Atlas Energy Solutions vs Kodiak Gas Services
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KIRA’s take AI analyst
I put Atlas Energy Solutions and Kodiak Gas Services side by side, using each one’s latest annual report. Here is what stands out:
- Kodiak Gas Services is the larger business, with $1.3B of revenue in fiscal 2025 against $1.1B for Atlas Energy Solutions.
- Kodiak Gas Services grew revenue faster (12.8%, against 3.7%).
- Kodiak Gas Services kept more of each dollar of sales as operating profit (26.0% operating margin, against −1.0%).
- Kodiak Gas Services turned more of its sales into free cash flow (21.7% FCF margin, against −2.8%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Atlas Energy Solutions
AESI
0/7
Kodiak Gas Services
KGS
7/7
Revenue growthOperating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | AESI FY25 | KGS FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $4.3B |
| Revenue | $1.1B | $1.3B |
| Free cash flow | −$30.9M | $284M |
| Net income | −$50.3M | $80.5M |
| Growth | ||
| Revenue growth | 3.7% | 12.8% |
| 5-year growth | — | — |
| Share count change | 12.1% | 3.9% |
| Profitability | ||
| Gross margin | 13.8% | — |
| Operating margin | −1.0% | 26.0% |
| Net margin | −4.6% | 6.2% |
| FCF margin | −2.8% | 21.7% |
| Return on capital | — | 6.3% |
| Return on equity | −4.5% | 6.2% |
| Balance sheet | ||
| Net debt | — | $2.6B |
| Net debt / EBITDA | — | 4.2x |
| Dividends and buybacks | $0.2M | $264M |
| Valuation & quality | ||
| P/E | — | 52.8x |
| Piotroski F-score | 4 | 5 |
Ten years
Revenue
FY21
AESI $172M
KGS $606M
FY22
AESI $483M
KGS $708M
FY23
AESI $614M
KGS $850M
FY24
AESI $1.1B
KGS $1.2B
FY25
AESI $1.1B
KGS $1.3B
AESI
KGS
Operating margin
FY21
AESI 27.3%
KGS 31.2%
FY22
AESI 48.1%
KGS 31.4%
FY23
AESI 43.2%
KGS 28.7%
FY24
AESI 10.8%
KGS 21.5%
FY25
AESI −1.0%
KGS 26.0%
AESI
KGS
Free cash flow
FY21
AESI $2.0M
KGS $48.0M
FY22
AESI $116M
KGS −$39.5M
FY23
AESI −$66.5M
KGS $46.5M
FY24
AESI −$118M
KGS −$9.0M
FY25
AESI −$30.9M
KGS $284M
AESI
KGS
Return on capital
FY21
AESI —
KGS —
FY22
AESI —
KGS —
FY23
AESI —
KGS 4.8%
FY24
AESI —
KGS 4.8%
FY25
AESI —
KGS 6.3%
AESI
KGS
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.