Tearsheet

Natural Gas Services (NGS)

Market Price (12/26/2025): $34.11 | Market Cap: $427.9 Mil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Natural Gas Services (NGS)

Market Price (12/26/2025): $34.11
Market Cap: $427.9 Mil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26%
1	Low stock price volatility Vol 12M is 47%		Key risks NGS key risks include [1] a significant revenue concentration from its single largest customer, Show more.
2	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%
1	Low stock price volatility Vol 12M is 47%
2	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.
3	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
4	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26%
5	Key risks NGS key risks include [1] a significant revenue concentration from its single largest customer, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$34.11	$26.59	$15.96	$11.37	$10.39
Market Cap CYE ($ Mil)	427.9	330.7	197.5	138.6	132.2
Total Debt ($ Mil)	208.3	170.2	164.4	25.0	0.3
Total Cash ($ Mil)	0.0	2.1	2.7	3.4	22.9
Enterprise Value ($ Mil)	636.2	500.9	361.9	163.6	132.5
Valuation Ratios
P/S TTM	2.6	2.1	1.6	1.7	1.9
P/EBIT TTM	11.6	9.9	18.5	436.6	-11.7
P/E TTM	22.9	19.3	41.7	-247.8	-14.9
P/FCF TTM	-10.0	-61.2	-1.5	-3.8	48.7
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	7.6	6.7	5.6	3.9	4.4
P/E TTM (Sector)	11.4	10.3	8.3	5.2	4.6
P/FCF TTM (Sector)	6.6	6.8	7.4	4.8	5.2

	12/26/25	2024	2023
Share Price CYE	$34.11	$26.59	$15.96
Market Cap CYE ($ Mil)	427.9	330.7	197.5
Total Debt ($ Mil)	208.3	170.2	164.4
Total Cash ($ Mil)	0.0	2.1	2.7
Enterprise Value ($ Mil)	636.2	500.9	361.9
Valuation Ratios
P/S TTM	2.6	2.1	1.6
P/EBIT TTM	11.6	9.9	18.5
P/E TTM	22.9	19.3	41.7
P/FCF TTM	-10.0	-61.2	-1.5
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	7.6	6.7	5.6
P/E TTM (Sector)	11.4	10.3	8.3
P/FCF TTM (Sector)	6.6	6.8	7.4

	NGS	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.2
Rev Chg Q	6.7%	7.3%
Rev Chg LTM	9.5%	6.1%
Rev Chg 3Y Avg	28.3%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	22.5%	18.8%
CFO/Rev LTM	35.1%	20.4%
Net Inc Mgn	11.2%	13.1%
VALUATION	MODERATE
P/S	2.6	3.3
P/CFO	7.3	15.8
P/FCF	-10.0	20.7
P/E	22.9	23.5
STABILITY	GOOD
Debt/Equity	0.49	0.21

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Metric	Value	Date	Source
Total Rental Fleet Horsepower	598,840 horsepower	12312024	Link
Number of Rental Fleet Compressors	1912	12312024	Link
Utilized Rental Horsepower	491,756 horsepower	12312024	Link
Rented Compressor Units	1208	12312024	Link
Horsepower Utilization Rate	82.1 percent	12312024	Link
Unit Utilization Rate	63.2 percent	12312024	Link
Number of Rental Customers	68	12312024	Link
Largest Customer Revenue Concentration	54 percent	12312024	Link
Sales Backlog	$0	12312024	Link
Largest Customer Accounts Receivable Concentration	52 percent	12312024	Link

Upcoming
3/16/2026	Earnings Release	Rev: - EPS: -

NGS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Strong Financial Performance and Upward Revisions to Guidance.

Natural Gas Services Group (NGS) reported robust financial results, consistently exceeding expectations and raising future guidance. For instance, in Q3 2024, the company announced a 35% year-over-year increase in rental revenue and a 54% surge in Adjusted EBITDA, leading to an upward revision of its full-year 2024 Adjusted EBITDA outlook. Similarly, Q4 2024 and full-year 2024 results revealed a 52% increase in Adjusted EBITDA compared to 2023, along with a 36% rise in full-year rental revenue, and strong guidance for 2025. Most recently, Q3 2025 earnings surpassed analyst forecasts for both EPS and revenue, achieving a record Adjusted EBITDA of $20.8 million, up 15% year-over-year, and an increased 2025 Adjusted EBITDA guidance to $78-81 million.

2. Robust Demand for Natural Gas Compression Services.

The company experienced strong and sustained demand for its natural gas compression equipment and services, particularly within the Permian Basin for gas lift applications. This demand was further bolstered by growing opportunities related to data centers, liquefied natural gas (LNG) infrastructure, and expanding electricity needs, which are identified as multi-year projects providing significant tailwinds for compression demand.

Show more 1. Strong Financial Performance and Upward Revisions to Guidance.

Natural Gas Services Group (NGS) reported robust financial results, consistently exceeding expectations and raising future guidance. For instance, in Q3 2024, the company announced a 35% year-over-year increase in rental revenue and a 54% surge in Adjusted EBITDA, leading to an upward revision of its full-year 2024 Adjusted EBITDA outlook. Similarly, Q4 2024 and full-year 2024 results revealed a 52% increase in Adjusted EBITDA compared to 2023, along with a 36% rise in full-year rental revenue, and strong guidance for 2025. Most recently, Q3 2025 earnings surpassed analyst forecasts for both EPS and revenue, achieving a record Adjusted EBITDA of $20.8 million, up 15% year-over-year, and an increased 2025 Adjusted EBITDA guidance to $78-81 million.

2. Robust Demand for Natural Gas Compression Services.

The company experienced strong and sustained demand for its natural gas compression equipment and services, particularly within the Permian Basin for gas lift applications. This demand was further bolstered by growing opportunities related to data centers, liquefied natural gas (LNG) infrastructure, and expanding electricity needs, which are identified as multi-year projects providing significant tailwinds for compression demand.

3. Strategic Expansion of Rental Fleet and High Utilization Rates.

NGS significantly expanded its rental fleet, contributing to revenue growth. As of September 30, 2024, rented horsepower increased by 19% year-over-year, reaching 475,534, with an 82.0% utilization rate. By the end of 2024, rented horsepower grew to 491,756, a 17% increase from the prior year. The company also committed to expanding its large horsepower rental fleet by an additional 100,000 horsepower over the subsequent five quarters and increased its rental fleet by 27,000 horsepower during Q3 2025.

4. Focus on Higher Horsepower and Electric Drive Units.

Natural Gas Services Group made strategic advancements in its offerings, including the organic expansion into large horsepower electric units. This strategic shift is evident as most 2026 orders are projected to be electric drive units. The company has been strategically positioning itself to capture a larger share of the growing large horsepower compression market.

5. Diversified Customer Base and Strong Customer Relationships.

NGS strengthened its market position by diversifying its customer base and maintaining strong relationships. Notably, Devon Energy joined Occidental Petroleum as a customer, with both accounting for over 10% of the company's revenue in Q3 2025. This focus on blue-chip customers and maintaining industry-leading service levels helps ensure sustained demand and customer retention. Show less

Stock Movement Drivers

Fundamental Drivers

The 20.1% change in NGS stock from 9/25/2025 to 12/25/2025 was primarily driven by a 15.7% change in the company's P/E Multiple.

	9252025	12252025	Change
Stock Price ($)	28.32	34.01	20.10%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	164.11	166.82	1.65%
Net Income Margin (%)	10.92%	11.20%	2.60%
P/E Multiple	19.73	22.82	15.71%
Shares Outstanding (Mil)	12.48	12.54	-0.49%
Cumulative Contribution			20.09%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
NGS	20.1%
Market (SPY)	4.9%	30.7%
Sector (XLE)	-2.6%	32.9%

Fundamental Drivers

The 29.5% change in NGS stock from 6/26/2025 to 12/25/2025 was primarily driven by a 18.4% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	26.27	34.01	29.48%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	161.22	166.82	3.48%
Net Income Margin (%)	10.53%	11.20%	6.36%
P/E Multiple	19.27	22.82	18.42%
Shares Outstanding (Mil)	12.46	12.54	-0.66%
Cumulative Contribution			29.47%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
NGS	29.5%
Market (SPY)	13.1%	32.4%
Sector (XLE)	4.4%	37.8%

Fundamental Drivers

The 34.0% change in NGS stock from 12/25/2024 to 12/25/2025 was primarily driven by a 16.2% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	25.38	34.01	33.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	152.31	166.82	9.53%
Net Income Margin (%)	10.55%	11.20%	6.23%
P/E Multiple	19.64	22.82	16.24%
Shares Outstanding (Mil)	12.43	12.54	-0.94%
Cumulative Contribution			33.97%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
NGS	34.0%
Market (SPY)	15.8%	54.7%
Sector (XLE)	7.4%	57.3%

Fundamental Drivers

The 209.0% change in NGS stock from 12/26/2022 to 12/25/2025 was primarily driven by a 107.7% change in the company's Total Revenues ($ Mil).

	12262022	12252025	Change
Stock Price ($)	11.00	34.01	209.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	80.33	166.82	107.66%
P/S Multiple	1.67	2.56	53.12%
Shares Outstanding (Mil)	12.19	12.54	-2.89%
Cumulative Contribution			208.79%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
NGS	132.0%
Market (SPY)	48.3%	43.9%
Sector (XLE)	9.6%	55.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NGS Return	-23%	10%	9%	40%	67%	25%	172%
Peers Return	�	�	�	�	27%	26%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
NGS Win Rate	58%	33%	58%	50%	58%	50%
Peers Win Rate	�	�	�	55%	50%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
NGS Max Drawdown	-67%	-15%	-11%	-17%	-14%	-35%
Peers Max Drawdown	�	�	�	�	-16%	-29%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AROC, KGS, RES, TTI, HLX. See NGS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	NGS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-37.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	59.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	442 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-68.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	217.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	699 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-67.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	205.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2,291 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-79.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	393.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,918 days	1,480 days

Compare to BWEN, MIND, HMH, BKR, HAL

In The Past

Natural Gas Services's stock fell -37.4% during the 2022 Inflation Shock from a high on 6/6/2022. A -37.4% loss requires a 59.7% gain to breakeven.

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About Natural Gas Services (NGS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Natural Gas Services Group, Inc. provides natural gas compression services and equipment to the energy industry in the United States. It fabricates, manufactures, rents, and sells natural gas compressors and related equipment. The company primarily engages in the rental of compression units that provide small, medium, and large horsepower applications for unconventional oil and natural gas production. As of December 31, 2021, the company had 2,023 natural gas compression units in its rental fleet with 418,041 horsepower. The company also engages in the design, fabrication, and assembly of compressor components into compressor units for rental or sale; engineers and fabricates natural gas compressors; and designs and manufactures a line of reciprocating compressor frames, cylinders, and parts. In addition, it is involved in the design, fabrication, sale, installation, and service of flare stacks and related ignition and control devices for the onshore and offshore incineration of gas compounds, such as hydrogen sulfide, carbon dioxide, natural gas, and liquefied petroleum gases. Further, the company offers customer support services for its compressor and flare sales business; and exchange and rebuild program for small horsepower screw compressors. Its primary customers are exploration and production(E&P) companies that utilize compressor units for artificial lift applications; E&P companies that focuses on natural gas-weighted production; and midstream companies. Natural Gas Services Group, Inc. was incorporated in 1998 and is headquartered in Midland, Texas.

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A specialized United Rentals (URI) for the natural gas industry, providing and servicing essential compression equipment.

The 'Hertz (HTZ)' or 'Ryder (R)' for industrial natural gas compressors, leasing this critical machinery to energy companies.

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Natural Gas Compressor Rental: Provision of natural gas compressors for rent, utilized in the movement and processing of natural gas.
Compressor Parts and Services: Sale of replacement parts and provision of maintenance, repair, and overhaul services for natural gas compression equipment.

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For Natural Gas Services Group, Inc. (symbol: NGS), the company primarily sells its natural gas compression equipment and services to other companies in the energy sector (Business-to-Business model).

Its major customers generally fall into the following categories:

Natural Gas Producers: These are companies involved in the exploration and extraction of natural gas from reservoirs.
Midstream Operators: These companies manage the processing, gathering, and transportation of natural gas from the wellhead to market.
Other Industrial End-Users: Various industrial entities that require natural gas compression for their specific operational needs.

Natural Gas Services Group, Inc. does not publicly disclose the names of its individual major customer companies in its SEC filings, such as its Annual Reports on Form 10-K. While the company may report that a single customer accounts for a significant portion of its revenue (e.g., one customer accounted for approximately 11.2% of total revenues in 2023 according to its most recent 10-K filing), the specific names of these customer companies and their corresponding stock symbols are not provided publicly by NGS.

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Justin C. Jacobs, Chief Executive Officer

Mr. Jacobs was named Chief Executive Officer of Natural Gas Services Group, Inc. in February 2024. Prior to his employment with the Company, he was a Managing Director and a member of the management committee of Mill Road Capital Management LLC, an investment firm focused on investments in small, publicly traded companies. He joined Mill Road in 2005, prior to the initial closing of the first fund. Mr. Jacobs has more than 25 years of experience as a public investor, private equity investor, operator, and member of Boards of Directors, including significant experience in turnaround situations.

Ian Eckert, Chief Financial Officer

Mr. Eckert will join Natural Gas Services Group Inc. as Chief Financial Officer no later than January 6, 2025. Since June 2023, he has been employed at Alamo Group Inc., a public company, where he served as Chief Accounting Officer, Vice President, and Corporate Controller. From 2020 to 2023, Mr. Eckert served as Vice President, Finance for AMETEK Inc.'s Electron Microscopy Technologies business. Prior to 2020, he held controllership, financial planning and analysis, and strategy roles at Howmet Aerospace Inc. (formerly Alcoa Inc.) and began his professional career at Lafarge.

Brian L. Tucker, President and Chief Operating Officer

Prior to his employment with Natural Gas Services Group, Mr. Tucker most recently served as a Senior Vice President Operations for Patterson UTI Energy. Immediately before his time at Patterson, he held the role of Chief Operating Officer of Pioneer Energy Services, where he also served as Senior Vice President Operations and Drilling/Well Services President. Prior to joining Pioneer, Mr. Tucker was a Vice President for Helmerich and Payne (H&P), serving as the South Texas Vice President of Operations from 2010 to 2012. Mr. Tucker served eight years as an officer in the U.S. Army.

John Rowell, Vice President, Technical

Mr. Rowell is Vice President, Technical for Natural Gas Services Group Inc. He started his career with the Company in 2001, fabricating compressor units. Since then, he has worked in multiple areas at NGSG, including product development, manufacturing management, compressor unit purchasing, account management, and technology development. Mr. Rowell has been a key driver in developing NGSG's technology innovations.

Stephen C. Taylor, Chairman Emeritus

Mr. Taylor served as President and Chief Executive Officer of Natural Gas Services Group from January 2005 until his retirement, effective May 17, 2022. He also served as Interim CEO from November 11, 2022, to February 12, 2024, and Interim President from November 11, 2022, to October 9, 2023. Mr. Taylor was elected as a Director of Natural Gas Services Group in June 2005 and was appointed Chairman of the Board effective January 1, 2006. Immediately prior to joining Natural Gas Services Group, Mr. Taylor held the position of General Manager – US Operations for Trican Production Services, Inc. from 2002 through 2004. He joined Halliburton Resource Management in 1976, becoming its Vice President – Operations in 1989, and held multiple senior level management positions with Halliburton Energy Services until 2000. He was also Senior Vice President/Chief Operating Officer of Enventure Global Technology, LLC, a joint-venture deep water drilling technology company owned by Halliburton Company and Shell Oil Company.

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The key risks to Natural Gas Services Group Inc. (NGS) include:

Reliance on Major Customers: Natural Gas Services Group Inc. has a significant concentration of revenue from a single major customer, Occidental Permian, LTD. (Oxy). In 2024, sales and rental activity with Oxy constituted 54% of NGS's total revenue, following 50% in 2023 and 42% in 2022. The potential loss of this primary customer would materially and adversely affect the company's business, results of operations, financial condition, and cash flows.
Conditions in the Oil and Gas Industry and Price Volatility: The demand for NGS's natural gas compression equipment and services is directly and substantially influenced by conditions within the broader oil and gas industry. This includes the supply and demand dynamics for oil and gas, as well as significant volatility in their prices. Sustained periods of low oil and gas prices could lead to reduced capital expenditure and operational spending by customers, consequently decreasing the demand for NGS's rental units and services.
Regulatory Risks and Environmental Regulations: Natural Gas Services Group Inc. faces risks associated with evolving regulatory landscapes, particularly concerning environmental laws. Potential changes in regulations related to hydraulic fracturing and greenhouse gas emissions could lead to increased compliance costs for the company and its customers, or even reduce overall demand for its services. Furthermore, there is a growing trend among investors and lenders to shift investments away from fossil fuel energy and related services, which could impact NGS's financial access and investor base.

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The accelerating global energy transition and decarbonization efforts, leading to a long-term decline in natural gas demand and increasing regulatory pressure on methane emissions, which directly impacts the need for and type of natural gas compression equipment and services.

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Natural Gas Services Group (NGS) primarily provides natural gas compression equipment and related services, including manufacturing, fabrication, rental, sales, and maintenance of natural gas compressors and flare systems for oil and natural gas production and plant facilities. The company primarily serves unconventional oil and gas regions within the United States.

The addressable market sizes for their main products and services, focused on the North American region, are as follows:

Natural Gas Compressor Market (North America): The global Natural Gas Compressor Market size was valued at USD 7.8 billion in 2025 and is projected to reach USD 11.2 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.1%. North America is a leading region in this market, holding approximately a 35% market share. Based on these figures, the estimated addressable market for natural gas compressors in North America is approximately USD 2.73 billion in 2025 (35% of USD 7.8 billion). Another source indicates the global natural gas compressor market was approximately USD 5.2 billion in 2024, with North America accounting for about 40%, suggesting a North American market of approximately USD 2.08 billion in 2024.
Industrial Machine Gas Processing Equipment Market (North America): The North American market for Industrial Machine Gas Processing Equipment was valued at approximately USD 2.1 billion in 2024. The global market for this equipment reached USD 8.3 billion in 2024 and is expected to grow to approximately USD 14.1 billion by 2033.

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Natural Gas Services Group (NGS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Expansion of Rental Fleet, Particularly Larger Horsepower Units: NGS is strategically expanding its rental fleet, with a deliberate shift towards larger, higher-horsepower compression packages. The company plans to deploy new units, predominantly large horsepower, which are expected to increase its rented horsepower fleet by approximately 90,000 horsepower, representing an 18% increase compared to year-end 2024, with deployments anticipated by early 2026. This focus on large horsepower units, which constituted over 70% of their rented horsepower at the end of 2024, is contributing to higher revenue and adjusted gross margin.
Increased Utilization Rates of the Compression Fleet: NGS has demonstrated improved utilization rates for its compression fleet, reaching 82.1% in 2024 and further improving to 83.6% in Q2 2025. This enhanced utilization, particularly with nearly all large horsepower equipment being 100% utilized, directly contributes to increased rental revenue.
Pricing Improvements and Favorable Mix Shift: The company has successfully implemented pricing improvements, leading to an increase in rental revenue per average horsepower per month. Coupled with a continued strategic shift towards larger, higher-margin horsepower units, these pricing adjustments are boosting rental revenue and expanding gross margins.
Robust Demand for Natural Gas Compression Services: Strong demand for natural gas services in NGS's core markets is a significant driver of revenue growth. This sustained demand is reflected in the company's strong financial performance and its upward revision of Adjusted EBITDA guidance for 2025. The increasing global electricity consumption is also expected to further support natural gas demand in the coming years.
Technological Innovation and Operational Efficiencies: Natural Gas Services Group is committed to technological innovation, including the deployment of "smart-enabled" large horsepower fleets and electric motor units. These advancements, alongside continuous operational efficiencies, contribute to market leadership and enhance the performance of their rental equipment, thereby supporting revenue growth.

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Share Repurchases

Natural Gas Services Group authorized a stock repurchase program of up to $6.00 million on August 11, 2025, allowing the company to buy back up to 1.9% of its stock.
Under a previous authorization from October 23, 2020, which expired on September 30, 2021, the company repurchased 478,769 shares for a total of $5.0 million.
In the first nine months of 2022, the company repurchased shares for $6.7 million, and its board authorized another $10 million repurchase program on October 1, 2022.

Share Issuance

The number of shares outstanding for Natural Gas Services Group has shown a net decrease over much of the last few years, with approximately 13.6 million shares outstanding in March 2021 and around 12.5 million shares outstanding in March 2025.
More recently, the number of shares outstanding increased by 1.52% over the last year, reaching 12.54 million as of late 2025.

Capital Expenditures

The company's capital expenditures for the last twelve months (as of November 2025) were approximately $88.70 million. For the last twelve months (as of September 2025), the capital expenditure was $47.8 million.
Natural Gas Services Group saw a significant increase in capital expenditures in 2022, marking the highest annual jump of 153%.
Management plans to spend approximately $150 million in growth capital expenditures through 2025, primarily focused on expanding its large horsepower rental fleet, with a goal to add 100,000 horsepower over five quarters from Q3 2024.

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Baker Hughes

Higher Total Yield (Value for NGS: 4.4%)

NOV (10.0%)

NOV

WFRD (8.5%)

Weatherford International

BKR (8.5%)

Baker Hughes

HAL (8.0%)

Halliburton

FTI (5.6%)

TechnipFMC

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for NGS: 28.3% | 2.6x)

PR (48.7% | 1.9x)

Permian Resources

NE (59.6% | 1.3x)

Noble

TDW (36.0% | 1.8x)

Tidewater

PTEN (33.5% | 0.5x)

Patterson-UTI Energy

EFXT (39.9% | 0.7x)

Enerflex

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NGS: 28.3% | 11.4x)

PR (48.7% | 4.9x)

Permian Resources

NE (59.6% | 7.0x)

Noble

TDW (36.0% | 8.7x)

Tidewater

EFXT (39.9% | 6.2x)

Enerflex

BORR (45.4% | 3.1x)

Borr Drilling

Higher Rev Chg LTM (Value for NGS: 9.5%)

FANG (60.1%)

Diamondback Energy

OKE (58.4%)

ONEOK

ENB (32.3%)

Enbridge

TRP (24.5%)

TC Energy

LNG (17.8%)

Cheniere Energy

Higher Rev Chg 3Y Avg (Value for NGS: 28.3%)

UUUU (91.8%)

Energy Fuels

NE (59.6%)

Noble

PR (48.7%)

Permian Resources

UEC (46.2%)

Uranium Energy

TDW (36.0%)

Tidewater

Higher Op Mgn LTM (Value for NGS: 22.5%)

TRP (43.1%)

TC Energy

FANG (36.5%)

Diamondback Energy

WMB (34.3%)

Williams Companies

EOG (33.4%)

EOG Resources

KMI (27.2%)

Kinder Morgan

Higher CFO/Rev LTM (Value for NGS: 35.1%)

FANG (57.3%)

Diamondback Energy

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

EOG (45.2%)

EOG Resources

CCJ (36.4%)

Cameco

Higher FCF/Rev LTM (Value for NGS: -25.8%)

WMB (15.0%)

Williams Companies

COP (11.9%)

ConocoPhillips

CVX (8.2%)

Chevron

XOM (7.3%)

Exxon Mobil

ENB (6.3%)

Enbridge

Higher Total Yield (Value for NGS: 4.4%)

ENB (13.7%)

Enbridge

COP (11.1%)

ConocoPhillips

XOM (9.2%)

Exxon Mobil

CVX (8.6%)

Chevron

WMB (6.6%)

Williams Companies

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NGS: 28.3% | 2.6x)

CCL (45.9% | 1.6x)

Carnival

ACGL (28.9% | 1.9x)

Arch Capital

SLF (88.9% | 1.0x)

Sun Life Financial

SW (55.9% | 0.6x)

Smurfit WestRock

SMCI (63.1% | 0.9x)

Super Micro Computer

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NGS: 28.3% | 11.4x)

APO (89.3% | 10.9x)

Apollo Asset Management

CCL (45.9% | 9.5x)

Carnival

IBKR (48.1% | 3.5x)

Interactive Brokers

SW (55.9% | 9.2x)

Smurfit WestRock

NCLH (43.8% | 6.6x)

Norwegian Cruise Line

Higher Rev Chg LTM (Value for NGS: 9.5%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for NGS: 28.3%)

NVDA (91.6%)

NVIDIA

APP (36.0%)

AppLovin

CRWD (31.1%)

CrowdStrike

ANET (29.4%)

Arista Networks

PLTR (29.3%)

Palantir Technologies

Higher Op Mgn LTM (Value for NGS: 22.5%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for NGS: 35.1%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for NGS: -25.8%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for NGS: 4.4%)

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

V (5.1%)

Visa

		Best Bets In Energy Sector
	NGS	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	22.8	42.8	18.1	11.8	10.9	30.4	11.9	18.3	18.9	30.7	10.2
P/EBIT	11.6	34.9	10.2	8.7	9.3	17.0	8.7	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	6.7%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	9.5%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	28.3%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	-54.7%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Natural Gas Services Earnings Notes
2	How Low Can Natural Gas Services Stock Really Go?	Return
3	Natural Gas Services vs. S&P500 Correlation	Correlation
4	Natural Gas Services Price Volatility	Volatility
5	Day 5 of Gains Streak for Natural Gas Services Stock with 20% Return (vs. 41% YTD) [8/20/2024]	Notification
6	Better Bet Than NGS Stock: Pay Less Than Natural Gas Services Group To Get More From Industry Peer BW	Better Bets
7	Better Bet Than NGS Stock: Pay Less Than Natural Gas Services Group To Get More From Sector Peers WMB, OKE, EPD, PXD, COP	Better Bets
8	Better Bet Than NGS Stock: Pay Less Than Natural Gas Services Group To Get More From S&P 500 Stocks NVDA, AMZN, MSFT, AAPL, GOOG	Better Bets
9	Better Bet Than NGS Stock: Pay Less Than Natural Gas Services Group To Get More From Stocks LLY, TSLA, META, V, UNH	Better Bets
10	Better Bet Than NGS Stock: Pay Less Than Natural Gas Services Group To Get More From Stocks LLY, TSLA, META, V, UNH	Better Bets

	Title
0	ARTICLES

Trade Ideas

Select ideas related to NGS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.0%	12.0%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.6%	6.6%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.7%	5.7%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.4%	28.4%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.5%	-4.5%	-7.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Natural Gas Services

Peers to compare with:

Financials

	NGS	AROC	KGS	RES	TTI	HLX	Median
Name	Natural .	Archrock	Kodiak G.	RPC	Tetra Te.	Helix En.
Mkt Price	34.01	25.80	36.72	5.46	9.37	6.32	17.59
Mkt Cap	0.4	4.5	3.2	1.2	1.3	0.9	1.2
Rev LTM	167	1,439	1,285	1,536	619	1,312	1,299
Op Inc LTM	38	522	397	63	61	84	74
FCF LTM	-43	19	187	75	6	78	47
FCF 3Y Avg	-67	14	51	159	3	110	33
CFO LTM	58	532	523	234	74	102	168
CFO 3Y Avg	47	395	344	348	56	137	241

Growth & Margins

	NGS	AROC	KGS	RES	TTI	HLX	Median
Name	Natural .	Archrock	Kodiak G.	RPC	Tetra Te.	Helix En.
Rev Chg LTM	9.5%	31.9%	19.4%	4.2%	0.2%	-2.0%	6.9%
Rev Chg 3Y Avg	28.3%	20.8%	-	4.5%	6.4%	23.5%	20.8%
Rev Chg Q	6.7%	30.9%	-0.6%	32.4%	8.1%	10.1%	9.1%
QoQ Delta Rev Chg LTM	1.7%	6.7%	-0.1%	7.7%	1.9%	2.7%	2.3%
Op Mgn LTM	22.5%	36.3%	30.9%	4.1%	9.8%	6.4%	16.2%
Op Mgn 3Y Avg	16.4%	30.1%	28.3%	10.5%	8.2%	7.6%	13.4%
QoQ Delta Op Mgn LTM	0.5%	1.4%	1.3%	0.1%	-0.3%	0.1%	0.3%
CFO/Rev LTM	35.1%	37.0%	40.7%	15.2%	12.0%	7.7%	25.1%
CFO/Rev 3Y Avg	32.8%	33.5%	31.8%	22.0%	9.1%	10.5%	26.9%
FCF/Rev LTM	-25.8%	1.3%	14.6%	4.9%	1.0%	6.0%	3.1%
FCF/Rev 3Y Avg	-54.7%	0.9%	4.1%	9.9%	0.5%	8.4%	2.5%

Valuation

	NGS	AROC	KGS	RES	TTI	HLX	Median
Name	Natural .	Archrock	Kodiak G.	RPC	Tetra Te.	Helix En.
Mkt Cap	0.4	4.5	3.2	1.2	1.3	0.9	1.2
P/S	2.6	3.1	2.5	0.8	2.0	0.7	2.3
P/EBIT	11.6	8.8	10.3	15.9	21.3	10.0	10.9
P/E	22.8	17.0	42.6	24.2	10.2	21.8	22.3
P/CFO	7.3	8.5	6.1	5.0	16.8	9.1	7.9
Total Yield	4.4%	8.9%	3.5%	5.6%	9.8%	4.6%	5.1%
Dividend Yield	0.0%	3.0%	1.1%	1.5%	0.0%	0.0%	0.6%
FCF Yield 3Y Avg	-31.9%	-0.0%	1.7%	10.5%	0.2%	7.7%	1.0%
D/E	0.5	0.6	0.8	0.1	0.2	0.7	0.5
Net D/E	0.5	0.6	0.8	-0.1	0.1	0.3	0.4

Returns

	NGS	AROC	KGS	RES	TTI	HLX	Median
Name	Natural .	Archrock	Kodiak G.	RPC	Tetra Te.	Helix En.
1M Rtn	9.0%	7.5%	4.9%	3.8%	24.9%	-5.4%	6.2%
3M Rtn	20.1%	-1.9%	0.2%	14.8%	66.1%	-6.1%	7.5%
6M Rtn	29.5%	4.1%	10.0%	17.6%	170.8%	-0.2%	13.8%
12M Rtn	34.0%	7.4%	-5.4%	-1.7%	169.3%	-31.7%	2.9%
3Y Rtn	209.0%	237.4%	-	-33.0%	170.8%	-10.7%	170.8%
1M Excs Rtn	6.8%	7.0%	5.4%	1.2%	18.8%	-5.9%	6.1%
3M Excs Rtn	15.1%	-6.8%	-4.7%	9.9%	61.2%	-11.0%	2.6%
6M Excs Rtn	16.6%	-8.8%	-2.9%	4.7%	157.9%	-13.0%	0.9%
12M Excs Rtn	21.7%	-8.3%	-19.9%	-16.8%	157.1%	-46.9%	-12.6%
3Y Excs Rtn	115.7%	179.2%	-	-112.2%	102.4%	-79.1%	102.4%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/10/2025	3/17/2025	4/1/2024	3/31/2023	3/18/2022	3/31/2021	3/31/2020
Key Financials
Total Revenue	167	157	121	85	72	68	78
EBITDA	72	65	37	24	14	22	9
Operating Income	38	34	11	0	-9	-3	-4
Net Income	19	17	5	-1	-9	2	-14
EPS	1.50	1.39	0.39	-0.05	-0.70	0.14	-1.06
Growth Rates
Total Revenue Growth	9.5%	29.4%	42.8%	17.1%	6.4%	-13.2%	19.8%
EBITDA Growth	17.0%	74.3%	52.4%	78.7%	-38.5%	154.7%	-59.9%
Operating Income Growth	19.4%	199.9%	2886.7%	104.0%	-181.5%	8.2%	-610.5%
Net Income Growth	16.4%	262.9%	934.3%	93.8%	-607.9%	113.0%	-2875.1%
Margins
EBITDA Margin	43.3%	41.4%	30.7%	28.8%	18.9%	32.7%	11.1%
Operating Income Margin	22.5%	21.5%	9.3%	0.4%	-12.9%	-4.9%	-4.6%
Net Income Margin	11.2%	11.0%	3.9%	-0.7%	-12.7%	2.7%	-17.7%
Cash & Debt
Total Cash	0	2	3	3	23	29	12
Total Debt	208	170	164	25	0	1	1
Net Debt / (Cash)	208	168	162	22	-23	-28	-11
Cash Flows
Net Cash from Operations	58	66	18	28	29	33	29
Free Cash from Operations	-43	-5	-136	-37	3	17	-41
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	7	8	-0	0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/10/2025	8/11/2025	5/12/2025	3/17/2025	11/14/2024	8/14/2024	5/15/2024	4/1/2024	11/14/2023	8/14/2023	5/15/2023	3/31/2023
Key Financials Quarterly
Total Revenue	43	41	41	41	41	38	37	36	31	27	27	23
Ebitda	20	19	18	15	17	16	17	12	12	7	7	6
Operating Income	11	10	10	7	9	8	9	4	5	1	0	-0
Net Income	6	5	5	3	5	4	5	2	2	1	0	-1
EPS	0.46	0.42	0.39	0.23	0.40	0.34	0.41	0.14	0.18	0.04	0.03	-0.07
Key Financials TTM
Total Revenue TTM	167	164	161	157	152	143	131	121	107	98	91	85
Ebitda TTM	72	70	67	65	62	56	47	37	31	26	25	24
Operating Income TTM	38	36	35	34	31	27	20	11	6	1	0	0
Net Income TTM	19	18	17	17	16	13	9	5	2	0	-1	-1
Growth Rates Quarterly
Total Revenue Growth	6.7%	7.5%	12.1%	12.2%	29.7%	42.8%	38.6%	60.8%	42.3%	35.3%	30.9%	24.9%
EBITDA Growth	14.9%	17.4%	9.3%	30.8%	48.9%	120.0%	148.3%	100.8%	97.5%	15.5%	4.3%	518.3%
Operating Income Growth	14.6%	18.4%	9.2%	52.7%	90.6%	455.1%	2219.4%	1309.5%	1768.0%	126.6%	5.2%	92.7%
Net Income Growth	15.4%	22.1%	-4.8%	68.3%	131.0%	743.3%	1277.8%	325.1%	2813.8%	820.0%	9.8%	86.5%
Margins Quarterly
EBITDA Margin	45.8%	45.9%	43.8%	37.3%	42.6%	42.0%	45.0%	32.0%	37.1%	27.3%	25.1%	25.6%
Operating Income Margin	24.7%	23.7%	24.6%	16.8%	23.0%	21.5%	25.3%	12.3%	15.6%	5.5%	1.5%	-1.6%
Net Income Margin	13.3%	12.5%	11.7%	7.0%	12.3%	11.0%	13.8%	4.7%	6.9%	1.9%	1.4%	-3.4%
Cash & Debt
Total Cash	0	0	2	2	0	4	5	3	0	4	7	3
Total Debt	208	182	168	170	163	163	172	164	128	100	61	25
Net Debt / (Cash)	208	182	166	168	163	159	167	162	128	96	54	22
Cash Flows Quarterly
FCF from Operations	17	11	21	9	26	26	6	-8	3	4	18	8
Cash Flows TTM
FCF from Operations TTM	58	68	82	66	49	27	5	18	33	37	41	28
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	11.0%	11.0%	12.2%	9.7%	11.7%	10.3%	11.4%	5.7%	6.2%	2.2%	0.8%	-1.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	9.8%	10.5%	10.8%	10.5%	9.8%	8.3%	5.9%	3.3%	1.7%	0.0%	0.3%	0.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Rental	106
Other (Parts/Rebuilds)	7	5	5	3	4
Aftermarket services	6	2	2	2	2
Compressors	2	4	2	2	15
Flares	0	0	0	0	1
Accounting Standards Codification (ASC) 842 rental revenue		74	64	61	57
Total	121	85	72	68	78

Price Behavior

Price Behavior

Market Price	$34.01
Market Cap ($ Bil)	0.4
First Trading Date	10/22/2002
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$30.08	$25.47
DMA Trend	up	up
Distance from DMA	13.1%	33.5%
	3M	1YR
Volatility	35.1%	46.7%
Downside Capture	13.69	114.90
Upside Capture	96.28	127.32
Correlation (SPY)	30.3%	54.9%

NGS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.49	0.90	0.83	1.02	1.33	0.99
Up Beta	1.32	1.88	2.03	2.11	1.12	1.02
Down Beta	0.45	1.27	1.02	1.14	1.81	1.55
Up Capture	117%	84%	81%	82%	129%	60%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	25	38	76	142	387
Down Capture	-26%	23%	4%	36%	112%	81%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	17	25	50	107	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of NGS With Other Asset Classes (Last 1Y)
	NGS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	38.5%	10.0%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	46.5%	24.4%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.84	0.34	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		57.3%	54.7%	8.2%	45.7%	31.7%	26.3%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of NGS With Other Asset Classes (Last 5Y)
	NGS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	27.0%	21.8%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	45.0%	26.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.68	0.75	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		43.5%	24.8%	12.9%	33.7%	13.3%	14.9%

Based On 10-Year Data

		Comparison of NGS With Other Asset Classes (Last 10Y)
	NGS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.6%	8.0%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	46.5%	29.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.29	0.32	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		49.2%	33.8%	4.3%	34.0%	25.4%	10.8%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	297,065
Short Interest: % Change Since 11302025	15.1%
Average Daily Volume	96,395
Days-to-Cover Short Interest	3.08
Basic Shares Quantity	12,544,000
Short % of Basic Shares	2.4%

Returns Analyses

	Title
0	How Low Can Natural Gas Services Stock Really Go?
1	Natural Gas Services Stock Return Comparison
2	[10/14/2021] Natural Gas Services Group (NGS) Stock Price Forecast: AI Forecasts NGS Stock Price To Be Around $12.39 In A Month (Down 0.1%)
3	Natural Gas Services Total Shareholder Return (TSR): ...% in 2022 and -5.1% 3-yr returns (above peer average)
4	Natural Gas Services Group (NGS) Stock Return: AI Predicts NGS Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/10/2025	-7.2%	-0.2%	10.7%
8/11/2025	-1.3%	-0.4%	4.8%
5/12/2025	18.4%	15.6%	16.7%
11/14/2024	2.3%	11.6%	5.1%
8/14/2024	11.0%	10.9%	3.5%
4/1/2024	12.4%	15.9%	9.0%
11/14/2023	12.7%	7.8%	-6.7%
8/14/2023	4.0%	3.9%	7.8%
...
SUMMARY STATS
# Positive	9	10	11
# Negative	9	8	7
Median Positive	11.0%	11.2%	9.9%
Median Negative	-4.1%	-1.1%	-5.6%
Max Positive	21.5%	25.1%	39.8%
Max Negative	-10.0%	-16.1%	-15.6%

	Forward Returns
11/10/2025	-7.2%	-0.2%	10.7%
8/11/2025	-1.3%	-0.4%	4.8%
5/12/2025	18.4%	15.6%	16.7%
11/14/2024	2.3%	11.6%	5.1%
8/14/2024	11.0%	10.9%	3.5%
4/1/2024	12.4%	15.9%	9.0%
11/14/2023	12.7%	7.8%	-6.7%
8/14/2023	4.0%	3.9%	7.8%
3/31/2023	2.3%	4.4%	-1.3%
11/14/2022	-10.0%	-16.1%	-6.1%
3/17/2022	-7.5%	-0.5%	15.4%
11/12/2021	-0.3%	-8.0%	-15.6%
8/11/2021	-4.1%	-7.2%	-5.6%
3/30/2021	-3.9%	-1.0%	-0.8%
11/17/2020	-1.8%	14.9%	-4.3%
8/18/2020	21.5%	25.1%	34.8%
4/1/2020	2.0%	4.4%	39.8%
11/19/2019	-4.4%	-1.2%	9.9%
SUMMARY STATS
# Positive	9	10	11
# Negative	9	8	7
Median Positive	11.0%	11.2%	9.9%
Median Negative	-4.1%	-1.1%	-5.6%
Max Positive	21.5%	25.1%	39.8%
Max Negative	-10.0%	-16.1%	-15.6%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11102025	10-Q 9/30/2025
6302025	8112025	10-Q 6/30/2025
3312025	5122025	10-Q 3/31/2025
12312024	3172025	10-K 12/31/2024
9302024	11142024	10-Q 9/30/2024
6302024	8142024	10-Q 6/30/2024
3312024	5152024	10-Q 3/31/2024
12312023	4012024	10-K 12/31/2023
9302023	11142023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3312023	10-K 12/31/2022
9302022	11142022	10-Q 9/30/2022
6302022	8152022	10-Q 6/30/2022
3312022	5162022	10-Q 3/31/2022
12312021	3182022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Natural Gas Services (NGS)

Market Price (12/26/2025): $34.11 | Market Cap: $427.9 MilSector: Energy | Industry: Oil & Gas Equipment & Services

Natural Gas Services (NGS)

Market Price (12/26/2025): $34.11Market Cap: $427.9 MilSector: EnergyIndustry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

NGS Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

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Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

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About Natural Gas Services (NGS)

Interactive Breakdown

Better Bets than Natural Gas Services (NGS)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for NGS: 28.3% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NGS: 28.3% | 11.4x)

Higher Rev Chg LTM (Value for NGS: 9.5%)

Higher Rev Chg 3Y Avg (Value for NGS: 28.3%)

Higher Op Mgn LTM (Value for NGS: 22.5%)

Higher CFO/Rev LTM (Value for NGS: 35.1%)

Higher FCF/Rev LTM (Value for NGS: -25.8%)

Higher Total Yield (Value for NGS: 4.4%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for NGS: 28.3% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NGS: 28.3% | 11.4x)

Higher Rev Chg LTM (Value for NGS: 9.5%)

Higher Rev Chg 3Y Avg (Value for NGS: 28.3%)

Higher Op Mgn LTM (Value for NGS: 22.5%)

Higher CFO/Rev LTM (Value for NGS: 35.1%)

Higher FCF/Rev LTM (Value for NGS: -25.8%)

Higher Total Yield (Value for NGS: 4.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NGS: 28.3% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NGS: 28.3% | 11.4x)

Higher Rev Chg LTM (Value for NGS: 9.5%)

Higher Rev Chg 3Y Avg (Value for NGS: 28.3%)

Higher Op Mgn LTM (Value for NGS: 22.5%)

Higher CFO/Rev LTM (Value for NGS: 35.1%)

Higher FCF/Rev LTM (Value for NGS: -25.8%)

Higher Total Yield (Value for NGS: 4.4%)

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Financials

Market Price (12/26/2025): $34.11 | Market Cap: $427.9 Mil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Market Price (12/26/2025): $34.11
Market Cap: $427.9 Mil
Sector: Energy
Industry: Oil & Gas Equipment & Services