Kodiak Gas Services vs Tidewater
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KIRAβs take AI analyst
I put Kodiak Gas Services and Tidewater side by side, using each oneβs latest annual report. Here is what stands out:
- Tidewater is the larger business, with $1.4B of revenue in fiscal 2025 against $1.3B for Kodiak Gas Services.
- Kodiak Gas Services grew revenue faster (12.8%, against 0.5%).
- Kodiak Gas Services kept more of each dollar of sales as operating profit (26.0% operating margin, against 20.9%).
- Tidewater turned more of its sales into free cash flow (26.1% FCF margin, against 21.7%).
- Tidewater earned a higher return on the capital invested in it (19.4%, against 6.3%).
- Investors pay more for each dollar of Kodiak Gas Servicesβs earnings: a P/E of 52.8x against 17.6x for Tidewater.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Kodiak Gas Services
KGS
2/9
Revenue growthOperating margin
Tidewater
TDW
7/9
Net marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | KGS FY25 | TDW FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $4.3B |
| Revenue | $1.3B | $1.4B |
| Free cash flow | $284M | $353M |
| Net income | $80.5M | $335M |
| Growth | ||
| Revenue growth | 12.8% | 0.5% |
| 5-year growth | β | 27.8% |
| Share count change | 3.9% | β5.0% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 26.0% | 20.9% |
| Net margin | 6.2% | 24.7% |
| FCF margin | 21.7% | 26.1% |
| Return on capital | 6.3% | 19.4% |
| Return on equity | 6.2% | 27.0% |
| Balance sheet | ||
| Net debt | $2.6B | $116M |
| Net debt / EBITDA | 4.2x | 0.3x |
| Dividends and buybacks | $264M | $90.1M |
| Valuation & quality | ||
| P/E | 52.8x | 17.6x |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.