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Kodiak Gas Services, Inc. operates and provides contract compression infrastructure for customers in the oil and gas industry in the United States. It operates in two segments, Contract Services and Other Services. The Contract Services segment operates company-owned and customer-owned compression, and gas treating and cooling infrastructure to enable the production, gathering, processing, and transportation of natural gas and oil. The Other Services segment provides a range of services to support the needs of customers, including station construction, maintenance and overhaul, freight and crane charges, parts sales, and other ancillary time and material-based offerings. The company was formerly known as Frontier TopCo, Inc. Kodiak Gas Services, Inc. was founded in 2010 and is headquartered in The Woodlands, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $588M | $81M | $284M | 6.7% | 12.8% | 61.4% |
| 2024 | $1.2B | $533M | $50M | $-9M | 3.7% | 36.3% | 148.7% |
| 2023 | $850M | $441M | $20M | $47M | 1.8% | 20.1% | -81.1% |
| 2022 | $708M | $480M | $106M | $-40M | 46.4% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 707.91 | 850.38 | 1,159.31 | 1,308.10 |
| Cost Of Revenue | - | 441.81 | 533.74 | 718.65 | 756.11 |
| Gross Profit | - | 266.10 | 316.64 | 440.66 | 551.99 |
| Operating Expense | - | 44.88 | 73.31 | 151.68 | 144.07 |
| Operating Income | - | 221.22 | 243.33 | 288.98 | 407.92 |
| EBITDA | - | 479.69 | 440.52 | 533.32 | 588.03 |
| EBIT | - | 305.22 | 257.65 | 273.05 | 311.84 |
| Pretax Income | - | 139.36 | 35.14 | 75.91 | 113.47 |
| Tax Provision | - | 33.09 | 15.07 | 25.57 | 31.88 |
| Net Income | - | 106.26 | 20.07 | 49.90 | 80.52 |
| Net Income Common Stockholders | - | 106.26 | 20.07 | 49.90 | 80.52 |
| Total Expenses | - | 486.70 | 607.05 | 870.33 | 900.18 |
| Interest Expense | - | 165.87 | 222.51 | 197.14 | 198.37 |
| Selling General And Administration | - | 44.88 | 73.31 | 151.68 | 144.07 |
| Normalized EBITDA | - | 395.70 | 426.23 | 548.84 | 655.94 |
| Normalized Income | - | 42.26 | 8.78 | 60.18 | 129.35 |
| Market Cap | 5,825.76 | 5,825.76 | 5,825.76 | 5,825.76 | 5,825.76 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kodiak Gas Services, Inc.this co. | KGS | - | 72.35↑ premium | 4.84 | 6.7% | 14.34 |
| Comstock Resources, Inc. | CRK | $5.0B | 11.84 | 1.88 | 15.9% | 5.73 |
| Tidewater Inc. | TDW | $4.4B | 13.11 | 3.21 | 24.5% | 10.26 |
| International Seaways, Inc. | INSW | $3.9B | 12.71 | 1.95 | 15.3% | 8.52 |
| Cactus, Inc. | WHD | $3.9B |
| - |
| - |
| - |
| - |
| - |
| - |
| 23.74 |
| 3.21 |
| 13.5% |
| 11.78 |
| SM Energy Company | SM | $3.3B | 10.65 | 1.43 | 13.5% | 4.18 |
| Par Pacific Holdings, Inc. | PARR | $3.3B | 8.60 | 2.10 | 24.4% | 6.02 |
| CVR Energy, Inc. | CVI | $3.1B | 117.36 | 4.34 | 3.7% | 7.51 |
| Crescent Energy Company | CRGY | $3.1B | 31.41 | 0.81 | 2.6% | 5.92 |
| Peer Median | - | 12.91 | 2.02 | 14.4% | 6.76 | |