Natural Gas Services Group, Inc. (NGS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1360.0%

-$397.61

vs $31.56 price

Levered DCF

-$311.83

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.45

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.16×	19.28×	41.23×	-248.05×	-14.96×	67.71×	-11.57×	499.7×
P/B	1.54×	1.3×	0.84×	0.61×	0.58×	0.5×	0.65×	0.82×
P/S	2.45×	2.12×	1.63×	1.66×	1.89×	1.84×	2.05×	3.26×
EV / EBITDA	8.5×	7.71×	9.68×	6.67×	8.37×	4.38×	17.21×	7.4×
Gross margin	37.1%	36.1%	26.5%	16.9%	2.3%	10.9%	13.9%	14.9%
Operating margin	23.5%	21.3%	8.6%	0.5%	-17.1%	-5.3%	-5.7%	1.0%
Net margin	11.6%	11.0%	3.9%	-0.7%	-12.7%	2.7%	-17.7%	0.7%
Current ratio	2.33×	2.78×	2.33×	1.78×	3.21×	6.7×	7.7×	8.81×
Debt / equity	0.84×	0.67×	0.7×	0.11×	0×	0×	0×	0×
Interest coverage	2.98×	2.79×	2.56×	1.18×	-190.89×	-257.07×	-300.2×	9.25×
Dividend yield	0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	13.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	6.8%	2.0%	-0.2%	-3.9%	0.7%	-5.6%	0.2%
Return on invested capital	5.4%	5.6%	1.7%	0.1%	-3.4%	0.7%	-1.5%	0.1%
Return on assets	3.4%	3.5%	1.0%	-0.2%	-3.0%	0.6%	-4.8%	0.1%
Free cash flow yield	-13.9%	-1.6%	-68.6%	-26.5%	1.9%	13.9%	-25.2%	-7.7%
Earnings yield	4.7%	5.2%	2.4%	-0.4%	-6.7%	1.4%	-8.6%	0.2%
Enterprise value	$652.4M	$500.7M	$360.6M	$163M	$114.5M	$97.3M	$150.2M	$160.9M
Net debt / EBITDA	3×	2.59×	4.36×	0.9×	-1.66×	-1.26×	-1.21×	-2.4×
Cash conversion cycle (days)	91	93	169	200	185	169	146	229