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NCS Multistage Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$2.4M in Q2 2026 · $18.1M over twelve months

Operating cash flow−$1.9M
Capital spending−$493K
Free cash flow−$2.4M
Cash conversion cycle197 days

Analysis

In Q2 2026, NCS Multistage Holdings generated −$1.9M of operating cash flow and spent $493K on capital projects, leaving free cash flow of −$2.4M. That is $5.6M less than in Q2 2025 ($3.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was $19.7M; the largest uses were other investing ($5.9M), net borrowing (+) / repaid (−) ($2.4M), partners ($1.8M); besides operations, cash came from asset & business sales ($645K); the cash balance rose by $5.9M.

Operating cash flow was −$1.9M against net income of −$3.0M. The largest differences: inventory −$4.7M, receivables +$2.5M, prepaid and other assets −$2.5M.

Its cash conversion cycle was 197 days (receivables 82 + inventory 159 − payables 44).

Free cash flow

NCS Multistage Holdings: free cash flow by quarterNCS Multistage Holdings: free cash flow by quarter−$2.5MQ3 2024$10.4MQ4 2024−$2.1MQ1 2025$3.2MQ2 2025$6.9MQ3 2025$12.9MQ4 2025$689KQ1 2026−$2.4MQ2 2026
Operating cash flow less capital spending.
NCS Multistage Holdings: operating cash flow against capital spendingNCS Multistage Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$2.0M$450KQ3 2024$10.6M$226KQ4 2024−$1.6M$464KQ1 2025$3.5M$281KQ2 2025$7.2M$231KQ3 2025$13.1M$225KQ4 2025$1.3M$591KQ1 2026−$1.9M$493KQ2 2026
Latest (Q2 2026): Operating cash flow −$1.9M, Capital spending $493K.

Capital allocation, year by year

NCS Multistage Holdings: where the cash came from (up) and went (down), by fiscal yearNCS Multistage Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $11.6MFY2021: Net borrowing −$1.4MFY2021: Asset sales $389KFY2021: Capital spending −$495K$12.0MFY2021FY2022: Operating cash flow −$1.4MFY2022: Net borrowing −$1.4MFY2022: Asset sales $433KFY2022: Capital spending −$1.0M$433KFY2022FY2023: Operating cash flow $4.8MFY2023: Net borrowing −$1.6MFY2023: Asset sales $509KFY2023: Capital spending −$1.9M$5.3MFY2023FY2024: Operating cash flow $12.7MFY2024: Net borrowing −$2.0MFY2024: Asset sales $592KFY2024: Capital spending −$1.3M$13.3MFY2024FY2025: Operating cash flow $22.2MFY2025: Net borrowing −$2.2MFY2025: Asset sales $772KFY2025: Capital spending −$1.2MFY2025: Acquisitions −$5.8M$22.9MFY2025
Over these 5 years operating cash flow totalled $49.8M; the largest uses were net borrowing ($8.6M) and capital spending ($5.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$31.3M
Debt$7.5M
Net cash$23.8M
Due within a year$2.3M

NCS Multistage Holdings funds itself: free cash flow was $18.1M over the last twelve months, and $31.3M of cash and investments stands against $7.5M of debt ($2.3M due within a year, 13.5× covered by cash).

Where the cash came from and went

NCS Multistage Holdings: sources (+) and uses (−) of cash, Q2 2026NCS Multistage Holdings: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$3.1MOperating cash flow−$1.9MNet borrowing (+) / repaid (−)−$603KCapital spending−$493KExchange rates−$172KAsset & business sales$64KOther investing−$20K
NCS Multistage Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026NCS Multistage Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$19.7MCash drawn (+) / kept (−)−$5.9MOther investing−$5.9MNet borrowing (+) / repaid (−)−$2.4MPartners−$1.8MCapital spending−$1.5MOther financing−$1.3MTaxes on employees’ shares−$1.1MAsset & business sales$645KExchange rates−$287K

From profit to cash

NCS Multistage Holdings: net income to operating cash flow, Q2 2026NCS Multistage Holdings: net income to operating cash flow, Q2 2026Net income−$3.0MDepreciation & amortization$1.6MStock-based pay$1.3MDeferred taxes−$816KGains on disposals−$37KReceivables$2.5MInventory−$4.7MPayables$2.4MAccrued liabilities$2.3MPrepaid and other assets−$2.5MOther liabilities−$181KIncome taxes payable−$1.3MOperating cash flow−$1.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20268215944197
Q1 20267513131175
Q4 20257013026174
Q3 20256914930188
Q2 20259116342212
Q1 20256313133160
Q4 20247014830188
Q3 20246414927186

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$1.9M−$493K−$603K$3.1M−$2.4M
Q1 2026$1.3M−$591K−$2.0M$2.3M$689K
Q4 2025$13.1M−$225K−$596K−$11.4M$12.9M
Q3 2025$7.2M−$231K−$554K$77K$6.9M
Q2 2025$3.5M−$281K−$550K−$2.4M$3.2M
Q1 2025−$1.6M−$464K−$522K$2.9M−$2.1M
Q4 2024$10.6M−$226K−$510K−$10.6M$10.4M
Q3 2024−$2.0M−$450K−$510K$3.3M−$2.5M

NCS Multistage Holdings: income statement and cash flow

NCS Multistage Holdings, Q2 2026: revenue $38.4M (+5% year over year), operating margin -14.6%. The chart follows the revenue to costs, profit and cash.

NCS Multistage Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.