NGS

MKT CAP:$498M

Natural Gas Services Group, Inc.

Market Cap

$498M

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$36.56+$2.17 (+6.31%)

Apr 20, 2026

Company Details

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 p...

CEO

Justin C. Jacobs

IPO Date

Oct 22, 2002

Website

www.ngsgi.com

Key Metrics TTM

Revenue

$172M

+9.9% YoY

Net Income

$20M

EPS (Diluted)

$1.57

Free Cash Flow

-$63M

Revenue / Share

$13.57

Gross Margin

47.5%

Operating Margin

23.1%

Net Margin

11.6%

FCF Margin

-36.4%

P/S

2.9x

P/E

25.0x

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 16, 2026

$172M+9.9%EPS $1.57

Q4 2025

Mar 16, 2026

$46M+13.5%EPS $0.32

Q3 2025

Nov 10, 2025

$43M+6.7%EPS $0.46

Q2 2025

Aug 11, 2025

$41M+7.5%EPS $0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$20M	$3M	$382.0K
Q2 22	$20M	$3M	$658.0K
Q3 22	$22M	$4M	-$294.0K
Q4 22	$23M	$11M	-$315.0K
Q1 23	$27M	$5M	$402.0K
Q2 23	$27M	$6M	$712.0K
Q3 23	$31M	$8M	$5M
Q4 23	$36M	$20M	$4M
Q1 24	$37M	$14M	$9M
Q2 24	$38M	$13M	$9M
Q3 24	$41M	$24M	$9M
Q4 24	$41M	$15M	$6M
Q1 25	$41M	$24M	$10M
Q2 25	$41M	$15M	$10M
Q3 25	$43M	$26M	$11M
Q4 25	$46M	$16M	$10M

Valuation

Quarter	P/S	P/E
Q1 22	2.0x	—
Q2 22	1.9x	—
Q3 22	1.6x	—
Q4 22	1.8x	—
Q1 23	1.4x	—
Q2 23	1.2x	3172.7x
Q3 23	1.6x	74.0x
Q4 23	1.6x	40.4x
Q1 24	1.9x	26.5x
Q2 24	1.7x	18.3x
Q3 24	1.6x	14.7x
Q4 24	2.2x	19.7x
Q1 25	1.7x	16.1x
Q2 25	2.0x	17.9x
Q3 25	2.1x	19.0x
Q4 25	2.5x	21.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$5M	-$3M
Q2 22	$8M	-$3M
Q3 22	$7M	-$9M
Q4 22	$9M	-$21M
Q1 23	$18M	-$30M
Q2 23	$4M	-$41M
Q3 23	$3M	-$32M
Q4 23	-$8M	-$33M
Q1 24	$6M	-$5M
Q2 24	$26M	$8M
Q3 24	$26M	-$3M
Q4 24	$9M	-$5M
Q1 25	$21M	$2M
Q2 25	$10M	-$16M
Q3 25	$17M	-$25M
Q4 25	$14M	-$24M

Capital Expenditures

Quarter	CapEx
Q1 22	$8M
Q2 22	$11M
Q3 22	$16M
Q4 22	$30M
Q1 23	$48M
Q2 23	$46M
Q3 23	$35M
Q4 23	$25M
Q1 24	$11M
Q2 24	$17M
Q3 24	$29M
Q4 24	$15M
Q1 25	$19M
Q2 25	$26M
Q3 25	$42M
Q4 25	$38M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.5%	+6.3%
Q2 22	+12.3%	-3.9%
Q3 22	+20.8%	+12.8%
Q4 22	+24.9%	-12.9%
Q1 23	+30.9%	+31.4%
Q2 23	+35.3%	+36.2%
Q3 23	+42.3%	+18.5%
Q4 23	+60.8%	+39.2%
Q1 24	+38.6%	+5.2%
Q2 24	+42.8%	+14.3%
Q3 24	+29.7%	+18.0%
Q4 24	+12.2%	+8.9%
Q1 25	+12.1%	+15.5%
Q2 25	+7.5%	+4.9%
Q3 25	+6.7%	+4.5%
Q4 25	+13.5%	+5.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$423.0K	2.1%
Q2 22	$331.0K	1.7%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$487.0K	1.8%
Q2 23	$1M	4.2%
Q3 23	$209.0K	0.7%
Q4 23	$228.0K	0.6%
Q1 24	$274.0K	0.7%
Q2 24	$242.0K	0.6%
Q3 24	$522.0K	1.3%
Q4 24	$783.0K	1.9%
Q1 25	$359.0K	0.9%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$576.0K	1.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	—	$3M
Q2 22	—	$2M
Q3 22	—	$4M
Q4 22	$100.0K	$6M
Q1 23	—	$5M
Q2 23	—	$5M
Q3 23	—	$3M
Q4 23	$100.0K	$3M
Q1 24	—	$5M
Q2 24	—	$5M
Q3 24	—	$5M
Q4 24	—	$6M
Q1 25	—	$5M
Q2 25	—	$5M
Q3 25	—	$6M
Q4 25	—	$6M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$16M	$0	$16M
Q2 22	$10M	$0	$10M
Q3 22	$3M	$0	$3M
Q4 22	$3M	$0	$3M
Q1 23	$7M	$0	$7M
Q2 23	$4M	$0	$4M
Q3 23	$197.0K	$0	$197.0K
Q4 23	$3M	$0	$3M
Q1 24	$5M	$0	$5M
Q2 24	$4M	$0	$4M
Q3 24	$410.0K	$0	$410.0K
Q4 24	$2M	$0	$2M
Q1 25	$2M	$0	$2M
Q2 25	$325.0K	$0	$325.0K
Q3 25	$0	$0	$0
Q4 25	$0	$0	$0

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	13M	-3.2%	-4.3%
Q2 22	12M	-3.1%	-7.5%
Q3 22	12M	-0.9%	-7.1%
Q4 22	12M	+0.1%	-7.0%
Q1 23	12M	+1.2%	-2.7%
Q2 23	12M	+0.3%	+0.7%
Q3 23	12M	+0.1%	+1.7%
Q4 23	12M	-0.2%	+1.4%
Q1 24	12M	+0.7%	+0.9%
Q2 24	12M	+0.1%	+0.7%
Q3 24	13M	+0.3%	+1.0%
Q4 24	13M	+0.5%	+1.7%
Q1 25	13M	+0.2%	+1.2%
Q2 25	13M	+0.1%	+1.1%
Q3 25	13M	+0.5%	+1.3%
Q4 25	13M	+0.1%	+0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$82.3K	247
Q2 22	$80.7K	247
Q3 22	$89.2K	247
Q4 22	$84.7K	266
Q1 23	$100.1K	266
Q2 23	$101.3K	266
Q3 23	$117.9K	266
Q4 23	$136.2K	266
Q1 24	$138.7K	266
Q2 24	$144.7K	266
Q3 24	$153.0K	266
Q4 24	$166.0K	245
Q1 25	$168.9K	245
Q2 25	$168.9K	245
Q3 25	$177.1K	245
Q4 25	$178.2K	259

Revenue / Employee