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Side-by-side financial comparison of NATURAL GAS SERVICES GROUP INC (NGS) and OCEANEERING INTERNATIONAL INC (OII). Click either name above to swap in a different company.
OCEANEERING INTERNATIONAL INC is the larger business by last-quarter revenue ($692.4M vs $46.1M, roughly 15.0× NATURAL GAS SERVICES GROUP INC). NATURAL GAS SERVICES GROUP INC runs the higher net margin — 8.9% vs 5.2%, a 3.7% gap on every dollar of revenue. On growth, NATURAL GAS SERVICES GROUP INC posted the faster year-over-year revenue change (13.5% vs 2.7%). NATURAL GAS SERVICES GROUP INC produced more free cash flow last quarter ($-20.7M vs $-76.5M). Over the past eight quarters, NATURAL GAS SERVICES GROUP INC's revenue compounded faster (281.4% CAGR vs 1.8%).
Southern Company Gas, formerly AGL Resources, is an American Fortune 500 energy services holding company headquartered in Atlanta, Georgia. The company's operations consist of natural gas distribution, wholesale services, retail operations, and midstream operations. Southern Company Gas is one of the largest natural gas distribution companies in the United States. The company serves approximately 4.5 million utility customers through its regulated distribution subsidiaries across four states....
Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments.
NGS vs OII — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $46.1M | $692.4M |
| Net Profit | $4.1M | $36.1M |
| Gross Margin | — | — |
| Operating Margin | 15.4% | — |
| Net Margin | 8.9% | 5.2% |
| Revenue YoY | 13.5% | 2.7% |
| Net Profit YoY | 43.2% | -79.7% |
| EPS (diluted) | $0.32 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $692.4M | ||
| Q4 25 | $46.1M | $668.6M | ||
| Q3 25 | $43.4M | $742.9M | ||
| Q2 25 | $41.4M | $698.2M | ||
| Q1 25 | $41.4M | $674.5M | ||
| Q4 24 | $40.7M | $713.5M | ||
| Q3 24 | $3.3M | $679.8M | ||
| Q2 24 | $3.6M | $668.8M |
| Q1 26 | — | $36.1M | ||
| Q4 25 | $4.1M | $177.7M | ||
| Q3 25 | $5.8M | $71.3M | ||
| Q2 25 | $5.2M | $54.4M | ||
| Q1 25 | $4.9M | $50.4M | ||
| Q4 24 | $2.9M | $56.1M | ||
| Q3 24 | $5.0M | $41.2M | ||
| Q2 24 | $4.3M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 21.3% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | — | 19.9% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 18.0% |
| Q1 26 | — | — | ||
| Q4 25 | 15.4% | 9.8% | ||
| Q3 25 | 24.8% | 11.6% | ||
| Q2 25 | 24.0% | 11.3% | ||
| Q1 25 | 23.0% | 10.9% | ||
| Q4 24 | 14.9% | 10.9% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 9.0% |
| Q1 26 | — | 5.2% | ||
| Q4 25 | 8.9% | 26.6% | ||
| Q3 25 | 13.3% | 9.6% | ||
| Q2 25 | 12.5% | 7.8% | ||
| Q1 25 | 11.7% | 7.5% | ||
| Q4 24 | 7.0% | 7.9% | ||
| Q3 24 | 150.3% | 6.1% | ||
| Q2 24 | 119.2% | 5.2% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $0.32 | $1.75 | ||
| Q3 25 | $0.46 | $0.71 | ||
| Q2 25 | $0.41 | $0.54 | ||
| Q1 25 | $0.38 | $0.49 | ||
| Q4 24 | $0.22 | $0.55 | ||
| Q3 24 | $0.40 | $0.40 | ||
| Q2 24 | $0.34 | $0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | $488.8M |
| Stockholders' EquityBook value | $274.7M | $1.1B |
| Total Assets | $586.8M | $2.6B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $695.9M | ||
| Q3 25 | — | $7.0M | ||
| Q2 25 | $325.0K | $7.0M | ||
| Q1 25 | $2.1M | $7.0M | ||
| Q4 24 | $2.1M | $504.5M | ||
| Q3 24 | $410.0K | — | ||
| Q2 24 | $3.6M | — |
| Q1 26 | — | $488.8M | ||
| Q4 25 | — | $487.4M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $482.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | $163.0M | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $274.7M | $1.1B | ||
| Q3 25 | $271.4M | $907.7M | ||
| Q2 25 | $266.2M | $842.1M | ||
| Q1 25 | $260.3M | $773.1M | ||
| Q4 24 | $255.1M | $714.3M | ||
| Q3 24 | $251.2M | $698.0M | ||
| Q2 24 | $245.7M | $651.0M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $586.8M | $2.7B | ||
| Q3 25 | $562.3M | $2.5B | ||
| Q2 25 | $525.5M | $2.3B | ||
| Q1 25 | $501.7M | $2.3B | ||
| Q4 24 | $492.5M | $2.3B | ||
| Q3 24 | $498.1M | $2.4B | ||
| Q2 24 | $489.2M | $2.3B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.66× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.9M | — |
| Free Cash FlowOCF − Capex | $-20.7M | $-76.5M |
| FCF MarginFCF / Revenue | -44.8% | -11.1% |
| Capex IntensityCapex / Revenue | 74.9% | 2.5% |
| Cash ConversionOCF / Net Profit | 3.38× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-58.6M | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $13.9M | $221.1M | ||
| Q3 25 | $16.8M | $101.3M | ||
| Q2 25 | $11.0M | $77.2M | ||
| Q1 25 | $21.3M | $-80.7M | ||
| Q4 24 | $9.4M | $128.4M | ||
| Q3 24 | $25.9M | $91.9M | ||
| Q2 24 | $25.5M | $52.6M |
| Q1 26 | — | $-76.5M | ||
| Q4 25 | $-20.7M | $190.7M | ||
| Q3 25 | $-25.1M | $77.0M | ||
| Q2 25 | $-14.8M | $46.9M | ||
| Q1 25 | $2.0M | $-106.8M | ||
| Q4 24 | $-5.1M | $94.5M | ||
| Q3 24 | $-3.2M | $67.0M | ||
| Q2 24 | $8.2M | $29.8M |
| Q1 26 | — | -11.1% | ||
| Q4 25 | -44.8% | 28.5% | ||
| Q3 25 | -57.7% | 10.4% | ||
| Q2 25 | -35.8% | 6.7% | ||
| Q1 25 | 4.9% | -15.8% | ||
| Q4 24 | -12.6% | 13.2% | ||
| Q3 24 | -95.0% | 9.9% | ||
| Q2 24 | 229.5% | 4.5% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | 74.9% | 4.6% | ||
| Q3 25 | 96.5% | 3.3% | ||
| Q2 25 | 62.4% | 4.3% | ||
| Q1 25 | 46.5% | 3.9% | ||
| Q4 24 | 35.8% | 4.7% | ||
| Q3 24 | 871.9% | 3.7% | ||
| Q2 24 | 486.1% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.38× | 1.24× | ||
| Q3 25 | 2.90× | 1.42× | ||
| Q2 25 | 2.12× | 1.42× | ||
| Q1 25 | 4.38× | -1.60× | ||
| Q4 24 | 3.29× | 2.29× | ||
| Q3 24 | 5.17× | 2.23× | ||
| Q2 24 | 6.00× | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NGS
Segment breakdown not available.
OII
| Backlog at end of period | $492.0M | 71% |
| Other | $162.8M | 24% |
| ROV days available | $22.5M | 3% |
| ROV days utilized | $15.1M | 2% |
