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USAC

USA Compression Partners, LP

USAC

USA Compression Partners, LP • NYSE
$25.25 ▲ 0.32% (+0.08)
Market Cap $3.10 B
52w High $30.10
52w Low $21.53
Dividend Yield 2.10%
P/E 31.17
Volume 135.58K
Outstanding Shares 122.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $250.256M ▲ $89.368M ▲ $34.488M ▲ 13.781% ▲ $0.27 ▲ $154.802M ▲
Q2-2025 $250.125M ▲ $87.018M ▼ $28.559M ▲ 11.418% ▲ $0.22 ▲ $151.202M ▲
Q1-2025 $245.234M ▼ $94.225M ▼ $20.512M ▼ 8.364% ▼ $0.14 ▼ $149.75M ▼
Q4-2024 $245.892M ▲ $97.682M ▲ $25.437M ▲ 10.345% ▲ $0.18 ▲ $149.968M ▲
Q3-2024 $239.968M $82.478M $19.327M 8.054% $0.13 $143.013M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $2.659B ▼ $2.736B ▲ $-76.812M ▼
Q2-2025 $2K $2.671B ▼ $2.719B ▼ $-48.014M ▼
Q1-2025 $2K ▼ $2.713B ▼ $2.725B ▲ $-11.902M ▼
Q4-2024 $14K ▼ $2.746B ▼ $2.718B ▼ $27.758M ▼
Q3-2024 $79K $2.804B $2.742B $61.555M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $34.488M ▲ $75.879M ▼ $-23.381M ▼ $-52.5M ▲ $-2K ▼ $51.888M ▼
Q2-2025 $28.559M ▲ $124.244M ▲ $-22.354M ▼ $-101.89M ▼ $0 ▲ $101.075M ▲
Q1-2025 $20.512M ▼ $54.651M ▼ $-18.041M ▲ $-36.622M ▲ $-12K ▲ $36.283M ▼
Q4-2024 $25.437M ▲ $130.195M ▲ $-26.92M ▲ $-103.34M ▼ $-65K ▼ $101.179M ▲
Q3-2024 $19.327M $48.481M $-28.379M $-20.032M $70K $19.795M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Contract Operations Revenue
Contract Operations Revenue
 $230.00M ▲$470.00M ▲$240.00M ▼$240.00M ▲
Retail Parts And Services
Retail Parts And Services
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, and profitability has improved from past losses to consistent profits. Margins have widened as the business scaled, suggesting better pricing power and utilization of its compression fleet. Earnings are still modest relative to the size of the business, but the trend is clearly upward from the weak, loss-making year in 2020 to healthier, more stable results more recently. Overall, the income statement shows an asset‑heavy business that is now operating more efficiently and consistently in the black, with room for further improvement but also exposure to the energy cycle.

Balance Sheet

Balance Sheet The balance sheet is highly leveraged, with debt making up the vast majority of the capital structure and only a thin layer of equity. Assets have stayed relatively stable, but the partnership has operated with very limited balance‑sheet cushion at times, including a period of negative equity. This structure is common for capital‑intensive, yield‑oriented partnerships, but it leaves less room for error if business conditions soften or financing costs rise. In short, the company runs with heavy debt and a tight equity base, which supports returns in good times but increases financial risk.

Cash Flow

Cash Flow Cash generation from the core business has been steady and resilient, even in weaker years. After funding capital expenditures, free cash flow has generally been positive, though it fluctuates as the partnership steps up investment in its fleet and technology. Recent years show higher spending on equipment and growth projects, which dampens free cash flow in the short term but is aimed at expanding capacity and upgrading to newer technology. Overall, the cash flow profile looks reasonably solid for a contracted, fee‑based business, but it depends on continued high utilization and access to capital to fund growth.

Competitive Edge

Competitive Edge USAC holds a strong niche position in large‑horsepower natural gas compression, focusing on mission‑critical, midstream infrastructure where reliability is essential and switching costs are high. Long‑term, fixed‑fee, take‑or‑pay style contracts provide visibility and reduce direct exposure to commodity price swings, supporting stable utilization of its fleet. Its service‑centric model, turnkey station offerings, and deep customer relationships in key gas basins further reinforce its position. The partnership with Energy Transfer adds additional scale and commercial opportunities. The main competitive risks are technological catch‑up by peers, potential overcapacity in compression equipment, and broader shifts in gas demand over time.

Innovation and R&D

Innovation and R&D The Dual Drive compression system is the standout innovation, allowing customers to toggle between gas‑driven engines and electric motors. This directly addresses tightening environmental rules and gives customers cost and reliability flexibility, which is a meaningful differentiator today. USAC is not a classic R&D‑heavy company, but it is clearly investing in upgrading its fleet and engineering solutions around emissions, uptime, and turnkey station design. The key question is how quickly the Dual Drive concept scales and whether competitors introduce comparable solutions; for now, it appears to provide a real technological edge in an industry that historically has been slow to innovate.

Summary

USAC has evolved from a more volatile, occasionally loss‑making operation into a more consistently profitable, cash‑generating compression specialist, supported by long‑term contracts and a focused niche in large‑horsepower units. The Dual Drive technology and service‑rich, turnkey offering strengthen its moat and position it well for customers seeking both reliability and lower emissions. At the same time, the partnership carries substantial financial leverage and a very thin equity buffer, which increases sensitivity to downturns, higher interest costs, or operational setbacks. Future performance will hinge on maintaining high fleet utilization, successfully scaling its Dual Drive offering, and managing its debt load while continuing to invest in growth and modernization.

NEWS

November 5, 2025 · 6:55 AM UTC

USA Compression Partners Reports Third-Quarter 2025 Results; Achieves Record Results; Improves 2025 Outlook

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October 16, 2025 · 4:30 PM UTC

USA Compression Partners Announces Third-Quarter 2025 Distribution; Third-Quarter 2025 Earnings Release and Conference Call Scheduled for November 5

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September 15, 2025 · 6:18 PM UTC

USA Compression Partners, LP Announces Pricing of $750.0 Million Offering of Senior Notes

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September 15, 2025 · 7:12 AM UTC

USA Compression Partners, LP Announces Launch of $750.0 Million Offering of Senior Notes

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