Demonstrações financeiras detalhadas de NCS Multistage Holdings, Inc. (NCSM): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
NCS Multistage Holdings, Inc. registou receitas de $184.7M no último exercício, com um CAGR de 5 anos de 11.5%.
Margens dos últimos 12 meses: margem bruta 37.6%, margem operacional 3.2%, margem líquida 7.6%. O fluxo de caixa livre cresceu a CAGR de -8.6% em 5 anos.
Ao preço atual de $53.35, NCSM negocia a um P/L de 9.95 e um ROE de 11.46%. A capitalização de mercado é de $140M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $98.5M | $201.6M | $227.0M | $205.5M | $107.0M | $118.5M | $155.6M | $142.5M | $162.6M | $184.7M |
| Custo da Receita | $79.4M | $126.4M | $126.1M | $118.5M | $68.8M | $74.5M | $99.5M | $91.5M | $100.4M | $114.1M |
| Lucro Bruto | $19.1M | $75.2M | $100.8M | $87.0M | $38.2M | $44.0M | $56.1M | $51.0M | $62.1M | $70.6M |
| P&D | $3.3M | $3.0M | $3.8M | 0 | 0 | $2.1M | $2.7M | $2.5M | $2.0M | $2.0M |
| Despesas Gerais e Administrativas | $37.1M | $64.7M | $82.8M | $88.6M | $59.4M | $49.1M | $58.3M | $54.0M | $57.8M | $56.8M |
| Despesas Operacionais | $37.1M | $64.7M | $82.8M | $96.5M | $109.6M | $49.1M | $58.3M | $56.5M | $57.8M | $58.8M |
| Lucro Operacional | -$18.0M | $5.0M | -$206.7M | -$9.5M | -$71.4M | -$5.1M | -$2.3M | -$5.5M | $4.3M | $11.8M |
| EBITDA | $5.1M | $39.1M | -$188.5M | $295000 | -$39.2M | $1.7M | $4.7M | $1.9M | $14.0M | $23.0M |
| Despesas com Juros | $6.3M | $4.3M | $2.0M | $1.9M | $1.8M | $733000 | $1.0M | $586000 | $414000 | $251000 |
| Lucro Antes de Impostos | -$26.7M | $2.0M | -$208.3M | -$12.1M | -$46.9M | -$3.5M | -$601000 | -$3.3M | $8.3M | $16.8M |
| Imposto | -$8.8M | $670000 | -$23.1M | $10.8M | -$7.8M | $263000 | $351000 | -$232000 | $116000 | -$9.2M |
| Lucro Líquido | -$17.9M | $2.1M | -$190.3M | -$32.8M | -$57.6M | -$4.7M | -$1.1M | -$3.2M | $6.6M | $23.7M |
| LPA | $-7.91 | $1.00 | $-85.00 | $-9.78 | $-24.37 | $-1.98 | $-0.45 | $-1.27 | $2.60 | $9.17 |
| LPA Diluído | $-7.91 | $1.00 | $-84.99 | $-9.78 | $-24.37 | $-1.98 | $-0.45 | $-1.27 | $2.55 | $8.65 |
| Ações em Circulação (Diluídas) | $2.3M | $2.2M | $2.2M | $2.3M | $2.4M | $2.4M | $2.4M | $2.5M | $2.6M | $2.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $46.5M | $51.0M | $45.6M | $38.4M |
| Lucro Bruto | $17.9M | $19.9M | $16.6M | $13.9M |
| Lucro Operacional | $3.1M | $5.7M | $2.6M | -$5.6M |
| EBITDA | $5.3M | $9.0M | $4.2M | -$2.7M |
| Lucro Líquido | $3.8M | $15.0M | -$371000 | -$4.6M |
| LPA | $1.47 | $5.76 | $-0.14 | $-1.73 |
| LPA Diluído | $1.37 | $5.34 | $-0.14 | $-1.73 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $18.3M | $33.8M | $25.1M | $11.2M | $15.5M | $22.2M | $16.2M | $16.7M | $25.9M | $36.7M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $35.2M | $49.2M | $54.7M | $47.0M | $30.3M | $29.1M | $31.6M | $43.0M | $36.7M | $44.2M |
| Estoque | $17.0M | $33.1M | $32.8M | $39.9M | $34.9M | $33.9M | $37.0M | $41.6M | $41.0M | $39.0M |
| Ativos Circulantes | $75.0M | $117.8M | $114.6M | $100.6M | $83.7M | $88.5M | $87.7M | $103.2M | $105.6M | $121.9M |
| Imobilizado | $9.8M | $23.7M | $32.3M | $33.0M | $29.6M | $29.5M | $27.8M | $28.2M | $27.2M | $24.7M |
| Ágio | $122.1M | $184.5M | $23.1M | $15.2M | $15.2M | $15.2M | $15.2M | $15.2M | $15.2M | $16.4M |
| Ativos Intangíveis | $118.7M | $136.4M | $49.0M | $45.2M | $6.4M | $5.7M | $5.1M | $4.4M | $3.7M | $6.0M |
| Ativos Totais | $326.8M | $463.9M | $229.7M | $202.6M | $138.7M | $142.3M | $138.6M | $152.0M | $152.8M | $181.2M |
| Contas a Pagar | $10.3M | $7.4M | $7.2M | $8.5M | $4.9M | $7.5M | $7.5M | $6.2M | $9.0M | $8.5M |
| Dívida de Curto Prazo | $772000 | $5.3M | $2.2M | $1.5M | $3.2M | $1.5M | $1.5M | 0 | $3.7M | $4.0M |
| Passivos Circulantes | $17.5M | $31.5M | $25.6M | $19.8M | $14.9M | $19.8M | $17.7M | $32.1M | $25.4M | $28.5M |
| Dívida de Longo Prazo | $88.4M | $20.6M | $23.5M | $11.4M | 0 | $6.3M | $56000 | 0 | 0 | 0 |
| Passivos Totais | $149.3M | $94.9M | $53.5M | $39.0M | $25.2M | $31.7M | $29.3M | $42.6M | $36.7M | $38.1M |
| Reservas | $21.8M | $23.9M | -$166.2M | -$199.0M | -$256.6M | -$261.4M | -$262.5M | -$265.6M | -$259.0M | -$235.3M |
| Patrimônio Líquido | $177.5M | $356.8M | $161.3M | $144.6M | $93.6M | $92.6M | $91.0M | $91.6M | $98.8M | $126.2M |
| Dívida Total | $89.2M | $27.0M | $25.7M | $18.5M | $11.6M | $13.2M | $12.9M | $13.5M | $14.6M | $12.9M |
| Dívida Líquida | $70.9M | -$6.8M | $560000 | $7.2M | -$3.9M | -$9.0M | -$3.4M | -$3.2M | -$11.2M | -$23.8M |
| Capital de Giro | $57.5M | $86.3M | $89.0M | $80.8M | $68.8M | $68.7M | $70.0M | $71.2M | $80.2M | $93.4M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $25.3M | $36.7M | $34.5M | $31.3M |
| Ativos Totais | $162.0M | $181.2M | $174.6M | $177.6M |
| Passivos Totais | $34.9M | $38.1M | $30.8M | $36.8M |
| Patrimônio Líquido | $110.1M | $126.2M | $124.8M | $120.2M |
| Dívida Total | $13.1M | $7.7M | $7.2M | $7.6M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$17.9M | $1.3M | -$185.2M | -$22.8M | -$39.1M | -$3.8M | -$952000 | -$3.1M | $8.1M | $23.7M |
| Depreciação e Amortização | $25.6M | $27.7M | $17.8M | $10.4M | $5.9M | $4.5M | $4.3M | $4.6M | $5.3M | $5.9M |
| Compensação em Ações | $1.4M | $6.1M | $10.9M | $12.5M | $8.5M | $6.6M | $6.0M | $5.4M | $5.2M | $6.2M |
| Variação Capital de Giro | $5.4M | -$5.6M | -$27.7M | -$520000 | $14.0M | $2.3M | -$14.2M | -$4.2M | -$8.9M | -$4.0M |
| Fluxo de Caixa Operacional | $10.7M | $16.1M | $14.0M | $17.9M | $35.1M | $11.6M | -$1.4M | $4.8M | $12.7M | $22.2M |
| CapEx | -$1.2M | -$5.4M | -$15.8M | -$6.4M | -$2.2M | -$833000 | -$1.1M | -$2.2M | -$1.3M | -$1.2M |
| Aquisições | $317000 | -$81.2M | 0 | $1.4M | $1.1M | $389000 | $433000 | 0 | 0 | -$5.8M |
| Recompra de Ações | -$175000 | 0 | -$162000 | -$315000 | -$157000 | -$197000 | -$383000 | -$287000 | -$267000 | -$326000 |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $9.5M | $10.7M | -$1.8M | $11.6M | $33.0M | $10.8M | -$2.6M | $2.6M | $11.4M | $21.0M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $7.2M | $13.1M | $1.3M | -$1.9M |
| CapEx | -$292000 | -$225000 | -$639000 | -$445000 |
| Fluxo de Caixa Livre | $6.9M | $12.9M | $641000 | -$2.4M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $2.2M | $1.2M | $1.2M | $1.3M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +104.7% | +12.6% | -9.5% | -47.9% | +10.8% | +31.3% | -8.5% | +14.1% | +13.6% |
| Crescimento Lucro Líquido (anual) | | +111.7% | -9154.1% | +82.8% | -75.5% | +91.8% | +76.7% | -186.1% | +309.1% | +260.2% |
| Crescimento LPA (anual) | | +112.6% | -8600.0% | +88.5% | -149.2% | +91.9% | +77.3% | -182.2% | +304.7% | +252.7% |
| Variação de Ações (anual) | | -3.8% | +2.8% | +4.1% | +1.4% | +1.4% | +1.5% | +1.7% | +4.7% | +6.0% |
| Crescimento FCF (anual) | | +12.2% | -116.7% | +749.2% | +184.8% | -67.4% | -123.8% | +201.1% | +342.1% | +83.7% |
| Margem Bruta | 19.4% | 37.3% | 44.4% | 42.3% | 35.7% | 37.1% | 36.0% | 35.8% | 38.2% | 38.2% |
| Margem Operacional | -18.3% | 2.5% | -91.1% | -4.6% | -66.8% | -4.3% | -1.4% | -3.9% | 2.7% | 6.4% |
| Margem EBITDA | 5.2% | 19.4% | -83.0% | 0.1% | -36.6% | 1.4% | 3.0% | 1.3% | 8.6% | 12.4% |
| Margem Líquida | -18.2% | 1.0% | -83.9% | -16.0% | -53.8% | -4.0% | -0.7% | -2.2% | 4.1% | 12.9% |
| Margem FCF | 9.7% | 5.3% | -0.8% | 5.6% | 30.8% | 9.1% | -1.6% | 1.8% | 7.0% | 11.4% |
| Taxa Efetiva de Imposto | 33.0% | 34.1% | 11.1% | -89.1% | 16.6% | -7.5% | -58.4% | 6.9% | 1.4% | -54.8% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $4.20 | $4.91 | $-0.80 | $4.96 | $13.94 | $4.49 | $-1.05 | $1.04 | $4.41 | $7.64 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $2.3M | $2.0M | $2.2M | $2.3M | $2.4M | $2.4M | $2.4M | $2.5M | $2.5M | $2.6M |
O que olhar em empresas de Energy
- FCF yield (>8%) — Caixa gerada / capitalização. Em energia o FCF importa mais que LPA.
- ROIC médio 5a (≥10%) — Incluir anos bons e maus para filtrar as realmente disciplinadas.
- FCF positivo em 8 dos últimos 10 anos (≥8/10) — Nomes disciplinados (XOM, CVX, EOG) sobrevivem crashes de 2014-16 e 2020.
- Cobertura do dividendo (FCF / div) (≥1,2x) — Dividendo coberto por FCF, não por dívida. <1x = corte provável.
- Dívida Líquida / EBITDA (<2x em pico) — Olhar com EBITDA em vale, não em pico.
- Capex / Receita (10-20% saudável) — Energia precisa de reinvestimento agressivo para manter reservas.
Rentabilidade
| Retorno sobre patrimônio | 11.46% |
| Retorno sobre capital investido | 3.74% |
| Retorno sobre ativos | 7.77% |
| Margem bruta | 37.64% |
| Margem operacional | 3.18% |
| Margem líquida | 7.60% |
Saúde financeira
| Dívida / Patrimônio | 0.06 |
| Liquidez corrente | 4.27 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -50.59 | 294.80 | -1.20 | -4.29 | -0.92 | -14.64 | -55.56 | -14.06 | 9.98 | 4.31 |
| P/VP | 5.11 | 1.67 | 1.41 | 0.68 | 0.57 | 0.75 | 0.67 | 0.48 | 0.67 | 0.81 |
| P/V | 9.21 | 2.96 | 1.00 | 0.48 | 0.50 | 0.59 | 0.39 | 0.31 | 0.41 | 0.55 |
| Margem Bruta | 19.4% | 37.3% | 44.4% | 42.3% | 35.7% | 37.1% | 36.0% | 35.8% | 38.2% | 38.2% |
| Margem Operacional | -18.3% | 2.5% | -91.1% | -4.6% | -66.8% | -4.3% | -1.4% | -3.9% | 2.7% | 6.4% |
| Margem Líquida | -18.2% | 1.0% | -83.9% | -16.0% | -53.8% | -4.0% | -0.7% | -2.2% | 4.1% | 12.9% |