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US natural gas compression services provider, leasing large horsepower compressors to gas producers and midstream operators.
US natural gas compression services provider, leasing large horsepower compressors to gas producers and midstream operators.
Rents compressors under contracts that typically run for years, with monthly fees tied to horsepower, so income is steady and follows the number of units working. Compression is needed to move gas from wells into pipelines, and its large units are used mostly in the Permian Basin. It went public in 2023.
Moat: narrow (installed base, switching costs). Long-term compression contracts and a large-horsepower fleet create high switching costs once installed.
Headquarters: The Woodlands, Texas, US · Founded: 2011 · Employees: 1,300
Size Kodiak Gas Services (KGS) is a United States Energy company (Oilfield Services/Equipment) with a market value of $4.21B, the 1313th largest of 3,117 United States companies the cockpit tracks. Shares closed at $41.67 on 6 Nov 2026.
Performance Over six months the shares fell 40.2%, against -14.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 19 in its peer set.
Growth Revenue grew 8.2% over the last twelve months (peer median +7.0%); the operating margin is 32.6% (peer median 14.2%).
Valuation It trades at 17.0× forward earnings against a peer median of 14.7× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points below its cost of capital (8.1% WACC).
Backlog Backlog (remaining performance obligations) was $2.64B at 30 Jun 2026, up 64% on a year earlier — 1.9 years of trailing revenue. Backlog detail →
Short interest Short interest is 7.7% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.39B | $1.31B | $1.16B | $850M | $708M |
| Revenue growth | — | +13% | +36% | +20% | — |
| Gross profit | $602M | $552M | $441M | $317M | $266M |
| EBITDA | $741M | $693M | $583M | $432M | $396M |
| Net income | $80.4M | $80.5M | $48.1M | $20.1M | $106M |
| Free cash flow | $5.01M | $284M | -$8.97M | $46.5M | -$39.5M |
| Capital expenditure | $474M | $315M | $337M | $220M | $259M |
| Total debt | $2.82B | $2.61B | $2.65B | $1.83B | $2.73B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kodiak Gas Services KGS | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% |
| Archrock AROC | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% |
| USA Compression Partners LP USAC | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% |
| Solaris Energy Infrastructure SEI | $4.63B | -21% | +71% | 24% | 16.8× | n/a |
| Enerflex EFX.TO | $2.39B | -29% | -4% | 11% | 12.2× | 6.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KGS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.2% | -11.5% | 6th lowest of 20 |
| 6-month return | -40.2% | -14.5% | 3rd lowest of 19 |
| Distance from 52-week high | -46.4% | -32.8% | 5th lowest of 20 |
| Revenue growth (TTM) | +8.2% | +7.0% | 10th highest of 20 |
| Operating margin | 32.6% | 14.2% | 2nd highest of 20 |
| Forward P/E | 17.0× | 14.7× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 9.3% | 5.7% | 6th most demanding of 16 |
| Growth delivered (Del g) | +19.7% | +12.0% | 5th highest of 16 |
| Hurdle (Req g minus delivered) | -10.4 pp | -9.9 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | -0.7 pp | -0.7 pp | 10th highest of 20 |
| EV / EBITDA | 9.3× | 7.8× | 5th most expensive of 18 |
| Net debt / EBITDA | 3.6× | 0.8× | 3rd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| Solaris Energy Infrastructure SEI | United States | $4.63B | -21% | +71% | 24% | 16.8× | n/a | n/a |
| Cactus WHD | United States | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% | +25.4% |
| Archrock AROC | United States | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% | +11.2% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| SBM Offshore SBMO.AS | Netherlands | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% | +11.3% |
| Weatherford International WFRD | United States | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% | +5.9% |
| NOV NOV | United States | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% | +7.6% |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Subsea 7 SUBC.OL | Norway | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% | +17.7% |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| Yantai Jereh Oilfield Services 002353.SZ | China | $12.2B | -42% | +13% | 19% | 24.1× | 14.8% | +14.5% |
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
| Jiangsu Hongtian Technology 603800.SS | China | $1.11B | -32% | -27% | -15% | 62.3× | 32.4% | +5.1% |
Kodiak Gas Services reported $2.64B of remaining performance obligations at 30 Jun 2026, up 64% from a year earlier and up 62% from the previous quarter. That is 1.9 years of trailing revenue already under contract. Book-to-bill last quarter: 3.58.