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Kodiak Gas Services, Inc. (KGS) stock

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NYSE: KGS NYSE Oil & Gas Equipment & Services

C+ Fundamentals grade

Kodiak Gas Services, Inc. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$31

Valuation models combined (3)

Base case. Range ~$24–$44. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Kodiak Gas Services, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 6 selling3 purchases and 21 sales by directors and officers, last 12 monthsInsider trades
  • Funds272 adding, 117 cuttingOf 66 active managers that changed their stake, 42 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Kodiak Gas Services files

Where Kodiak Gas Services stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.39bn, up 8.2% on a year earlier, faster than the 4.0% growth a quarter earlier. Free-cash-flow margin fell to 0.4% from 9.9% a year earlier. Operating margin widened to 27.4% from 25.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 5 financial-health checks. Our cash-flow model value is $20.06 a share, against a share price of $45.82.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Kodiak Gas Services, Inc.'s trailing-twelve-month revenue grew 8.2% year on year, with a free-cash-flow margin of 0.4%. Where it stands out: operating margin of 27.4% ranks 1 of 32 oil & gas equipment & services companies we cover. Where it lags: long-term debt as % of assets of 49.5% ranks 29 of 32 oil & gas equipment & services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 96.1% while net income fell 3.5%: a 93pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.2 points higher than a quarter earlier.
  • High operating margin. 27.4% of revenue is left as operating profit, against a median of 7.2% for oil & gas equipment & services companies we cover.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.3% over 90 days.

Things to watch

  • High debt. Long-term debt exceeds cash by $2.6bn, more than 1.5 times annual revenue.
  • High earnings multiple. The shares trade at 50 times the last 12 months' earnings, so expectations are demanding.
  • Weak cash conversion. Free cash flow was 6% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 49.5% ranks 29 of 32 oil & gas equipment & services companies we cover (median 22.6%).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.9% ranks 27 of 32 oil & gas equipment & services companies we cover (median 1.1%).
  • Heavily shorted. 10.4% of the shares available to trade are sold short (4.3 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.55 against an average estimate of $0.71: missed by 23.1%
Revenue
$391m, up 21.1% on a year earlier
Share reaction
+3.5% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
adjusted EBITDA $830m to $860m (full year 2026); discretionary cash flow $570m to $600m (full year 2026)
Next report
November 3, 2026; average EPS estimate $0.66

Kodiak Gas Services' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.9%
  • 1 week-0.7%
  • 1 month-13.3%
  • This year+21.8%
  • 1 year+31.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.4B
Operating margin
27.4%
Net margin
5.8%
EPS (TTM, diluted)
$0.90

Growth

Revenue growth
+8.2%
Change in growth rate
+4.2 pts
Share count change
+1.5%

Cash

Free cash flow (TTM)
$5M
FCF margin
0.4%
Stock pay % of revenue
1.9%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Governance
  2. Partnership
  3. Results
  4. Announcement
  5. Guidance
  6. Dividend
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Kodiak Gas Services, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Our value per share comes from a discounted-cash-flow model of Kodiak Gas Services, Inc.'s free cash flow after stock-based pay ( $34.3M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Kodiak Gas Services, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$7.7 Left out: out of range vs price (0.17x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$44 ~$40–$56 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$24 ~$19–$30 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$25 ~$23–$28 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$31 ~$24–$44 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Kodiak Gas Services, Inc. with Oil & Gas Equipment & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202320242025Now
Share price$17.62$37.93$36.51$44.46
Market value$1.2bn$3.2bn$3.2bn$4.0bn
+ Net debt (− = net cash)$1.8bn$2.6bn$2.6bn$2.6bn
Enterprise value$3.0bn$5.9bn$5.8bn$6.6bn
Multiples
Price / sales 1.4x2.8x2.5x2.9x
Price / earnings 60.0x64.7x40.1x49.5x
Price / free cash flow 25.9x—11.4xn/m
EV / EBITDA 7.1x11.5x9.5x9.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.54 +98% $1.5bn +16%
Next $3.17 +25% $1.7bn +15%

Next year's EPS estimate has moved +6.3% in 90 days, across 6 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.71 $0.55 −23.1%
Mar 2026 $0.54 $0.59 +9.5%
Dec 2025 $0.53 $0.35 −34.3%
Sept 2025 $0.52 $0.16 −70.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Compression Infrastructure adjusted gross margin percentage full year 2026 69% to 70.5% Non-GAAP
    “Compression Infrastructure adjusted gross margin percentage (1) 69.0 % 70.5 %” source
  • Power Infrastructure adjusted gross margin percentage full year 2026 60% to 70% Non-GAAP
    “Power Infrastructure adjusted gross margin percentage (1) 60.0 % 70.0 %” source
  • Other Services adjusted gross margin percentage full year 2026 13% to 16% Non-GAAP
    “Other Services adjusted gross margin percentage (1) 13.0 % 16.0 %” source
  • Adjusted EBITDA full year 2026 $830m to $860m Non-GAAP Raised
    “Increased Adjusted EBITDA guidance to a range of $830 million to $860 million and discretionary cash flow guidance to a range of $570 million to $600 million” source
  • Discretionary cash flow full year 2026 $570m to $600m Non-GAAP Raised
    “Increased Adjusted EBITDA guidance to a range of $830 million to $860 million and discretionary cash flow guidance to a range of $570 million to $600 million” source
  • Compression Infrastructure revenue full year 2026 $1,250,000k to $1,280,000k
    “Compression Infrastructure revenue $ 1,250,000 $ 1,280,000” source
Show 7 more items
  • Power Infrastructure revenue full year 2026 $95,000k to $125,000k
    “Power Infrastructure revenue $ 95,000 $ 125,000” source
  • Other Services revenue full year 2026 $125,000k to $160,000k
    “Other Services revenue $ 125,000 $ 160,000” source
  • Maintenance capital expenditures full year 2026 $80,000k to $90,000k
    “Maintenance capital expenditures $ 80,000 $ 90,000” source
  • Growth capital expenditures - Compression Infrastructure full year 2026 $280,000k to $300,000k
    “Compression Infrastructure $ 280,000 $ 300,000” source
  • Growth capital expenditures - Power Infrastructure full year 2026 $400,000k to $450,000k Lowered
    “Power Infrastructure 400,000 450,000” source
  • Total Growth capital expenditures full year 2026 $680,000k to $750,000k
    “Total Growth capital expenditures $ 680,000 $ 750,000” source
  • Other capital expenditures full year 2026 $45,000k to $55,000k
    “Other capital expenditures (3) $ 45,000 $ 55,000” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Kodiak Gas Services, Inc.'s revenue by +16.6% next year and +15.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+17.3%, weight 65%) and the company's own record (+15.4%, weight 35%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy15100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202651015
  2. Sep 202651015
  3. Aug 202651015
  4. Jul 202651015

Counts of recommendations published by analysts covering Kodiak Gas Services, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.4%
of tradable shares
Days to cover
4.31
at average volume
Short interest, 1 month
+1%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.6%
of shares
Employees
1,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +25.1%

$35.53 on October 31, 2025 to $44.46

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.4bn +8.2%
Net margin 6.5% 5.8% −10.9%
P/E multiple 37.6x 49.5x +31.7%
Share count 88m 89m −1.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202420252026 to date
Return
KGS+115%−4%+22%
Industry peers (median)−9%+3%+18%
S&P 500+25%+18%+11%
Months that ended higher
KGS75%42%55%
S&P 50075%75%46%
Largest fall from a high during the year
KGS−14%−39%−42%
S&P 500−8%−19%−9%

Worst fall since June 29, 2023: 42% from June 26, 2026 to October 22, 2026. Getting back needed a 72% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$32.17 – $75.70
From 52-week high
−41.3%
vs 50-day average
−18.1%
vs 200-day average
−24.4%
Volatility (1 year)
42%
Beta vs S&P 500
0.87

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.9%
After a week
7 up, 5 down
typical move ±7.1%
After a month
7 up, 5 down
typical move ±9.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +3.5% +0.5% +7.8% +9.0%
May 11, 2026 +7.9% +0.1% +9.5% −3.9%
March 11, 2026 −3.8% −1.6% −1.7% +7.6%
February 25, 2026 +7.3% +0.3% +13.8% +14.9%
November 4, 2025 −7.7% −0.8% −7.1% −1.0%
August 6, 2025 +0.7% +0.7% +10.5% +11.8%
May 8, 2025 +4.5% +0.6% +4.4% +2.7%
March 6, 2025 −16.0% −1.2% −11.0% −22.9%
November 7, 2024 0.0% +1.2% +2.8% +19.2%
August 13, 2024 −12.7% +2.0% −11.8% −10.5%
May 8, 2024 +1.0% +0.6% +1.5% −6.9%
March 6, 2024 −6.1% +1.5% −3.5% +5.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Kodiak Gas Services, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Kodiak Gas Services, Inc.
$800M $1B $1.2B $1.4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $804.2M Revenue (TTM), FY23 Q4: $850.4M Revenue (TTM), FY24 Q1: $875.8M Revenue (TTM), FY24 Q2: $982.1M Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.3B Revenue (TTM), FY25 Q2: $1.3B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.3B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.4B $1.4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $804.2M
FY23 Q4 $850.4M
FY24 Q1 $875.8M
FY24 Q2 $982.1M
FY24 Q3 $1.1B
FY24 Q4 $1.2B
FY25 Q1 $1.3B
FY25 Q2 $1.3B
FY25 Q3 $1.3B
FY25 Q4 $1.3B
FY26 Q1 $1.3B
FY26 Q2 $1.4B
Revenue growth, TTM YoY Kodiak Gas Services, Inc.
0% 20% 40% 60% FY24 Q1 FY24 Q3 FY25 Q1 FY25 Q3 FY26 Q2 Revenue growth, TTM YoY, FY24 Q1: 20.0% Revenue growth, TTM YoY, FY24 Q2: 29.9% Revenue growth, TTM YoY, FY24 Q3: 33.8% Revenue growth, TTM YoY, FY24 Q4: 36.3% Revenue growth, TTM YoY, FY25 Q1: 45.4% Revenue growth, TTM YoY, FY25 Q2: 31.0% Revenue growth, TTM YoY, FY25 Q3: 19.4% Revenue growth, TTM YoY, FY25 Q4: 12.8% Revenue growth, TTM YoY, FY26 Q1: 4.0% Revenue growth, TTM YoY, FY26 Q2: 8.2% 8.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 20.0%
FY24 Q2 29.9%
FY24 Q3 33.8%
FY24 Q4 36.3%
FY25 Q1 45.4%
FY25 Q2 31.0%
FY25 Q3 19.4%
FY25 Q4 12.8%
FY26 Q1 4.0%
FY26 Q2 8.2%
Operating margin (TTM) Kodiak Gas Services, Inc.
20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 30.0% Operating margin (TTM), FY23 Q4: 28.7% Operating margin (TTM), FY24 Q1: 27.9% Operating margin (TTM), FY24 Q2: 24.0% Operating margin (TTM), FY24 Q3: 22.4% Operating margin (TTM), FY24 Q4: 21.5% Operating margin (TTM), FY25 Q1: 21.9% Operating margin (TTM), FY25 Q2: 25.2% Operating margin (TTM), FY25 Q3: 25.1% Operating margin (TTM), FY25 Q4: 26.0% Operating margin (TTM), FY26 Q1: 27.0% Operating margin (TTM), FY26 Q2: 27.4% 27.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 30.0%
FY23 Q4 28.7%
FY24 Q1 27.9%
FY24 Q2 24.0%
FY24 Q3 22.4%
FY24 Q4 21.5%
FY25 Q1 21.9%
FY25 Q2 25.2%
FY25 Q3 25.1%
FY25 Q4 26.0%
FY26 Q1 27.0%
FY26 Q2 27.4%
FCF margin (TTM) Kodiak Gas Services, Inc.
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 3.9% FCF margin (TTM), FY23 Q4: 5.5% FCF margin (TTM), FY24 Q1: 7.2% FCF margin (TTM), FY24 Q2: 1.8% FCF margin (TTM), FY24 Q3: -6.1% FCF margin (TTM), FY24 Q4: -0.8% FCF margin (TTM), FY25 Q1: 2.9% FCF margin (TTM), FY25 Q2: 9.9% FCF margin (TTM), FY25 Q3: 14.6% FCF margin (TTM), FY25 Q4: 21.7% FCF margin (TTM), FY26 Q1: 15.1% FCF margin (TTM), FY26 Q2: 0.4% 0.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 3.9%
FY23 Q4 5.5%
FY24 Q1 7.2%
FY24 Q2 1.8%
FY24 Q3 -6.1%
FY24 Q4 -0.8%
FY25 Q1 2.9%
FY25 Q2 9.9%
FY25 Q3 14.6%
FY25 Q4 21.7%
FY26 Q1 15.1%
FY26 Q2 0.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Kodiak Gas Services took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.3B
  2. Selling, general and admin $144M · 11.0%
  3. Other operating costs $824M · 63.0%
  4. Operating income $340M · 26.0%
  5. Income tax $31.9M · 2.4%
  6. Interest and other $228M · 17.4%
  7. Net income $80.5M · 6.2%

Shares of revenue. Source: Kodiak Gas Services's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 606 708 850 1,159 1,308 1,392
Gross profit 236 266 317 — — —
EBITDA 349 397 427 510 616 669
Operating income 189 222 244 249 340 382
Net income 181 106 20 50 81 80
Diluted EPS $3.07 $1.80 $0.29 $0.56 $0.89 $0.90
Growth (year on year)
Revenue — +16.7% +20.1% +36.3% +12.8% +8.2%
EBITDA — +13.6% +7.7% +19.4% +20.9% +10.6%
Operating income — +17.5% +9.9% +2.2% +36.3% +17.9%
Net income — −41.3% −81.1% +148.7% +61.4% −3.5%
Diluted EPS — −41.4% −83.9% +93.1% +58.9% −4.9%
Margins
Gross margin 38.9% 37.6% 37.2% — — —
EBITDA margin 57.6% 56.0% 50.2% 44.0% 47.1% 48.0%
Operating margin 31.2% 31.4% 28.7% 21.5% 26.0% 27.4%
Net margin 29.8% 15.0% 2.4% 4.3% 6.2% 5.8%
Free-cash-flow margin 7.9% −5.6% 5.5% −0.8% 21.7% 0.4%
Cash flow
Cash from operations 250 220 266 328 600 479
Capital spending 202 259 220 337 315 474
Free cash flow 48 −40 47 −9 284 5
Stock-based pay 1 1 6 18 25 26
Free cash flow after stock pay 47 −40 41 −27 260 −21
Balance sheet
Cash 29 20 6 5 3 138
Total debt 0 2,754 1,830 2,625 2,615 2,781
Net debt (negative = net cash) −29 2,734 1,825 2,620 2,611 2,643
Diluted shares 59m 59m 68m 85m 89m 89m
Returned to shareholders
Dividends 0 0 30 134 160 176
Buybacks — 0 0 40 104 84
Total returned 0 0 30 174 264 260

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · June 30, 2026
What it owns · $5.5bn
Short-term assets $528mLonger-term assets $5.0bn
What it owes, and who funded it · $5.5bn
Short-term liabilities $365mLonger-term liabilities $3.0bnShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $528m of assets due within a year against $365m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $528m short-term assets against $3.0bn of longer-dated liabilities.
  • More cash than debt $138m of cash against $2.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 126% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $479m of operating cash flow against $2.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Kodiak Gas Services, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$84M
Dividends (TTM)
$176M
Returned to shareholders
5184%
of free cash flow
Buybacks, last 3 fiscal years
$144M
Diluted share count
+1.5%
year over year
Total shareholder yield
5.8%
dividends 3.9% + buybacks 1.9% of market value
Dividend payout ratio
218%
of net income paid out
Sales & admin spending
11.8%
of revenue
Days sales outstanding
69 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas equipment & services
Last 12 months unless stated KGS WTTR TDW AROC WHD VTOL Median
Revenue, last 12 months $1.4bn $1.4bn $1.3bn $1.5bn $1.5bn $1.6bn $1.2bn
Revenue growth, last 12 months 8.2% −2.0% −1.0% 11.5% 40.4% 8.2% 3.7%
Revenue growth, 3-year average 22.6% −3.2% 19.6% 18.2% 14.9% 8.0% 2.0%
Revenue growth, latest quarter 21.1% 8.7% 0.3% −3.1% 63.2% 9.4% 7.3%
Gross margin 37.9% 16.1% −1.9% 48.9% 33.5% — 21.1%
Operating margin 27.4% 3.5% 18.4% — 18.8% 10.0% 7.3%
Operating margin, 3-year average 25.6% 3.6% 21.0% — 23.0% 6.5% 7.2%
Net margin 5.8% 2.2% 18.3% 21.8% 12.0% 6.7% 2.6%
Cash from operations / revenue 34.4% 16.4% 23.1% 48.2% 21.1% 8.5% 11.7%
Free-cash-flow margin 0.4% −5.7% 20.1% 19.4% 13.5% −2.2% 2.0%
Free-cash-flow margin, 3-year average 4.0% 1.0% 18.4% 10.0% 18.6% −3.0% 4.0%
Stock pay / revenue 1.9% 1.9% 1.0% 1.6% 1.8% 1.1% 1.1%
Change in share count 1.5% — −3.7% 1.3% — 0.7% 1.0%

Median of all 35 companies we cover in oil & gas equipment & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 oil & gas equipment & services companies
Measure Company Peer median Rank
Revenue growth Growth 8.2% 3.7% 11 of 35
Change in growth rate Growth +4.2pp +1.5pp 7 of 34
Operating margin Profitability 27.4% 7.2% 1 of 32
Net margin Profitability 5.8% 2.6% 14 of 35
Free-cash-flow margin Cash generation 0.4% 2.0% 19 of 35
Stock pay as % of revenue Cash generation 1.9% 1.1% 27 of 32
Long-term debt as % of assets Balance sheet 49.5% 22.6% 29 of 32
Change in share count Balance sheet 1.5% 1.0% 21 of 31
Days sales outstanding Balance sheet 69 days 74 days 11 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Contract Services $1.2B 90.3% ▲ 14.2%
Other Services $127M 9.7% ▲ 1.4%
Products and services
Line of business Revenue Share YoY
Contract Services $1.2B 90.3% ▲ 14.2%
Other services $127M 9.7% ▲ 1.4%

From Kodiak Gas Services, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.9B
Institutions reporting
404
Shares held vs prior quarter
▲ 16.6%
Positions opened / closed
105 / 31

Top buyers and sellers, Q2 2026: 272 institutions bought and 117 sold ; the biggest buyer was Blackrock, Inc (+2.9M shares) and the biggest seller Deprince Race & Zollo Inc (−886K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 15.2M 14.5% ▲ 23.5%
Invesco Ltd. $605M 8.1M 7.7% ▼ 1.5%
Vanguard Capital Management LLC $329M 4.4M 4.2% ▲ 17.7%
Vanguard Portfolio Management LLC $310M 4.1M 3.9% ▲ 113.6%
State Street Corp $310M 4.1M 3.9% ▲ 20.2%
FMR LLC $306M 4.1M 3.9% ▼ 10.8%
Price T Rowe Associates Inc $228M 3.0M 2.9% ▲ 48.1%
American Century Companies Inc $222M 2.9M 2.8% ▲ 20.5%
Zimmer Partners, LP $190M 2.5M 2.4% ▲ 6.3%
Dimensional Fund Advisors LP $190M 2.5M 2.4% ▼ 18.7%
Geode Capital Management, LLC $187M 2.5M 2.4% ▲ 25.0%
Wellington Management Group LLP $183M 2.4M 2.3% ▲ 85.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Kodiak Gas Services, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $624,384 3 trades by 3 insiders, last 12 months Insider sales History → $674M 21 trades by 6 insiders · 1% under pre-set plans
Net ▼ $674M net selling
Insider Date Trade Shares Price Value
Lenamon William Chad Executive Vice President & COO October 12, 2026 Sell pre-set plan 1,000 $53.25 $53,250
Mckee Robert Michael President & CEO October 5, 2026 Sell pre-set plan 2,666 $53.95 $143,843
Buhigas Pedro R. Chief Information Officer September 16, 2026 Sell pre-set plan 3,663 $58.14 $212,967
Hamilton Ewan William EVP & Chief Accounting Officer September 14, 2026 Sell pre-set plan 2,729 $61.85 $168,789
Lenamon William Chad Executive Vice President & COO September 11, 2026 Sell pre-set plan 1,000 $63.21 $63,210
Mckee Robert Michael President & CEO September 1, 2026 Sell pre-set plan 5,999 $59.31 $355,801
Mckee Robert Michael President & CEO August 19, 2026 Sell pre-set plan 6,008 $62.39 $374,839
Lenamon William Chad Executive Vice President & COO August 11, 2026 Sell pre-set plan 1,000 $61.93 $61,930
Lenamon William Chad Executive Vice President & COO July 13, 2026 Sell pre-set plan 1,000 $67.79 $67,790
Roclawski Cory Anne EVP & CHRO July 8, 2026 Sell pre-set plan 4,169 $68.36 $284,993
Buhigas Pedro R. Chief Information Officer June 17, 2026 Sell pre-set plan 4,625 $67.78 $313,482
Hamilton Ewan William EVP & Chief Accounting Officer June 16, 2026 Sell pre-set plan 2,729 $68.62 $187,264

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 11, 2026
  • March 11, 2026
  • February 25, 2026
  • November 4, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Kodiak Gas Services, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Kodiak Gas Services, Inc. in brief

What does Kodiak Gas Services, Inc. do?
Kodiak Gas Services, Inc. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.
What is Kodiak Gas Services, Inc.'s stock ticker?
Kodiak Gas Services, Inc. trades under the ticker KGS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Kodiak Gas Services, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Kodiak Gas Services, Inc. reported revenue of $1.4B, 8.2% higher than a year earlier, according to its SEC filings.
What is Kodiak Gas Services, Inc.'s free cash flow?
Kodiak Gas Services, Inc.'s free-cash-flow margin is 0.4% of revenue over the trailing twelve months, ranking 19 of the 35 oil & gas equipment & services companies we cover.
Who are Kodiak Gas Services, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Invesco Ltd. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Kodiak Gas Services, Inc. buying back stock, and does it pay a dividend?
Kodiak Gas Services, Inc. spent $84M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.5% over the year.
What is Kodiak Gas Services, Inc.'s market cap?
On November 2, 2026, Kodiak Gas Services, Inc.'s market capitalisation was about $4B, with a price-to-earnings ratio of 49.5 and net debt of $2.6B. Market figures come from third-party market data and may be delayed.
Does Kodiak Gas Services, Inc. pay a dividend?
Yes: Kodiak Gas Services, Inc. paid $176M in dividends over the trailing twelve months, a dividend yield of 3.91% and a payout ratio of 218.4%.
How much debt does Kodiak Gas Services, Inc. have?
Kodiak Gas Services, Inc.'s debt-to-equity ratio is 125.7%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Kodiak Gas Services, Inc.'s competitors?
In our Oil & Gas Equipment & Services peer group, the companies closest to Kodiak Gas Services, Inc. are Select Water Solutions, Inc., Tidewater Inc, Archrock, Inc., Cactus, Inc. and Bristow Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Kodiak Gas Services, Inc.'s.
Are insiders buying or selling Kodiak Gas Services, Inc. stock?
Over the last 12 months, Kodiak Gas Services, Inc.'s directors and officers reported 3 open-market purchases and 21 sales on Form 4. The insider trading page charts every trade.