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Leases natural gas compression equipment and services to oil & gas producers and midstream operators across the US.
Leases natural gas compression equipment and services to oil & gas producers and midstream operators across the US.
Leases compression units and charges a fixed monthly fee per unit, usually under multi-year contracts, so revenue depends on how much of its fleet is rented and at what rate rather than on gas prices directly. Energy Transfer controls the general partner. It is a partnership that pays cash distributions to unitholders.
Moat: narrow (scale, switching costs, installed base). Long-term compression contracts and a large deployed fleet create high switching costs for customers.
Headquarters: Austin, Texas, United States · Founded: 1998 · Employees: 1,479
Size USA Compression Partners LP (USAC) is a United States Energy company (Oilfield Services/Equipment) with a market value of $3.62B, the 1413th largest of 3,117 United States companies the cockpit tracks. Shares closed at $24.97 on 6 Nov 2026.
Performance Over six months the shares fell 11.3%, against -16.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 19 in its peer set.
Growth Revenue grew 29.4% over the last twelve months (peer median +7.0%); the operating margin is 28.9% (peer median 14.2%).
Valuation It trades at 15.6× forward earnings against a peer median of 14.7× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (5.9% WACC).
Backlog Backlog (remaining performance obligations) was $1.30B at 30 Sep 2026, up 12% on a year earlier — 1.0 years of trailing revenue. Backlog detail →
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.28B | $998M | $950M | $846M | $705M |
| Revenue growth | — | +5% | +12% | +20% | — |
| Gross profit | $484M | $384M | $373M | $315M | $234M |
| EBITDA | $709M | $603M | $565M | $489M | $409M |
| Net income | $159M | $111M | $99.6M | $68.3M | $30.3M |
| Free cash flow | n/a | $277M | $136M | $33.4M | $126M |
| Capital expenditure | n/a | $117M | $205M | $239M | $134M |
| Total debt | $3.01B | $2.54B | $2.52B | $2.36B | $2.13B |
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 |
|---|---|---|---|---|---|---|
| USA Compression Partners LP USAC | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% |
| Archrock AROC | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Kodiak Gas Services KGS | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% |
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 | USAC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | -14.1% | 3rd highest of 20 |
| 6-month return | -11.3% | -16.2% | 7th highest of 19 |
| Distance from 52-week high | -18.3% | -33.0% | 3rd highest of 20 |
| Revenue growth (TTM) | +29.4% | +7.0% | 4th highest of 20 |
| Operating margin | 28.9% | 14.2% | 4th highest of 20 |
| Forward P/E | 15.6× | 14.7× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -0.4% | 6.8% | 5th least demanding of 16 |
| Growth delivered (Del g) | +8.4% | +14.5% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | -8.7 pp | -9.9 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +3.0 pp | -0.7 pp | 6th highest of 20 |
| EV / EBITDA | 9.4× | 7.8× | 4th most expensive of 18 |
| Net debt / EBITDA | 3.6× | 0.8× | 4th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| 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% |
| 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 |
| 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% |
| Subsea 7 SUBC.OL | Norway | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% | +17.7% |
| 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% |
| Yantai Jereh Oilfield Services 002353.SZ | China | $12.2B | -42% | +13% | 19% | 24.1× | 14.8% | +14.5% |
USA Compression Partners LP reported $1.30B of remaining performance obligations at 30 Sep 2026, up 12% from a year earlier and up 10% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.33.