Ncs Multistage Holdings, Inc. (NCSM) intrinsic value & 10-year financials
Ncs Multistage Holdings, Inc. (NCSM) has a Graham intrinsic value of $287.32 per share. Over the last 10 fiscal years revenue grew 7.2% a year to $183.6M, with an average return on invested capital of -13.5%.
- Graham intrinsic value
- $287.32
- Revenue (FY2025)
- $183.6M
- Revenue growth (10-yr CAGR)
- 7.2%
- ROIC (10-yr avg)
- -13.5%
- Free cash flow (FY2025)
- $21.0M
NCSM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $183.6M | $23.7M | $8.65 | $21.0M | 5.7% | 11.8% |
| FY2024 | $162.6M | $6.6M | $2.55 | $11.4M | 2.7% | 5.2% |
| FY2023 | $142.5M | -$3.2M | -$1.27 | $2.9M | -3.9% | -6.2% |
| FY2022 | $155.6M | -$1.1M | -$0.45 | -$2.5M | -1.4% | -2.8% |
| FY2021 | $118.5M | -$4.7M | -$1.98 | $11.1M | -4.3% | -6.3% |
| FY2020 | $107.0M | -$57.6M | -$24.37 | $33.0M | -66.8% | -54.7% |
| FY2019 | $205.5M | -$32.8M | -$0.70 | $11.8M | -4.6% | -6.2% |
| FY2018 | $227.0M | -$190.3M | -$4.25 | $2.9M | -91.1% | -72.0% |
| FY2017 | $201.6M | $2.1M | $0.05 | $10.7M | 2.5% | 1.3% |
| FY2016 | $98.5M | -$17.9M | -$0.53 | $9.5M | -18.3% | -4.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NCS Multistage Holdings, Inc. has demonstrated mature, steady growth, with revenue compounding at 7.2% annually over the past decade.
NCS Multistage Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -13.5% ROIC.
Over the decade, NCS Multistage Holdings, Inc. shows that management has aggressively returned capital to shareholders by retiring 91.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NCS Multistage Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $287.32 per share.