Natural Gas Services Group Inc (NGS)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The next quarterly report is unusually informative for this stock. It will show Flatrock in the numbers for the first time, the fair value of the royalty obligation, operating cash flow without the $12.3 million tax refund, and the interest burden following the $110 million cash payment. Until then, two documented pictures sit side by side: a company running at 86.9 percent utilization with nine consecutive earnings beats, and one that has spent more than it earned for five straight years. Wait, and you get both pictures in a single document. The decision is yours.
symbol.quality_note
Natural Gas Services rents compressors to oil producers in the Permian Basin and sits at rank 28 in our Big Earnings Surprise scanner (U.S. selection, data as of July 25, 2026). We read the 2025 annual report (10-K), the quarterly report for the period ended March 31, 2026, and every current report filed through July 24, 2026: revenue up from $72 million to $172 million in four years, fleet utilization of 86.9 percent, a dividend raised by 36 percent — but also two customers supplying 59 percent of revenue, $226 million of debt and a $110 million cash acquisition closed in June. Numbers do not lie, but they rarely tell the whole story.
Read the analysis
Stock Watch
This analysis is as of July 25, 2026. Stock Watch will tell you what's changed at NGS since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Appears in These Scanners
This stock currently matches 16 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 36.70 $ — 64% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AINatural Gas Services setzt KI-gestützte Cybersicherheitstechnik zur Überwachung und Erkennung von Bedrohungen in den eigenen Systemen ein; ein KI-Produkt wird nicht verkauft, und eine Bedrohung des Geschäftsmodells durch KI ist in den Berichten nicht belegt.
View the full file — quotes, sources, reviewed filings
„We utilize artificial intelligence-driven cybersecurity technologies to monitor and detect potential threats across our systems. These tools include email security and threat detection capabilities designed to identify phishing and other malicious email activity."
Wir setzen KI-gestützte Cybersicherheitstechnologien ein, um potenzielle Bedrohungen in unseren Systemen zu überwachen und zu erkennen. Zu diesen Werkzeugen gehören E-Mail-Sicherheits- und Bedrohungserkennungsfunktionen, die Phishing und andere schädliche E-Mail-Aktivitäten identifizieren sollen.
„cybersecurity threats, including increased use of artificial intelligence and other emerging technologies"
Cybersicherheitsbedrohungen, einschließlich des verstärkten Einsatzes künstlicher Intelligenz und anderer aufkommender Technologien
„An expanding portion of our rented compressor units utilize our proprietary System Management and Recovery Technology (“SMART”) and telemetry software which reduces unplanned shutdowns and increases productivity."
Ein wachsender Teil unserer vermieteten Verdichtereinheiten nutzt unsere eigene System Management and Recovery Technology („SMART“) und Telemetrie-Software, die ungeplante Stillstände verringert und die Produktivität erhöht.
Filings Reviewed: 10-K 2026-03-16 · 10-Q 2026-05-11 · 10-K 2025-03-17 · 10-K 2024-04-01 · 8-K 2026-06-15 · 8-K 2026-07-24
Rated on July 25, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 51.7% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 4
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.93 | 1.80 – 2.05 | 215 | 5.7% | 2 |
| 12/31/2027 | 2.48 | 2.35 – 2.61 | 251 | 28.8% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.37 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.34 | 183.30 | 39 | 42.80 | 11.00 | 26 | 8 |
| 2024: Q3 | 0.41 | 127.80 | 41 | 29.70 | 12.30 | 26 | -3 |
| 2024: Q4 | 0.42 | 196.40 | 41 | 12.20 | 7.00 | 9 | -5 |
| 2025: Q1 | 0.43 | 4.90 | 41 | 12.10 | 11.70 | 21 | 2 |
| 2025: Q2 | 0.41 | 20.60 | 41 | 7.50 | 12.50 | 11 | -15 |
| 2025: Q3 | 0.45 | 9.80 | 43 | 6.70 | 13.30 | 17 | -25 |
| 2025: Q4 | 0.52 | 25.50 | 46 | 13.50 | 8.90 | 14 | -24 |
| 2026: Q1 | 0.55 | 27.90 | 49 | 17.10 | 14.00 | 23 | 8 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 72 | 8 | 6 | 0.50 | 33 | 233 | 294 |
| 2017 | 68 | 2 | 20 | 1.51 | 17 | 257 | 298 |
| 2018 | 65 | 1 | 0 | 0.03 | 23 | 260 | 305 |
| 2019 | 78 | -5 | -14 | -1.06 | 29 | 248 | 287 |
| 2020 | 68 | -4 | 2 | 0.14 | 33 | 252 | 307 |
| 2021 | 72 | -12 | -9 | -0.70 | 28 | 236 | 306 |
| 2022 | 85 | 0 | -1 | -0.05 | 28 | 230 | 328 |
| 2023 | 121 | 10 | 5 | 0.38 | 18 | 236 | 479 |
| 2024 | 157 | 33 | 17 | 1.37 | 66 | 255 | 493 |
| 2025 | 172 | 40 | 20 | 1.57 | 63 | 275 | 587 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Rentals produced 95.4 percent of 2025 revenue, with 465,638 of 574,969 horsepower under contracts expiring between 2026 and 2031; utilization reached 86.9 percent on March 31, 2026, up from 80.8 percent at the end of 2023 — with fewer units in the fleet (10-K 2025; 10-Q for the period ended March 31, 2026).
Revenue rose from $72.4 million to $172.3 million between 2021 and 2025 and net income moved from minus $9.2 million to plus $19.9 million; earnings beat consensus in nine consecutive quarters, most recently $0.53 against $0.44 expected (Q1 2026, data as of July 25, 2026).
Occidental Permian and Devon Energy supplied 59 percent of 2025 revenue and 62 percent of receivables, and 64 percent of recurring revenues plus 63 percent of receivables in Q1 2026; management expects roughly 54 percent after Flatrock (10-K 2025; 10-Q for the period ended March 31, 2026; conference call of June 15, 2026).
From effectively no debt in 2021 (interest expense of $65,000) to $226.0 million drawn on the revolver as of March 31, 2026, plus $110 million in cash for Flatrock; the cumulative gap between operating cash flow and investment from 2021 through 2025 comes to roughly $234 million.
Bought at 6.2 times annualized first-quarter 2026 earnings before interest, taxes, depreciation and amortization and therefore below the company's own multiple; it lowers concentration risk and roughly triples the electric share of the fleet — but the price is not conclusively quantified because of the royalty agreement (8-K filed June 15, 2026).
The company calls its own industry "highly cyclical" and points to the short duration of many rental contracts; at the same time an effective shelf registration of up to $200 million is in place, with 30 million shares authorized against only 13.9 million issued (10-K 2025; 10-Q for the period ended March 31, 2026).
Natural Gas Services is a rare combination: a dull rental business with spectacular numbers. Revenue and earnings turned around after 2021, fleet utilization sits at a record, and the June 2026 purchase of Flatrock reduces this company's single biggest risk — its dependence on two customers. The price of all that is a balance sheet that moved from effectively no debt to $226 million drawn plus $110 million paid in cash within four years, and free cash flow that was negative in four of the last five years. Investing here is not a bet on a streak of earnings beats; it is a bet that the rents catch up with the payments. Not investment advice.
- NGS reached our research list as rank 28 in our in-house Big Earnings Surprise scanner (U.S. selection, 81 hits, relative strength 80, data as of July 25, 2026); the scanner lists are recalculated daily.
- Easily confused: Natural Gas Services Group is neither a gas producer nor a utility — it sells no oil and no gas, it rents out the compressors other companies produce with.
- The July 20, 2026 move from Colorado to Texas was a conversion under a plan of conversion, not a merger and not a new registrant at the SEC: CIK 0001084991, ticker NGS and CUSIP 63886Q109 all stayed the same.
- Price and market value figures (roughly $500 million) carry a data date of July 25, 2026 and were cross-checked against the equity portion of the Flatrock purchase price (about $10 million for 241,803 shares, set by a 30-day average price formula).
About the Company
Natural Gas Services Group, Inc. provides natural gas compression equipment, flares and related assets; and electric compression equipment, technology, and services to the energy industry in the United States. The company rents, designs, installs, service, and maintains natural gas engine and electric motor drive compressors for oil and gas production and processing facilities. It also designs and assembles compressor units for rental; and designs, engineers, and sells compressor components. In addition, the company provides aftermarket services for its compressors; and services related to the installation and start-up of new compressor units. Natural Gas Services Group, Inc. was incorporated in 1998 and is headquartered in Southlake, Texas.
| Employees | 259 |
|---|---|
| Headquarters | Southlake, TX |
| Address | 601 State Street, 76092 Southlake, United States |
| Phone | 432 262 2700 |
| Website | ngsgi.com |
| IPO Date | 22. Oct 2002 |
| ISIN | US63886Q1094 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Justin C. Jacobs | CEO & Director | 1975 |
| Ian M. Eckert | Chief Financial Officer | 1988 |
| Cody Pye | Senior Vice President of Operations | – |
| John A. Rowell | Senior Vice President of Technical | – |
| Anna Delgado | Investor Relations Coordinator | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.