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Oil & gas midstream · Energy · Fiscal year ends Dec 31
Kodiak Gas Services reported revenue of $1.3B in the fiscal year ended Dec 2025, up 12.8% from the year before. Operating income was $340M, an operating margin of 26.0%, and net income was $81M. Operating cash flow of $600M less capital expenditure of $315M left free cash flow of $284M. Net debt was $2.6B.
Ranks among the 18 oil & gas midstream companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 606 | 708 | 850 | 1,159 | 1,308 |
| Cost of revenue | – | 267 | 351 | 458 | 480 |
| Gross profit | 236 | 266 | 317 | 701 | 828 |
| Selling, general & admin | 37.7 | 44.9 | 73.3 | 152 | 144 |
| Operating income | 189 | 222 | 244 | 249 | 340 |
| Interest expense | 84.6 | 166 | 223 | – | – |
| Pre-tax income | 122 | 139 | 35.1 | 75.9 | 113 |
| Income tax | −58.6 | 33.1 | 15.1 | 25.6 | 31.9 |
| Net income | 181 | 106 | 20.1 | 49.9 | 80.5 |
| Diluted EPS | 3.07 | 1.80 | 0.29 | 0.56 | 0.89 |
| Diluted shares | 59.0 | 59.0 | 68.3 | 85.2 | 88.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 28.8 | 20.4 | 5.6 | 4.8 | 3.2 |
| Receivables | 80.7 | 97.6 | 113 | 254 | 198 |
| Inventory | – | 72.2 | 76.2 | 103 | 102 |
| Current assets | – | 204 | 231 | 384 | 323 |
| Net PP&E | – | 2,489 | 2,536 | 3,395 | 3,378 |
| Goodwill | – | 306 | 306 | 415 | 409 |
| Total assets | 3,012 | 3,206 | 3,244 | 4,435 | 4,318 |
| Payables | – | 38.0 | 49.8 | 57.6 | 73.0 |
| Deferred revenue | – | 57.1 | 63.7 | 73.1 | 94.5 |
| Current liabilities | – | 189 | 211 | 319 | 386 |
| Long-term debt | – | 2,720 | 1,791 | 2,582 | 2,555 |
| Total liabilities | 2,052 | 2,976 | 2,101 | 3,062 | 3,111 |
| Shareholders' equity | 960 | 229 | 1,143 | 1,374 | 1,207 |
| Backlog (remaining obligations) | – | – | 1,083 | 1,473 | 1,648 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 250 | 220 | 266 | 328 | 600 |
| Capital expenditure | 202 | 259 | 220 | 337 | 315 |
| Free cash flow | 48.0 | −39.5 | 46.5 | −9.0 | 284 |
| Depreciation & amortisation | 160 | 174 | 183 | 260 | 276 |
| Stock-based compensation | 1.2 | 1.0 | 5.9 | 17.7 | 24.5 |
| Share buybacks | – | 0.0 | 0.0 | 40.0 | 104 |
| Dividends paid | 0.0 | 0.0 | 29.8 | 134 | 160 |
| Dividend per share | – | – | 0.38 | 1.58 | 1.80 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.7% | 20.1% | 36.3% | 12.8% |
| Operating income growth (YoY) | – | 17.5% | 9.9% | 2.2% | 36.3% |
| EPS growth (YoY) | – | −41.4% | −83.9% | 93.1% | 58.9% |
| Gross margin | 38.9% | 37.6% | 37.2% | 60.5% | 63.3% |
| Operating margin | 31.2% | 31.4% | 28.7% | 21.5% | 26.0% |
| Net margin | 29.8% | 15.0% | 2.4% | 4.3% | 6.2% |
| Return on equityBlank when equity is negative | 18.8% | 46.4% | 1.8% | 3.6% | 6.7% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 7.4% | 8.0% | 6.1% | 8.6% |
| Free cash flow margin | 7.9% | −5.6% | 5.5% | −0.8% | 21.7% |
| Cash conversion (CFO ÷ net income) | 1.38x | 2.07x | 13.3x | 6.57x | 7.45x |
| Receivable days | 49 | 50 | 49 | 80 | 55 |
| Inventory days | – | 99 | 79 | 82 | 77 |
| Payable days | – | 52 | 52 | 46 | 55 |
| Interest cover | 2.23x | 1.34x | 1.10x | – | – |
| Debt ÷ equity | – | 11.9x | 1.57x | 1.88x | 2.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 2,700 | 1,786 | 2,577 | 2,552 |
| Current ratio | – | 1.08x | 1.10x | 1.20x | 0.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.