Natural Gas Services Group Inc
NGS—
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Natural Gas Services Group Inc AI Insights
Informational only. Not investment advice.Snapshot
- FCF TTM is -43.0M despite 58.5M operating cash flow - capex of 101.5M (61% of revenue) signals aggressive fleet expansion phase.[Free Cash Flow TTM]
- Operating margin 22.5% TTM vs industry median 6.7% - 3.4x advantage from equipment rental model with high utilization.[Operating Margin TTM]
- EPS 5Y growth 93% vs industry median 14% - margin expansion driving outsized earnings growth on modest 22% revenue growth.[EPS Growth 5Y TTM]
Watch Triggers
- Capital Expenditure TTM: Falls below 50M (maintenance level) — Signals transition from growth to harvest phase, FCF inflection point
- Interest Expense TTM: Exceeds 15M or 20% of EBIT — Debt service consuming too much operating profit, refinancing risk
- Operating Margin TTM: Falls below 18% — Utilization decline or pricing pressure would invalidate margin thesis
Bull Case
Operating leverage is exceptional: 22.5% operating margin on 167M revenue with 43% EBITDA margin. As capex normalizes to maintenance levels (~35M), FCF could swing to +25M annually.
Operating Margin TTMEBITDA TTMCapital Expenditure TTM
Revenue 3Y CAGR of 25% outpaces industry median 3.5% by 7x, with EPS growth 93% showing operating leverage converts to shareholder returns.
Total Revenue 3Y GrowthEPS Growth 5Y TTM
Bear Case
Debt of 208M at 0.77x equity with 12.5M interest expense consumes 67% of net income. Rising rates or utilization drop could stress coverage.
Total DebtDebt to EquityInterest Expense TTM
Zero cash buffer with negative FCF (-43M) and 23M working capital leaves no margin for operational disruption or demand downturn.
Cash and EquivalentsFree Cash Flow TTMWorking Capital
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Capex cycle peaks in 12-18 months, converting -43M FCF to positive as fleet matures
1-3ymed
- Capex at 61% of revenue unsustainable long-term
- PPE of 502M now generating 167M revenue (33% asset yield)
- Operating cash flow of 58M proves underlying profitability
Capex TTM 101.5M vs depreciation 35.3MEBITDA margin 43% covers debt serviceDebt/equity 0.77 still manageable
Valuation Context
Caveats
NGS Fundamentals
Manufacturing → Machinery Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$550.46M | — | ||
$780.92M | — | ||
28 | — | ||
$172.31M | +9.9% | — | |
$1.57 | +25.3% | — | |
23.4% | +1.9% | — | |
11.6% | +0.6% | — | |
$-58.56M | — | ||
7.52% | +0.5% | — | |
Beta 5Y (Monthly) | unknown | — |
NGS Dividend History
4 dividends
2026
$0.260005/20/26$0.1500
02/18/26$0.1100
2025
$0.210011/20/25$0.1100
08/08/25$0.1000
NGS Stock Splits
No stock splits
NGS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/16/26 | 12/31/25 | 10-K | |
11/10/25 | 09/30/25 | 10-Q | |
08/11/25 | 06/30/25 | 10-Q | |
05/12/25 | 03/31/25 | 10-Q | |
03/17/25 | 12/31/24 | Unknown | |
11/14/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/15/24 | 03/31/24 | 10-Q | |
04/01/24 | 12/31/23 | 10-K | |
11/14/23 | 09/30/23 | 10-Q | |
08/14/23 | 06/30/23 | 10-Q | |
05/15/23 | 03/31/23 | 10-Q | |
03/31/23 | 12/31/22 | 10-K | |
11/14/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/16/22 | 03/31/22 | 10-Q | |
03/18/22 | 12/31/21 | 10-K | |
11/12/21 | 09/30/21 | 10-Q | |
08/16/21 | 06/30/21 | 10-Q | |
05/14/21 | 03/31/21 | 10-Q | |
03/31/21 | 12/31/20 | 10-K | |
11/16/20 | 09/30/20 | 10-Q | |
08/18/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
03/31/20 | 12/31/19 | 10-K | |
11/08/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/18/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/09/18 | 06/30/18 | 10-Q | |
05/10/18 | 03/31/18 | 10-Q | |
03/09/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
03/10/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
03/11/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
03/13/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/08/14 | 06/30/14 | 10-Q | |
05/06/14 | 03/31/14 | 10-Q | |
03/14/14 | 12/31/13 | 10-K | |
11/08/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/10/13 | 03/31/13 | 10-Q | |
03/15/13 | 12/31/12 | 10-K | |
11/09/12 | 09/30/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/10/12 | 03/31/12 | 10-Q | |
03/14/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/09/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
03/10/11 | 12/31/10 | 10-K | |
11/03/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
03/04/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/30/09 | 10-Q | |
03/09/09 | 12/31/08 | 10-K | |
09/30/08 | 09/30/08 | Unknown | -- |
08/07/08 | 06/30/08 | 8-K | |
05/06/08 | 03/30/08 | Unknown | -- |
03/07/08 | 12/31/07 | 4 | |
11/06/07 | 09/30/07 | 8-K | |
08/07/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
03/15/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/14/06 | 06/30/06 | 10-Q | |
05/12/06 | 03/30/06 | Unknown | -- |
03/31/06 | 12/31/05 | 10-K | |
09/30/05 | 09/30/05 | 10QSB | |
06/30/05 | 06/30/05 | 10QSB | |
03/31/05 | 03/30/05 | Unknown | -- |
12/31/04 | 12/31/04 | 10KSB | |
09/30/04 | 09/30/04 | 10QSB | |
06/30/04 | 06/30/04 | 10QSB | |
03/31/04 | 03/31/04 | 8-K | |
12/31/03 | 12/31/03 | 5 | |
09/30/03 | 09/30/03 | 10QSB | |
06/30/03 | 06/30/03 | 10QSB | |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | 4 | |
09/30/02 | 09/30/02 | 10QSB | |
06/30/02 | 06/30/02 | Unknown | -- |
03/31/02 | 03/30/02 | Unknown | -- |