Natural Gas Services Group, Inc.
NGS Energy Oil & Gas Equipment & Services
Natural Gas Services Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $172.3 million, up 9.94% from fiscal 2024. In the quarter to June 2026, revenue grew 24.2%, EPS fell 28.6%, free cash flow grew 144.9% and total debt rose 80.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Natural Gas Services Group, Inc. (NGS) Beneish M-score
Natural Gas Services Group, Inc.'s Beneish M-score for fiscal 2025 is −2.71; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.71 | 0.53 |
| FY2024 | −3.24 | (0.87) |
| FY2023 | −2.38 | 0.88 |
| FY2022 | −3.26 | (0.01) |
| FY2021 | −3.25 | (1.62) |
| FY2020 | −1.63 | 1.04 |
| FY2019 | −2.67 | 0.38 |
| FY2018 | −3.05 | (0.72) |
| FY2017 | −2.33 | 0.84 |
| FY2016 | −3.17 | (0.23) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.71 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| OIS Oil States International, Inc. compare | −3.7× |
| ACDC ProFrac Holding Corp. compare | −3.4× |
| SND Smart Sand compare | −3.3× |
| FET Forum Energy Technologies, Inc. compare | −2.9× |
| RNGR Ranger Energy Services, Inc. compare | −2.9× |
| NGS Natural Gas Services Group, Inc. | −2.7× |
| OMSE OMS Energy Technologies Inc. compare | −2.6× |
| CLB Core Laboratories Inc. compare | −2.6× |
| FTK Flotek Industries, Inc. compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI