Tearsheet

Kodiak Gas Services (KGS)

Market Price (4/23/2026): $65.0 | Market Cap: $5.6 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Kodiak Gas Services (KGS)

Market Price (4/23/2026): $65.0
Market Cap: $5.6 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%

Attractive yield
FCF Yield is 5.2%

Low stock price volatility
Vol 12M is 34%

Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 68x

Stock price has recently run up significantly
12M Rtn12 month market price return is 102%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 68%

Key risks
KGS key risks include [1] significant stock price pressure from its largest shareholder, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
1	Attractive yield FCF Yield is 5.2%
2	Low stock price volatility Vol 12M is 34%
3	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.
4	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 68x
6	Stock price has recently run up significantly 12M Rtn12 month market price return is 102%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 68%
8	Key risks KGS key risks include [1] significant stock price pressure from its largest shareholder, Show more.

Valuation, Metrics & Events

	4/23/26	2025	2024	2023	2022
Share Price CYE	$65.00	$37.40	$40.83	$20.08	�
Market Cap CYE ($ Bil)	5.6	3.2	3.6	1.6	-
Total Debt ($ Bil)	2.6	2.6	2.6	1.8	2.7
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	8.2	5.8	6.2	3.4
Valuation Ratios
P/S TTM	4.3	2.5	3.1	1.8	-
P/EBIT TTM	18.0	10.3	13.0	6.0	-
P/E TTM	69.6	40.0	71.2	77.5	-
P/FCF TTM	19.7	11.3	-396.3	33.4	-
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.5	1.5	1.3
P/EBIT TTM (Sector)	8.9	6.9	6.6	5.9	3.9
P/E TTM (Sector)	12.7	9.9	10.3	8.3	5.3
P/FCF TTM (Sector)	10.9	8.2	6.9	7.5	5.2

	4/23/26	2025	2024
Share Price CYE	$65.00	$37.40	$40.83
Market Cap CYE ($ Bil)	5.6	3.2	3.6
Total Debt ($ Bil)	2.6	2.6	2.6
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	8.2	5.8	6.2
Valuation Ratios
P/S TTM	4.3	2.5	3.1
P/EBIT TTM	18.0	10.3	13.0
P/E TTM	69.6	40.0	71.2
P/FCF TTM	19.7	11.3	-396.3
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.5
P/EBIT TTM (Sector)	8.9	6.9	6.6
P/E TTM (Sector)	12.7	9.9	10.3
P/FCF TTM (Sector)	10.9	8.2	6.9

	KGS	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	1.3
Rev Chg Q	7.5%	7.5%
Rev Chg LTM	12.8%	6.9%
Rev Chg 3Y Avg	23.1%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.6
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	31.2%	18.6%
CFO/Rev LTM	45.8%	20.6%
Net Inc Mgn	6.2%	12.8%
VALUATION	HIGH
P/S	4.3	3.2
P/CFO	9.3	15.7
P/FCF	19.7	20.5
P/E	69.6	24.3
STABILITY	POOR
Debt/Equity	0.47	0.20
Cash/Assets	0.00	0.07

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Metric	Value	Date	Source
Fleet Horsepower	4.4 million	8152025	Link
Fleet Utilization Rate	97%	8152025	Link
Average Age of Large Horsepower	~7 years	8152025	Link
Number of Employees	1.3K	1172025	Link

Upcoming
5/06/2026	Earnings Release	Rev: $340 Mil (E) EPS: $0.54 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Kodiak Gas Services (KGS) stock has gained about 75% since 12/31/2025 because of the following key factors:

1. Kodiak Gas Services reported strong fourth-quarter and full-year 2025 financial results, alongside robust 2026 guidance. The company achieved a record adjusted EBITDA of $184.5 million in Q4 2025, marking a 9.1% increase year-over-year. Contract Services segment revenue also grew by 7.7% to $301.8 million compared to Q4 2024. For the full year 2025, revenue reached $1.3 billion, a 13% increase from 2024, with adjusted EBITDA climbing 17% to $715 million. Kodiak's 2026 guidance projects adjusted EBITDA in the range of $750 million to $780 million and revenue between $1.37 billion and $1.43 billion, signaling continued growth expectations.

2. The company pursued strategic acquisitions and expansions, diversifying its service offerings and strengthening its market position. On February 5, 2026, Kodiak announced the acquisition of Distributed Power Solutions, LLC (DPS) for approximately $675 million, which was completed on April 1, 2026. This acquisition expands Kodiak's operations into distributed power generation, adding approximately 395 megawatts of capacity and broadening its customer base beyond contract compression. The deal is expected to be immediately accretive to earnings and discretionary cash flow per share. Additionally, on March 20, 2026, Kodiak purchased over 20,000 horsepower of compression assets in the Permian Basin for $24 million, projected to generate more than $7 million in incremental annualized revenues under a new seven-year service agreement.

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Stock Movement Drivers

Fundamental Drivers

The 72.6% change in KGS stock from 12/31/2025 to 4/22/2026 was primarily driven by a 59.1% change in the company's P/E Multiple.

(LTM values as of)	12312025	4222026	Change
Stock Price ($)	37.04	63.92	72.6%
Change Contribution By:
Total Revenues ($ Mil)	1,285	1,308	1.8%
Net Income Margin (%)	5.8%	6.2%	5.5%
P/E Multiple	43.0	68.4	59.1%
Shares Outstanding (Mil)	87	86	1.0%
Cumulative Contribution			72.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/22/2026

	Return	Correlation
KGS	72.6%
Market (SPY)	-5.4%	26.3%
Sector (XLE)	26.5%	9.2%

Fundamental Drivers

The 77.0% change in KGS stock from 9/30/2025 to 4/22/2026 was primarily driven by a 80.0% change in the company's P/E Multiple.

(LTM values as of)	9302025	4222026	Change
Stock Price ($)	36.12	63.92	77.0%
Change Contribution By:
Total Revenues ($ Mil)	1,287	1,308	1.7%
Net Income Margin (%)	6.5%	6.2%	-5.0%
P/E Multiple	38.0	68.4	80.0%
Shares Outstanding (Mil)	88	86	1.8%
Cumulative Contribution			77.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/22/2026

	Return	Correlation
KGS	77.0%
Market (SPY)	-2.9%	26.2%
Sector (XLE)	27.7%	22.1%

Fundamental Drivers

The 80.2% change in KGS stock from 3/31/2025 to 4/22/2026 was primarily driven by a 43.0% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4222026	Change
Stock Price ($)	35.47	63.92	80.2%
Change Contribution By:
Total Revenues ($ Mil)	1,159	1,308	12.8%
Net Income Margin (%)	4.3%	6.2%	43.0%
P/E Multiple	61.9	68.4	10.5%
Shares Outstanding (Mil)	87	86	1.0%
Cumulative Contribution			80.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/22/2026

	Return	Correlation
KGS	80.2%
Market (SPY)	16.3%	50.9%
Sector (XLE)	24.1%	49.6%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/22/2026

	Return	Correlation
KGS
Market (SPY)	63.3%	40.4%
Sector (XLE)	49.6%	46.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
KGS Return	-	-	31%	115%	-4%	70%	361%
Peers Return	1%	19%	61%	67%	17%	24%	370%
S&P 500 Return	27%	-19%	24%	23%	16%	3%	88%
Monthly Win Rates [3]
KGS Win Rate	-	-	57%	75%	42%	100%
Peers Win Rate	38%	62%	62%	58%	46%	62%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
KGS Max Drawdown	-	-	-3%	0%	-25%	-5%
Peers Max Drawdown	-14%	-11%	-10%	-10%	-25%	-2%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AROC, NGS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/22/2026 (YTD)

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In The Past

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About Kodiak Gas Services (KGS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We are a leading operator of contract compression infrastructure in the United States (“U.S.”). Our compression operations are critical to our customers’ ability to reliably produce natural gas and oil to support growing global energy demand. We are a market leader in the Permian Basin, which is the largest producing natural gas and oil basin in the U.S. We operate our large horsepower compression units under stable, fixed-revenue contracts with blue-chip upstream and midstream customers. Our compression assets have long useful lives consistent with the expected production lives of the key regions where we operate. We believe our partnership-focused business model positions us as the preferred contract compression operator for our customers and creates long-standing relationships. We strategically invest in the training, development, and retention of our highly skilled and dedicated employees and believe their expertise and commitment to excellence enhances and differentiates our business model. Furthermore, we maintain an intense focus on being one of the most sustainable and responsible operators of contract compression infrastructure. Eighty-four percent of our compression assets are strategically deployed in the Permian Basin and Eagle Ford Shale, which the EIA expects to maintain significant production volumes through at least 2050. We believe these two regions have the largest and lowest-cost unconventional resources in the U.S. Additionally, there are significant liquefied natural gas (“LNG”) export projects in development, and overall LNG capacity is expected to meaningfully grow over the next decade. We expect this to translate into Permian Basin and Eagle Ford Shale natural gas production growth, requiring substantial additional compression horsepower. We believe these regions will play an increasingly important role in global energy security as the world continues to require reliable and growing natural gas and oil production to support increasing global energy demand. We are a leader in large horsepower compression, with approximately 81% of our approximately 3.2 million horsepower fleet comprised of compression units larger than 1,000 horsepower. Due to lower initial reservoir pressures, production from unconventional resources, such as the Permian Basin and Eagle Ford Shale, requires significantly more compression horsepower than from conventional production, which supports our large horsepower strategy. Additionally, increased demand for large horsepower infrastructure is driven by multi-well pad drilling, overall well density, and large-scale gathering systems. We believe large horsepower compression units serve more stable applications, receive longer initial contracts, are more likely to be renewed, and produce higher margins, ultimately generating recurring cash flow and return on invested capital. We believe the quality of our relationships with blue-chip customers, the reliability of our compression operations and the structure of our contracts produce stable, recurring cash flow. We derive substantially all of our revenues from fixed-revenue contracts. Approximately 38% and 39% of our total revenues come from our four largest customers for the three months ended March 31, 2023 and the year ended December 31, 2022, respectively, which customers are all S&P 500 constituents and investment grade rated upstream and midstream companies in the Permian Basin. Our partnership-focused business model provides best-in-class reliability, which we believe is critical to securing and maintaining long-term relationships with our customers. Our assets and supporting operations have an industry-leading historical average mechanical availability (which measures the percentage of time in a given period that compression operations are being provided or are capable of being provided) of over 99.5% since inception. The strength of our customer relationships and contract structures, combined with the reliability and critical nature of our assets, have resulted in a five-year 99% average fleet utilization (which measures the revenue-generating horsepower divided by our total fleet horsepower). --- Countries around the world are moving toward a lower carbon future while providing secure low-cost sources of energy for their citizens. Recent world events have resulted in renewed attention on environmentally responsible and secure energy production provided by the U.S., and we are committed to continuing to play a meaningful role in our industry. We are focused on being the most resilient and sustainable enterprise, and we have ambitious sustainability goals. We will continue to innovate processes and technologies to assist our customers in meeting their emission reduction goals, while striving to provide a safe, inclusive and supportive environment for our employees and the communities where we operate. Finally, we intend to do business with integrity and ethics and maintain a corporate governance structure that includes appropriate oversight and transparency in all aspects of our operations. Our principal executive offices are located at 15320 Highway 105 W, Suite 210, Montgomery, Texas.

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Here are a few brief analogies to describe Kodiak Gas Services:

Think of them as the United Rentals for large-scale natural gas compression equipment and operations.
They are like the Equinix for physical energy infrastructure, providing critical, reliable compression as a service to major energy companies.

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Contract Natural Gas Compression Services: Kodiak Gas Services provides and operates large horsepower natural gas compression units under fixed-revenue contracts for upstream and midstream customers, primarily in the Permian Basin and Eagle Ford Shale, to support natural gas and oil production.

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Based on the provided company description, Kodiak Gas Services (KGS) sells primarily to other companies in the upstream and midstream sectors. While the company highlights its reliance on its four largest customers, the specific names and symbols of these major customers are not disclosed in the provided text.

The description characterizes these four largest customers as:

S&P 500 constituents
Investment grade rated upstream and midstream companies
Operating in the Permian Basin

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Robert "Mickey" McKee President and Chief Executive Officer

Robert "Mickey" McKee founded the Kodiak group of companies in 2010, serving as its President since formation and Chief Executive Officer since 2019. Before founding Kodiak, he was the Senior Vice President of Sales and Engineering for CDM Resource Management, LLC, a provider of contract natural gas compression services, from 2003 to 2010. He has 22 years of experience in natural gas compression operations. Kodiak received early funding from private equity firm The Stephens Group, LLC in 2011.

John B. Griggs Executive Vice President and Chief Financial Officer

John Griggs joined Kodiak in 2023 as Executive Vice President and Chief Financial Officer. He previously served as CFO at Circulus Holdings from 2021 to 2023, Conquest Completion Services from 2018 to 2021, and Rubicon Oilfield International from 2015 to 2018. From 2011 through 2014, he was a Managing Director at CSL Capital Management, an energy private equity firm. Prior to that, from 2005 through 2011, he was a Senior Vice President for the direct capital arm of the D. E. Shaw Group, focusing on direct debt and equity investments in energy companies. This demonstrates a pattern of managing companies and involvement with private equity firms.

Chad Lenamon Executive Vice President and Chief Operations Officer

Chad Lenamon serves as Kodiak's Executive Vice President and Chief Operations Officer, having joined the company in 2019. With over 25 years of experience, his prior roles include serving as President of CDM Resource Management, LLC, a contract natural gas compression services provider, and Pegasus Optimization Managers, LLC.

Steven L. Green Executive Vice President and Chief Commercial Officer

Steven Green joined Kodiak in 2025 as Executive Vice President and Chief Commercial Officer. He brings over 18 years of experience in midstream oil and gas operations. Before Kodiak, he founded and served as the Chief Executive Officer of Piñon Midstream, LLC, a private equity-backed company focused on sour gas gathering, treating, and sequestration of carbon dioxide, from 2020 to 2024.

Jason Stewart Executive Vice President, Corporate Development and Treasurer

Jason Stewart joined Kodiak in 2016 as Executive Vice President of Corporate Development and was appointed Treasurer in 2023. His previous experience includes senior origination and underwriting roles at PNC Business Credit, SunTrust Robinson Humphrey, and CIT Energy, and he also served as Chief Financial Officer of Enerven Compression.

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Key Risks to Kodiak Gas Services

Customer Concentration: A significant portion of Kodiak Gas Services' total revenues, approximately 38% and 39% for the three months ended March 31, 2023, and the year ended December 31, 2022, respectively, is derived from its four largest customers. The loss of one or more of these key customers could materially and adversely affect the company's financial condition and results of operations.
Dependence on Natural Gas and Oil Production and Demand: Kodiak Gas Services' business is intrinsically tied to the production and demand for natural gas and oil. While the company operates in regions expected to maintain significant production volumes and benefits from growing LNG export capacity, a global acceleration towards a lower carbon future, significant declines in natural gas and oil prices, or reduced demand for fossil fuels could negatively impact the need for its compression services and the financial health of its customers.
Geographical Concentration: A substantial majority, 84%, of Kodiak Gas Services' compression assets are strategically deployed in the Permian Basin and Eagle Ford Shale. Adverse economic, regulatory, or operational developments specific to these two regions, such as changes in drilling activity, production curtailments, or environmental policies, could disproportionately affect the company's operations and financial performance.

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Kodiak Gas Services (KGS) operates in the contract compression infrastructure sector, primarily focusing on large horsepower natural gas compression units in the United States, with a significant presence in the Permian Basin and Eagle Ford Shale.

While specific addressable market sizes for "contract compression services" are not explicitly provided in the search results, the closest quantifiable addressable market for Kodiak Gas Services' offerings can be represented by the broader natural gas compressor market in North America and the U.S.

The North American natural gas compressor market was valued at approximately USD 1.90 billion in 2024. Projections indicate that the North American market, which held over 37% of the global revenue, had a market size of approximately USD 2.04 billion (USD 2043.1 million) in 2025. Specifically for the U.S., the natural gas compressor market was valued at USD 1.67 billion in 2025 and approximately USD 1.61 billion (USD 1612 million) in 2025, with an anticipated compound annual growth rate (CAGR) of 2.6% over the analysis period.

The Permian Basin's gas compression market, a key region for Kodiak, is projected to grow at a CAGR of 6.8% through 2028. Customer demand for large horsepower compression infrastructure, particularly in the Permian Basin, remains strong.

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Kodiak Gas Services (KGS) is poised for future revenue growth over the next 2-3 years, driven by several key factors in the evolving energy landscape:

Strong Demand for Large Horsepower Contract Compression: The company anticipates continued robust demand for its large horsepower compression units, particularly in key regions like the Permian Basin and Eagle Ford Shale. Production from unconventional resources in these basins requires significant compression, which underpins Kodiak's strategy and is expected to drive ongoing revenue.
Strategic Expansion into Distributed Power Generation: Kodiak's acquisition of Distributed Power Solutions (DPS) is a significant new growth vector. This expansion into distributed power generation is expected to accelerate growth post-closure, adding to the company's revenue streams beyond its core compression services.
Organic Fleet Growth and New Unit Deployments: Kodiak plans substantial organic growth of its compression fleet. The company aims to deploy approximately 150,000 new unit horsepower in 2026 as part of a larger strategy to deploy over 750,000 new large horsepower compression units by 2030, primarily focusing on increasing capacity in high-demand areas like the Permian Basin.
Favorable Recontracting and Pricing Environment: Kodiak has benefited from and expects to continue realizing revenue growth through recontracting existing units at higher rates. The company also anticipates margin expansion in its Contract Services segment through a combination of price improvements and efficient cost management.

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Capital Allocation Decisions for Kodiak Gas Services (KGS)

Share Repurchases

Kodiak Gas Services announced a $50 million share repurchase program on November 14, 2024, which was authorized to extend through December 31, 2025.
The company executed a $50 million repurchase of common stock from Frontier TopCo Partnership, L.P. on August 11, 2025, part of its existing repurchase program.
In 2025, Kodiak returned over $263 million to shareholders through dividends and share repurchases, including over $100 million in stock repurchases.

Share Issuance

Kodiak Gas Services completed its Initial Public Offering (IPO) on June 29, 2023, issuing 16,000,000 shares at a price of $16.00 per share, raising $256.0 million.
As part of its agreement to acquire Distributed Power Solutions (DPS), Kodiak will issue 2,401,278 shares, valued at approximately $100 million.

Inbound Investments

EQT, through its Infrastructure III and IV funds, was the largest shareholder in Kodiak Gas Services prior to its IPO in 2023, having initially invested in 2019.
EQT fully exited its investment in Kodiak Gas Services on December 11, 2025, through a series of staged sell-downs over a 30-month period following the IPO.

Outbound Investments

Kodiak Gas Services entered into a definitive agreement to acquire Distributed Power Solutions (DPS) for approximately $675 million, consisting of $575 million in cash and the issuance of 2,401,278 shares.
The acquisition of Distributed Power Solutions is expected to close in early April 2026.

Capital Expenditures

For 2026, Kodiak anticipates growth capital expenditures between $235 million and $265 million, aiming to add approximately 150,000 new unit horsepower.
Expected maintenance capital expenditures for 2026 are projected between $75 million and $85 million, with other capital expenditures ranging from $40 million to $50 million.
The company plans to deploy over 750,000 new large horsepower compression units by the end of 2030, driven by demand in key basins like the Permian.

Interactive Breakdown

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Better Bets vs. Kodiak Gas Services (KGS)

INDUSTRY: Oil & Gas Equipment & Services

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Solaris Energy Infrastructure

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Higher Rev Chg 3Y Avg (Value for KGS: 23.1%)

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Atlas Energy Solutions

SEI (32.4%)

Solaris Energy Infrastructure

TDW (29.9%)

Tidewater

EFXT (27.7%)

Enerflex

Higher Op Mgn LTM (Value for KGS: 31.2%)

LB (59.5%)

LandBridge

AROC (38.7%)

Archrock

Higher CFO/Rev LTM (Value for KGS: 45.8%)

LB (63.4%)

LandBridge

Higher FCF/Rev LTM (Value for KGS: 21.7%)

LB (61.3%)

LandBridge

TDW (26.1%)

Tidewater

FLOC (21.9%)

Flowco

Higher Total Yield (Value for KGS: 2.9%)

WFRD (7.0%)

Weatherford International

SLB (6.1%)

SLB

BKR (5.7%)

Baker Hughes

HAL (5.7%)

Halliburton

FTI (3.6%)

TechnipFMC

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for KGS: 23.1% | 4.2x)

EXE (37.0% | 1.9x)

Expand Energy

PR (36.0% | 3.0x)

Permian Resources

NE (36.2% | 2.3x)

Noble

CNR (29.6% | 1.1x)

Core Natural Resources

TDW (29.9% | 3.1x)

Tidewater

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for KGS: 23.1% | 13.5x)

EXE (37.0% | 8.3x)

Expand Energy

PR (36.0% | 8.1x)

Permian Resources

EFXT (27.7% | 9.6x)

Enerflex

BORR (35.3% | 4.9x)

Borr Drilling

TK (26.9% | 3.3x)

Teekay

Higher Rev Chg LTM (Value for KGS: 12.8%)

OKE (55.0%)

ONEOK

FANG (35.4%)

Diamondback Energy

LNG (27.2%)

Cheniere Energy

ENB (21.9%)

Enbridge

WMB (13.8%)

Williams Companies

Higher Rev Chg 3Y Avg (Value for KGS: 23.1%)

UUUU (97.8%)

Energy Fuels

EXE (37.0%)

Expand Energy

NE (36.2%)

Noble

PR (36.0%)

Permian Resources

CCJ (23.6%)

Cameco

Higher Op Mgn LTM (Value for KGS: 31.2%)

LNG (45.6%)

Cheniere Energy

TRP (44.4%)

TC Energy

WMB (36.9%)

Williams Companies

FANG (32.9%)

Diamondback Energy

EOG (32.1%)

EOG Resources

Higher CFO/Rev LTM (Value for KGS: 45.8%)

EQT (61.4%)

EQT

FANG (58.7%)

Diamondback Energy

WMB (49.4%)

Williams Companies

OXY (48.8%)

Occidental Petroleum

TRP (48.2%)

TC Energy

Higher FCF/Rev LTM (Value for KGS: 21.7%)

DTM (35.5%)

DT Midstream

EQT (34.0%)

EQT

PBA (32.2%)

Pembina Pipeline

CCJ (30.9%)

Cameco

AR (24.8%)

Antero Resources

Higher Total Yield (Value for KGS: 2.9%)

CNQ (16.9%)

Canadian Natural Resources

ENB (13.9%)

Enbridge

COP (7.9%)

ConocoPhillips

XOM (7.3%)

Exxon Mobil

CVX (6.8%)

Chevron

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Higher Rev Chg 3Y Avg | Lower P/S (Values for KGS: 23.1% | 4.2x)

BRK-B (27.0% | 2.4x)

Berkshire Hathaway

MELI (38.9% | 3.3x)

MercadoLibre

APO (66.8% | 2.4x)

Apollo Global Management

RCL (28.2% | 4.0x)

Royal Caribbean

MFC (33.3% | 1.2x)

Manulife Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for KGS: 23.1% | 13.5x)

NEM (26.2% | 11.1x)

Newmont

APO (66.8% | 9.3x)

Apollo Global Management

AU (36.1% | 11.7x)

Anglogold Ashanti

KGC (27.0% | 12.2x)

Kinross Gold

LVS (58.8% | 12.4x)

Las Vegas Sands

Higher Rev Chg LTM (Value for KGS: 12.8%)

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

META (22.2%)

Meta Platforms

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

Higher Rev Chg 3Y Avg (Value for KGS: 23.1%)

NVDA (101.8%)

NVIDIA

MU (45.3%)

Micron Technology

LLY (32.1%)

Eli Lilly

BRK-B (27.0%)

Berkshire Hathaway

AVGO (26.2%)

Broadcom

Higher Op Mgn LTM (Value for KGS: 31.2%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for KGS: 45.8%)

V (59.1%)

Visa

META (57.6%)

Meta Platforms

MU (52.7%)

Micron Technology

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

Higher FCF/Rev LTM (Value for KGS: 21.7%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

META (22.9%)

Meta Platforms

Higher Total Yield (Value for KGS: 2.9%)

BRK-B (6.7%)

Berkshire Hathaway

MSFT (4.5%)

Microsoft

META (3.9%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AAPL (3.3%)

Apple

Best Bets in Energy

What You Pay

P/EBIT (Value for KGS: 17.7x)

AM (13.4x)

Antero Midstream

MGY (12.2x)

Magnolia Oil & Gas

DTM (17.6x)

DT Midstream

INSW (10.7x)

International Seaways

WHD (14.2x)

Cactus

CRC (9.0x)

California Resources

EQT (10.7x)

EQT

CTRA (10.1x)

Coterra Energy

LNG (6.0x)

Cheniere Energy

EOG (10.8x)

EOG Resources

P/E (Value for KGS: 68.4x)

AM (24.4x)

Antero Midstream

MGY (16.4x)

Magnolia Oil & Gas

DTM (30.3x)

DT Midstream

INSW (12.2x)

International Seaways

WHD (22.5x)

Cactus

CRC (15.1x)

California Resources

EQT (18.0x)

EQT

CTRA (14.6x)

Coterra Energy

LNG (10.4x)

Cheniere Energy

EOG (14.3x)

EOG Resources

What You Get

Rev Chg 3Y Avg (Value for KGS: 23.1%)

AM (8.4%)

Antero Midstream

MGY (-6.9%)

Magnolia Oil & Gas

DTM (11.1%)

DT Midstream

INSW (0.5%)

International Seaways

WHD (19.3%)

Cactus

CRC (2.3%)

California Resources

EQT (1.6%)

EQT

CTRA (-0.8%)

Coterra Energy

LNG (-11.6%)

Cheniere Energy

EOG (-8.0%)

EOG Resources

Rev Chg LTM (Value for KGS: 12.8%)

AM (7.0%)

Antero Midstream

MGY (-0.3%)

Magnolia Oil & Gas

DTM (26.7%)

DT Midstream

INSW (-11.4%)

International Seaways

WHD (-4.5%)

Cactus

CRC (15.4%)

California Resources

EQT (60.0%)

EQT

CTRA (40.1%)

Coterra Energy

LNG (27.2%)

Cheniere Energy

EOG (-3.4%)

EOG Resources

Rev Chg Q (Value for KGS: 7.5%)

AM (3.1%)

Antero Midstream

MGY (-2.7%)

Magnolia Oil & Gas

DTM (27.3%)

DT Midstream

INSW (37.6%)

International Seaways

WHD (-4.0%)

Cactus

CRC (-13.8%)

California Resources

EQT (25.8%)

EQT

CTRA (40.4%)

Coterra Energy

LNG (22.9%)

Cheniere Energy

EOG (0.1%)

EOG Resources

FCF/Rev 3Y Avg (Value for KGS: 8.8%)

AM (55.3%)

Antero Midstream

MGY (33.1%)

Magnolia Oil & Gas

DTM (26.8%)

DT Midstream

INSW (25.7%)

International Seaways

WHD (24.0%)

Cactus

CRC (23.2%)

California Resources

EQT (22.6%)

EQT

CTRA (22.2%)

Coterra Energy

LNG (21.1%)

Cheniere Energy

EOG (20.7%)

EOG Resources

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Kodiak Gas Services Earnings Notes	12/29/2026
2	Can Kodiak Gas Services Stock Hold Up When Markets Turn?	10/17/2025
3	How Does Kodiak Gas Services Stock Stack Up Against Its Peers?	08/13/2025
4	Why Kodiak Gas Services Stock Moved: KGS Stock Has Gained 101% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
5	KGS Dip Buy Analysis	07/10/2025
6	Kodiak Gas Services (KGS) Valuation Ratios Comparison	05/15/2025
7	Kodiak Gas Services (KGS) Operating Cash Flow Comparison	02/17/2025
8	Kodiak Gas Services (KGS) Net Income Comparison	02/15/2025
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High	02/05/2026

	Title
0	DASHBOARDS
1	Kodiak Gas Services Earnings Notes
2	Can Kodiak Gas Services Stock Hold Up When Markets Turn?
3	How Does Kodiak Gas Services Stock Stack Up Against Its Peers?
4	Why Kodiak Gas Services Stock Moved: KGS Stock Has Gained 101% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
5	KGS Dip Buy Analysis
6	Kodiak Gas Services (KGS) Valuation Ratios Comparison
7	Kodiak Gas Services (KGS) Operating Cash Flow Comparison
8	Kodiak Gas Services (KGS) Net Income Comparison
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to KGS.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
KGS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KGS	Kodiak Gas Services	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
KOS_3312026_Insider_Buying_45D_2Buy_200K	03312026	KOS	Kosmos Energy	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	65.2%	65.2%	-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	NOV	NOV	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	15.3%	15.3%	-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	RIG	Transocean	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	60.5%	60.5%	-7.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
INBX	Inhibrx Biosciences	1.8	36.9%	45.7%
NMAX	Newsmax	1.2	26.9%	19.5%
POET	POET Technologies	1.1	24.6%	101.7%
REPL	Replimune	0.2	22.0%	-76.6%
NVTS	Navitas Semiconductor	4.1	20.5%	158.7%
WTI	W&T Offshore	0.6	20.4%	140.1%
HCSG	Healthcare Services	1.6	18.3%	19.7%
LWLG	Lightwave Logic	2.1	17.4%	367.9%
MPLT	MapLight Therapeutics	1.3	16.3%	82.9%
SMR	NuScale Power	4.3	16.3%	-4.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CAR	Avis Budget	15.6	-37.8%	246.0%
NN	NextNav	2.4	-22.2%	5.6%
SON	Sonoco Products	4.7	-16.2%	10.1%
CALX	Calix	2.9	-14.0%	-19.4%
TNL	Travel+Leisure	4.2	-13.6%	-5.9%
ULCC	Frontier	0.9	-11.8%	-20.8%
AMSF	AMERISAFE	0.6	-9.6%	-21.0%
TEL	TE Connectivity	65.0	-9.1%	-2.5%
PHAT	Phathom Pharmaceuticals	0.9	-8.9%	-29.3%
EQPT	EquipmentShare.com	5.4	-8.3%	-34.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
POET	POET Technologies	1.1	83.2%	101.7%
NVTS	Navitas Semiconductor	4.1	80.0%	158.7%
MXL	MaxLinear	3.0	54.0%	94.4%
FBYD	Falcons Beyond Global	0.6	43.5%	3.3%
USAR	USA Rare Earth	2.6	38.5%	113.5%
AXTI	AXT	3.9	38.2%	431.7%
INBX	Inhibrx Biosciences	1.8	37.7%	45.7%
NMAX	Newsmax	1.2	37.5%	19.5%
VICR	Vicor	12.0	36.5%	141.8%
WTI	W&T Offshore	0.6	35.4%	140.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QDEL	QuidelOrtho	0.8	-32.0%	-58.3%
IIIN	Insteel Industries	0.5	-31.6%	-20.9%
AGIO	Agios Pharmaceuticals	1.6	-22.4%	-1.8%
BMI	Badger Meter	3.6	-21.3%	-29.0%
ANAB	AnaptysBio	1.5	-21.1%	10.5%
VSEC	VSE	4.1	-18.6%	5.9%
TNL	Travel+Leisure	4.2	-16.2%	-5.9%
LCID	Lucid	2.2	-15.8%	-34.6%
FMC	FMC	1.8	-15.7%	6.4%
FTAI	FTAI Aviation	23.4	-15.4%	16.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CAR	Avis Budget	15.6	313.8%	246.0%
AEHR	Aehr Test Systems	2.9	162.1%	382.2%
CBIO	Crescent Biopharma	0.8	144.4%	127.5%
APLS	Apellis Pharmaceuticals	5.2	132.7%	62.8%
FBYD	Falcons Beyond Global	0.6	130.0%	3.3%
POET	POET Technologies	1.1	110.7%	101.7%
SGML	Sigma Lithium	2.4	107.9%	63.2%
LWLG	Lightwave Logic	2.1	104.9%	367.9%
KOD	Kodiak Sciences	2.4	103.2%	61.6%
NVTS	Navitas Semiconductor	4.1	101.2%	158.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PIPR	Piper Sandler Cos	6.0	-70.2%	6.8%
REPL	Replimune	0.2	-67.5%	-76.6%
VRDN	Viridian Therapeutics	1.4	-48.1%	-54.0%
MAZE	Maze Therapeutics	1.2	-45.9%	-36.0%
BUR	Burford Capital	1.0	-39.7%	-47.2%
TASK	TaskUs	0.6	-36.7%	-9.4%
WVE	WAVE Life Sciences	1.3	-36.5%	-56.6%
LCID	Lucid	2.2	-33.0%	-34.6%
QDEL	QuidelOrtho	0.8	-28.1%	-58.3%
ESPR	Esperion Therapeutics	0.5	-24.8%	-46.8%

Peer Comparisons

Peers to compare with:

Financials

	KGS	AROC	NGS	Median
Name	Kodiak G.	Archrock	Natural .
Mkt Price	63.92	35.86	38.10	38.10
Mkt Cap	5.5	6.2	0.5	5.5
Rev LTM	1,308	1,490	172	1,308
Op Inc LTM	408	576	40	408
FCF LTM	284	120	-59	120
FCF 3Y Avg	107	67	-67	67
CFO LTM	600	622	63	600
CFO 3Y Avg	398	454	49	398

Growth & Margins

	KGS	AROC	NGS	Median
Name	Kodiak G.	Archrock	Natural .
Rev Chg LTM	12.8%	28.7%	9.9%	12.8%
Rev Chg 3Y Avg	23.1%	20.9%	27.4%	23.1%
Rev Chg Q	7.5%	15.5%	13.5%	13.5%
QoQ Delta Rev Chg LTM	1.8%	3.5%	3.3%	3.3%
Op Inc Chg LTM	41.2%	57.0%	19.5%	41.2%
Op Inc Chg 3Y Avg	23.3%	59.2%	1,035.4%	59.2%
Op Mgn LTM	31.2%	38.7%	23.4%	31.2%
Op Mgn 3Y Avg	28.2%	32.1%	18.1%	28.2%
QoQ Delta Op Mgn LTM	0.3%	2.4%	0.9%	0.9%
CFO/Rev LTM	45.8%	41.8%	36.5%	41.8%
CFO/Rev 3Y Avg	35.2%	36.7%	31.3%	35.2%
FCF/Rev LTM	21.7%	8.0%	-34.0%	8.0%
FCF/Rev 3Y Avg	8.8%	5.1%	-49.9%	5.1%

Valuation

	KGS	AROC	NGS	Median
Name	Kodiak G.	Archrock	Natural .
Mkt Cap	5.5	6.2	0.5	5.5
P/S	4.2	4.2	2.8	4.2
P/Op Inc	13.5	10.8	11.9	11.9
P/EBIT	17.7	10.6	12.1	12.1
P/E	68.4	19.4	24.0	24.0
P/CFO	9.2	10.0	7.6	9.2
Total Yield	2.9%	7.4%	4.5%	4.5%
Dividend Yield	1.4%	2.3%	0.3%	1.4%
FCF Yield 3Y Avg	3.9%	1.6%	-27.9%	1.6%
D/E	0.5	0.4	0.5	0.5
Net D/E	0.5	0.4	0.5	0.5

Returns

	KGS	AROC	NGS	Median
Name	Kodiak G.	Archrock	Natural .
1M Rtn	9.3%	-2.6%	-3.4%	-2.6%
3M Rtn	62.6%	29.5%	10.3%	29.5%
6M Rtn	84.6%	44.2%	38.8%	44.2%
12M Rtn	102.2%	60.2%	107.9%	102.2%
3Y Rtn	367.7%	311.2%	260.9%	311.2%
1M Excs Rtn	0.8%	-11.0%	-11.9%	-11.0%
3M Excs Rtn	58.7%	25.6%	6.5%	25.6%
6M Excs Rtn	79.6%	42.1%	34.9%	42.1%
12M Excs Rtn	66.5%	24.3%	74.6%	66.5%
3Y Excs Rtn	295.7%	227.4%	191.4%	227.4%

Comparison Analyses

	Title
0	How Does Kodiak Gas Services Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Filing Date	2/26/2026	2/26/2026	3/7/2025	3/7/2024	6/30/2023	3/7/2024
Key Financials
Total Revenue	1,308	1,308	1,159	850	708	606
EBITDA	588	588	533	441	480	367
Operating Income	408	408	289	243	221	198
Net Income	81	81	50	20	106	181
EPS	0.89	0.90	0.58	0.29	1.42	2.41
Growth Rates
Total Revenue Growth	12.8%	12.8%	36.3%	20.1%	16.7%	-
EBITDA Growth	10.3%	10.3%	21.1%	-8.2%	30.7%	-
Operating Income Growth	41.2%	41.2%	18.8%	10.0%	11.5%	-
Net Income Growth	61.4%	61.4%	148.7%	-81.1%	-41.3%	-
Margins
EBITDA Margin	45.0%	45.0%	46.0%	51.8%	67.8%	60.5%
Operating Income Margin	31.2%	31.2%	24.9%	28.6%	31.2%	32.7%
Net Income Margin	6.2%	6.2%	4.3%	2.4%	15.0%	29.8%
Cash & Debt
Total Cash	3	3	5	6	20	29
Total Debt	2,611	2,611	2,647	1,826	2,730	1,845
Net Debt / (Cash)	2,608	2,608	2,642	1,820	2,709	1,816
Cash Flows
Net Cash from Operations	600	600	328	266	220	250
Free Cash from Operations	284	284	-9	47	-40	48
Returns to Shareholders
Dividends	160	160	134	30	838	1
Share Repurchases	110	110	43	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/26/2026	11/5/2025	8/7/2025	5/8/2025	3/7/2025	11/7/2024	8/13/2024	5/9/2024	3/7/2024	11/9/2023	8/10/2023	6/30/2023
Key Financials Quarterly
Total Revenue	333	323	323	330	310	325	310	215	226	231	203	190
Ebitda	161	102	165	159	157	119	131	127	85	115	142	97
Operating Income	101	102	106	98	89	86	53	60	61	61	61	60
Net Income	25	-14	39	30	19	-6	6	30	-7	22	18	-12
EPS	0.28	-0.17	0.44	0.34	0.21	-0.07	0.07	0.39	-0.09	0.28	0.30	-0.16
Key Financials TTM
Total Revenue TTM	1,308	1,285	1,287	1,273	1,159	1,076	982	876	850	804	756	730
Ebitda TTM	588	584	601	566	533	462	458	470	441	463	502	452
Operating Income TTM	408	397	381	327	289	260	235	243	243	240	237	227
Net Income TTM	81	75	83	50	50	24	51	63	20	29	53	44
Growth Rates Quarterly
Total Revenue Growth	7.5%	-0.6%	4.3%	53.0%	37.0%	40.6%	52.3%	13.4%	25.7%	26.5%	14.8%	12.9%
EBITDA Growth	2.8%	-14.1%	26.5%	25.7%	83.7%	3.1%	-8.3%	30.4%	-21.2%	-25.1%	55.0%	-7.1%
Operating Income Growth	12.6%	18.6%	100.7%	63.6%	47.4%	41.7%	-13.6%	-0.4%	5.5%	6.1%	18.1%	11.1%
Net Income Growth	29.0%	-148.1%	534.2%	0.6%	377.6%	-125.9%	-64.4%	344.9%	-460.1%	-52.6%	96.8%	-144.2%
Margins Quarterly
EBITDA Margin	48.4%	31.7%	51.2%	48.3%	50.7%	36.7%	42.2%	58.8%	37.8%	50.0%	70.1%	51.1%
Operating Income Margin	30.3%	31.7%	32.9%	29.8%	28.9%	26.6%	17.1%	27.9%	26.9%	26.4%	30.2%	31.8%
Net Income Margin	7.4%	-4.3%	12.2%	9.2%	6.2%	-1.7%	2.0%	14.0%	-3.0%	9.4%	8.6%	-6.5%
Cash & Debt
Total Cash	3	1	5	2	5	7	4	9	6	6	41	3
Total Debt	2,611	2,668	2,607	2,654	2,647	2,660	2,550	1,865	1,826	1,782	2,804	1,844
Net Debt / (Cash)	2,608	2,667	2,602	2,652	2,642	2,653	2,546	1,856	1,820	1,776	2,763	1,841
Cash Flows Quarterly
FCF from Operations	195	113	177	114	118	37	121	52	63	86	95	23
Cash Flows TTM
FCF from Operations TTM	600	523	447	391	328	272	321	295	266	237	210	188
Returns to Shareholders Quarterly
Dividends	43	40	40	36	36	35	33	30	-13	0	42	0
Share Repurchases	34	56	7	13	15	28	-0	0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	7.0%	7.5%	8.4%	7.6%	5.2%	6.8%	4.2%	6.4%	8.7%	6.5%	6.7%	6.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	8.0%	7.3%	7.0%	5.6%	5.0%	4.2%	4.3%	5.9%	5.0%	6.5%	6.5%	6.3%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Contract Services	1,034	736	655	583
Other Services	125	115	53	23
Total	1,159	850	708	606

Assets by Segment

$ Mil	2025	2024	2023	2022
Contract Services	4,398	3,212	3,184	3,005
Other Services	37	32	21	7
Total	4,435	3,244	3,206	3,012

Price Behavior

Price Behavior

Market Price	$63.92
Market Cap ($ Bil)	5.5
First Trading Date	06/29/2023
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$56.73	$40.33
DMA Trend	up	up
Distance from DMA	12.7%	58.5%
	3M	1YR
Volatility	36.9%	33.7%
Downside Capture	-0.39	-0.11
Upside Capture	270.66	72.84
Correlation (SPY)	33.6%	26.3%

KGS Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.62	1.17	0.81	0.75	1.05	-0.14
Up Beta	-0.34	1.89	2.18	1.74	1.13	0.08
Down Beta	2.11	1.50	1.01	1.05	1.58	-0.00
Up Capture	323%	296%	209%	112%	71%	74%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	12	25	40	76	142	380
Down Capture	63%	-55%	-97%	-25%	42%	68%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	9	16	22	49	106	301

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with KGS
KGS	105.5%	33.7%	2.18	-
Sector ETF (XLE)	46.3%	19.8%	1.80	27.5%
Equity (SPY)	26.7%	12.5%	1.77	26.3%
Gold (GLD)	38.9%	27.4%	1.19	-5.2%
Commodities (DBC)	23.5%	16.2%	1.32	17.6%
Real Estate (VNQ)	15.6%	13.6%	0.82	21.5%
Bitcoin (BTCUSD)	-12.8%	42.6%	-0.21	0.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with KGS
KGS	36.2%	37.8%	1.54	-
Sector ETF (XLE)	22.6%	26.1%	0.78	46.5%
Equity (SPY)	10.5%	17.1%	0.48	40.4%
Gold (GLD)	21.5%	17.8%	0.99	7.5%
Commodities (DBC)	10.7%	18.8%	0.47	33.1%
Real Estate (VNQ)	3.6%	18.8%	0.09	26.1%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	13.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with KGS
KGS	16.7%	37.8%	1.54	-
Sector ETF (XLE)	10.1%	29.5%	0.38	46.5%
Equity (SPY)	13.8%	17.9%	0.66	40.4%
Gold (GLD)	13.9%	15.9%	0.73	7.5%
Commodities (DBC)	8.1%	17.6%	0.38	33.1%
Real Estate (VNQ)	5.4%	20.7%	0.23	26.1%
Bitcoin (BTCUSD)	68.1%	66.9%	1.07	13.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	5.7 Mil
Short Interest: % Change Since 3152026	11.5%
Average Daily Volume	1.2 Mil
Days-to-Cover Short Interest	4.6 days
Basic Shares Quantity	86.2 Mil
Short % of Basic Shares	6.6%

Returns Analyses

	Title
0	Can Kodiak Gas Services Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/25/2026	4.0%	10.3%	11.4%
11/4/2025	-6.5%	-5.9%	1.3%
8/6/2025	-0.5%	9.2%	10.5%
3/6/2025	-1.2%	4.7%	-9.3%
11/7/2024	0.8%	3.6%	20.2%
8/13/2024	-1.9%	-0.9%	0.5%
5/8/2024	1.0%	1.5%	-6.9%
1/29/2024	0.9%	-2.0%	7.6%
...
SUMMARY STATS
# Positive	5	6	7
# Negative	5	4	3
Median Positive	1.0%	5.5%	9.2%
Median Negative	-1.4%	-1.5%	-7.0%
Max Positive	4.0%	10.3%	20.2%
Max Negative	-6.5%	-5.9%	-9.3%

	Forward Returns
2/25/2026	4.0%	10.3%	11.4%
11/4/2025	-6.5%	-5.9%	1.3%
8/6/2025	-0.5%	9.2%	10.5%
3/6/2025	-1.2%	4.7%	-9.3%
11/7/2024	0.8%	3.6%	20.2%
8/13/2024	-1.9%	-0.9%	0.5%
5/8/2024	1.0%	1.5%	-6.9%
1/29/2024	0.9%	-2.0%	7.6%
11/8/2023	1.3%	6.4%	9.2%
8/9/2023	-1.4%	-0.2%	-7.0%
SUMMARY STATS
# Positive	5	6	7
# Negative	5	4	3
Median Positive	1.0%	5.5%	9.2%
Median Negative	-1.4%	-1.5%	-7.0%
Max Positive	4.0%	10.3%	20.2%
Max Negative	-6.5%	-5.9%	-9.3%

SEC Filings

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Report Date	Filing Date	Filing
12/31/2025	02/26/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/07/2025	10-Q
03/31/2025	05/08/2025	10-Q
12/31/2024	03/07/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/13/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	03/07/2024	10-K
09/30/2023	11/09/2023	10-Q
06/30/2023	08/10/2023	10-Q
03/31/2023	06/30/2023	424B4

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/25/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Adjusted EBITDA	750.00 Mil	765.00 Mil	780.00 Mil	7.4%		Raised	Actual: 712.50 Mil for 2025
2026 Discretionary cash flow	480.00 Mil	495.00 Mil	510.00 Mil	7.6%		Raised	Actual: 460.00 Mil for 2025
2026 Contract Services revenues	1.24 Bil	1.26 Bil	1.28 Bil	6.8%		Raised	Actual: 1.18 Bil for 2025
2026 Contract Services adjusted gross margin percentage	67.5%	68.5%	69.5%	0.7%	0.5%	Raised	Actual: 68.0% for 2025
2026 Other Services revenues	125.00 Mil	137.50 Mil	150.00 Mil	5.8%		Raised	Actual: 130.00 Mil for 2025
2026 Other Services adjusted gross margin percentage	13.0%	14.5%	16.0%	-6.4%	-1.0%	Lowered	Actual: 15.5% for 2025
2026 Maintenance capital expenditures	75.00 Mil	80.00 Mil	85.00 Mil	0		Affirmed	Actual: 80.00 Mil for 2025
2026 Growth capital expenditures	2.35E10%	2.5E10%	2.65E10%	29.9%		Raised	Actual: 1.925E10% for 2025

Prior: Q3 2025 Earnings Reported 11/4/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Adjusted EBITDA	700.00 Mil	712.50 Mil	725.00 Mil	0		Affirmed	Guidance: 712.50 Mil for 2025
2025 Discretionary Cash Flow	450.00 Mil	460.00 Mil	470.00 Mil	1.1%		Raised	Guidance: 455.00 Mil for 2025
2025 Contract Services revenues	1.16 Bil	1.18 Bil	1.20 Bil	0		Affirmed	Guidance: 1.18 Bil for 2025
2025 Contract Services adjusted gross margin percentage	67.0%	68.0%	69.0%	0	0	Affirmed	Guidance: 68.0% for 2025
2025 Other Services revenues	120.00 Mil	130.00 Mil	140.00 Mil	0		Affirmed	Guidance: 130.00 Mil for 2025
2025 Other Services adjusted gross margin percentage	14.0%	15.5%	17.0%	0	0	Affirmed	Guidance: 15.5% for 2025
2025 Maintenance capital expenditures	75.00 Mil	80.00 Mil	85.00 Mil	0		Affirmed	Guidance: 80.00 Mil for 2025
2025 Growth capital expenditures	1.8E10%	1.925E10%	2.05E10%	0		Affirmed	Guidance: 1.925E10% for 2025

Insider Activity

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KGS Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing KGS?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What KGS Makes & Who Pays

TTM figures based on

KGS Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Kodiak Gas Services (KGS)

Market Price (4/23/2026): $65.0 | Market Cap: $5.6 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Kodiak Gas Services (KGS)

Market Price (4/23/2026): $65.0Market Cap: $5.6 BilSector: EnergyIndustry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Kodiak Gas Services (KGS)

Key Risks to Kodiak Gas Services

Capital Allocation Decisions for Kodiak Gas Services (KGS)

Interactive Breakdown

Better Bets vs. Kodiak Gas Services (KGS)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for KGS: 23.1% | 4.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for KGS: 23.1% | 13.5x)

Higher Rev Chg LTM (Value for KGS: 12.8%)

Higher Rev Chg 3Y Avg (Value for KGS: 23.1%)

Higher Op Mgn LTM (Value for KGS: 31.2%)

Higher CFO/Rev LTM (Value for KGS: 45.8%)

Higher FCF/Rev LTM (Value for KGS: 21.7%)

Higher Total Yield (Value for KGS: 2.9%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for KGS: 23.1% | 4.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for KGS: 23.1% | 13.5x)

Higher Rev Chg LTM (Value for KGS: 12.8%)

Higher Rev Chg 3Y Avg (Value for KGS: 23.1%)

Higher Op Mgn LTM (Value for KGS: 31.2%)

Higher CFO/Rev LTM (Value for KGS: 45.8%)

Higher FCF/Rev LTM (Value for KGS: 21.7%)

Higher Total Yield (Value for KGS: 2.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for KGS: 23.1% | 4.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for KGS: 23.1% | 13.5x)

Higher Rev Chg LTM (Value for KGS: 12.8%)

Higher Rev Chg 3Y Avg (Value for KGS: 23.1%)

Higher Op Mgn LTM (Value for KGS: 31.2%)

Higher CFO/Rev LTM (Value for KGS: 45.8%)

Higher FCF/Rev LTM (Value for KGS: 21.7%)

Higher Total Yield (Value for KGS: 2.9%)

Best Bets in Energy

P/EBIT (Value for KGS: 17.7x)

P/E (Value for KGS: 68.4x)

Rev Chg 3Y Avg (Value for KGS: 23.1%)

Rev Chg LTM (Value for KGS: 12.8%)

Rev Chg Q (Value for KGS: 7.5%)

FCF/Rev 3Y Avg (Value for KGS: 8.8%)

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Market Price (4/23/2026): $65.0 | Market Cap: $5.6 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Market Price (4/23/2026): $65.0
Market Cap: $5.6 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services