Innovex International vs Kodiak Gas Services
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The short version
- Kodiak Gas Services is the larger business, with $1.3B of revenue in fiscal 2025 against $978M for Innovex International.
- Innovex International grew revenue faster (48.0%, against 12.8%).
- Kodiak Gas Services kept more of each dollar of sales as operating profit (26.0% operating margin, against 13.6%).
- Investors pay more for each dollar of Kodiak Gas Services’s earnings: a P/E of 52.8x against 33.6x for Innovex International.
| Latest fiscal year | INVX · FY25 | KGS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $4.3B |
| Revenue | $978M | $1.3B |
| Free cash flow | — | $284M |
| Net income | $83.3M | $80.5M |
| Growth | ||
| Revenue growth | 48.0% | 12.8% |
| 5-year growth | 21.8% | — |
| Share count change | 37.0% | 3.9% |
| Profitability | ||
| Gross margin | 31.0% | — |
| Operating margin | 13.6% | 26.0% |
| Net margin | 8.5% | 6.2% |
| FCF margin | — | 21.7% |
| Return on capital | — | 6.3% |
| Return on equity | 8.3% | 6.2% |
| Balance sheet | ||
| Net debt | −$178M | $2.6B |
| Net debt / EBITDA | −0.9x | 4.2x |
| Dividends and buybacks | $9.3M | $264M |
| Valuation & quality | ||
| P/E | 33.6x | 52.8x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
INVX $539M
KGS —
FY17
INVX $456M
KGS —
FY18
INVX $385M
KGS —
FY19
INVX $415M
KGS —
FY20
INVX $365M
KGS —
FY21
INVX $322M
KGS $606M
FY22
INVX $362M
KGS $708M
FY23
INVX $424M
KGS $850M
FY24
INVX $661M
KGS $1.2B
FY25
INVX $978M
KGS $1.3B
INVX
KGS
Operating margin
FY16
INVX 21.0%
KGS —
FY17
INVX −15.2%
KGS —
FY18
INVX −31.9%
KGS —
FY19
INVX 0.7%
KGS —
FY20
INVX −17.4%
KGS —
FY21
INVX −38.9%
KGS 31.2%
FY22
INVX 21.0%
KGS 31.4%
FY23
INVX 22.9%
KGS 28.7%
FY24
INVX 7.4%
KGS 21.5%
FY25
INVX 13.6%
KGS 26.0%
INVX
KGS
Free cash flow
FY16
INVX $221M
KGS —
FY17
INVX $80.4M
KGS —
FY18
INVX $13.4M
KGS —
FY19
INVX $3.2M
KGS —
FY20
INVX −$33.0M
KGS —
FY21
INVX $28.4M
KGS $48.0M
FY22
INVX −$24.7M
KGS −$39.5M
FY23
INVX $43.2M
KGS $46.5M
FY24
INVX —
KGS −$9.0M
FY25
INVX —
KGS $284M
INVX
KGS
Return on capital
FY16
INVX —
KGS —
FY17
INVX —
KGS —
FY18
INVX —
KGS —
FY19
INVX —
KGS —
FY20
INVX —
KGS —
FY21
INVX —
KGS —
FY22
INVX —
KGS —
FY23
INVX —
KGS 4.8%
FY24
INVX —
KGS 4.8%
FY25
INVX —
KGS 6.3%
INVX
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.