FAQ on Stonegate's Updated Coverage of NCS Multistage Holdings, Inc. (NASDAQ: NCSM) for 2025 Q2

What was NCS Multistage Holdings, Inc.’s revenue in 2Q25?

NCS Multistage Holdings, Inc. reported total revenues of $36.5M in 2Q25, marking a 22.8% year-over-year increase.

What drove the revenue growth for NCSM in 2Q25?

The revenue growth was primarily driven by increased fracturing systems activity and frac plug sales in both Canada and the U.S., despite a sequential revenue decline in Canada due to spring break-up.

How did the ResMetrics acquisition impact NCSM?

The acquisition of ResMetrics LLC for $5.9M plus an earn-out is immediately accretive, expected to contribute $4–5M in revenue and $1–1.5M in EBITDA for the remainder of FY25, enhancing NCSM’s diagnostics portfolio and expanding its customer base.

What is NCSM’s updated guidance for the full year?

NCSM is guiding to a combined full year revenue range of $172.0M to $181.0M and an adjusted EBITDA of $22.0M to $25.5M.

What was the EPS for NCSM in 2Q25?

The EPS for NCSM in 2Q25 was $0.36, compared to $(1.21) in the same quarter last year.

What is the valuation range for NCSM according to Stonegate’s analysis?

Stonegate’s DCF analysis values NCSM between $38.09 to $44.52, and its EV/EBITDA valuation ranges from $39.44 to $44.67, with mid-points of $40.89 and $42.06, respectively.

How did international revenues perform for NCSM in 2Q25?

International revenues declined year-over-year due to reduced tracer diagnostics work in the Middle East but were up 67.2% sequentially, supported by higher equipment sales in the North Sea.

What is the significance of the ResMetrics acquisition for NCSM?

The ResMetrics acquisition aligns with NCSM’s goal of expanding into adjacent high-margin diagnostics markets and scaling international operations, providing a high-quality analytical lab and digital platform to actionable insights for customers.