Natural Gas Services Group, Inc — Earnings Quality Grade F
NGS · Energy
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 39 days, change +3 days YoY
AR growth 18.4% exceeds revenue growth 9.9%
Revenue 9.9%, CFFO -5.3%. Cash follows revenue
Expense Quality
Inventory 14.4% vs COGS 8.3%. Normal
CapEx growth 69.0% is >2x revenue growth 9.9%
SG&A/Gross Profit = 35.1%. Normal
Gross margin 37.1%, change +0.9pp. Stable
Cash Flow Quality
CFFO/NI = 3.16. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -7.3%. Low accruals
Cash $0.0B covers only 0% of debt $0.2B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 3.0x. Healthy
Other assets grew 67.4% vs revenue 9.9%
Write-offs up 209% YoY
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = -2.55 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25