Kodiak Gas Services Inc
KGSBuild a strategy around KGS
Kodiak Gas Services Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 2.1x with interest expense (201M TTM) consuming 67% of operating income (397M) - leverage constrains flexibility[Debt to Equity]
- Operating margin 30.9% TTM vs industry median 8.8% - 3.5x advantage from asset-heavy compression services model[Operating Margin]
- Revenue 3Y CAGR of 20.9% vs industry median 5.4% - nearly 4x faster growth capturing Permian gas compression demand[Total Revenue 3yr Growth]
Watch Triggers
- Interest Expense: Exceeds 75% of Operating Income — Signals debt service crowding out equity returns; currently at 67%
- Free Cash Flow: Falls below 150M TTM — Would indicate capex not moderating; threatens dividend sustainability (1.72/share)
- Operating Margin: Drops below 25% — Margin compression would accelerate leverage concerns given fixed debt load
Bull Case
Superior unit economics: 41% gross margin and 31% operating margin TTM vs industry medians of 21% and 9% - structural cost advantage in compression services
Growth runway intact: 21% 3Y revenue CAGR with EBITDA 584M TTM generating 4.5x interest coverage despite high leverage
Bear Case
Leverage risk: 2.7B debt at 2.1x equity with only 724K cash; interest expense 201M consumes 67% of operating income TTM
Capital intensity: Capex 336M TTM (26% of revenue) with 3.5B PPE base requires continuous reinvestment; net margin only 5.8%
Bull vs Bear Balance
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Forward Thesis
FCF will expand as capex normalizes post-fleet buildout, improving debt coverage
- Capex 336M TTM (26% of revenue) should moderate
- EBITDA 584M provides deleveraging capacity
- Contract-based revenue supports predictability
Valuation Context
Caveats
Public Strategies Rankings
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KGS Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.99B | — | ||
$7.6B | — | ||
65 | — | ||
$1.31B | +12.8% | — | |
$0.89 | +111.7% | — | |
31.2% | +6.3% | — | |
6.16% | +1.9% | — | |
$284.27M | — | ||
6.28% | +2.3% | — | |
Beta 5Y (Monthly) | unknown | — |
KGS Dividend History
2026
$0.49002025
$1.80002024
$1.58002023
$0.3800KGS Stock Splits
KGS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/26/26 | 12/31/25 | Unknown | |
11/05/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
03/07/25 | 12/31/24 | 10-K | |
11/07/24 | 09/30/24 | 10-Q | |
08/13/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
03/07/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/10/23 | 06/30/23 | 10-Q | |
06/30/23 | 03/31/23 | 424B4 | |
06/30/23 | 12/31/22 | 424B4 | |
11/09/23 | 09/30/22 | 10-Q | |
08/10/23 | 06/30/22 | 10-Q | |
06/30/23 | 03/31/22 | 424B4 |