Does NCS Multistage Holdings, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NCS Multistage Holdings, Inc. (NCSM) 52.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 4, balance-sheet safety 100, capital discipline 60.

Is NCSM stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $9.52 per share versus a recent price of $43.59 — 358% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has NCSM's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 52.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NCS Multistage Holdings, Inc.

NCSM · Materials · $111.0M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power64

Median gross margin 43.3% over 8y, stable.

Returns on capital4

Median ROIC -5.1%, above the 9% hurdle in 10% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline60

Owner earnings +17.9%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

358% above value

Owner earnings (normalized): $2.2M
Est. intrinsic value / share: $9.52
Recent price: $43.59
Discount to value: 358% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for NCSM yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale52.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NCSM has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#67 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#65BSET BASSETT FURNITURE INDUSTRIES, INCORPORATED53.5 out of 100, Shallow moatShallow moat
#66AXIL AXIL Brands, Inc.52.9 out of 100, Shallow moatShallow moat
#68VRA VERA BRADLEY, INC.51.7 out of 100, Shallow moatShallow moat
#69ESI Element Solutions Inc51.6 out of 100, Shallow moatShallow moat

Compare NCSM with its nearest peers →All Materials companies on the Index →

Common questions about NCSM

Does NCS Multistage Holdings, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NCS Multistage Holdings, Inc. (NCSM) 52.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 4, balance-sheet safety 100, capital discipline 60.
Is NCSM stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $9.52 per share versus a recent price of $43.59 — 358% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has NCSM's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 52.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NCSM. See the disclaimer.