Kodiak Gas Services vs Cactus
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The short version
- Kodiak Gas Services is the larger business, with $1.3B of revenue in fiscal 2025 against $1.1B for Cactus.
- Kodiak Gas Services grew revenue faster (12.8%, against −4.5%).
- Kodiak Gas Services kept more of each dollar of sales as operating profit (26.0% operating margin, against 23.2%).
- Cactus earned a higher return on the capital invested in it (17.1%, against 6.3%).
| Latest fiscal year | KGS · FY25 | WHD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | — |
| Revenue | $1.3B | $1.1B |
| Free cash flow | $284M | — |
| Net income | $80.5M | $166M |
| Growth | ||
| Revenue growth | 12.8% | −4.5% |
| 5-year growth | — | 25.4% |
| Share count change | 3.9% | — |
| Profitability | ||
| Gross margin | — | 37.0% |
| Operating margin | 26.0% | 23.2% |
| Net margin | 6.2% | 15.4% |
| FCF margin | 21.7% | — |
| Return on capital | 6.3% | 17.1% |
| Return on equity | 6.2% | 14.5% |
| Balance sheet | ||
| Net debt | $2.6B | −$107M |
| Net debt / EBITDA | 4.2x | −0.3x |
| Dividends and buybacks | $264M | $43.3M |
| Valuation & quality | ||
| P/E | 52.8x | — |
| Piotroski F-score | 5 | — |
Revenue
FY16
KGS —
WHD $155M
FY17
KGS —
WHD $341M
FY18
KGS —
WHD $544M
FY19
KGS —
WHD $628M
FY20
KGS —
WHD $349M
FY21
KGS $606M
WHD $439M
FY22
KGS $708M
WHD $688M
FY23
KGS $850M
WHD $1.1B
FY24
KGS $1.2B
WHD $1.1B
FY25
KGS $1.3B
WHD $1.1B
KGS
WHD
Operating margin
FY16
KGS —
WHD 6.9%
FY17
KGS —
WHD 26.0%
FY18
KGS —
WHD 32.7%
FY19
KGS —
WHD 29.1%
FY20
KGS —
WHD 20.1%
FY21
KGS 31.2%
WHD 17.2%
FY22
KGS 31.4%
WHD 25.4%
FY23
KGS 28.7%
WHD 24.1%
FY24
KGS 21.5%
WHD 25.6%
FY25
KGS 26.0%
WHD 23.2%
KGS
WHD
Free cash flow
FY16
KGS —
WHD —
FY17
KGS —
WHD —
FY18
KGS —
WHD —
FY19
KGS —
WHD —
FY20
KGS —
WHD —
FY21
KGS $48.0M
WHD —
FY22
KGS −$39.5M
WHD —
FY23
KGS $46.5M
WHD —
FY24
KGS −$9.0M
WHD —
FY25
KGS $284M
WHD —
KGS
WHD
Return on capital
FY16
KGS —
WHD —
FY17
KGS —
WHD —
FY18
KGS —
WHD 61.9%
FY19
KGS —
WHD 48.1%
FY20
KGS —
WHD 19.9%
FY21
KGS —
WHD 23.7%
FY22
KGS —
WHD 42.1%
FY23
KGS 4.8%
WHD 32.7%
FY24
KGS 4.8%
WHD 23.9%
FY25
KGS 6.3%
WHD 17.1%
KGS
WHD
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.