NCSM (NCS Multistage Holdings) Beneish M-Score: -2.58 (As of Jun. 25, 2026)

What is NCS Multistage Holdings Beneish M-Score?

NCS Multistage Holdings NCSM -6.24% 60 Beneish M-Score is -2.58 as of Jun. 25, 2026. GuruFocus rates NCSM with a GF Score™ of 60/100 and a GF Value™ of $25.91 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 822 Oil & Gas companies, NCS Multistage Holdings ranks worse than 56.45% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for NCS Multistage Holdings's Beneish M-Score or its related term are showing as below:

NCSM' s Beneish M-Score Range Over the Past 10 Years
Min: -5.09 Med: -2.79 Max: -1.94
Current: -2.58

During the past 11 years, the highest Beneish M-Score of NCS Multistage Holdings was -1.94. The lowest was -5.09. And the median was -2.79.

NCS Multistage Holdings Beneish M-Score Related Terms

NCS Multistage Holdings Beneish M-Score Historical Data

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The historical data trend for NCS Multistage Holdings's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

NCS Multistage Holdings Beneish M-Score Chart

NCS Multistage Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.18

-2.40

-2.65

-2.91

-2.20

NCS Multistage Holdings Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.75	-2.33	-2.80	-2.20	-2.58

NCSM vs GEOS, DWSN, DTI: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, NCS Multistage Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

NCS Multistage Holdings Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, NCS Multistage Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where NCS Multistage Holdings's Beneish M-Score falls into.

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60GF Score

NCS Multistage Holdings Inc NCSM

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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NCS Multistage Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of NCS Multistage Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8679

0.528 * 1.0733

0.404 * 1.5171

0.892 * 1.0626

0.115 * 0.8396

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9129

4.679 * -0.074618

0.327 * 0.7909

-2.58

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $40.1 Mil.
Revenue was 45.637 + 50.63 + 46.538 + 36.454 = $179.3 Mil.
Gross Profit was 16.576 + 19.583 + 17.878 + 11.596 = $65.6 Mil.
Total Current Assets was $117.0 Mil.
Total Assets was $174.6 Mil.
Property, Plant and Equipment(Net PPE) was $23.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.1 Mil.
Selling, General, & Admin. Expense(SGA) was $58.4 Mil.
Total Current Liabilities was $21.9 Mil.
Long-Term Debt & Capital Lease Obligation was $8.3 Mil.
Net Income was -0.371 + 14.96 + 3.808 + 0.924 = $19.3 Mil.
Non Operating Income was 1.753 + 2.002 + 0.729 + 2.764 = $7.2 Mil.
Cash Flow from Operations was 1.28 + 13.131 + 7.168 + 3.521 = $25.1 Mil.

Total Receivables was $43.4 Mil.
Revenue was 50.005 + 45.003 + 44.006 + 29.69 = $168.7 Mil.
Gross Profit was 20.484 + 17.968 + 17.176 + 10.67 = $66.3 Mil.
Total Current Assets was $109.0 Mil.
Total Assets was $155.1 Mil.
Property, Plant and Equipment(Net PPE) was $26.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.4 Mil.
Selling, General, & Admin. Expense(SGA) was $60.2 Mil.
Total Current Liabilities was $23.9 Mil.
Long-Term Debt & Capital Lease Obligation was $10.0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(40.056 / 179.259)	/	(43.436 / 168.704)
	=	0.223453	/	0.257469
	=	0.8679

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(66.298 / 168.704)	/	(65.633 / 179.259)
	=	0.392984	/	0.366135
	=	1.0733

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (116.992 + 23.738) / 174.583)	/	(1 - (109.041 + 26.25) / 155.118)
	=	0.193908	/	0.127819
	=	1.5171

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	179.259	/	168.704
	=	1.0626

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(5.447 / (5.447 + 26.25))	/	(6.109 / (6.109 + 23.738))
	=	0.171846	/	0.204677
	=	0.8396

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(58.378 / 179.259)	/	(60.185 / 168.704)
	=	0.325663	/	0.356749
	=	0.9129

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((8.294 + 21.878) / 174.583)	/	((10.032 + 23.865) / 155.118)
	=	0.172823	/	0.218524
	=	0.7909

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(19.321 - 7.248	-	25.1)	/	174.583
	=	-0.074618

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

NCS Multistage Holdings has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.58 mean?

NCS Multistage Holdings (NCSM) has a Beneish M-Score of -2.58 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NCS Multistage Holdings and its competitors. According to the industry distribution chart, NCS Multistage Holdings ranks #464 out of 822 companies in the Oil & Gas industry, placing it in the top 56.4%.

Is NCS Multistage Holdings' Beneish M-Score too high?

NCS Multistage Holdings' current Beneish M-Score is -2.58. Based on the distribution chart, NCS Multistage Holdings ranks #464 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, NCS Multistage Holdings has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does NCS Multistage Holdings' Beneish M-Score compare to GEOS and DWSN?

According to the Oil & Gas industry distribution chart, NCS Multistage Holdings ranks #464 out of 822 companies for Beneish M-Score. This places NCS Multistage Holdings in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NCS Multistage Holdings and its competitors. NCS Multistage Holdings's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is NCS Multistage Holdings stock overvalued right now?

Based on GuruFocus' analysis, NCS Multistage Holdings (NCSM) is currently considered Significantly Overvalued. The stock's GF Value™ is $25.91, compared to a current price of $45.39 — trading 75.2% above its estimated fair value. The current Beneish M-Score is -2.58. NCS Multistage Holdings' overall GF Score™ is 60/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For NCS Multistage Holdings (NCSM), the current Beneish M-Score is -2.58 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is NCS Multistage Holdings (NCSM) Overvalued in 2026?

Based on GuruFocus' analysis, NCS Multistage Holdings stock appears to be overvalued. The current stock price of $45.39 is trading 75.2% above its estimated GF Value™ of $25.91. GuruFocus considers NCS Multistage Holdings to be Significantly Overvalued.

Key valuation signals for NCSM:

Beneish M-Score: -2.58
GF Value™: $25.91 vs. price of $45.39 (75.2% above fair value)
GF Score™: 60/100 with 4 warning signs

No single metric tells the full story. See the NCSM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

NCS Multistage Holdings Business Description

Industry Energy Oil & Gas

Comparable Companies GEOS DWSN DTI NINE LSE QSEP KLXE RCON SND KLNG SLB BKR HAL MIL:TEN FTI SZSE:002353 OSL:SUBC MIL:SPM XPAR:GTT SHSE:601808

Other Exchanges MUH0:Germany

Address 19350 State Highway 249, Suite 600, Houston, TX, USA, 77070

Website https://www.ncsmultistage.com

NCS Multistage Holdings Inc is a provider of engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completion, and field development strategies. The company provides its products and services to E&P companies for use in onshore and offshore wells, predominantly those drilled with horizontal laterals in unconventional and conventional oil and natural gas formations. It also provides tracer diagnostics services and sells products for well construction including casing buoyancy systems, liner hanger systems and toe initiation sleeves, along with certain complementary products from third parties. The company operates in the United States, Canada and other countries, with the majority of its revenue generated from Canada.

60GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$45.39

Price

$25.91

GF Value

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