NCS Multistage Holdings Inc (NCSM) fair value: what the stock is really worth
As of Aug 31, 2026: fair value of NCS Multistage Holdings Inc $99.29, price $53.35, upside +86.1%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $12.22 – $85.20 · fair‑value band $73.54 – $133.69 · the $53.35 price screens below the $99.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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NCS Multistage Holdings, Inc. provides engineered products and support services for oil and natural gas well completions and construction, and field development strategies in the United States, Canada, and internationally.
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NCS Multistage Holdings, Inc. provides engineered products and support services for oil and natural gas well completions and construction, and field development strategies in the United States, Canada, and internationally. The company provides fracturing systems, which include casing-installed sliding sleeves, downhole frac isolation assemblies, and sand jet perforating products, as well as enhanced recovery products, such as sliding sleeve and Terrus system, an injection control device; repeat precision products comprising composite and dissolvable frac plugs and bridge plugs, setting tools, express systems, and related products; chemical and radioactive tracer diagnostics services; and well construction products, including AirLock casing buoyancy system, Vecturon and Vectraset liner hanger systems, and Toe initiation sleeves. It offers its products and services primarily to exploration and production companies for use in onshore and offshore wells through technically-trained sales force, operating partners, and representatives. The company was formerly known as Pioneer Super Holdings, Inc. and changed its name to NCS Multistage Holdings, Inc. in December 2016. NCS Multistage Holdings, Inc. was founded in 2006 and is headquartered in Houston, Texas.
Stock analysis
NCS Multistage Holdings Inc (NCSM) currently trades at $53.35, while our model-based Fair Value estimate is $99.29, implying the stock looks roughly 46.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $115.34 per share, and 20 of the 24 models we run sit above the $53.35 price.
Bear case: the Asset-Based group reads lowest at $32.23, and 4 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: $73.54 (bear) to $133.69 (bull), the price of $53.35 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
NCS Multistage Holdings Inc reported revenue of $185M in FY2025 versus $119M in FY2021, a compound +11.7%/yr. Reported net income was $23.7M in FY2025.
Key figures
Market cap $146M · P/E ratio 7.6 · P/S ratio 0.98 · EPS (TTM) $7.01 · Net margin 12.9% · Return on equity 17.6% · Return on assets (EBIT) 0.1% · Operating margin 1.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 52% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −23% fair-value upside, at 86%, NCSM screens cheaper than that median.
Fair Value models
Bear $73.54Fair Value $99.29Bull $133.69
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($5.15 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.9%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−66.8% (2020) → 6.4% (2025)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−10.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −12.8% a year for the price.
Compare NCS Multistage Holdings Inc with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Equipment & Services · 190 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside+86% · Top 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets3% · Below median
Net margin (TTM)11% · Above median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−9% · Below median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
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Is NCS Multistage Holdings Inc (NCSM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $99.29 versus the last price from Aug 31, 2026 of $53.35, about +86% upside (undervalued).
What is the fair value of NCSM?
Our model-based fair value for NCS Multistage Holdings Inc is $99.29 (as of Sep 23, 2026), built from audited fundamentals. Last price (from Aug 31, 2026): $53.35.
What is the quality score of NCSM?
NCS Multistage Holdings Inc has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NCS Multistage Holdings Inc (NCSM)?
Our model-based price target is the fair value of $99.29 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario $73.54, optimistic scenario $133.69. It is a calculation from audited fundamentals, not an analyst target.
What is the NCS Multistage Holdings Inc stock forecast for 2026?
Our models put fair value at $99.29, about +86% upside versus the last price from Aug 31, 2026 of $53.35 (undervalued). Cautious scenario $73.54, optimistic scenario $133.69. The calculation is refreshed regularly with new filings.
What is the revenue of NCS Multistage Holdings Inc (NCSM)?
NCS Multistage Holdings Inc reported trailing-twelve-month revenue of about $179M (latest available figure, as of Sep 23, 2026).
What growth is priced into NCS Multistage Holdings Inc (NCSM)?
For today's price to be fair in a discounted-cash-flow model, NCS Multistage Holdings Inc would have to grow free cash flow by -10.7 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NCSM use?
Our models discount NCS Multistage Holdings Inc at 11.2 %: a base by market capitalisation (micro), damped by beta 0.17, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NCS Multistage Holdings Inc that is -10.7 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has NCS Multistage Holdings Inc (NCSM) delivered so far?
Over the past 5 years revenue at NCS Multistage Holdings Inc grew +11.5 % a year. The price currently implies -10.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NCS Multistage Holdings Inc (NCSM) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into NCS Multistage Holdings Inc (-10.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NCS Multistage Holdings Inc (NCSM)?
The free-cash-flow yield on the price is 14.32 %: that much free cash flow NCS Multistage Holdings Inc produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NCS Multistage Holdings Inc (NCSM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NCS Multistage Holdings Inc it is $99.29 per share (as of Sep 23, 2026), against a price of $53.35. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is NCS Multistage Holdings Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NCSM trades below its calculated fair value: price $53.35, fair value $99.29, a gap of about +86% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NCSM?
No. The price is what the market pays today ($53.35); the fair value is what the company's own numbers justify ($99.29). For NCS Multistage Holdings Inc the two are $45.94 per share apart. That gap is exactly why we show both numbers side by side.
How much is NCS Multistage Holdings Inc worth?
The market values NCS Multistage Holdings Inc at about $146M (market capitalisation, as of Sep 23, 2026). Per share that is $53.35; our models calculate a fair value of $99.29 per share.
What do the bullish and bearish scenarios say about NCSM?
Our models span a range for NCS Multistage Holdings Inc: cautious scenario $73.54, base $99.29, optimistic $133.69 per share (as of Sep 23, 2026, price $53.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NCSM?
NCS Multistage Holdings Inc trades at a price-to-earnings ratio of 7.6 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $99.29 is built from several models across several years. Other multiples: P/B 1.2, P/S 0.8, EV/EBITDA 8.7.
How solid is the balance sheet of NCS Multistage Holdings Inc (NCSM)?
Balance-sheet figures for NCS Multistage Holdings Inc (as of Sep 23, 2026): return on equity 17.6%, debt of 0.05 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is NCSM from its 52-week high?
NCS Multistage Holdings Inc trades at $53.35, about 37% below its 52-week high of $85.20 and 52% above the low of $35.14 (as of Aug 31, 2026). Distance from the high says nothing about value: that is what the fair value of $99.29 is for.
Which stocks are comparable to NCS Multistage Holdings Inc?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Halliburton Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NCS Multistage Holdings Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $53.35, calculated fair value $99.29 (+86%), Quality Score 62/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NCSM calculated?
We run NCS Multistage Holdings Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $99.29, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. NCS Multistage Holdings Inc currently trades 86 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NCS Multistage Holdings Inc (NCSM)?
The latest price we hold is from Aug 31, 2026 and stands at $53.35. Our model-based fair value is $99.29, about +86% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NCS Multistage Holdings Inc right now?
The price is below even our cautious bear case ($73.54). The market is more pessimistic than our downside scenario. Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($73.54 to $133.69) leaves room in how you read the outcome.
Key figures of NCS Multistage Holdings Inc
How large is the market capitalisation of NCS Multistage Holdings Inc (NCSM)?
The market capitalisation of NCS Multistage Holdings Inc is $146M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NCS Multistage Holdings Inc (NCSM)?
The price-to-sales ratio of NCS Multistage Holdings Inc is 0.98 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NCS Multistage Holdings Inc (NCSM)?
Earnings per share at NCS Multistage Holdings Inc are $7.01 (price ÷ EPS = P/E 7.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of NCS Multistage Holdings Inc (NCSM)?
The net margin of NCS Multistage Holdings Inc is 12.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NCS Multistage Holdings Inc (NCSM)?
The return on equity (ROE) of NCS Multistage Holdings Inc is 17.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NCS Multistage Holdings Inc (NCSM)?
On an EBIT basis the return on assets of NCS Multistage Holdings Inc is 0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NCS Multistage Holdings Inc (NCSM)?
The operating margin of NCS Multistage Holdings Inc is 1.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NCS Multistage Holdings Inc (NCSM)?
Revenue at NCS Multistage Holdings Inc is growing −8.7% versus a year earlier (3y avg +5.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NCS Multistage Holdings Inc (NCSM)?
Earnings per share at NCS Multistage Holdings Inc are growing +302% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does NCS Multistage Holdings Inc (NCSM) hold?
NCS Multistage Holdings Inc holds more cash than debt, $23.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Sep 23, 2026