Kodiak Gas Services, Inc. KGS
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | 0.90 | 0.58 | 0.29 | 1.80 | 3.07 | — |
| EPS, diluted | 0.89 | 0.56 | 0.29 | 1.80 | 3.07 | — |
| Shares, diluted (wtd. avg.) | $88.5M | $85.2M | $68.3M | $59.0M | $59.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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.
Others in SIC 4922
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WMB | WILLIAMS COMPANIES, INC. | $90.70B | 34.6x | 17.9% |
| EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | $84.09B | — | -6.4% |
| ET | Energy Transfer LP | $74.03B | — | 3.5% |
| KMI | KINDER MORGAN, INC. | $69.92B | 22.9x | 12.7% |
| TRGP | Targa Resources Corp. | $62.20B | 34.2x | 3.9% |
| WES | Western Midstream Partners, LP | $19.51B | — | 6.6% |
| DTM | DT Midstream, Inc. | $13.21B | 30.1x | 26.7% |
| AM | Antero Midstream Corp | $10.73B | 26.3x | 7.4% |