Archrock vs Kodiak Gas Services
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The short version
- Archrock is the larger business, with $1.5B of revenue in fiscal 2025 against $1.3B for Kodiak Gas Services.
- Archrock grew revenue faster (28.7%, against 12.8%).
- Kodiak Gas Services turned more of its sales into free cash flow (21.7% FCF margin, against 8.0%).
- Archrock earned a higher return on the capital invested in it (12.1%, against 6.3%).
- Investors pay more for each dollar of Kodiak Gas Services’s earnings: a P/E of 52.8x against 15.7x for Archrock.
| Latest fiscal year | AROC · FY25 | KGS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $4.3B |
| Revenue | $1.5B | $1.3B |
| Free cash flow | $120M | $284M |
| Net income | $322M | $80.5M |
| Growth | ||
| Revenue growth | 28.7% | 12.8% |
| 5-year growth | 11.2% | — |
| Share count change | 7.6% | 3.9% |
| Profitability | ||
| Gross margin | 48.6% | — |
| Operating margin | — | 26.0% |
| Net margin | 21.6% | 6.2% |
| FCF margin | 8.0% | 21.7% |
| Return on capital | 12.1% | 6.3% |
| Return on equity | 22.9% | 6.2% |
| Balance sheet | ||
| Net debt | $2.4B | $2.6B |
| Net debt / EBITDA | 2.9x | 4.2x |
| Dividends and buybacks | $212M | $264M |
| Valuation & quality | ||
| P/E | 15.7x | 52.8x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
AROC $807M
KGS —
FY17
AROC $795M
KGS —
FY18
AROC $904M
KGS —
FY19
AROC $966M
KGS —
FY20
AROC $875M
KGS —
FY21
AROC $782M
KGS $606M
FY22
AROC $846M
KGS $708M
FY23
AROC $990M
KGS $850M
FY24
AROC $1.2B
KGS $1.2B
FY25
AROC $1.5B
KGS $1.3B
AROC
KGS
Operating margin
FY16
AROC —
KGS —
FY17
AROC —
KGS —
FY18
AROC —
KGS —
FY19
AROC —
KGS —
FY20
AROC —
KGS —
FY21
AROC —
KGS 31.2%
FY22
AROC —
KGS 31.4%
FY23
AROC —
KGS 28.7%
FY24
AROC —
KGS 21.5%
FY25
AROC —
KGS 26.0%
AROC
KGS
Free cash flow
FY16
AROC $157M
KGS —
FY17
AROC −$20.0M
KGS —
FY18
AROC −$93.2M
KGS —
FY19
AROC −$95.1M
KGS —
FY20
AROC $195M
KGS —
FY21
AROC $140M
KGS $48.0M
FY22
AROC −$36.4M
KGS −$39.5M
FY23
AROC $11.6M
KGS $46.5M
FY24
AROC $70.6M
KGS −$9.0M
FY25
AROC $120M
KGS $284M
AROC
KGS
Return on capital
FY16
AROC −0.2%
KGS —
FY17
AROC 1.7%
KGS —
FY18
AROC 4.7%
KGS —
FY19
AROC 7.6%
KGS —
FY20
AROC 1.0%
KGS —
FY21
AROC 5.7%
KGS —
FY22
AROC 4.9%
KGS —
FY23
AROC 7.7%
KGS 4.8%
FY24
AROC 8.8%
KGS 4.8%
FY25
AROC 12.1%
KGS 6.3%
AROC
KGS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.