Kodiak Gas Services vs Cactus
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KIRA’s take AI analyst
I put Kodiak Gas Services and Cactus 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 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%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Kodiak Gas Services
KGS
2/6
Revenue growthOperating margin
Cactus
WHD
4/6
Net marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| 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 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.