Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Natural Gas Services reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Paying shareholders without free cash flow. Paid out $3M over the 3 fiscal years to 2025 with -$200M of free cash flow.
Natural Gas Services returned $3M in buybacks and dividends over three fiscal years while its free cash flow totalled -$200M. The money came from its cash pile or from borrowing.
Valuation signals disagree. Cheaper than 48% of peers on earnings, but only 0% on free cash flow.
Relative to its earnings, Natural Gas Services looks cheaper than 48% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Profits growing faster than sales.Since 2022 (an unusually strong year for operating profit): revenue +103%, operating profit +8554%.Since 2022: revenue +103%, operating profit +8554%.
Since 2022, Natural Gas Services's revenue grew 103% while operating profit grew 8554%: each extra dollar of sales is adding more profit.
Valuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 36 → 34
Peer companies moved-2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield5.0%
SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.06Sector median: 0.0522 · MAD: 0.0351
EBITDA yield11.4%
Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.13Sector median: 0.1209 · MAD: 0.0518
Free cash flow yield-7.7%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491
Why it changed since the Oct 27, 2026 close: Score 51 → 52
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Why it changed since the Oct 27, 2026 close: Safety percentile 51 → 52
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -2.05Sector median: 0.4659 · MAD: 0.3175
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Natural Gas Services
Is Natural Gas Services getting weaker?
Its latest SEC filing (Aug 10, 2026) got weaker in some ways: share count up 2.4%. Its overall score is unchanged at 55/100 since Oct 28, 2026.
How is Natural Gas Services valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 404 energy peers.Free cash flow yield -7.7% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -7.7% vs peers 6.2% (weaker than 100% of peers).
Is Natural Gas Services growing?
Yes, faster than most of its peers. Growth scores 83/100 against 404 energy peers.3-year revenue growth 24.5% vs a peer median of -1.3% (stronger than 94% of peers).3-year revenue growth 24.5% vs peers -1.3% (stronger than 94% of peers).
How profitable is Natural Gas Services?
About as profitable as its peers. Profitability scores 52/100 against 404 energy peers.Operating margin 21.6% vs a peer median of 11.7% (stronger than 68% of peers).Operating margin 21.6% vs peers 11.7% (stronger than 68% of peers).Return on assets 2.9% vs a peer median of 4.4% (weaker than 63% of peers).Return on assets 2.9% vs peers 4.4% (weaker than 63% of peers).
How risky is Natural Gas Services?
Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 2.01× vs a peer median of 1.37× (stronger than 74% of peers).Current ratio 2.01× vs peers 1.37× (stronger than 74% of peers).Debt / equity 1.12× vs a peer median of 0.47× (weaker than 77% of peers).Debt / equity 1.12× vs peers 0.47× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Share count up 2.4% (existing holders diluted)
Previous quarter
Latest quarter
Change
Revenue (12 months)
179.4M USD
189.4M USD
+5.6%
Net income (12 months)
21.8M USD
20.5M USD
−6.2%
Operating margin
22.8%
21.6%
−1.2 pts
Free cash flow (12 months)
−52.8M USD
−31.3M USD
−40.7%
Cash
2.3M USD
84,000 USD
−96.4%
Shares outstanding
12.6M
12.9M
+2.4%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Equipment & Services companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
-17.1%
0.5%
8.6%
21.3%
21.6%
▲ 0.4 pts
Net margin
-12.7%
-0.7%
3.9%
11.0%
11.6%
▲ 0.6 pts
Return on assets (ROA)
-3.1%
-0.2%
1.0%
3.5%
3.4%
▼ 0.1 pts
Return on equity (ROE)
-3.9%
-0.2%
2.0%
6.8%
7.3%
▲ 0.5 pts
Free cash flow margin
3.9%
-44.0%
-112.2%
-3.5%
-34.0%
▼ 31 pts
Current ratio
3.21×
1.78×
2.33×
2.78×
2.33×
▼ 16%
Quick ratio
2.26×
1.01×
1.67×
1.74×
1.49×
▼ 14%
Interest coverage
-190.89×
1.18×
2.56×
2.79×
2.75×
▼ 1.6%
NGS price history
Price history is added with the daily price update and will appear after the next one.