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NCS Multistage Holdings, Inc.（NCSM）与ProPetro Holding Corp.（PUMP）财务数据对比。点击上方公司名可切换其他公司
ProPetro Holding Corp.的季度营收约是NCS Multistage Holdings, Inc.的5.7倍（$289.7M vs $50.6M）。NCS Multistage Holdings, Inc.同比增速更快（12.5% vs -9.6%）。ProPetro Holding Corp.自由现金流更多（$16.8M vs $12.9M）。过去两年NCS Multistage Holdings, Inc.的营收复合增速更高（7.4% vs -15.5%）
NCS Multistage Holdings是一家全球能源技术与油田服务提供商，主营油气勘探生产用的完井系统与多级压裂工具，服务覆盖北美、拉美、中东及亚太市场，助力上游能源客户提升作业效率与资源采收率。
ProPetro Holding Corp.是一家总部位于美国的油田服务供应商，主要为陆上油气勘探开采企业提供水力压裂、完井及相关配套服务，核心业务集中在横跨德克萨斯州和新墨西哥州的二叠纪盆地。
NCSM vs PUMP — 直观对比
营收规模更大
PUMP
是对方的5.7倍
$50.6M
营收增速更快
NCSM
高出22.1%
-9.6%
自由现金流更多
PUMP
多$3.9M
$12.9M
两年增速更快
NCSM
近两年复合增速
-15.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $50.6M | $289.7M |
| 净利润 | $15.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 10.3% | 2.1% |
| 净利率 | 29.5% | — |
| 营收同比 | 12.5% | -9.6% |
| 净利润同比 | 331.0% | — |
| 每股收益（稀释后） | $5.43 | $0.01 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NCSMPUMP
| Q4 25 | $50.6M | $289.7M | ||
| Q3 25 | $46.5M | $293.9M | ||
| Q2 25 | $36.5M | $326.2M | ||
| Q1 25 | $50.0M | $359.4M | ||
| Q4 24 | $45.0M | $320.6M | ||
| Q3 24 | $44.0M | $360.9M | ||
| Q2 24 | $29.7M | $357.0M | ||
| Q1 24 | $43.9M | $405.8M |
净利润NCSMPUMP
| Q4 25 | $15.0M | — | ||
| Q3 25 | $3.8M | $-2.4M | ||
| Q2 25 | $924.0K | $-7.2M | ||
| Q1 25 | $4.1M | $9.6M | ||
| Q4 24 | $3.5M | — | ||
| Q3 24 | $4.1M | $-137.1M | ||
| Q2 24 | $-3.1M | $-3.7M | ||
| Q1 24 | $2.1M | $19.9M |
营业利润率NCSMPUMP
| Q4 25 | 10.3% | 2.1% | ||
| Q3 25 | 6.6% | -2.1% | ||
| Q2 25 | -5.6% | -1.0% | ||
| Q1 25 | 8.6% | 2.6% | ||
| Q4 24 | 6.5% | -5.8% | ||
| Q3 24 | 6.9% | -49.4% | ||
| Q2 24 | -14.0% | -0.1% | ||
| Q1 24 | 5.7% | 7.5% |
净利率NCSMPUMP
| Q4 25 | 29.5% | — | ||
| Q3 25 | 8.2% | -0.8% | ||
| Q2 25 | 2.5% | -2.2% | ||
| Q1 25 | 8.1% | 2.7% | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 9.4% | -38.0% | ||
| Q2 24 | -10.4% | -1.0% | ||
| Q1 24 | 4.7% | 4.9% |
每股收益（稀释后）NCSMPUMP
| Q4 25 | $5.43 | $0.01 | ||
| Q3 25 | $1.37 | $-0.02 | ||
| Q2 25 | $0.34 | $-0.07 | ||
| Q1 25 | $1.51 | $0.09 | ||
| Q4 24 | $1.34 | $-0.14 | ||
| Q3 24 | $1.60 | $-1.32 | ||
| Q2 24 | $-1.21 | $-0.03 | ||
| Q1 24 | $0.82 | $0.18 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $36.7M | $91.3M |
| 总债务越低越好 | $5.3M | — |
| 股东权益账面价值 | $126.2M | $829.8M |
| 总资产 | $181.2M | $1.3B |
| 负债/权益比越低杠杆越低 | 0.04× | — |
8季度趋势，按日历期对齐
现金及短期投资NCSMPUMP
| Q4 25 | $36.7M | $91.3M | ||
| Q3 25 | $25.3M | $76.7M | ||
| Q2 25 | $25.4M | $83.0M | ||
| Q1 25 | $23.0M | $71.4M | ||
| Q4 24 | $25.9M | $58.3M | ||
| Q3 24 | $15.3M | $54.0M | ||
| Q2 24 | $18.6M | $74.7M | ||
| Q1 24 | $14.0M | $53.6M |
总债务NCSMPUMP
| Q4 25 | $5.3M | — | ||
| Q3 25 | $5.1M | — | ||
| Q2 25 | $5.5M | — | ||
| Q1 25 | $5.4M | — | ||
| Q4 24 | $6.0M | — | ||
| Q3 24 | $6.5M | — | ||
| Q2 24 | $6.8M | — | ||
| Q1 24 | $6.4M | — |
股东权益NCSMPUMP
| Q4 25 | $126.2M | $829.8M | ||
| Q3 25 | $110.1M | $826.2M | ||
| Q2 25 | $106.4M | $824.0M | ||
| Q1 25 | $103.2M | $826.5M | ||
| Q4 24 | $98.8M | $816.3M | ||
| Q3 24 | $96.0M | $833.0M | ||
| Q2 24 | $91.0M | $975.8M | ||
| Q1 24 | $93.7M | $998.2M |
总资产NCSMPUMP
| Q4 25 | $181.2M | $1.3B | ||
| Q3 25 | $162.0M | $1.3B | ||
| Q2 25 | $158.0M | $1.2B | ||
| Q1 25 | $155.1M | $1.2B | ||
| Q4 24 | $152.8M | $1.2B | ||
| Q3 24 | $145.8M | $1.3B | ||
| Q2 24 | $139.4M | $1.5B | ||
| Q1 24 | $140.9M | $1.2B |
负债/权益比NCSMPUMP
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.05× | — | ||
| Q2 25 | 0.05× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.07× | — | ||
| Q2 24 | 0.08× | — | ||
| Q1 24 | 0.07× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $13.1M | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $12.9M | $16.8M |
| 自由现金流率自由现金流/营收 | 25.5% | 5.8% |
| 资本支出强度资本支出/营收 | 0.4% | 22.2% |
| 现金转化率经营现金流/净利润 | 0.88× | — |
| 过去12个月自由现金流最近4个季度 | $21.0M | $45.3M |
8季度趋势，按日历期对齐
经营现金流NCSMPUMP
| Q4 25 | $13.1M | $81.0M | ||
| Q3 25 | $7.2M | $41.7M | ||
| Q2 25 | $3.5M | $54.2M | ||
| Q1 25 | $-1.6M | $54.7M | ||
| Q4 24 | $10.6M | $37.9M | ||
| Q3 24 | $-2.0M | $34.7M | ||
| Q2 24 | $6.0M | $104.9M | ||
| Q1 24 | $-1.9M | $74.8M |
自由现金流NCSMPUMP
| Q4 25 | $12.9M | $16.8M | ||
| Q3 25 | $6.9M | $-2.4M | ||
| Q2 25 | $3.2M | $17.1M | ||
| Q1 25 | $-2.1M | $13.8M | ||
| Q4 24 | $10.4M | $10.0M | ||
| Q3 24 | $-2.5M | $-6.0M | ||
| Q2 24 | $5.6M | $67.7M | ||
| Q1 24 | $-2.2M | $40.2M |
自由现金流率NCSMPUMP
| Q4 25 | 25.5% | 5.8% | ||
| Q3 25 | 14.9% | -0.8% | ||
| Q2 25 | 8.9% | 5.2% | ||
| Q1 25 | -4.2% | 3.8% | ||
| Q4 24 | 23.1% | 3.1% | ||
| Q3 24 | -5.6% | -1.7% | ||
| Q2 24 | 19.0% | 19.0% | ||
| Q1 24 | -5.0% | 9.9% |
资本支出强度NCSMPUMP
| Q4 25 | 0.4% | 22.2% | ||
| Q3 25 | 0.5% | 15.0% | ||
| Q2 25 | 0.8% | 11.4% | ||
| Q1 25 | 0.9% | 11.4% | ||
| Q4 24 | 0.5% | 8.7% | ||
| Q3 24 | 1.0% | 11.3% | ||
| Q2 24 | 1.1% | 10.4% | ||
| Q1 24 | 0.7% | 8.5% |
现金转化率NCSMPUMP
| Q4 25 | 0.88× | — | ||
| Q3 25 | 1.88× | — | ||
| Q2 25 | 3.81× | — | ||
| Q1 25 | -0.41× | 5.70× | ||
| Q4 24 | 3.07× | — | ||
| Q3 24 | -0.49× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.91× | 3.75× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NCSM
| Products | $33.8M | 67% |
| Services | $16.8M | 33% |
PUMP
| Hydraulic Fracturing Segment | $203.9M | 70% |
| Wireline Operating Segment | $55.4M | 19% |
| Cementing Operating Segment | $29.6M | 10% |
