NCS Multistage Holdings, Inc. (NASDAQ: NCSM) reported a robust fourth‑quarter and full‑year 2025 performance, with total revenue rising 13 % to $183.6 million and adjusted EBITDA climbing 20 % to $26.7 million. The company’s adjusted EBITDA margin expanded to 15 % from 14 % in 2024, while free cash flow after distributions to non‑controlling interest reached $18.9 million, a $9 million year‑over‑year gain. Cash on hand at year‑end stood at $36.7 million, providing a solid balance‑sheet foundation for future growth.
In the fourth quarter, NCS Multistage generated $50.6 million in revenue, a 13 % increase over the same period in 2024 and comfortably above the high end of the company’s guidance. The quarter’s diluted earnings per share were $1.60, beating the consensus estimate of $0.69 by $0.91, or 131 %. The strong earnings were driven by pricing power in the company’s fracturing systems and tracer diagnostics businesses, effective cost control, and a 69 % surge in U.S. revenue. ResMetrics, acquired in July 2025, contributed approximately $5.2 million in service revenue, reinforcing the company’s tracer diagnostics platform.
For the full year, revenue of $183.6 million represented a 13 % year‑over‑year increase over 2024’s $162.6 million. Adjusted EBITDA of $26.7 million, up 20 % from $22.3 million in 2024, reflected the same mix of pricing power and cost discipline that lifted the margin to 15 %. Free cash flow of $18.9 million, up $9 million from the prior year, underscored the company’s ability to generate cash while funding strategic acquisitions. The ResMetrics contribution of $5.2 million in service revenue helped offset the modest decline in gross margin from 40 % to 39 % due to a shift in product mix.
Management guided for 2026 revenue of $184 million to $194 million and adjusted EBITDA of $26 million to $29 million, signaling confidence in continued growth despite potential flat or declining U.S. activity and a possible acceleration in Canadian demand. The guidance reflects the company’s belief that pricing power and cost control will sustain margin expansion, while the ResMetrics integration will continue to add incremental revenue and profitability.
CEO Ryan Hummer said, "2025 was a very important and successful year for NCS." CFO Michael Morrison added, "Q4 revenues were $50.6 million, a 13% increase compared to the fourth quarter of last year and comfortably above the high end of our guidance range," and noted, "Adjusted EBITDA was $9.2 million."
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