NCS Multistage Holdings, Inc. (NASDAQ: NCSM) reported fiscal year 2025 results that demonstrated resilient growth despite a still-challenging activity backdrop. The company achieved revenue of $183.6 million, a 13% increase year-over-year, 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. Excluding ResMetrics, revenue still increased 10%, indicating robust organic performance.
The quality of growth was solid, with adjusted EBITDA rising 20% to $26.7 million and EBITDA margin expanding approximately 80 basis points to 15%. Adjusted gross margin held steady at 41% despite some service-mix pressure. Free cash flow after non-controlling interests nearly doubled to $18.9 million, underscoring 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, NCS Multistage materially outpaced expectations as U.S. fracturing demand accelerated and international markets remained constructive. The company exits FY25 with a strong balance sheet, supporting continued reinvestment, integration execution, and tuck-in M&A flexibility. The positive momentum reflects real execution in a difficult environment, positioning NCSM for further growth.
Stonegate Capital Partners updated its coverage on NCS Multistage Holdings, highlighting the company's strategic focus and operational efficiencies. For more details, view the full announcement here.
