NCS Multistage Holdings, Inc. (NASDAQ: NCSM)

NCS Multistage Holdings, Inc. provides products and services that optimize oil and natural gas well construction, completion and field development for onshore and offshore wells with horizontal laterals in unconventional and conventional formations. The company serves exploration and production companies primarily in North America and selected international markets such as the North Sea, the Middle East and Argentina. Its research and development efforts are guided by customer needs to deliver innovative solutions that improve efficiency and profitability. The company maintains an engineering hub in Calgary that supports product testing and development under simulated downhole conditions.

The company generates revenue from the sale of fracturing systems, enhanced recovery systems, well construction products, tracer diagnostics services and the offerings of its consolidated joint venture Repeat Precision. Fracturing systems include casing installed sliding sleeves and downhole frac isolation assemblies that enable pinpoint stimulation. Enhanced recovery systems provide injection control devices for waterflood or gas injection operations. Well construction products consist of casing buoyancy systems, liner hanger systems and toe initiation sleeves that aid in casing installation and cementing. Tracer diagnostics services use chemical tracers to evaluate wellbore clearance, completion effectiveness and reservoir performance. Repeat Precision sells composite and dissolvable frac plugs, setting tools, perforating guns and provides machining services for NCS products. In 2025, approximately 60% of revenue came from fracturing systems and enhanced recovery systems combined, about 20% from Repeat Precision and roughly 10% each from well construction products and tracer diagnostics services. Total revenue was $183.6 million in 2025 and $162.6 million in 2024. A significant portion of its sales comes from consumable products and related services that are directly tied to completion and production activity.

The company operates through the following segments.

• Fracturing Systems: This segment provides casing installed sliding sleeves and downhole frac isolation assemblies to enable pinpoint stimulation of oil and gas wells.

• Enhanced Recovery Systems: This segment offers injection control devices such as valve systems and configurable injection strings for waterflood or gas injection operations.

• Repeat Precision: This segment sells composite and dissolvable frac plugs, setting tools, perforating guns and provides machining services for NCS products.

• Well Construction: This segment provides casing buoyancy systems, liner hanger systems and toe initiation sleeves to facilitate casing installation, cementing operations and initial formation access.

• Tracer Diagnostics: This segment delivers chemical tracer diagnostics services that evaluate wellbore clearance, completion effectiveness, production performance and communication between wells.

NCS Multistage Holdings, Inc. competes with major oilfield service companies such as Baker Hughes Company, Halliburton Company, SLB N. V., Weatherford International plc and Nov Inc. Its proprietary sliding sleeve designs, including the Innovus and Ratek lines, cater to both onshore and demanding offshore environments. The company differentiates itself through proprietary technology protected by a portfolio of U. S. and international patents, a strong focus on research and development driven by customer needs and its ability to provide both products and specialized field services. These advantages help NCS maintain market share in the pinpoint stimulation niche and expand into adjacent markets such as enhanced recovery and tracer diagnostics.

The company serves exploration and production companies in North America and selected international markets, as well as oilfield service companies that act as distributors for certain products. For the year ended 2025, Canada accounted for approximately 58% of revenue, the United States for about 32% and international markets for the remaining 10%. In 2025, NCS reported more than 230 customers, with the five largest accounting for approximately 33% of revenue. In 2025 a merged pair of top customers contributed about 18% of total revenue, while no individual customer accounted for 10% or more of revenue in 2024.