Natural Gas Services Group Inc (NGS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Energy / Oil & Gas · as of Sep 24, 2026
Natural Gas Services Group Inc (NGS)
A forensic read on Natural Gas Services Group Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.2
Distress distance
Clean
Earnings quality
3
Forensic signals
22.3
P / E (ttm)
7.3%
ROE
$428M
Market cap
1.30%
Dividend yield
9.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Natural Gas Services Group Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5.0%
FY2025
Return on invested capital.Return on invested capital is 5.0% in the latest fiscal year and rising across FY2023–FY2025 from 2%. The capital base behind it cannot be compared across FY2023–FY2025: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+1.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2025 (+1.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~2%.
FCF ($59M)
FY2025
Shareholder returns.Returned $3M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($59M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $63M — 4% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$172.3M
Revenue Growth YoY+9.9%
Revenue CAGR (2yr)+19.2%
Net Margin11.6%
Free Cash Flow-$58.6M
Return on Equity7.3%
Debt / Equity0.59x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Natural Gas Services Group Inc's actual 10-K/10-Q/8-K filings?