Informative presentation in just a minute, but I do want to remind everyone. We should have a couple of minutes available for Q&A after the presentation. If you do have a question, you press that Q&A button at the bottom of your screen, type in the question, and we'll get to as many as we can, time permitting, so I don't want to take up any more time. We're joined today by NCS Multistage, the ticker is NCSM. We're joined by CEO Ryan Hummer and CFO Mike Morrison, and with that, let me turn it over to you, Ryan.
Okay, well, thank you, Steve, and I hope everyone's having a great day. I want to thank Steve and Sidoti for inviting us to present today. I want to thank everyone that's taking the time to watch the presentation and looking forward to some questions at the end, so I think before we really jump in, I want to spend a little bit of time talking about who we are at NCS Multistage and where we're focused. We are a technology-focused oil field services and equipment company, and we sell directly to oil and natural gas producers, so companies like Chevron, Conoco, Oxy, BP, Equinor in Canada, CNRL, Tourmaline and Whitecap , and internationally, a lot of times we'll sell directly to national oil companies like Saudi Aramco, and we will usually compete with companies like Schlumberger or SLB, with Halliburton, NOV, Core Lab, and others.
In many cases, we're taking on larger and more established competitors in the product lines in which we participate. And within that overall market, we tend to focus on certain areas where we can obtain a leadership position, but also importantly, where we can earn attractive margins. And over time, this has led us to four distinct product lines, but four product lines that have a common theme. Really, the products and services that we provide enable capital-efficient, unconventional resource development. Historically, this has taken place in North America, but increasingly, it's taking place in other global regions as well. And at NCS, we focus on innovation. We focus on partnering with our customers to bring new solutions to market. Our technology typically will help save our customers time, save them money, or both in their operations, but can also help them make better, more productive wells.
And we really try to pair this focus on research and development and innovation with a capital-light business model. We outsource the manufacturing of most of the components that go into the products that we sell. We will perform the quality assurance checks on the components and oversee the assembly of the products for quality and reliability, making sure we have quality products that go out to the customer's well site. But this does enable us to minimize our capital investment requirements and has allowed us to generate meaningful free cash flow through commodity cycles. The charts at the bottom of this slide provide our revenue by geography, revenue by product versus service mix, and also revenue by product line. One thing I'll highlight in those charts is that we will typically work for over 200 customers in any given year with very limited concentration in our customer base.
Before I leave this slide, I'll note that we are traded on NASDAQ with the ticker NCSM. Our recent market capitalization and enterprise value are each about $115 million. We've got trailing 12-month EBITDA and free cash flow of approximately $26 million and $20 million, respectively. We trade at a relatively low multiple and a robust free cash flow yield. I'll talk quickly through some of our product lines. I know that this is a generalist audience, so I'll focus primarily on the value that our products and services bring to our customers. Fracturing Systems in the top left represents about 60% of our revenue as a company. Through this product and service offering, we help our customers to maximize resource recovery through a more controlled approach to well completions.
We sell the sliding sleeves that you can see in the corner of the graphic, and the customers will buy additional sliding sleeves for each new well that they're going to complete using our technology. Within this product line, we also provide service with our personnel utilizing a proprietary service tool while on location. And we also work together on site with the customer representatives and also with other service companies. We believe that we're the global leader in this product line. We've got an extensive track record and differentiated features that are built both into our sleeves and to our service tools, which allow us to operate in very technically demanding environments. About 30% of all oil and gas wells completed in Canada use our technology. You might have seen on the prior slide that we generate about 60% of our revenue from the Canadian market.
And that 30% market share that we have in Fracturing Systems supports that. We've also taken this product line and successfully expanded into the U.S. and also into international and offshore markets. So to give you a bit of a sense for the potential scope of a well utilizing our NCS Fracturing Systems technology, we recently completed a well for a customer that included over 290 of these sliding sleeves. The sleeves were placed about 40 feet apart in the customer's lateral, and we utilized just one single service tool during that completion. So for the customer, this is a very efficient and continuous operation. So we helped to support them as they placed over 23 million pounds of prop into formation to get that reservoir to produce the oil that they're looking for.
Turning to Repeat Precision, this is the product line on the top right of the slide. This is our second largest product line, and it serves a large addressable market, especially in the United States. Basically, the customer is not using our Fracturing systems technology in their wells. They are utilizing products that Repeat Precision could supply. Repeat Precision has consistently expanded its product offering to grow its addressable market over time. We've long been known within Repeat Precision for having one of the highest performance composite frac plugs in the market, and we've added dissolvable plugs to our portfolio, allowing us to capture additional work with our customers. We've also introduced a composite plug with a new feature, which is designed to improve performance when used in customer wells, which use something called a simul-frac.
This is just a process that customers use to enable operational efficiency, and we ensure that they can do that and de-risk that process. In addition, we've made very good inroads in introducing Repeat Precision's technology to our Canadian customers, and we're just scratching the surface on what we can do in taking the Repeat Precision product line into other international markets. Tracer Diagnostics on the bottom left is a business that we originally acquired in 2017. Through the Tracer Diagnostics service line, we provide our customers with a reliable and cost-effective service to help them improve their well designs and to optimize field development. The learnings from a relatively low-cost and reliable tracer study can help a customer to create millions of dollars in value across their assets, and you know, I'll very quickly explain how.
So we'll typically pump a unique tracer chemical into individual stages in a customer's well. We'll then collect samples and analyze those samples that have been taken from that well and sometimes other wells in the surrounding area. And we do this analysis at our own laboratories in Tulsa, Houston, and Calgary. And after those samples have been analyzed, we provide the customer with a report that they can use to make operational decisions, either operational decisions relating to the well that we had deployed the tracers on, or they can then take the learnings from that tracer diagnostic study and apply it to future field developments. And they utilize the information from this service to potentially evaluate changes to well spacing or changes to completion designs.
Again, what our customers are looking for is to maximize resource recovery and drive improved financial performance and returns on the capital that they're deploying. We also recently introduced or recently acquired a company called ResMetrics. This is a direct competitor to us in this product line, and it's a transaction that I'll spend just a bit more time on in a moment. Well Construction is our other product line on the bottom right of the slide. The core technology within our Well Construction portfolio is something we call the AirLock Casing Buoyancy System. And in our industry, our customers are drilling their wells with ever longer laterals, which helps them improve their economic return. And what the AirLock system does is it helps them to ensure that they can take maximum advantage of those long laterals.
It gives customers the assurance that they'll be able to drill and complete those long, long wells and also saves them time in the process of installing the wellbore. So in reality, a customer using our AirLock Casing Buoyancy System, it more than pays for the cost of the product through time savings and again, gives them assurance that they're going to be able to get, you know, that, that access to that long lateral they just drilled. So as I referenced in the introduction, really the key connection across the product and service portfolio is that we help our customers to maximize their return on investment when they are pursuing unconventional resource development. In North America, this has typically been focused on enabling operational efficiencies, although in some instances we do enable better production results as compared to competing completion methodologies.
In international markets, we're helping to really accelerate our customers' learning curves in unconventional developments, so think of areas like the Vaca Muerta in Argentina, unconventional gas in the Middle East and Saudi Arabia. We're helping them to apply unconventional techniques, accelerate their learning curve, but then we're also taking learnings from unconventional resource development here onshore and helping to enable our customers in certain other environments, including shallow water offshore to maximize the value of mature assets and their existing infrastructure, so this slide outlines our three core business strategies at NCS. This was introduced in late 2022 and was refreshed earlier this year, and as a company, we continue to benefit from the results of this strategy. The first core strategy is to build on our leading market positions.
And for us, these leading market positions include our position in Fracturing Systems on a global basis and the extensive track record that we have that I referenced earlier, our presence in Canadian completions and the strong resulting customer relationships that we have in that market, and also our global capabilities and presence in Tracer Diagnostics, which now includes ResMetrics. The second strategy is to capitalize on high margin growth opportunities that we have been pursuing and investing in, including offshore and outside of North America. And this is a focus for us because international markets are growing faster than those in North America for the oil and gas business.
Our international and offshore customers tend to buy based on technical characteristics versus price, and therefore there's an ability to build both stickier customer relationships, but also for us to be compensated for the value that we provide to our customers. The third strategic component for us is to commercialize innovative solutions to complex customer challenges, and this is really the core of what we do at NCS. We obtain and understand the voice of the customer and emerging market needs, and then we'll go off and we'll deliver a solution that can bring tangible value to our customers. You know, one highlight for NCS that builds on a couple of the components of this strategy was that our growth in markets outside of North America.
Our international revenue more than doubled in 2024 as compared to 2023 and increased from about 5% of our total revenue to 10%. This was achieved by leveraging our leadership positions in Fracturing Systems and Tracer Diagnostics, by capitalizing on long-term business development efforts in international markets, especially in the Middle East, and then also by enhancing our service delivery capabilities for offshore wells in the crucial North Sea market. Our strategy has two guiding principles at its foundation. The first is to maximize financial flexibility. We accomplish this through the capital-light business model, which I addressed earlier, and this has allowed us to maintain a strong balance sheet with a net cash position and to continue to generate free cash flow across industry cycles. The second guiding principle is to uphold the promise.
The promise is a set of commitments that we make to our varied stakeholders. First and foremost, our people, but then also to our customers, our vendors, commitments to continuous improvement and quality standards, and then commitments that we make to our financial stakeholders, including our shareholders. We believe that the strategy that's outlined on this page will allow us to continue to create value for our stakeholders over time. For those of you that are unfamiliar with our industry, I'll spend just a moment discussing the completions market for oil field services. We participate in a large addressable market. It's estimated at nearly $10 billion for 2025. Our revenue this year is expected to be close to $180 million, so giving us a share of approximately 2% in this large global market.
And we are focused on what we believe to be the fastest growing segments of this market: unconventional completions that utilize hydraulic fracturing, and then in also growing our presence in the nearly 50% of the market that exists outside of North America. So even more specifically, we're focused on projects that will open up new high-margin opportunities for NCS. This includes higher temperature applications in offshore oil and gas, in heavy oil developments in Canada, and for power generation through enhanced geothermal systems. Also for projects supporting deep water offshore applications for our Fracturing Systems technology and the development of solutions targeting at improving the production profile of our customers' wells. So we believe that we can deliver compelling organic revenue growth through market share gains, through the introduction of new value-added technologies, and through increasing the amount of revenue that we generate outside of North America.
So I'll now spend just a few minutes reviewing the recent acquisition of ResMetrics, which aligns with the organic growth strategy that I covered earlier. ResMetrics is a provider of Tracer Diagnostics technologies and services that we believe is highly complementary with our current Tracer Diagnostics product line. ResMetrics built a growing and profitable business with trailing 12-month revenues of over $10 million and an EBITDA margin of over 30%. ResMetrics' success has resulted from its end-to-end scientific approach to enable more quantitative results from cost-effective Tracer Diagnostics studies. And ResMetrics' business complements our existing Tracer Diagnostics product line in a number of ways. Together, we'll have a broader service offering, enhancing our ability to serve our customers.
And the combination adds to our expertise in designing and executing Tracer Diagnostics projects for enhanced oil recovery applications such as water floods, but then also for high-temperature applications that I alluded to earlier, which we believe will be growing markets over time. Although NCS and ResMetrics have historically competed head-to-head for Tracer work in the United States, our customer bases have limited overlap, and we believe that each of our respective current customer bases will benefit from that broader combined service offering. In addition, from the NCS perspective, with a larger customer base, a broader geographic footprint, new product and service developments that we bring through this product line can be more scalable and can be impactful to NCS.
Internationally, the addition of ResMetrics expands our presence in the Middle East, bringing us in market entry for Tracer Diagnostics into the UAE and into Kuwait through strategic partnerships with service companies operating in the region. The focus of this transaction is really to create the leading global Tracer Diagnostics business, but then also to establish a strong platform for future product and service development around reservoir diagnostics more generally. The transaction is not predicated on cost synergies, but we have begun to see some benefits from the implementation of best practices as we seek to optimize chemical usage, to realize economies of scale, and to better utilize the skill sets of our employees.
We're very pleased with the operational and financial performance of ResMetrics since the acquisition, which closed at the end of July, as well as the progress that we've made in integrating NCS's Tracer Diagnostics operations with ResMetrics service offerings. So while we're taking a methodical approach to the integration, both the NCS and ResMetrics sales and operations teams, they began coordinating efforts right after the transaction announcement, and we do have a few notable early successes. The first is that ResMetrics deployed its portfolio of tracers, which had been tested to be stable in a high-temperature environment on a well with NCS sliding sleeves in Canada, and NCS's Canadian operations team supported the chemical importation and the field deployment of this job. The tracer data from this job will provide critical insights when paired with the production data from that well.
NCS's lab in Tulsa can now run water tracers from ResMetrics jobs. This helps to reduce the sample backlog and improve turnaround time for when we get our reports back to our customers. ResMetrics has sourced certain water tracers from NCS's existing inventory, deferring the need to place orders from overseas suppliers in the current uncertain trade environment. And we've also identified other cost savings by integrating ResMetrics into the existing NCS insurance program and vehicle fleet management program. So, you know, to me, these early wins highlight the constructive and collaborative approach that NCS and ResMetrics teams have taken to identify and implement the best practices to support our people and our customers. And we look forward to more integration milestones that we can share with you over the next few months. One other aspect of this transaction, I've historically referred to our balance sheet as a strategic asset.
This transaction is a great example of that. We utilized approximately $7 million in cash on hand to fund this acquisition while continuing to maintain a net cash balance and robust liquidity. By deploying cash on hand for the strategic acquisition of a growing and profitable business, it's enabled us to improve our return on capital, and we believe positions us to create additional value for our shareholders over time. As a North American oil and gas or upstream E&P business matures and our customers continue to consolidate to seek economies of scale, we believe that oil field service providers in the industry like ourselves will need to do the same, engaging in highly strategic horizontal combinations like this one.
So at NCS, we believe that the capabilities of our people, our infrastructure, and the breadth of our product lines that are operating in the right geographies, together with that strong balance sheet, positions us very well to supplement our organic growth strategy with complementary transactions like the ResMetrics acquisition over time. So delivering on this strategy that we have at NCS has produced favorable financial results. We grew revenue by 14% or $20 million in 2024 and expect that we'll grow revenue again in 2025, despite what I'll generally characterize as a challenging market environment for the oil and gas industry. At the midpoint, I think we're projecting 8% growth, 5% of which would come from organic initiatives and 3% through the acquisition of ResMetrics. Our gross margin of approximately 40% reflects the value of our products and services that we provide to our customers.
With our outsourced manufacturing model, our cost of sales is highly variable in nature, but we were able to improve gross margins by approximately 250 basis points in 2024 as compared to 2023, and we've continued that momentum through the first three quarters of 2025. While our cost of sales is highly variable, our SG&A is relatively fixed, and the team at NCS has done a great job of controlling SG&A expenses over the last several years. With this relatively fixed SG&A, it provides us with attractive operating leverage, allowing us to grow EBITDA much faster than revenue or gross profit, and you can see the impact of this over time. We grew revenue by approximately $56 million from our post-COVID trough in 2020 to 2024.
And over that same time, we increased our Adjusted EBITDA by approximately $20 million, representing an incremental Adjusted EBITDA margin on that increased revenue of about 35% across that period. And in addition, with the capital-light business model, it positions us to generate free cash flow through industry cycles. And over time, we expect that we can convert about 50%-60% of our Adjusted EBITDA to free cash flow. So we've got a growing underlying business, strong free cash flow, and expect that free cash flow to continue to grow. So this slide benchmarks our balance sheet through total debt to total book capitalization, and then also our current enterprise value to estimated 2025 EBITDA based on analyst consensus figures, which we then compare to the performance of a group of publicly traded peers with a market capitalization of about $1.5 billion or less.
And we believe that our favorable growth prospects and track record and our balance sheet profile is not really reflected in our trading multiple, which at about four times Enterprise value to 2025 EBITDA is a discount of approximately 30% to the peer median of nearly six times. So although our shares have performed relatively well over the last year or so in which we've presented and discussed some of these metrics, that improvement has really been almost entirely due to higher underlying Adjusted EBITDA, so to earnings growth, and then also the increase in our net cash position that comes as we generate Free cash flow.
And to put some of that upside in context, we've got about 2.6 million shares outstanding in NCS, and an expansion of our multiple by one turn of enterprise value to EBITDA, it would result in an increased equity value of about $23 million, or with that share count, nearly $8 per share as compared to our recent trading levels of approximately $40 per share. So we believe that NCS, as NCS continues to perform well operationally and to deliver on the financial benefits of our growth strategy, as we discussed earlier, that we can earn that higher multiple over time. So in short, I think NCS is a compelling investment opportunity. We have an attractive organic growth track record, and we're focused on increasing our presence in growth markets for unconventional resource development. We're delivering revenue, gross profit, and Adjusted EBITDA growth with strong incremental margins.
We continue to bring innovative technology to our customers, especially for technically demanding applications that leverage our engineering capabilities and provide an opportunity for higher margins. This will allow us to continue to take share and to penetrate the large $10 billion addressable market that we serve. Our capital-light business model minimizes capital investment and allows us to generate free cash flow through industry cycles, and with our strong balance sheet that we expect to become even stronger, through free cash flow this year, you know, we had $26 million in cash, at September 30th, and typically Q4 is our strongest free cash flow generation period, so I expect to add to that, paired with about $19 million available through our revolving credit facility at September 30th.
So from my perspective, this positions us very well to opportunistically participate in further industry consolidation, as we demonstrated with the ResMetrics acquisition, or to evaluate a framework to return capital to shareholders in the future. So, Steve, that concludes our prepared remarks from the presentation, and I'd be happy to take any questions that we have from you or from the audience.
Thanks so much, Ryan. And we do have a few minutes remaining. We do have quite a few questions already in the queue, but I'd remind everyone, if you do have a question, press that Q&A button at the bottom of your screen and type it in, and we'll get to as many as we can. You know, Ryan, I mean, the one slide that stood out to me was the fact that you're, and you called it a challenging market. That's certainly more than fair to describe the global oil and gas market, and particularly U.S. land. We have a question about your demand trends by geography, because obviously if you were 100% U.S. land exposed, you're not getting that kind of growth. If you can give us a sense of where the growth is coming from and how that compares to U.S. land for you.
Yeah, Steve, it's one of the things that, you know, we've talked about internally this year, and one of the things I'm really proud of is that when we look at the revenue growth that we're expecting here in, or we've delivered, you know, through December, but that we expect for the year, we're actually expecting that we're going to see revenue growth across all of our major geographic markets. So we'll grow revenue in the U.S.
Despite, you know, the flat-to-lower completion count and a much, you know, significant reduction in the rig count. And that's really coming through market share gains. We're getting good opportunities in Fracturing Systems with our clients in the U.S. We've got a few additional customers here in the U.S. that are going to be deploying our Fracturing Systems technology on a regular basis going forward, so call it five to 15 wells per year, while still getting some opportunities with some of the bigger players that run, you know, very high rig counts in the region. The other piece of it in the U.S.
In particular has to do with Repeat Precision, and I talked about they introduced a new composite plug with a feature. It's called the StageSaver Plug for us. That's had good market adoption, and then the new dissolvable plug that we've introduced there. So it's really kind of market share gains and new technology are helping us outkick the market here in the U.S. in Canada, where we're, call it, a 30% plus share of the market overall. We will ebb and flow with market characteristics there, but we are growing a bit faster than the market so far this year and think that will continue through the end.
We see some positive developments here as we move towards the end of 2025 and into 2026, with respect to the natural gas market in Canada in particular, where the LNG Canada project has just started to ramp up the second train, and what that's really helping to do is draw gas away from AECO, which is the local market, and firm up pricing for producers that are, you know, participating in that local market. And then internationally, really for us, it's kind of market by market. So the biggest growth for us this year was really in the North Sea outside of North America. And that's been another success story for us where five years ago we worked with two customers in the North Sea. This year we'll have either sold sliding sleeves to or provided service to seven customers.
And we paired that with some additional market penetration in the Middle East. And while, you know, the underlying organic revenue growth is 5%, we are, you know, participating in that in each of the geographies in which we serve. So that's one of the things I think we're really proud of is that we've got as much of the company kind of contributing to that revenue growth in the challenging and market environment.
And equally, the fact that, you know, not only have we seen a weaker global and U.S. market in terms of drilling, we've also seen a lot of operator consolidation, which has pressured service margins. Yours apparently are not under pressure. Is that the value add? Is that, you know, add a little color to that?
Sure. Yeah, I think we're always under pressure from a margin standpoint. Our customers do a great job, their supply chain teams. But I think part of it, yeah, I think you hit on it, Steve, that we provide, you know, differentiated products. And that's where we've tried to focus ourselves is not to be everything to everyone as far as the service lines that we participate in, focus on the areas where we can bring distinct value and get compensated for that. So we're always going to fight that battle and sell based on value rather than just on price. But, but yeah, I mean, the, I'd say the margin uplift that you saw in 2024 was primarily related to mix, where we did improve that penetration in international markets, and the markets outside of North America tend to have a slightly better contribution margin. But we've been holding that steady here in 2025.
So again, yeah, we're always going to face pressure from our customers, from our competitors, but as long as we can remain focused on, you know, selling based on value, then that keeps us in the same general profile.
Now, you mentioned Argentina and the Middle East for unconventional development. We've talked to a lot of companies who see great opportunities there just because they don't necessarily have the expertise, the skill set that a lot of the providers in the U.S. can bring. What are you seeing as opportunities over the next, call it decade, in some of these markets where unconventional development starts taking hold?
Yeah, I think there's a lot of upside, Steve. So there's been a lot of good reports recently around Argentina, you know, Chevron in their investor day. I think they're looking to more than double their production, YPF, Vista, and others. So the Vaca Muerta in Argentina is truly a world-class unconventional resource. And I think what's really, you know, taking place there, where the North American business is very much a well-oiled chain from a supply chain and logistics standpoint. I think that's the biggest development that needs to take place in a market like Argentina. So, you know, better access to high-quality frac spreads, and surface equipment, having ready access to the sand and water to make it as efficient as possible. But I think given the resource and given some of the one well-funded players down there, especially like YPF and Vista, I do think that'll be a growth market extending, as you said, kind of towards the end of the decade.
The other areas where we see kind of real growth in unconventional opportunity, it's really the Middle East, but across a couple different countries in the Middle East. Saudi Arabia's best known for their Jafurah development, which is an unconventional gas play. The UAE will have, has an ongoing unconventional development that will grow pretty materially, looking to improve their oil production and their sustainable production capacity there. And then there are other markets like, you know, Kuwait and a few others, that will emerge in that region as well. And it's a similar process there earlier on. And I think it's part of the reason why, especially our tracer diagnostics product line is ideal for international unconventional markets.
They're helping them get up that learning curve more quickly and focus on what is that, what does that right field development program look like and take advantage of all the learnings that took place in the U.S. and Canada over the last 15 years to help them really accelerate and be successful as quick as possible.
Excellent. We do have a couple of questions about your shareholder Advent, what your communications are with them. Do they have any lockups, any thoughts on what their intentions might be?
Yeah, so for those who have kind of dug in and looked at the shareholder base, we do have a more than 50% shareholder, Advent International. They've been great partners to NCS for more than 10 years now.
They brought us a couple of the members that are on our board, our Chairman, Mike McShane and John Deans, had historically been operating partners for Advent. Yeah, that's all I really can say at this point is they have been great partners to us. They've been supportive, and especially as we looked earlier this year at the ResMetrics acquisition, kind of with the ability to take some cash and deploy it and try to accelerate the growth within the business and add to that organic growth profile, they've been very supportive of management team and of the board as a whole. So there's not much more that I can really say about, you know, Advent from, you know, their ownership perspective or what they're looking at from a time frame.
But they've been great partners to us. They've been very supportive, and they're aligned with the strategy that we're out there executing in the market.
Excellent. If I can get one more, and I know we're running a little bit past 30 minutes, but you did have the slide in terms of your multiple stock has performed pretty well compared to the broader group this year. That being said, that multiple looks closer to what we would think about as very U.S. land exposed, capital intensive, low cash flow generating type businesses. You know, do you think it's just a learning curve for getting your story out to investors? Because that multiple doesn't seem to really reference what your business is right now, and without even talking about growth.
Yeah, no, you hit on two components of it. A nd we have the tickers for the companies that we have in this chart down at the bottom, and you'll see that they are really more, you know, product sales, equipment manufacturers, which we think is the right comp set. Because as you talk about, Steve, you know, there are, with us trading at four, there are a group of companies, whether they're in pressure pumping or other product lines, where you look at that EBITDA, but there is a huge CapEx burden. So, you know, the free cash flow that those companies generate, or even if you were to say an EBIT multiple would be sky high.
You know, whereas for us, you know, over the course, and Mike, you can correct me, but over the course of the last four or five years, we spent less than 2% of revenue on Capex, right? That's part of that capital light model. So it allows that EBITDA to really translate into meaningful free cash flow. So I think the midpoint of our free cash flow guidance for this year is $12 million, right, compared to, right, $115 million enterprise value or equity value. So more than 10% yield on the free cash flow, it's free cash flow that's growing, and think that the multiple doesn't really reflect that nature of our business.
Excellent. I think that's a good way to wrap it up. But any closing comments before we close down the presentation, Ryan?
No, not really. Just appreciate the opportunity again to come on and present with Sidoti and appreciate the questions and look forward to engaging with as many of you as possible going forward.
Great. NCSM, Ryan Hummer, CEO. Thanks so much for being here. Enjoy the remainder of the conference. Thanks, guys.
All right. Thank you.