Innovex International vs Kodiak Gas Services
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KIRA’s take AI analyst
I put Innovex International 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 $978M for Innovex International.
- Innovex International grew revenue faster (48.0%, against 12.8%).
- Kodiak Gas Services kept more of each dollar of sales as operating profit (26.0% operating margin, against 13.6%).
- Investors pay more for each dollar of Kodiak Gas Services’s earnings: a P/E of 52.8x against 33.6x for Innovex International.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Innovex International
INVX
4/7
Revenue growthNet marginReturn on equityNet debt / EBITDA
Kodiak Gas Services
KGS
2/7
Operating marginShare count change
Side by side
Best in the row
| Latest fiscal year | INVX FY25 | KGS FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.1B | $4.3B |
| Revenue | $978M | $1.3B |
| Free cash flow | — | $284M |
| Net income | $83.3M | $80.5M |
| Growth | ||
| Revenue growth | 48.0% | 12.8% |
| 5-year growth | 21.8% | — |
| Share count change | 37.0% | 3.9% |
| Profitability | ||
| Gross margin | 31.0% | — |
| Operating margin | 13.6% | 26.0% |
| Net margin | 8.5% | 6.2% |
| FCF margin | — | 21.7% |
| Return on capital | — | 6.3% |
| Return on equity | 8.3% | 6.2% |
| Balance sheet | ||
| Net debt | −$178M | $2.6B |
| Net debt / EBITDA | −0.9x | 4.2x |
| Dividends and buybacks | $9.3M | $264M |
| Valuation & quality | ||
| P/E | 33.6x | 52.8x |
| Piotroski F-score | 5 | 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.