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KGS

Kodiak Gas Services, Inc.

KGS

Kodiak Gas Services, Inc. • NYSE
$35.20 ▲ 0.77% (+0.27)
Market Cap $3.08 B
52w High $50.43
52w Low $29.25
Dividend Yield 1.80%
P/E 41.9
Volume 1.57M
Outstanding Shares 87.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $322.744M ▼ $142.33M ▲ $-14.011M ▼ -4.341% ▼ $-0.17 ▼ $102.043M ▼
Q2-2025 $322.843M ▼ $41.727M ▲ $39.496M ▲ 12.234% ▲ $0.44 ▲ $165.319M ▲
Q1-2025 $329.642M ▲ $41.466M ▼ $30.411M ▲ 9.225% ▲ $0.34 ▲ $159.313M ▲
Q4-2024 $309.519M ▼ $51.81M ▼ $19.083M ▲ 6.165% ▲ $0.21 ▲ $156.84M ▲
Q3-2024 $324.647M $55.825M $-5.648M -1.74% $-0.067 $119.048M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $724K ▼ $4.372B ▼ $3.117B ▲ $1.25B ▼
Q2-2025 $5.428M ▲ $4.376B ▼ $3.027B ▼ $1.336B ▼
Q1-2025 $1.95M ▼ $4.436B ▲ $3.08B ▲ $1.344B ▼
Q4-2024 $4.75M ▼ $4.435B ▼ $3.062B ▼ $1.36B ▲
Q3-2024 $7.434M $4.492B $3.096B $1.247B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.197M ▼ $113.378M ▼ $-93.127M ▼ $-24.955M ▲ $-4.704M ▼ $10.908M ▼
Q2-2025 $39.984M ▲ $177.172M ▲ $-74.388M ▼ $-99.306M ▼ $3.478M ▲ $94.554M ▲
Q1-2025 $31.036M ▲ $114.328M ▼ $-68.177M ▼ $-48.951M ▲ $-2.8M ▼ $36.775M ▼
Q4-2024 $20.085M ▲ $118.485M ▲ $-53.149M ▲ $-68.02M ▼ $-2.684M ▼ $45.248M ▲
Q3-2024 $-6.211M $36.878M $-71.967M $38.671M $3.582M $-49.655M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contract Services
Contract Services
 $0 ▲$1.50Bn ▲$1.60Bn ▲$1.50Bn ▼
Service Other
Service Other
 $30.00M ▲$40.00M ▲$30.00M ▼$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that demand for Kodiak’s compression services has been strong and fairly resilient across cycles. Operating profits and EBITDA have been consistently healthy, which reflects solid pricing, good fleet utilization, and decent cost control. However, bottom-line net income has been more uneven. Profitability at the net level looks thinner and more volatile than operating results suggest, likely due to heavy depreciation on a large asset base, higher interest costs from meaningful debt, and some one-off or IPO-related items. Overall, the core business appears profitable and scalable, but the translation from operating profit to net earnings is not yet smooth or predictable.

Balance Sheet

Balance Sheet Kodiak has an asset-heavy balance sheet, which is typical for a compression services provider. The fleet and related infrastructure dominate total assets, and these have been expanding, indicating ongoing growth and modernization. Equity has strengthened in recent years, but the company still relies heavily on debt financing. Leverage is significant, and cash on hand is very modest, which means the company is more exposed to interest rate levels and refinancing conditions. The balance sheet supports growth, but it carries a clear financial risk profile that needs ongoing management and discipline.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and trending upward, which is a key strength. The business model generates dependable cash from long-term contracts, providing a solid base to fund operations. At the same time, capital spending is heavy, reflecting investment in new units and fleet upgrades. As a result, free cash flow has hovered around breakeven or dipped negative in some years. This pattern is typical of a growth-oriented, asset-intensive company: cash is being reinvested back into the business rather than flowing out as surplus. Kodiak’s ability to keep funding these investments hinges on sustained operating cash flow and continued access to credit.

Competitive Edge

Competitive Edge Kodiak operates in a niche but critical segment of the energy infrastructure chain: natural gas compression. Its focus on large-horsepower units, modern equipment, and high reliability gives it a clear edge in servicing large, complex oil and gas developments. Long-term, fixed-fee contracts with major producers help smooth out commodity price swings and create sticky customer relationships. The company’s concentration in prolific basins like the Permian and Eagle Ford anchors it in areas where activity remains robust. High upfront capital needs and technical complexity create barriers to entry. Key competitive risks include exposure to a relatively concentrated customer base, the cyclical nature of drilling and completions activity, and competition from other well-capitalized compression providers. Still, Kodiak’s scale, reliability guarantees, and integrated service model support a solid competitive position within its niche.

Innovation and R&D

Innovation and R&D Kodiak’s innovation focus is less about traditional R&D labs and more about embedding technology into its fleet and services. Systems like EcoView and the Kodiak Connect platform use dense sensor data, real-time monitoring, and emerging AI tools to track performance, manage emissions, and predict maintenance needs. This not only boosts uptime and efficiency but also directly addresses customers’ regulatory and ESG pressures. The company is moving toward more electric-driven compression where infrastructure allows, positioning itself for a lower-emissions future. Continuous modernization of the fleet and ongoing enhancements to data analytics and remote monitoring deepen its moat by making services harder to replicate and more valuable to customers. The main execution risks are the cost and complexity of staying on the cutting edge and the possibility that rivals adopt similar technologies. Still, Kodiak appears to be one of the more tech-forward players in its space.

Summary

Kodiak Gas Services combines a growing, contract-driven revenue base with solid operating profitability and strong, recurring operating cash flow. The business model benefits from long-term contracts, modern high-horsepower equipment, and deep customer integration, all of which help smooth out some of the volatility typical of the energy sector. On the other hand, the company carries substantial debt, runs with a very lean cash balance, and spends heavily on capital projects. This creates financial risk and can make net earnings look weaker than the underlying operations. The story is one of an asset-intensive growth platform: robust operations and cash generation, but with leveraged expansion and tight free cash flow. Strategically, Kodiak’s emphasis on technology, emissions monitoring, predictive analytics, and electric compression provides a differentiated position and aligns with long-term industry trends. Key factors to watch going forward include how effectively the company manages its leverage, the sustainability of its capital spending pace, the continued success of its technology initiatives, and the health of activity levels in its core basins.

NEWS

November 24, 2025 · 8:45 AM UTC

Kodiak Gas Services Announces Dual Listing on NYSE Texas

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November 20, 2025 · 3:01 AM UTC

Kingman Announces Drone Magnetometer Survey at Historic Mohave Gold Project & Completion of NI 43-101 Report

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November 13, 2025 · 4:27 PM UTC

EQT completes public offering of common stock of Kodiak Gas Services

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November 12, 2025 · 9:18 AM UTC

Kodiak Gas Services Announces Pricing of Underwritten Offering of 10,000,000 Shares of Common Stock by Selling Stockholder

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November 12, 2025 · 6:20 AM UTC

Kodiak Gas Services Announces Public Offering of Common Stock by Selling Stockholder

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