NGSNatural Gas Services Group, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (2.6×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
A balanced mix of margins, efficiency, and leverage. ROE 7% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NGS?
Natural Gas Services Group, Inc. keeps 22% of every revenue dollar as operating profit, against 10% for the median Oil & Gas Equipment & Services name.
Operating margin · Oil & Gas Equipment & Services median 10% · 12 months to Q2 2026
- Cash conversion
- 2.64×
Cash conversion · 2.45× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +1.7%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 60%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −5.3% |
| FY2021 | −17% |
| FY2022 | 0.51% |
| FY2023 | 8.6% |
| FY2024 | 21% |
| FY2025 | 22% |
Details›
- Gross margin12 months to Q2 2026
- 60%
- Operating margin12 months to Q2 2026
- 22%
- Net margin12 months to Q2 2026
- 11%
- Free cash flow margin
- −17%
- Revenue, trailing twelve months
- $189M
- Free cash flow, trailing twelve months
- −$31M
- Net income, trailing twelve months
- $20M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from NGS and who it buys from, as the companies report it.
- Occidental and Devon59%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; NGS’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Oil & Gas Equipment & Services
Ranks #17 of 28 by RyuScore