demand accelerated and international markets stayed constructive. The company exits FY25 with a strong balance sheet, supporting continued reinvestment, integration execution, and tuck-in M&A flexibility. For more details, view the full announcement here.
Stonegate Capital Partners updates coverage on NCS Multistage Holdings, highlighting the company's ability to outperform despite a challenging environment. The key takeaways from the announcement include that FY25 outperformance reflected real execution, with share gains, product traction, and incremental contribution from ResMetrics. Additionally, 4Q25 materially outpaced expectations as U.S. fracturing demand accelerated and international markets stayed constructive. Finally, NCSM exits FY25 with a strong balance sheet, supporting continued reinvestment, integration execution, and tuck-in M&A flexibility.
About Stonegate Capital Partners: Stonegate is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. For more information, contact Stonegate Capital Partners at (214) 987-4121 or visit their website.
