Kodiak Gas Services vs RPC
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The short version
- RPC is the larger business, with $1.6B of revenue in fiscal 2025 against $1.3B for Kodiak Gas Services.
- RPC grew revenue faster (15.0%, against 12.8%).
- Kodiak Gas Services kept more of each dollar of sales as operating profit (26.0% operating margin, against 2.8%).
- Kodiak Gas Services turned more of its sales into free cash flow (21.7% FCF margin, against 3.3%).
- Investors pay more for each dollar of RPC’s earnings: a P/E of 62.5x against 52.8x for Kodiak Gas Services.
| Latest fiscal year | KGS · FY25 | RES · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $1.3B |
| Revenue | $1.3B | $1.6B |
| Free cash flow | $284M | $52.9M |
| Net income | $80.5M | $32.1M |
| Growth | ||
| Revenue growth | 12.8% | 15.0% |
| 5-year growth | — | 22.1% |
| Share count change | 3.9% | 0.4% |
| Profitability | ||
| Gross margin | — | 24.2% |
| Operating margin | 26.0% | 2.8% |
| Net margin | 6.2% | 2.0% |
| FCF margin | 21.7% | 3.3% |
| Return on capital | 6.3% | — |
| Return on equity | 6.2% | 3.0% |
| Balance sheet | ||
| Net debt | $2.6B | −$158M |
| Net debt / EBITDA | 4.2x | −0.8x |
| Dividends and buybacks | $264M | $38.0M |
| Valuation & quality | ||
| P/E | 52.8x | 62.5x |
| Piotroski F-score | 5 | — |
Revenue
FY16
KGS —
RES $729M
FY17
KGS —
RES $1.6B
FY18
KGS —
RES $1.7B
FY19
KGS —
RES $1.2B
FY20
KGS —
RES $598M
FY21
KGS $606M
RES $865M
FY22
KGS $708M
RES $1.6B
FY23
KGS $850M
RES $1.6B
FY24
KGS $1.2B
RES $1.4B
FY25
KGS $1.3B
RES $1.6B
KGS
RES
Operating margin
FY16
KGS —
RES −32.8%
FY17
KGS —
RES 14.2%
FY18
KGS —
RES 12.2%
FY19
KGS —
RES −9.4%
FY20
KGS —
RES −51.8%
FY21
KGS 31.2%
RES 1.9%
FY22
KGS 31.4%
RES 18.0%
FY23
KGS 28.7%
RES 15.1%
FY24
KGS 21.5%
RES 6.9%
FY25
KGS 26.0%
RES 2.8%
KGS
RES
Free cash flow
FY16
KGS —
RES $67.8M
FY17
KGS —
RES $16.2M
FY18
KGS —
RES $146M
FY19
KGS —
RES −$41.5M
FY20
KGS —
RES $12.9M
FY21
KGS $48.0M
RES −$19.9M
FY22
KGS −$39.5M
RES $61.7M
FY23
KGS $46.5M
RES $214M
FY24
KGS −$9.0M
RES $129M
FY25
KGS $284M
RES $52.9M
KGS
RES
Return on capital
FY16
KGS —
RES —
FY17
KGS —
RES —
FY18
KGS —
RES —
FY19
KGS —
RES —
FY20
KGS —
RES —
FY21
KGS —
RES —
FY22
KGS —
RES —
FY23
KGS 4.8%
RES —
FY24
KGS 4.8%
RES —
FY25
KGS 6.3%
RES —
KGS
RES
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.