NCS Multistage Holdings, Inc.
NCSMHIGH VELOCITYFILING INTENSITYNCS Multistage Holdings, Inc. reads as an High Velocity (composite 62/100); Selective Buyer deploying $6M across 1 disclosed transactions, up 427% vs the prior cycle · primary market Energy Infrastructure.
Lens
Disclosed M&A capital (2023–2025)
$6M
vs $1M in 2020–2022
Disclosed transactions
1
1/3 active fiscal years in window
Buyer archetype
Selective Buyer
Acquisition use is visible but targeted.
Composite score
62
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $89M disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- 86 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 1 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 1 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 1 activism filings
- Latest activism 7.6y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 1 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 86 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $79M
- 10-Q 72d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $83M · Peak count: 2
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 1 | $6M | $6M | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | $1M | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On50%
- Geographic Expansion50%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- geographic_expansion
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“Additionally, we compete with numerous smaller regional and local companies that may have stronger relationships in particular geographic areas or specialized technical capabilities in certain applications.”
“The competitive landscape may be further intensified by industry consolidation, which can reduce our addressable market and strengthen larger competitors.”
“A single customer accounted for approximately 7% and 6% of our revenue for the years ended December 31, 2023 and 2022, respectively.”
“Repeat Precision also markets certain completion products on a wholesale basis, providing an additional revenue opportunity”
“There has been an increase in consolidation amongst E&P companies and, as a result, we have experienced a reduction in spending with certain large customers and may continue to further experience a reduction in future business with consolidating customers if combined capital spending is reduced, if procurement strategies are altered, or if the counterparty in the consolidation has other preferred vendors for the products and services we have been providing.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Energy Infrastructure
- Market spend (2023–2025)
- $86.6B
- Market spend (2020–2022)
- $40.3B
- Recent vs prior
- +115%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
NCSM trades at a -8.8-turn discount to the Energy Infrastructure peer median of 12.9×.
- EV / Revenue
- 0.4×
- Net debt / EBITDA
- -1.7×
- Peer median EV / EBITDA
- 12.9×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 19.9× | 11.8× | 9.3× | $1.5B | $1B | |
| 13.3× | 4.8× | -0.3× | $9.3B | $3.7B | |
SLB LimitedSLB | 12.5× | 2.5× | 0.9× | $35.9B | $5.8B |
| 7.0× | 2.7× | -0.2× | $58.3B | $2.7B | |
NCS Multistage Holdings, Inc.NCSM | 4.2× | 0.4× | -1.7× | $180M | $6M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Energy Infrastructure. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)92026-03-05
- 10-Q (quarterly)282026-04-30
- 8-K (event)862026-04-29
- Proxy / DEF 14A192026-04-02
- Activism (13D / DFAN / PREC)12018-11-19
Signals on file
- elevated
Activism on file
2018-11-191 activist filing on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.