Kodiak Gas Services
KGS · Oil & Gas Equipment & Services
$44.31
0.5%Tidewater
TDW · Oil & Gas Equipment & Services
$86.07
8.1%The short version
- 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% operating margin).
- Tidewater turned more of its sales into free cash flow (26.1% FCF margin, against 21.7% FCF margin).
- 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 Services’s earnings: a P/E of 52.8x against 17.6x for Tidewater.
| 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 | — | 27.8% |
| Share count change | 3.9% | −5.0% |
| Profitability | ||
| Gross margin | — | — |
| 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 |
FY16
KGS —
TDW $979M
FY17
KGS —
TDW $602M
FY18
KGS —
TDW $407M
FY19
KGS —
TDW $487M
FY20
KGS —
TDW $397M
FY21
KGS $606M
TDW $371M
FY22
KGS $708M
TDW $648M
FY23
KGS $850M
TDW $1.0B
FY24
KGS $1.2B
TDW $1.3B
FY25
KGS $1.3B
TDW $1.4B
KGS
TDW
FY16
KGS —
TDW −7.1%
FY17
KGS —
TDW −96.1%
FY18
KGS —
TDW −26.4%
FY19
KGS —
TDW −17.8%
FY20
KGS —
TDW −47.1%
FY21
KGS 31.2%
TDW −25.6%
FY22
KGS 31.4%
TDW 4.1%
FY23
KGS 28.7%
TDW 18.0%
FY24
KGS 21.5%
TDW 23.1%
FY25
KGS 26.0%
TDW 20.9%
KGS
TDW
FY16
KGS —
TDW $58.9M
FY17
KGS —
TDW $4.3M
FY18
KGS —
TDW −$17.5M
FY19
KGS —
TDW −$49.4M
FY20
KGS —
TDW −$10.9M
FY21
KGS $48.0M
TDW $6.1M
FY22
KGS −$39.5M
TDW $23.6M
FY23
KGS $46.5M
TDW $72.6M
FY24
KGS −$9.0M
TDW $255M
FY25
KGS $284M
TDW $353M
KGS
TDW
FY16
KGS —
TDW −1.4%
FY17
KGS —
TDW —
FY18
KGS —
TDW —
FY19
KGS —
TDW −6.0%
FY20
KGS —
TDW −15.0%
FY21
KGS —
TDW −9.5%
FY22
KGS —
TDW 2.7%
FY23
KGS 4.8%
TDW 10.6%
FY24
KGS 4.8%
TDW 16.6%
FY25
KGS 6.3%
TDW 19.4%
KGS
TDW
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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.