Kodiak Gas Services
KGS NYSE Oil & Gas Equipment & Services Financials FY2021–FY2025
Kodiak Gas Services' revenue rose 12.8% to $1.3 billion in fiscal 2025. Its operating margin was 26.0%, up from 21.5% a year earlier. Free cash flow was $284 million. It paid out $264 million in dividends and buybacks, 93% of free cash flow. The diluted share count rose 3.9%.
Revenue
Total sales reported in the income statement.
$1.3B
12.8%
vs prior year
Operating margin
Operating income as a share of revenue.
26.0%
4.5 pts
Net income
Profit after all expenses, interest and tax.
$80.5M
61.3%
Free cash flow
Cash from operations minus capital spending.
$284M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.3%
1.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$4.3B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
52.8x
On $0.84 EPS (TTM)
What Kodiak Gas Services does
No business description yet.
- Legal name
- Kodiak Gas Services, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001767042-26-000012
0001767042
Revenue and margins
Kodiak Gas Services had $1.3B of revenue in fiscal 2025, up 12.8% on the year before.
FY21
Revenue $606M
FY22
Revenue $708M
FY23
Revenue $850M
FY24
Revenue $1.2B
FY25
Revenue $1.3B
Q1 '24
Revenue $216M
Q2 '24
Revenue $310M
Q3 '24
Revenue $325M
Q4 '24
Revenue $310M
Q1 '25
Revenue $330M
Q2 '25
Revenue $323M
Q3 '25
Revenue $323M
Q4 '25
Revenue $333M
Q1 '26
Revenue $346M
Q2 '26
Revenue $391M
FY21
Gross 39.0%
Operating 31.2%
Net 29.8%
FCF 7.9%
FY22
Gross 37.6%
Operating 31.4%
Net 15.0%
FCF −5.6%
FY23
Gross 37.2%
Operating 28.7%
Net 2.4%
FCF 5.5%
FY24
Gross —
Operating 21.5%
Net 4.3%
FCF −0.8%
FY25
Gross —
Operating 26.0%
Net 6.2%
FCF 21.7%
Gross
Operating
Net
FCF
Q1 '24
Gross 39.4%
Operating 27.9%
Net 14.0%
FCF −4.0%
Q2 '24
Gross 36.5%
Operating 17.5%
Net 2.0%
FCF 1.3%
Q3 '24
Gross 37.6%
Operating 20.4%
Net −1.7%
FCF −15.3%
Q4 '24
Gross —
Operating 22.3%
Net 6.2%
FCF 14.6%
Q1 '25
Gross —
Operating 27.1%
Net 9.2%
FCF 11.2%
Q2 '25
Gross —
Operating 30.9%
Net 12.2%
FCF 29.3%
Q3 '25
Gross —
Operating 19.9%
Net −4.3%
FCF 3.4%
Q4 '25
Gross —
Operating 26.1%
Net 7.4%
FCF 42.7%
Q1 '26
Gross —
Operating 30.9%
Net 5.2%
FCF −13.7%
Q2 '26
Gross —
Operating 31.8%
Net 13.3%
FCF −25.8%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2021 to 2025, diluted EPS grew −26.6% a year. Loss periods are shown in red.
FY21
Net income $181M
FY22
Net income $106M
FY23
Net income $20.1M
FY24
Net income $49.9M
FY25
Net income $80.5M
Q1 '24
Net income $30.2M
Q2 '24
Net income $6.2M
Q3 '24
Net income −$5.6M
Q4 '24
Net income $19.1M
Q1 '25
Net income $30.4M
Q2 '25
Net income $39.5M
Q3 '25
Net income −$14.0M
Q4 '25
Net income $24.6M
Q1 '26
Net income $17.8M
Q2 '26
Net income $52.0M
FY21
Diluted EPS $3.07
FY22
Diluted EPS $1.80
FY23
Diluted EPS $0.29
FY24
Diluted EPS $0.56
FY25
Diluted EPS $0.89
Q1 '24
Diluted EPS $0.39
Q2 '24
Diluted EPS $0.06
Q3 '24
Diluted EPS −$0.07
Q4 '24
Diluted EPS $0.23
Q1 '25
Diluted EPS $0.33
Q2 '25
Diluted EPS $0.43
Q3 '25
Diluted EPS −$0.17
Q4 '25
Diluted EPS $0.28
Q1 '26
Diluted EPS $0.20
Q2 '26
Diluted EPS $0.53
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital —
Return on equity 17.9%
Return on assets 3.4%
FY23
Return on capital 4.8%
Return on equity 2.9%
Return on assets 0.6%
FY24
Return on capital 4.8%
Return on equity 4.0%
Return on assets 1.3%
FY25
Return on capital 6.3%
Return on equity 6.2%
Return on assets 1.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $284M in fiscal 2025, 21.7% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow $48.0M
FY22
Free cash flow −$39.5M
FY23
Free cash flow $46.5M
FY24
Free cash flow −$9.0M
FY25
Free cash flow $284M
Q1 '24
Free cash flow −$8.6M
Q2 '24
Free cash flow $4.1M
Q3 '24
Free cash flow −$49.7M
Q4 '24
Free cash flow $45.3M
Q1 '25
Free cash flow $36.8M
Q2 '25
Free cash flow $94.6M
Q3 '25
Free cash flow $10.9M
Q4 '25
Free cash flow $142M
Q1 '26
Free cash flow −$47.2M
Q2 '26
Free cash flow −$101M
FY21
Cash from operations $250M
Capital spending $202M
FY22
Cash from operations $220M
Capital spending $259M
FY23
Cash from operations $266M
Capital spending $220M
FY24
Cash from operations $328M
Capital spending $337M
FY25
Cash from operations $600M
Capital spending $316M
Cash from operations
Capital spending
Q1 '24
Cash from operations $51.5M
Capital spending $60.2M
Q2 '24
Cash from operations $121M
Capital spending $117M
Q3 '24
Cash from operations $36.9M
Capital spending $86.5M
Q4 '24
Cash from operations $119M
Capital spending $73.2M
Q1 '25
Cash from operations $114M
Capital spending $77.6M
Q2 '25
Cash from operations $177M
Capital spending $82.6M
Q3 '25
Cash from operations $113M
Capital spending $103M
Q4 '25
Cash from operations $195M
Capital spending $52.8M
Q1 '26
Cash from operations $71.2M
Capital spending $118M
Q2 '26
Cash from operations $99.5M
Capital spending $200M
Cash from operations
Capital spending
Dividends, buybacks and share count
Kodiak Gas Services returned $264M to shareholders in fiscal 2025, 93% of free cash flow. The diluted share count rose 3.9%.
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $29.8M
Buybacks $0.0M
FY24
Dividends $134M
Buybacks $40.0M
FY25
Dividends $160M
Buybacks $104M
Dividends
Buybacks
Q1 '24
Dividends $29.8M
Buybacks $0.0M
Q2 '24
Dividends $32.6M
Buybacks $0.0M
Q3 '24
Dividends $35.1M
Buybacks $25.0M
Q4 '24
Dividends $36.4M
Buybacks $15.0M
Q1 '25
Dividends $36.4M
Buybacks $10.0M
Q2 '25
Dividends $40.1M
Buybacks $10.0M
Q3 '25
Dividends $40.0M
Buybacks $50.4M
Q4 '25
Dividends $43.0M
Buybacks $33.6M
Q1 '26
Dividends $42.6M
Buybacks $0.0M
Q2 '26
Dividends $50.0M
Buybacks $0.0M
Dividends
Buybacks
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.09B
FY25
Diluted shares 0.09B
Value Kodiak Gas Services yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.6B and divides by 88.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 52.8x · peers 15.7x · sector 16.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Kodiak Gas Services can carry it.
FY21
Cash $28.8M
Debt —
FY22
Cash $20.4M
Debt $2.7B
FY23
Cash $5.6M
Debt $1.8B
FY24
Cash $4.8M
Debt $2.6B
FY25
Cash $3.2M
Debt $2.6B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $28.8M | $20.4M | $5.6M | $4.8M | $3.2M |
| Debt incl. finance leases | — | $2.7B | $1.8B | $2.6B | $2.6B |
| Net debt / EBITDA | — | 6.8x | 4.2x | 5.1x | 4.2x |
| Debt / equity | — | 11.9x | 1.6x | 1.9x | 2.1x |
| Interest coverage | 2.2x | 1.3x | 1.1x | 1.7x | 2.0x |
| Current ratio | — | 1.1x | 1.1x | 1.2x | 0.8x |
| Quick ratio | — | 0.7x | 0.7x | 0.9x | 0.6x |
| Total assets | $3.0B | $3.2B | $3.2B | $4.4B | $4.3B |
| Total liabilities | — | $3.0B | $2.1B | $3.1B | $3.1B |
| Shareholders' equity | $960M | $229M | $1.1B | $1.4B | $1.2B |
| Net debt (− = net cash) | — | $2.7B | $1.8B | $2.6B | $2.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.9M
5 insiders
Of sales under plans
100%
$2.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Pedro R. BuhigasChief Information Officer | Sold plan | 3,663 | $58.14 | $0.2M | Form 4 |
| Sep 14, 2026 | Ewan William HamiltonEVP & Chief Accounting Officer | Sold plan | 2,729 | $61.85 | $0.2M | Form 4 |
| Sep 11, 2026 | William Chad LenamonExecutive Vice President & COO | Sold plan | 1,000 | $63.21 | $0.1M | Form 4 |
| Sep 1, 2026 | Robert Michael McKeePresident & CEO, Director | Sold plan | 5,999 | $59.31 | $0.4M | Form 4 |
| Aug 19, 2026 | Robert Michael McKeePresident & CEO, Director | Sold plan | 6,008 | $62.39 | $0.4M | Form 4 |
| Aug 11, 2026 | William Chad LenamonExecutive Vice President & COO | Sold plan | 1,000 | $61.93 | $0.1M | Form 4 |
| Jul 13, 2026 | William Chad LenamonExecutive Vice President & COO | Sold plan | 1,000 | $67.79 | $0.1M | Form 4 |
| Jul 8, 2026 | Cory Anne RoclawskiEVP & CHRO | Sold plan | 4,169 | $68.36 | $0.3M | Form 4 |
| Jun 17, 2026 | Pedro R. BuhigasChief Information Officer | Sold plan | 4,625 | $67.78 | $0.3M | Form 4 |
| Jun 16, 2026 | Ewan William HamiltonEVP & Chief Accounting Officer | Sold plan | 2,729 | $68.62 | $0.2M | Form 4 |
| Jun 11, 2026 | William Chad LenamonExecutive Vice President & COO | Sold plan | 1,000 | $67.79 | $0.1M | Form 4 |
| Mar 19, 2026 | Pedro R. BuhigasChief Information Officer | Sold plan | 13,942 | $55.73 | $0.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✕ | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 6 / 9 | 6 / 8 | 5 / 8 |
| Accruals ratio | −7.6% | −7.2% | −11.9% |
| Altman Z'' | 1.30 | 1.01 | 0.85 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Kodiak Gas Services KGS | $4.3B | 12.8% | 26.0% | 21.7% | 6.3% | 52.8x | 5 | |
| Tidewater TDW | $4.3B | 0.5% | 20.9% | 26.1% | 19.4% | 17.6x | 7 | Compare → |
| Archrock AROC | $5.1B | 28.7% | — | 8.0% | 12.1% | 15.7x | 7 | Compare → |
| Bristow Group VTOL | $1.2B | 5.3% | 10.7% | 3.8% | 9.8% | 11.7x | 6 | Compare → |
| Atlas Energy Solutions AESI | $1.1B | 3.7% | −1.0% | −2.8% | — | — | 4 | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $606M | $708M | $850M | $1.2B | $1.3B |
| Gross profit | $236M | $266M | $317M | — | — |
| Operating income | $189M | $222M | $244M | $249M | $340M |
| Interest expense | $84.6M | $166M | $223M | $147M | $169M |
| Pretax income | $122M | $139M | $35.1M | $75.9M | $114M |
| Income tax | −$58.6M | $33.1M | $15.1M | $25.6M | $31.9M |
| Net income | $181M | $106M | $20.1M | $49.9M | $80.5M |
| Diluted EPS | $3.07 | $1.80 | $0.29 | $0.56 | $0.89 |
| Diluted shares | 0.06B | 0.06B | 0.07B | 0.09B | 0.09B |
| Cash flow | |||||
| Cash from operations | $250M | $220M | $266M | $328M | $600M |
| Capital expenditure | $202M | $259M | $220M | $337M | $316M |
| Free cash flow | $48.0M | −$39.5M | $46.5M | −$9.0M | $284M |
| Depreciation and amortization | $160M | $175M | $183M | $260M | $276M |
| Stock-based compensation | $1.2M | $1.0M | $5.9M | $17.7M | $24.5M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $40.0M | $104M |
| Dividends paid | $0.0M | $0.0M | $29.8M | $134M | $160M |
| Dividends and buybacks | $0.0M | $0.0M | $29.8M | $174M | $264M |
| Balance sheet | |||||
| Cash and short-term investments | $28.8M | $20.4M | $5.6M | $4.8M | $3.2M |
| Total debt | — | $2.7B | $1.8B | $2.6B | $2.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $5.4M | $6.6M |
| Current assets | — | $204M | $231M | $384M | $323M |
| Current liabilities | — | $189M | $211M | $319M | $386M |
| Inventory | $0.0M | $72.2M | $76.2M | $103M | $102M |
| Property and equipment, net | — | $2.5B | $2.5B | $3.4B | $3.4B |
| Total assets | $3.0B | $3.2B | $3.2B | $4.4B | $4.3B |
| Total liabilities | — | $3.0B | $2.1B | $3.1B | $3.1B |
| Shareholders' equity | $960M | $229M | $1.1B | $1.4B | $1.2B |
| Margins | |||||
| Gross margin | 39.0% | 37.6% | 37.2% | — | — |
| Operating margin | 31.2% | 31.4% | 28.7% | 21.5% | 26.0% |
| EBITDA margin | 57.6% | 56.0% | 50.2% | 44.0% | 47.1% |
| Net margin | 29.8% | 15.0% | 2.4% | 4.3% | 6.2% |
| FCF margin | 7.9% | −5.6% | 5.5% | −0.8% | 21.7% |
| Returns | |||||
| Return on capital | — | — | 4.8% | 4.8% | 6.3% |
| Return on capital employed | — | — | 8.1% | 7.0% | 8.5% |
| Return on equity | — | 17.9% | 2.9% | 4.0% | 6.2% |
| Return on assets | — | 3.4% | 0.6% | 1.3% | 1.8% |
| Growth | |||||
| Revenue growth | — | 16.8% | 20.1% | 36.3% | 12.8% |
| Net income growth | — | −41.3% | −81.1% | 148.7% | 61.4% |
| EPS growth | — | −41.4% | −83.9% | 93.1% | 58.9% |
| FCF growth | — | −182.2% | — | −119.3% | — |
| Share count change | — | 0.0% | 15.8% | 24.7% | 3.9% |
| Financial health | |||||
| Net debt / EBITDA | — | 6.8x | 4.2x | 5.1x | 4.2x |
| Debt / equity | — | 11.9x | 1.6x | 1.9x | 2.1x |
| Interest coverage | 2.2x | 1.3x | 1.1x | 1.7x | 2.0x |
| Current ratio | — | 1.1x | 1.1x | 1.2x | 0.8x |
| Quick ratio | — | 0.7x | 0.7x | 0.9x | 0.6x |
| Capital allocation | |||||
| Capex / revenue | 33.3% | 36.6% | 25.9% | 29.1% | 24.1% |
| Stock comp / revenue | 0.2% | 0.1% | 0.7% | 1.5% | 1.9% |
| Payouts / FCF | 0.0% | — | 64.0% | — | 92.7% |
| Quality scores | |||||
| Piotroski F-score | — | — | 6.0 | 6.0 | 5.0 |
| Altman Z'' | — | 0.8 | 1.3 | 1.0 | 0.9 |
| Accruals ratio | — | −3.7% | −7.6% | −7.2% | −11.9% |
Source: SEC EDGAR XBRL filings (CIK 0001767042). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.