Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026
Basics
Sector
Energy
Industry
Oil & Gas Equipment & Services
Country
United States
Market cap
4.7B USD
Enterprise value
7.4B USD
Full-time employees
1,300
Overall health
Strength:growing faster than most peersgrowing faster than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: its share price swings more than most peers’ (beta 0.94 vs a peer median of 0.57), though less than the overall market and more debt relative to equity (1.26× vs a peer median of 0.47×)higher risk: bigger price swings (beta 0.94 vs peers 0.57) and more debt vs equity (1.26× vs peers 0.47×)
Shareholders being diluted. Shares outstanding up 71% from December 2022 to August 2026.
Kodiak Gas Services had 71% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Kodiak Gas Services had 71% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Returning more cash than it generates. Paid out $467M vs $322M of free cash flow over the 3 fiscal years to 2025.
Kodiak Gas Services returned $467M to shareholders over three years, 145% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Profit isn't fully turning into cash. Free cash flow is only 6.2% of reported profit.
Free cash flow is only 6.2% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Sales growing faster than profits. Since 2022: revenue +85%, operating profit +53%.
Since 2022, Kodiak Gas Services's revenue changed +85% but operating profit only +53%: costs are rising faster than sales.
Why it changed since the Oct 27, 2026 close: Safety percentile 18 → 19
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Kodiak Gas Services
Is Kodiak Gas Services getting weaker?
Its latest SEC filing (Aug 7, 2026) got weaker in some ways: share count up 13.9%. Its overall score is unchanged at 40/100 since Oct 28, 2026.
How is Kodiak Gas Services valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 21/100 against 404 energy peers.Earnings yield 1.7% vs a peer median of 5.2% (weaker than 76% of peers).Earnings yield 1.7% vs peers 5.2% (weaker than 76% of peers).
Is Kodiak Gas Services growing?
Yes, faster than most of its peers. Growth scores 76/100 against 404 energy peers.3-year revenue growth 22.6% vs a peer median of -1.3% (stronger than 93% of peers).3-year revenue growth 22.6% vs peers -1.3% (stronger than 93% of peers).Earnings per share growth -16.3% vs a peer median of 1.1% (weaker than 62% of peers).Earnings per share growth -16.3% vs peers 1.1% (weaker than 62% of peers).
How profitable is Kodiak Gas Services?
About as profitable as its peers. Profitability scores 46/100 against 404 energy peers.Operating margin 27.4% vs a peer median of 11.7% (stronger than 77% of peers).Operating margin 27.4% vs peers 11.7% (stronger than 77% of peers).Return on assets 1.5% vs a peer median of 4.4% (weaker than 74% of peers).Return on assets 1.5% vs peers 4.4% (weaker than 74% of peers).
How risky is Kodiak Gas Services?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Beta 0.94 vs a peer median of 0.57 (weaker than 82% of peers).Beta 0.94 vs peers 0.57 (weaker than 82% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Share count up 13.9% (existing holders diluted)
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.3B USD
1.4B USD
+5.2%
Net income (12 months)
67.9M USD
80.4M USD
+18.4%
Operating margin
27.0%
27.4%
+0.4 pts
Free cash flow (12 months)
200.3M USD
5.0M USD
−97.5%
Debt
2.8B USD
2.7B USD
−2.2%
Cash
94.4M USD
137.6M USD
+45.8%
Shares outstanding
88.8M
101.1M
+13.9%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Equipment & Services companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
38.9%
37.6%
37.2%
—
—
—
Operating margin
31.2%
31.4%
28.7%
21.5%
26.0%
▲ 4.5 pts
Net margin
29.8%
15.0%
2.4%
4.3%
6.2%
▲ 1.9 pts
Return on assets (ROA)
6.0%
3.3%
0.6%
1.1%
1.9%
▲ 0.7 pts
Return on equity (ROE)
18.8%
46.4%
1.8%
3.6%
6.7%
▲ 3.0 pts
Free cash flow margin
7.9%
-5.6%
5.5%
-0.8%
21.7%
▲ 23 pts
Current ratio
—
1.08×
1.10×
1.20×
0.84×
▼ 30%
Quick ratio
—
0.70×
0.73×
0.88×
0.57×
▼ 35%
Debt to equity
—
11.87×
1.57×
1.88×
2.12×
▲ 12%
Interest coverage
2.23×
1.34×
1.10×
—
—
—
KGS price history
Price history is added with the daily price update and will appear after the next one.