NCSM NCS Multistage Holdings, Inc. - Common Stock
$50.46
Price · Aug 18, 2026
Fundamentals as of Jul 31, 2026
52W Range
$34–$87
31% of range
Analyst Rating
STRONG BUY
7 analysts
Price Target
—
P/E (TTM)
5.8
ROE
21.1%
Net Profit Margin
12.9%
NCSM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$50.46
Market Cap
$128M
P/E (TTM)
5.8
EPS (TTM)
$8.65
Revenue (TTM)
$184M
Div Yield
—
ROE
21.1%
Debt/Equity
—
52W Range
$34 – $87
NCSM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$184M
2016-12-31
→
2025-12-31
EPS
$8.65
2016-12-31
→
2025-12-31
Free Cash Flow
$21M
2017-12-31
→
2025-12-31
Margins
12.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NCSM
Peer Median
P/E (TTM)
5.8
19.6
P/S (TTM)
0.7
0.8
P/B
1.0
1.4
Price / FCF
6.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NCSM
Peer Median
Operating Margin
5.7%
—
Net Profit Margin
12.9%
2.1%
ROA
14.2%
0.69%
ROE
21.1%
0.51%
ROIC
12.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NCSM
Peer Median
Current Ratio
4.3
2.5
Quick Ratio
2.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NCSM
Peer Median
Revenue YoY
13.0%
—
Revenue CAGR 3Y
5.7%
—
Revenue CAGR 5Y
11.4%
—
EPS YoY
239.2%
—
Net Income YoY
260.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NCSM
Peer Median
NCSM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
7 analysts
- Strong Buy 3 42.9%
- Buy 3 42.9%
- Hold 1 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.25%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.71 | $-0.38 | -1.3% |
| March 31, 2026 | $-0.14 | $1.35 | -1.5% |
| Dec. 31, 2025 | $-0.14 | $1.35 | -1.5% |
| Sept. 30, 2025 | $1.37 | $1.09 | 0.28% |
| June 30, 2025 | $0.34 | $-1.32 | 1.7% |
| March 31, 2025 | $1.51 | $0.65 | 0.86% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NCSM | $101M | 4.6 | 13.0% | 12.9% | 21.1% | — |
| ESOA | $173M | 517.5 | 16.8% | — | — | 9.4% |
| SND | $156M | 133.3 | 6.0% | 0.41% | 0.56% | 11.5% |
| TUSK | $89M | 18.5 | -2.9% | 10.4% | 1.8% | — |
| BOOM | $144M | -7.4 | -5.1% | -2.2% | -5.5% | 22.2% |
| DTI | $87M | -22.3 | 3.4% | -2.4% | -3.1% | — |
| DWSN | — | -26.0 | 2.0% | — | — | — |
| GEOS | $243M | -24.9 | -18.3% | -8.8% | -7.5% | 29.7% |
| SLB | $57.38B | 16.3 | -1.6% | 9.4% | 14.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $184M | $163M | $142M | $156M | $119M | $107M | $205M | $227M | $202M | $98M | $114M | |
| Cost of Revenue | · | · | $87M | $95M | $70M | $63M | $108M | $108M | $99M | $54M | $55M | |
| R&D Expense | $2M | $2M | $2M | $3M | $2M | $2M | $3M | $4M | $3M | $3M | $3M | |
| SG&A Expense | $59M | $58M | $57M | $58M | $49M | $59M | $89M | $83M | $65M | $37M | $38M | |
| Operating Income | $11M | $4M | $-6M | $-2M | $-5M | $-71M | $-9M | $-207M | $5M | $-18M | $-6M | |
| Other Non-op | $5M | $7M | $4M | $3M | $2M | $2M | $308.0K | $182.0K | $1M | $45.0K | $-131.0K | |
| Pretax Income | $17M | $8M | $-3M | $-601.0K | $-4M | $-47M | $-12M | $-208M | $2M | $-27M | $12M | |
| Income Tax | $-9M | $116.0K | $-232.0K | $351.0K | $263.0K | $-8M | $11M | $-23M | $670.0K | $-9M | $-16M | |
| Net Income | $24M | $7M | $-3M | $-1M | $-5M | $-58M | $-33M | $-190M | $2M | $-18M | $28M | |
| EPS (Basic) | $9.17 | $2.60 | $-1.27 | $-0.45 | $-1.98 | $-24.37 | $-14.08 | $-85.00 | $0.05 | $-0.53 | $0.88 | |
| EPS (Diluted) | $8.65 | $2.55 | $-1.27 | $-0.45 | $-1.98 | $-24.37 | $-14.08 | $-85.00 | $0.05 | $-0.53 | $0.86 | |
| Shares (Basic) | 2,589,000 | 2,539,000 | 2,473,000 | 2,432,000 | 2,396,000 | 2,364,000 | 2,332,000 | 2,239,000 | 40,484,000 | 34,008,000 | 29,966,000 | |
| Shares (Diluted) | 2,746,000 | 2,590,000 | 2,473,000 | 2,432,000 | 2,396,000 | 2,364,000 | 2,332,000 | 2,239,000 | 43,583,000 | 34,008,000 | 32,433,000 | |
| EBITDA | $16M | $10M | $-915.0K | $2M | $-619.0K | $-66M | $945.0K | $-189M | $33M | · | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $37M | $26M | $17M | $16M | $22M | $16M | $11M | $25M | $34M | $18M | $10M | |
| Receivables | $41M | $32M | $24M | $28M | $24M | $22M | $42M | $50M | $48M | $32M | · | |
| Inventory | $39M | $41M | $42M | $37M | $34M | $35M | $40M | $33M | $33M | $17M | · | |
| Prepaid Expense | $2M | $2M | $2M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | · | |
| Current Assets | $122M | $106M | $103M | $88M | $88M | $84M | $101M | $115M | $118M | $75M | · | |
| PP&E (Net) | · | · | $23M | $23M | $25M | $24M | $33M | $32M | $24M | $10M | · | |
| PP&E (Gross) | · | · | $45M | $42M | $42M | $41M | $46M | $36M | $30M | $15M | · | |
| Accum. Depreciation | · | · | $22M | $19M | $18M | $16M | $14M | $10M | $7M | $6M | · | |
| Goodwill | $16M | $15M | $15M | $15M | $15M | $15M | $15M | $23M | $184M | $122M | $119M | |
| Intangibles | $6M | $4M | $4M | $5M | $6M | $6M | $45M | $49M | $136M | $119M | · | |
| Other Non-current Assets | · | · | $937.0K | $3M | $3M | $4M | $3M | $1M | $2M | $1M | · | |
| Total Assets | $181M | $153M | $152M | $139M | $142M | $139M | $203M | $230M | $464M | $327M | · | |
| Accounts Payable | $9M | $9M | $6M | $8M | $8M | $5M | $9M | $7M | $7M | $10M | · | |
| Accrued Liabilities | $9M | $8M | $4M | $4M | $6M | $3M | $3M | $4M | $7M | $3M | · | |
| Current Liabilities | $29M | $25M | $32M | $18M | $20M | $15M | $20M | $26M | $32M | $18M | · | |
| Capital Leases | $4M | $5M | $4M | $4M | $4M | $4M | $3M | · | · | · | · | |
| Deferred Tax | $398.0K | $186.0K | $249.0K | $199.0K | $114.0K | $13.0K | $3M | $3M | $24M | $43M | · | |
| Other Non-current Liabilities | $202.0K | $206.0K | $213.0K | $1M | $2M | $2M | $1M | $1M | $5M | $717.0K | · | |
| Total Liabilities | $38M | $37M | $43M | $29M | $32M | $25M | $39M | $53M | $95M | $149M | · | |
| Long-term Debt | · | · | · | · | $8M | $6M | $13M | $22M | $25M | $89M | · | |
| Total Debt | · | · | · | · | $8M | $6M | $13M | $26M | $27M | · | · | |
| Common Stock | $26.0K | $26.0K | $25.0K | $24.0K | $24.0K | $24.0K | $23.0K | $451.0K | $439.0K | $340.0K | · | |
| Retained Earnings | $-235M | $-259M | $-266M | $-262M | $-261M | $-257M | $-199M | $-166M | $24M | $22M | · | |
| Treasury Stock | $2M | $2M | $2M | $1M | $1M | $809.0K | $652.0K | $337.0K | $175.0K | $175.0K | · | |
| AOCI | $-86M | $-88M | $-86M | $-86M | $-82M | $-82M | $-81M | $-84M | $-67M | $-82M | · | |
| Stockholders' Equity | $126M | $99M | $92M | $91M | $93M | $94M | $145M | $161M | $357M | $177M | · | |
| Liabilities + Equity | $181M | $153M | $152M | $139M | $142M | $139M | $203M | $230M | $464M | $327M | · | |
| Shares Outstanding | 2,545,535 | 2,507,430 | 2,443,744 | 2,408,474 | 2,380,374 | 2,359,918 | 2,340,656 | 45,072,463 | 43,913,136 | 34,005,978 | · |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $6M | $5M | $5M | $4M | $5M | $6M | $10M | $18M | $28M | $26M | $27M | |
| Stock-based Comp | $6M | $5M | $5M | $6M | $7M | $8M | $13M | $11M | $6M | $1M | $1M | |
| Deferred Tax | $-11M | $-380.0K | $152.0K | $266.0K | $96.0K | $-3M | $9M | $-29M | $-19M | $-9M | $-11M | |
| Amort. of Intangibles | $900.0K | $700.0K | $700.0K | $669.0K | $669.0K | $1M | $5M | $13M | $24M | $24M | $25M | |
| Restructuring | · | · | · | · | · | $6M | · | · | · | · | · | |
| Other Non-cash | $-3M | $-4M | $-2M | $-11M | $5M | $82M | $19M | $204M | $-788.0K | · | · | |
| Operating Cash Flow | $22M | $13M | $5M | $-1M | $12M | $35M | $18M | $14M | $16M | $11M | $4M | |
| CapEx | $1M | $1M | $2M | $1M | $495.0K | $2M | $6M | $11M | $5M | $1M | $890.0K | |
| Investing Cash Flow | $-6M | $479.0K | $-2M | $-698.0K | $-444.0K | $-1M | $-5M | $-15M | $-85M | $-2M | $-1M | |
| Stock Issued | · | · | · | · | · | · | · | · | $151M | $102.0K | $40M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | $175.0K | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | $151M | · | · | |
| Financing Cash Flow | $-5M | $-4M | $-2M | $-3M | $-4M | $-30M | $-27M | $-5M | $84M | $-315.0K | $-13M | |
| Net Change in Cash | $11M | $9M | $486.0K | $-6M | $7M | $4M | $-14M | $-9M | $16M | $9M | $-11M | |
| Taxes Paid | $2M | $431.0K | $-144.0K | $-303.0K | $-4M | $-2M | $122.0K | $22M | $4M | $130.0K | $20M | |
| Free Cash Flow | $21M | $11M | $3M | $-2M | $11M | $33M | $12M | $3M | $11M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 5.7% | 2.7% | -3.9% | -1.5% | -4.3% | -66.8% | -4.6% | -91.1% | 2.5% | · | · | |
| Net Margin | 12.9% | 4.1% | -2.2% | -0.71% | -4.0% | -53.8% | -16.0% | -83.9% | 1.0% | · | · | |
| Pretax Margin | 9.2% | 5.1% | -2.4% | -0.39% | -3.0% | -43.8% | -5.9% | -91.8% | 0.97% | · | · | |
| EBITDA Margin | 8.9% | 5.9% | -0.64% | 1.3% | -0.52% | -61.3% | 0.46% | -83.2% | 16.2% | · | · | |
| ROA | 14.2% | 4.3% | -2.2% | -0.78% | -3.4% | -33.8% | -15.2% | -54.9% | 0.53% | · | · | |
| ROE | 21.1% | 6.9% | -3.5% | -1.2% | -5.1% | -48.4% | -21.5% | -73.5% | 0.79% | · | · | |
| ROIC | 12.9% | 4.3% | -5.6% | -3.9% | -5.5% | -59.9% | -11.4% | -98.3% | 0.85% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.3 | 4.2 | 3.2 | 5.0 | 4.5 | 5.6 | 5.1 | 4.5 | 3.7 | · | · | |
| Quick Ratio | 2.7 | 2.3 | 1.3 | 2.5 | 2.3 | 2.5 | 2.7 | 2.9 | 2.6 | · | · | |
| Debt / Equity | · | · | · | · | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | · | · | |
| LT Debt / Equity | · | · | · | · | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.1 | 1.1 | 1.0 | 1.1 | 0.8 | 0.6 | 1.0 | 0.7 | 0.5 | · | · | |
| Inventory Turnover | · | · | 2.2 | 2.7 | 2.0 | 1.7 | 3.0 | 3.3 | 3.9 | · | · | |
| Receivables Turnover | 5.1 | 5.9 | 5.5 | 6.0 | 5.1 | 3.3 | 4.5 | 4.6 | 5.0 | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 13.0% | 14.1% | -8.5% | 31.3% | 10.8% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.7% | 11.1% | 10.0% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.4% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 239.2% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 260.2% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $184M | $163M | $142M | $156M | $119M | $107M | $205M | $227M | $202M | · | · | |
| Net Income TTM | $24M | $7M | $-3M | $-1M | $-5M | $-58M | $-33M | $-190M | $2M | · | · | |
| Market Cap | $101M | $65M | $44M | $60M | $69M | $53M | $1.97B | $4.59B | $12.95B | · | · | |
| Enterprise Value | · | · | · | · | $55M | $43M | $1.97B | $4.59B | $12.94B | · | · | |
| P/E | 4.6 | 10.2 | -14.1 | -55.6 | -14.6 | -0.9 | -3.0 | -1.2 | 5896.0 | · | · | |
| P/S | 0.5 | 0.4 | 0.3 | 0.4 | 0.6 | 0.5 | 9.6 | 20.2 | 64.2 | · | · | |
| P/B | 0.8 | 0.7 | 0.5 | 0.7 | 0.7 | 0.6 | 13.6 | 28.4 | 36.3 | · | · | |
| P / Tangible Book | 1.0 | 0.8 | 0.6 | 0.9 | 1.0 | 0.7 | · | · | · | · | · | |
| P / Cash Flow | 4.5 | 5.1 | 9.1 | -42.3 | 6.0 | 1.5 | 109.5 | 327.1 | 803.4 | · | · | |
| P / FCF | 4.8 | 5.7 | 15.1 | -24.5 | 6.2 | 1.6 | 166.3 | 1586.6 | 1204.5 | · | · | |
| EV / EBITDA | · | · | · | · | -88.3 | -0.7 | 2082.4 | -24.3 | 396.8 | · | · | |
| EV / FCF | · | · | · | · | 4.9 | 1.3 | 166.4 | 1586.8 | 1203.8 | · | · | |
| EV / Revenue | · | · | · | · | 0.5 | 0.4 | 9.6 | 20.2 | 64.2 | · | · | |
| Earnings Yield | 21.9% | 9.8% | -7.1% | -1.8% | -6.8% | -108.3% | -33.5% | -83.5% | 0.02% | · | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38M | $46M | $51M | $47M | $36M | $50M | $45M | $44M | $30M | $44M | $35M | $38M | $25M | $44M | $40M | $49M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | · | · | $23M | $17M | $25M | $24M | $28M | |
| SG&A Expense | $18M | $16M | $14M | $15M | $14M | $16M | $15M | $14M | $15M | $14M | $13M | $13M | $14M | $16M | $13M | $15M | |
| Operating Income | $-6M | $848.0K | $5M | $3M | $-2M | $4M | $3M | $3M | $-4M | $3M | $-2M | $2M | $-7M | $1M | $2M | $4M | |
| Other Non-op | $2M | $2M | $1M | $1M | $2M | $883.0K | $2M | $2M | $2M | $1M | $361.0K | $2M | $1M | $292.0K | $1M | $564.0K | |
| Pretax Income | $-4M | $3M | $7M | $4M | $666.0K | $5M | $3M | $5M | $-3M | $3M | $40M | $4M | $-31M | $-16M | $3M | $4M | |
| Income Tax | $-1M | $834.0K | $-8M | $-549.0K | $-1M | $673.0K | $-606.0K | $-35.0K | $270.0K | $487.0K | $55.0K | $-537.0K | $1M | $-1M | $974.0K | $-120.0K | |
| Net Income | $-5M | $-371.0K | $15M | $4M | $924.0K | $4M | $3M | $4M | $-3M | $2M | $40M | $4M | $-32M | $-15M | $2M | $4M | |
| EPS (Basic) | $-1.71 | $-0.14 | $5.76 | $1.47 | $0.36 | $1.58 | $1.35 | $1.63 | $-1.21 | $0.83 | $16.07 | $1.78 | $-13.02 | $-6.10 | $0.83 | $1.61 | |
| EPS (Diluted) | $-1.71 | $-0.14 | $5.43 | $1.37 | $0.34 | $1.51 | $1.34 | $1.60 | $-1.21 | $0.82 | $16.08 | $1.77 | $-13.02 | $-6.10 | $0.86 | $1.58 | |
| Shares (Basic) | 2,687,000 | 2,629,000 | -5,167,000 | 2,594,000 | 2,594,000 | 2,568,000 | -5,065,000 | 2,548,000 | 2,548,000 | 2,508,000 | -4,934,000 | 2,479,000 | 2,476,000 | 2,452,000 | -4,858,000 | 2,438,000 | |
| Shares (Diluted) | 2,687,000 | 2,629,000 | -5,452,000 | 2,778,000 | 2,734,000 | 2,686,000 | -5,085,000 | 2,588,000 | 2,548,000 | 2,539,000 | -4,944,000 | 2,489,000 | 2,476,000 | 2,452,000 | -4,908,000 | 2,488,000 | |
| EBITDA | $-6M | $2M | · | $3M | $-2M | $6M | · | $3M | $-4M | $4M | · | $2M | $-7M | $2M | · | $4M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31M | $34M | $37M | $25M | $25M | $23M | $26M | $15M | $19M | $14M | $17M | $11M | $14M | $14M | $16M | $10M | |
| Receivables | $33M | $36M | $41M | $36M | $34M | $38M | $32M | $37M | $25M | $34M | $24M | $30M | $22M | $30M | $28M | $34M | |
| Inventory | $45M | $41M | $39M | $44M | $44M | $41M | $41M | $41M | $42M | $39M | $42M | $42M | $43M | $41M | $37M | $34M | |
| Prepaid Expense | $3M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $3M | $2M | $3M | $3M | |
| Current Assets | $117M | $117M | $122M | $111M | $111M | $109M | $106M | $99M | $92M | $93M | $103M | $90M | $85M | $91M | $88M | $85M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $24M | $24M | $24M | $23M | $23M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | $44M | $44M | $42M | $42M | $41M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | $21M | $20M | $20M | $19M | $18M | |
| Goodwill | $16M | $16M | $16M | $16M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | |
| Intangibles | $5M | $6M | $6M | $6M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | · | · | · | $2M | $2M | $2M | $3M | $3M | |
| Total Assets | $178M | $175M | $181M | $162M | $158M | $155M | $153M | $146M | $139M | $141M | $152M | $142M | $137M | $141M | $139M | $137M | |
| Accounts Payable | $13M | $11M | $9M | $8M | $10M | $12M | $9M | $8M | $8M | $8M | $6M | $9M | $8M | $8M | $8M | $9M | |
| Accrued Liabilities | $7M | $5M | $9M | $8M | $7M | $5M | $8M | $7M | $5M | $4M | $4M | $5M | $4M | $5M | $4M | $6M | |
| Current Liabilities | $28M | $22M | $29M | $25M | $24M | $24M | $25M | $22M | $20M | $19M | $32M | $20M | $18M | $18M | $18M | $20M | |
| Capital Leases | $4M | $3M | $4M | $4M | $4M | $5M | $5M | $3M | $3M | $3M | $4M | $4M | $5M | $3M | $4M | $4M | |
| Deferred Tax | $375.0K | $407.0K | $398.0K | $170.0K | $186.0K | $178.0K | $186.0K | $311.0K | $372.0K | $239.0K | $249.0K | $486.0K | $426.0K | $193.0K | $199.0K | $297.0K | |
| Other Non-current Liabilities | $197.0K | $200.0K | $202.0K | $206.0K | $206.0K | $207.0K | $206.0K | $200.0K | $199.0K | $202.0K | $213.0K | $1M | $1M | $1M | $1M | $1M | |
| Total Liabilities | $37M | $31M | $38M | $35M | $34M | $34M | $37M | $32M | $30M | $29M | $43M | $73M | $73M | $47M | $29M | $32M | |
| Common Stock | $27.0K | $27.0K | $26.0K | $26.0K | $26.0K | $26.0K | $26.0K | $26.0K | $26.0K | $25.0K | $25.0K | $25.0K | $25.0K | $25.0K | $24.0K | $24.0K | |
| Retained Earnings | $-240M | $-236M | $-235M | $-250M | $-254M | $-255M | $-259M | $-262M | $-267M | $-264M | $-266M | $-305M | $-310M | $-277M | $-262M | $-264M | |
| Treasury Stock | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | |
| AOCI | $-87M | $-87M | $-86M | $-87M | $-86M | $-88M | $-88M | $-86M | $-87M | $-86M | $-86M | $-86M | $-85M | $-86M | $-86M | $-86M | |
| Stockholders' Equity | $120M | $125M | $126M | $110M | $106M | $103M | $99M | $96M | $91M | $94M | $92M | $51M | $46M | $77M | $91M | $88M | |
| Liabilities + Equity | $178M | $175M | $181M | $162M | $158M | $155M | $153M | $146M | $139M | $141M | $152M | $142M | $137M | $141M | $139M | $137M | |
| Shares Outstanding | 2,624,523 | 2,624,523 | 2,545,535 | 2,540,849 | 2,540,849 | 2,540,849 | 2,507,430 | 2,502,680 | 2,502,564 | 2,485,708 | 2,443,744 | 2,438,994 | 2,438,877 | 2,438,877 | 2,408,474 | 2,408,413 |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Stock-based Comp | $1M | $1M | $1M | $2M | $1M | $1M | $2M | $1M | $1M | $902.0K | $1M | $2M | $1M | $1M | $2M | $1M | |
| Deferred Tax | $-816.0K | $377.0K | $-9M | $-317.0K | $-1M | $1.0K | $-383.0K | $-18.0K | $16.0K | $5.0K | $5.0K | $90.0K | $34.0K | $23.0K | $157.0K | $50.0K | |
| Amort. of Intangibles | $300.0K | $300.0K | $200.0K | $300.0K | $200.0K | $200.0K | $100.0K | $200.0K | $200.0K | $200.0K | $132.0K | $168.0K | $200.0K | $200.0K | $167.0K | $168.0K | |
| Other Non-cash | · | $-2M | · | · | · | $-9M | · | · | · | $-6M | · | · | · | $11M | · | · | |
| Operating Cash Flow | $-2M | $1M | $13M | $7M | $4M | $-2M | $11M | $-2M | $6M | $-2M | $6M | $-404.0K | $509.0K | $-2M | $8M | $-4M | |
| CapEx | $493.0K | $591.0K | $225.0K | $231.0K | $281.0K | $464.0K | $226.0K | $450.0K | $334.0K | $299.0K | $178.0K | $553.0K | $648.0K | $503.0K | $267.0K | $348.0K | |
| Investing Cash Flow | $-449.0K | $-559.0K | $-233.0K | $-6M | $-23.0K | $-451.0K | $1M | $-339.0K | $-257.0K | $-136.0K | $-170.0K | $-535.0K | $-498.0K | $-480.0K | $-258.0K | $-139.0K | |
| Financing Cash Flow | $-603.0K | $-3M | $-2M | $-2M | $-1M | $-790.0K | $-2M | $-1M | $-1M | $-630.0K | $-961.0K | $-1M | $146.0K | $-419.0K | $-355.0K | $-862.0K | |
| Net Change in Cash | $-3M | $-2M | $11M | $-77.0K | $2M | $-3M | $11M | $-3M | $5M | $-3M | $5M | $-2M | $113.0K | $-3M | $6M | $-5M | |
| Free Cash Flow | · | $689.0K | · | · | · | $-2M | · | · | · | $-2M | · | · | · | $-2M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -14.6% | 1.9% | · | 6.6% | -5.6% | 8.6% | · | 6.9% | -14.0% | 5.7% | · | 4.9% | -28.1% | 2.9% | · | 8.3% | |
| Net Margin | -12.0% | -0.81% | · | 8.2% | 2.5% | 8.1% | · | 9.4% | -10.4% | 4.7% | · | 11.5% | -126.9% | -34.4% | · | 8.1% | |
| Pretax Margin | -11.5% | 5.6% | · | 7.9% | 1.8% | 10.2% | · | 10.6% | -8.6% | 6.9% | · | 9.3% | -121.0% | -37.0% | · | 7.9% | |
| EBITDA Margin | -14.6% | 5.3% | · | 6.6% | -5.6% | 11.3% | · | 6.9% | -14.0% | 8.5% | · | 4.9% | -28.1% | 5.5% | · | 8.3% | |
| ROA | -2.8% | -0.23% | · | 2.5% | 0.62% | 2.7% | · | 2.9% | -2.2% | 1.5% | · | 3.2% | -23.9% | -10.7% | · | 2.9% | |
| ROE | -4.1% | -0.33% | · | 3.7% | 0.94% | 4.1% | · | 5.7% | -4.5% | 2.4% | · | 6.4% | -48.9% | -17.8% | · | 4.4% | |
| ROIC | -3.2% | 0.46% | · | 3.2% | -4.9% | 3.6% | · | 3.2% | -5.0% | 2.2% | · | 4.3% | -16.2% | 1.6% | · | 4.8% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.3 | 5.3 | · | 4.4 | 4.7 | 4.6 | · | 4.5 | 4.6 | 4.8 | · | 4.5 | 4.7 | 5.2 | · | 4.3 | |
| Quick Ratio | 2.3 | 3.2 | · | 2.4 | 2.5 | 2.6 | · | 2.4 | 2.2 | 2.5 | · | 2.1 | 2.0 | 2.5 | · | 2.2 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.3 | · | 0.3 | 0.2 | 0.3 | · | 0.3 | 0.2 | 0.3 | · | 0.3 | 0.2 | 0.3 | · | 0.4 | |
| Inventory Turnover | · | · | · | · | · | · | · | · | · | · | · | 0.6 | 0.4 | 0.7 | · | 0.8 | |
| Receivables Turnover | 1.1 | 1.2 | · | 1.3 | 1.2 | 1.4 | · | 1.3 | 1.3 | 1.4 | · | 1.2 | 1.2 | 1.5 | · | 1.7 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $167M | $179M | · | $177M | $160M | $168M | · | $156M | $137M | $151M | · | $156M | $145M | $159M | · | $148M | |
| Net Income TTM | $-245.0K | $8M | · | $13M | $6M | $7M | · | $8M | $-29M | $-41M | · | $-39M | $-49M | $-18M | · | $-285.0K | |
| Market Cap | $116M | $162M | · | $130M | $75M | $89M | · | $49M | $42M | $40M | · | $39M | $41M | $58M | · | $52M | |
| P/E | -315.1 | 20.1 | · | 10.6 | 13.2 | 12.9 | · | 6.6 | -1.4 | -1.0 | · | -1.0 | -0.9 | -3.2 | · | -127.9 | |
| P/S | 0.7 | 0.9 | · | 0.7 | 0.5 | 0.5 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.4 | · | 0.4 | |
| P/B | 1.0 | 1.3 | · | 1.2 | 0.7 | 0.9 | · | 0.5 | 0.5 | 0.4 | · | 0.8 | 0.9 | 0.8 | · | 0.6 | |
| P / Tangible Book | 1.2 | 1.6 | · | 1.5 | 0.9 | 1.1 | · | 0.6 | 0.6 | 0.5 | · | 1.3 | 1.6 | 1.0 | · | 0.8 | |
| P / Cash Flow | · | 126.8 | · | · | · | -54.0 | · | · | · | -21.2 | · | · | · | -37.3 | · | · | |
| P / FCF | · | 235.6 | · | · | · | -42.2 | · | · | · | -18.3 | · | · | · | -28.1 | · | · | |
| Earnings Yield | -0.32% | 5.0% | · | 9.4% | 7.6% | 7.8% | · | 15.1% | -69.4% | -103.1% | · | -97.7% | -116.4% | -31.3% | · | -0.78% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $184M | $163M | $142M | $156M | $119M |
| Operating Margin % | 5.7% | 2.7% | -3.9% | -1.5% | -4.3% |
| Net Income | $24M | $7M | $-3M | $-1M | $-5M |
| Diluted EPS | $8.65 | $2.55 | $-1.27 | $-0.45 | $-1.98 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.1 |
| Current Ratio | 4.3 | 4.2 | 3.2 | 5.0 | 4.5 |
| Quick Ratio | 2.7 | 2.3 | 1.3 | 2.5 | 2.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $21M | $11M | $3M | $-2M | $11M |
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Institutional owners (13F) 36 filers · $84.9M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 12 (-7 vs prior Q) | 15 (+11 vs prior Q) | 9 (0 vs prior Q) | 10 (+3 vs prior Q) | +35K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Advent International, L.P. | $65,228,155 | 1,478,426 | 76.83% | Shares |
| Truffle Hound Capital, LLC | $3,529,600 | 80,000 | 4.16% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,621,322 | 36,748 | 1.91% | Shares |
| Yakira Capital Management, Inc. | $1,581,834 | 35,853 | 1.86% | Shares |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $1,530,788 | 34,696 | 1.80% | Shares |
| ArrowMark Colorado Holdings LLC | $1,520,155 | 34,455 | 1.79% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,382,941 | 31,345 | 1.63% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,243,213 | 28,178 | 1.46% | Shares |
| Empowered Funds, LLC | $941,741 | 21,345 | 1.11% | Shares |
| GOLDMAN SACHS GROUP INC | $934,153 | 21,173 | 1.10% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $695,375 | 15,761 | 0.82% | Shares |
| VANGUARD GROUP INC | $607,277 | 15,378 | 0.72% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $531,205 | 12,040 | 0.63% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $487,967 | 11,060 | 0.57% | Shares |
| OMERS ADMINISTRATION Corp | $463,260 | 10,500 | 0.55% | Shares |
| CITADEL ADVISORS LLC | $398,845 | 9,040 | 0.47% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $394,745 | 8,945 | 0.46% | Shares |
| Fortress Investment Group LLC | $376,961 | 8,544 | 0.44% | Shares |
| BAILARD, INC. | $352,386 | 7,987 | 0.42% | Shares |
| Trexquant Investment LP | $305,222 | 6,918 | 0.36% | Shares |
| XTX Topco Ltd | $224,041 | 5,078 | 0.26% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $221,968 | 5,031 | 0.26% | Shares |
| MARSHALL WACE, LLP | $157,950 | 3,580 | 0.19% | Shares |
| PNC Financial Services Group, Inc. | $34,458 | 781 | 0.04% | Shares |
| TUCKER ASSET MANAGEMENT LLC | $33,764 | 855 | 0.04% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $30,884 | 700 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $22,589 | 512 | 0.03% | Shares |
| UBS Group AG | $17,383 | 394 | 0.02% | Shares |
| OSAIC HOLDINGS, INC. | $12,927 | 293 | 0.02% | Shares |
| BlackRock, Inc. | $8,471 | 192 | 0.01% | Shares |
| VSM Wealth Advisory, LLC | $2,912 | 66 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $2,412 | 55 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $1,155 | 26 | 0.00% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $603 | 13,718 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $221 | 5 | 0.00% | Shares |
| MORGAN STANLEY | $46 | 1 | 0.00% | Shares |
Company insiders 8 insiders · 3 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Marty Stromquist | President | May 3, 2017 D | 0 | 0 | 0 | $0 |
| Ori Lev | Executive VP, GC and Secretary | April 1, 2021 M | 2,748 | 0 | 0 | $0 |
| Lori A Cole | Vice President, Finance | April 1, 2021 D | 2,470 | 0 | 0 | $0 |
| Gurinder Grewal | Director | May 3, 2017 S | 29,568,536 | 0 | 0 | $0 |
| David M Mckenna | Director | May 3, 2017 S | 29,568,536 | 0 | 0 | $0 |
| Michael Mcshane | Director | May 3, 2017 P | 324,999 | 0 | 0 | $0 |
| John D Deane | Director | May 3, 2017 P | 50,000 | 0 | 0 | $0 |
| Matt W Ralls | — | May 3, 2017 P | 30,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Robert Nipper | Nov. 19, 2018 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 10 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| DFAS · Dimensional ETF Trust | 0.00% | 6,894 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 503 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.00% | 2,032 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 230 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.00% | 478 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.00% | 1,264 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 1,416 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |