Natural Gas Services Group Inc. (NGS) intrinsic value & 10-year financials
Natural Gas Services Group Inc. (NGS) has a Graham intrinsic value of $48.25 per share. At $31.10 on Oct 17, 2026, the stock trades 36% below that value. Over the last 10 fiscal years revenue grew 18.4% a year to $172.3M, with an average return on invested capital of 1.7%.
- Graham intrinsic value
- $48.25
- Share price (Oct 17, 2026)
- $31.10
- Price vs Graham value
- 36% below
- Market cap
- $394.8M
- Revenue (FY2025)
- $172.3M
- Revenue growth (10-yr CAGR)
- 18.4%
- ROIC (10-yr avg)
- 1.7%
- Free cash flow (FY2025)
- -$58.6M
NGS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $172.3M | $19.9M | $1.57 | -$58.6M | 21.6% | 10.6% |
| FY2024 | $156.7M | $17.2M | $1.37 | -$5.4M | 21.3% | 10.9% |
| FY2023 | $15.0M | $4.7M | $0.38 | -$135.9M | 69.7% | 3.3% |
| FY2022 | $10.4M | -$569.0K | -$0.05 | -$37.4M | 4.2% | 0.2% |
| FY2021 | $8.8M | -$9.2M | -$0.70 | $2.8M | -141.1% | -4.4% |
| FY2020 | $7.2M | $1.8M | $0.14 | $17.4M | -49.8% | -0.8% |
| FY2019 | $21.7M | -$13.9M | -$1.06 | -$40.5M | -69.7% | -6.5% |
| FY2018 | $36.8M | $426.0K | $0.03 | -$16.4M | 1.7% | 0.2% |
| FY2017 | $40.1M | $19.9M | $1.51 | $4.0M | 3.9% | 0.6% |
| FY2016 | $37.6M | $6.5M | $0.50 | $28.5M | 22.4% | 2.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NATURAL GAS SERVICES GROUP INC is a consistent compounder, expanding top-line revenue at 18.4% annually over the past decade.
NATURAL GAS SERVICES GROUP INC has historically struggled to out-earn its cost of capital, averaging just 1.7% ROIC.
NATURAL GAS SERVICES GROUP INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NATURAL GAS SERVICES GROUP INC is modeled at 13.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $48.25 per share.