Kodiak Gas Services, Inc. KGS

Utilities SIC 4922 - Natural Gas Transmission NAICS Transportation and Warehousing › Pipeline Transportation › Pipeline Transportation of Natural Gas derived NYSE

We are a leading provider and operator of large horsepower contract compression infrastructure in the U.S, supporting the critical movement and processing of natural gas across key production regions. Through our wholly-owned subsidiary, Kodiak Services, formed in 2011, we have built and operated a substantial fleet of high-reliability compression assets for more than a decade. On July 3, 2023, we completed our IPO and our common stock is currently trading on the New York Stock Exchange ("NYSE") under the ticker symbol "KGS." Our business is centered on long‑term customer relationships, operational excellence, and disciplined capital deployment, positioning us to deliver stable performance while supporting the essential infrastructure needs of the domestic energy industry.

Last close 44.31 2026-10-23
Market cap $4.48B 2026-06-30 share count
52-week range 32.55 - 77.68

Valuation FY2025 figures against the last close

P/S3.4x
P/E49.8x
P/FCF15.8x
EV/EBITDA11.4x
Dividend yield3.6%
Diluted EPS0.89

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Contract Services
  • Other Services
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Contract Services, FY2025: 1.2B (90.3%) 90% Contract Services Other Services, FY2025: 126.8M (9.7%) 10% FY2024 Contract Services, FY2024: 1B (89.2%) 89% Other Services, FY2024: 125.1M (10.8%) 11% FY2023 Contract Services, FY2023: 735.6M (86.5%) 87% Other Services, FY2023: 114.8M (13.5%) 13%
Segment FY2025FY2024FY2023
Contract Services $1.18B $1.03B $735.6M
Other Services $126.8M $125.1M $114.8M

As the company reported it, from the “Segments - Schedule of Financial Metrics by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Revenue $1.31B$1.16B$850.4M$707.9M$606.4M—
Gross profit ——$316.6M$266.1M$236.2M—
SG&A $144.1M$151.7M$73.3M$44.9M$37.7M—
Total operating expenses $968.1M$909.9M$606.3M$485.8M$417.4M—
Operating income $340.0M$249.4M$244.1M$222.1M$189.0M—
Interest expense ——$222.5M$165.9M$84.6M—
Pre-tax income $113.5M$75.9M$35.1M$139.4M$122.4M—
Income tax $31.9M$25.6M$15.1M$33.1M$58.6M—
Net income $80.5M$49.9M$20.1M$106.3M$181.0M—
EPS, basic 0.900.580.291.803.07—
EPS, diluted 0.890.560.291.803.07—
Shares, diluted (wtd. avg.) 88.5M85.2M68.3M59.0M59.0M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Cash and equivalents $3.2M$4.8M$5.6M$20.4M$28.8M$24.1M
Receivables $197.6M$253.6M$113.2M$97.6M$80.7M—
Inventory $101.5M$103.3M$76.2M$72.2M——
Total current assets $323.1M$383.7M$231.0M$204.0M——
Property, plant and equipment $3.38B$3.40B$2.54B$2.49B——
Goodwill $408.7M$415.2M$305.6M$305.6M——
Other intangibles $154.5M$162.7M$122.9M$132.4M——
Total assets $4.32B$4.44B$3.24B$3.21B$3.01B—
Accounts payable $73.0M$57.6M$49.8M$38.0M——
Total current liabilities $385.9M$319.4M$210.6M$189.0M——
Long-term debt $2.56B$2.58B$1.79B$2.72B——
Total liabilities $3.11B$3.06B$2.10B$2.98B——
Retained earnings $12.8M$93.6M$178.1M$195.3M——
Total equity $1.21B$1.37B$1.14B$229.1M$960.1M$755.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Operating cash flow $599.7M$328.0M$266.3M$219.8M$250.0M—
Depreciation and amortisation $276.2M$260.3M$182.9M$174.5M$160.0M—
Stock-based compensation $24.5M$17.7M$5.9M$971.0K$1.2M—
Capital expenditure $315.5M$337.0M$219.8M$259.3M$201.9M—
Investing cash flow -$285.3M-$292.5M-$218.4M-$251.4M-$202.0M—
Financing cash flow -$316.0M-$36.3M-$62.8M$23.2M-$43.3M—
Dividends paid $159.6M$133.9M$29.8M$0$0—
Buybacks $104.0M$40.0M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001767042-26-000012.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2021: 606.4M Gross profit, FY2021: 236.2M Net income, FY2021: 181M Revenue, FY2022: 707.9M Gross profit, FY2022: 266.1M Net income, FY2022: 106.3M Revenue, FY2023: 850.4M Gross profit, FY2023: 316.6M Net income, FY2023: 20.1M Revenue, FY2024: 1.2B Net income, FY2024: 49.9M Revenue, FY2025: 1.3B Net income, FY2025: 80.5M FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $606.4M $707.9M $850.4M $1.16B $1.31B
Gross profit — $236.2M $266.1M $316.6M — —
Net income — $181.0M $106.3M $20.1M $49.9M $80.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4922

TickerCompanyMarket capP/ERevenue growth
WMB WILLIAMS COMPANIES, INC. $87.70B 33.5x 17.9%
EPD ENTERPRISE PRODUCTS PARTNERS L.P. $80.07B — -6.4%
KMI KINDER MORGAN, INC. $76.67B 25.1x 12.7%
ET Energy Transfer LP $70.42B — 3.5%
TRGP Targa Resources Corp. $64.84B 35.6x 3.9%
WES Western Midstream Partners, LP $17.77B — 6.6%
DTM DT Midstream, Inc. $12.64B 28.8x 26.7%
AM Antero Midstream Corp $9.90B 24.2x 7.4%