Kodiak Gas Services vs Solaris Energy Infrastructure

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KIRA’s take AI analyst

I put Kodiak Gas Services and Solaris Energy Infrastructure 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 $622M for Solaris Energy Infrastructure, about 2.1 times as much.
Solaris Energy Infrastructure grew revenue faster (98.7%, against 12.8%).
Kodiak Gas Services kept more of each dollar of sales as operating profit (26.0% operating margin, against 21.8%).
Kodiak Gas Services turned more of its sales into free cash flow (21.7% FCF margin, against −70.3%).
Solaris Energy Infrastructure earned a higher return on the capital invested in it (14.1%, against 6.3%).

Who comes out ahead

Of the 7 measures where higher (or lower) is clearly better, how many each company leads.

Kodiak Gas Services

KGS

3/7

Operating marginNet marginFCF margin

Solaris Energy Infrastructure

SEI

4/7

Revenue growthReturn on capitalReturn on equityNet debt / EBITDA

Side by side

Best in the row

Latest fiscal year	KGS FY25	SEI FY25
Size
Market cap	$4.3B	—
Revenue	$1.3B	$622M
Free cash flow	$284M	−$438M
Net income	$80.5M	$30.2M
Growth
Revenue growth	12.8%	98.7%
5-year growth	—	43.3%
Share count change	3.9%	—
Profitability
Gross margin	—	—
Operating margin	26.0%	21.8%
Net margin	6.2%	4.9%
FCF margin	21.7%	−70.3%
Return on capital	6.3%	14.1%
Return on equity	6.2%	6.6%
Balance sheet
Net debt	$2.6B	−$165M
Net debt / EBITDA	4.2x	−0.8x
Dividends and buybacks	$264M	$21.8M
Valuation & quality
P/E	52.8x	—
Piotroski F-score	5	—

Ten years

Revenue

FY16

KGS —

SEI $18.2M

FY17

KGS —

SEI $67.4M

FY18

KGS —

SEI $197M

FY19

KGS —

SEI $242M

FY20

KGS —

SEI $103M

FY21

KGS $606M

SEI $159M

FY22

KGS $708M

SEI $320M

FY23

KGS $850M

SEI $293M

FY24

KGS $1.2B

SEI $313M

FY25

KGS $1.3B

SEI $622M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

KGS SEI

Operating margin

FY16

KGS —

SEI 15.8%

FY17

KGS —

SEI 37.8%

FY18

KGS —

SEI 50.4%

FY19

KGS —

SEI 44.7%

FY20

KGS —

SEI −58.2%

FY21

KGS 31.2%

SEI −0.2%

FY22

KGS 31.4%

SEI 13.1%

FY23

KGS 28.7%

SEI 17.0%

FY24

KGS 21.5%

SEI 16.9%

FY25

KGS 26.0%

SEI 21.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

KGS SEI

Free cash flow

FY16

KGS —

SEI −$6.4M

FY17

KGS —

SEI −$67.2M

FY18

KGS —

SEI −$44.7M

FY19

KGS —

SEI $80.0M

FY20

KGS —

SEI $39.2M

FY21

KGS $48.0M

SEI −$3.2M

FY22

KGS −$39.5M

SEI −$13.4M

FY23

KGS $46.5M

SEI $25.0M

FY24

KGS −$9.0M

SEI −$129M

FY25

KGS $284M

SEI −$438M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

KGS SEI

Return on capital

FY16

KGS —

SEI —

FY17

KGS —

SEI —

FY18

KGS —

SEI —

FY19

KGS —

SEI —

FY20

KGS —

SEI —

FY21

KGS —

SEI —

FY22

KGS —

SEI —

FY23

KGS 4.8%

SEI —

FY24

KGS 4.8%

SEI 6.8%

FY25

KGS 6.3%

SEI 14.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

KGS SEI

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.