NCS Multistage Q4 Revenue Climbs 13% to $50.6M, EBITDA Up 20%
NCS Multistage’s fourth-quarter revenue rose 13% year-over-year to $50.6 million, driven by a 69% U.S. increase and 5% international growth, with adjusted gross profit $21.2 million at a 42% margin. Full-year revenue reached $183.6 million, with adjusted EBITDA up 20% to $26.7 million and free cash flow conversion at 70%.
1. Fourth-Quarter Performance
In Q4, NCS Multistage generated $50.6 million in revenue, up 13% year-over-year and 9% sequentially, with U.S. sales surging 69% while international rose 5% and Canada fell 7%. Adjusted gross profit reached $21.2 million at a 42% margin, and adjusted EBITDA was $9.2 million with an 18% margin. Free cash flow totaled $18.9 million, reflecting a 70% conversion rate from adjusted EBITDA.
2. Full-Year 2025 Results
For full-year 2025, revenue increased 13% to $183.6 million, with ResMetrics adding $5.2 million post-acquisition. Net income rose to $23.7 million, or $8.65 diluted EPS, boosted by a $11.5 million deferred tax valuation allowance release. Adjusted EBITDA climbed 20% to $26.7 million, expanding margin to 14.5%.
3. ResMetrics Acquisition Integration
The late-July ResMetrics acquisition contributed $2.9 million in Q4 revenue and strengthened tracer diagnostics capabilities. Laboratory management systems were upgraded, and U.S. lab and manufacturing operations will centralize in Tulsa by mid-year. Management anticipates cost savings and cross-selling synergies, particularly in North America, with international contract expansions under development.
4. 2026 Guidance Outlook
NCS Multistage forecasts 2026 revenue of $184 million to $194 million and adjusted EBITDA of $26 million to $29 million. Gross capital expenditures are expected at $1.5 million to $2.0 million, with free cash flow of $12 million to $16 million. The company anticipates flat to lower North American activity and stronger second-half international demand, especially in the Middle East.