Natural Gas Services Group, Inc.
ngsgi.comWhat Do They Do?
Rents natural gas and electric compressors and provides parts and maintenance for oil and gas producers and processors.
10-K for FY2025, filed Mar 16, 2026Today, we are a premier provider of natural gas and electric compression equipment, technology and services to the energy industry. We…View ↗
Our primary business and source of revenue and gross profit is derived from the rental of natural gas engine and electric motor drive…View ↗
Sales. We design and engineer compressor components manufactured by OEM suppliers. In order to provide customer support, we also stock…View ↗
Aftermarket Services. We service and maintain compressors owned by our customers on an “as needed” and contract basis, as well as providing…View ↗
How Do They Make Money?
Oil and gas producers rent compressors and are billed monthly in advance; buyers pay for equipment when it is completed and shipped, while service customers are billed after the work is done.
10-K for FY2025, filed Mar 16, 2026We rent, design, install, service and maintain natural gas and electric compressors and related equipment for oil and gas production and…View ↗
As a lessor, we recognize operating lease revenue on a straight-line basis with equal monthly payments over the term of the underlying…View ↗
For sales, revenue is recognized when control has passed to the customer generally when the equipment is completed and shipped. These…View ↗
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10-K for FY2025, filed Mar 16, 2026
FY2025 revenue by product or service (Total revenue from contracts with customers) ↗
$172.3M
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10-K for FY2025, filed Mar 16, 2026
$172.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Parts
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
18% |
Parts, FY2025
$2.1M Sources
|
Sold outright |
|
Other (Compressors/Rebuilds)
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
16% |
Other (Compressors/Rebuilds), FY2025
$1.9M Sources
|
Sold outright |
|
Sales
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
33%
FY2022: 10%
|
Sales, FY2025
$4M Sources
|
Sold outright |
|
Aftermarket services
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
33% |
Aftermarket services, FY2025
$4M Sources
|
Sold outright |
Who Are Their Customers?
Oil and gas exploration, production, and operating companies rent compressors and buy parts and service. Sales staff pursue customers directly through regional territories and contact with current and potential customers.
10-K for FY2025, filed Mar 16, 2026Our primary business and source of revenue and gross profit is derived from the rental of natural gas engine and electric motor drive…View ↗
Aftermarket Services. We service and maintain compressors owned by our customers on an “as needed” and contract basis, as well as providing…View ↗
Our sales force pursues the rental and sales market for compressors and other services in their respective territories. Additionally, our…View ↗
10-K for FY2025, filed Mar 16, 2026
Rental revenue and sales from Occidental Permian, LTD. (“Oxy”) and Devon Energy Corporation (“Devon”) in 2025, 2024 and 2023 amounted to 59…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 12 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$58.6M.
10-K for FY2025, filed Mar 16, 2026
$37.3MView ↗
10-K for FY2025, filed Mar 16, 2026
$19.9MView ↗
10-K for FY2025, filed Mar 16, 2026
−$58.6MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Aug 10, 2026
Raised 2026 adjusted EBITDA guidance
The company raised its guidance range from $92.5 million–$97.5 million to $103 million–$108 million.
Sources
8-K, filed Aug 10, 2026
The Company now expects 2026 Adjusted EBITDA of $103 million to $108 million, compared to prior guidance of $92.5 million to $97.5 million.…View ↗
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Jul 10, 2026
Appointed CohnReznick as independent auditor
Ham, Langston & Brezina resigned after CohnReznick acquired certain of its assets.
Sources
8-K, filed Jul 10, 2026
(a)On July 9, 2026, Natural Gas Services Group, Inc., (the “Company”) was advised by Ham, Langston & Brezina, L.L.P. (“HL&B”), the…View ↗
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Jun 15, 2026
Acquired Flatrock Compression Holdings
The acquisition added rental compression operations in the Permian Basin and Eagle Ford.
Sources
8-K, filed Jun 15, 2026
Pursuant to the Purchase Agreement, the Company acquired 100% of the issued and outstanding membership interests (the “Equity Interests”)…View ↗
Growing. Revenue grew 2.4x in 4 years, from $72.4M in FY2021 to $172.3M in FY2025, about 24% a year.
Outsourced equipment production
The older report describes fabricating and manufacturing compressor units and proprietary parts. The latest report says components are made by OEM suppliers and most assembly is done by third-party contractors.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 16, 2026Compressor fabrication. Fabrication involves the design, fabrication and assembly of compressor components manufactured by us or other…View ↗
Electric-drive compressors
The older report describes natural-gas compressors, while the latest report also describes electric motor-drive compressors.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 16, 2026We are a provider of natural gas compression equipment and services to the energy industry. We manufacture, fabricate, rent, sell and…View ↗
Today, we are a premier provider of natural gas and electric compression equipment, technology and services to the energy industry. We…View ↗
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