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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 |
| Operating Revenue | - | 654.96 | 735.60 | 1,034.17 | 1,181.27 |
| 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 |
| Selling General And Administration | - | 44.88 | 73.31 | 151.68 | 144.07 |
| Total Expenses | - | 486.70 | 607.05 | 870.33 | 900.18 |
| Operating Income | - | 221.22 | 243.33 | 288.98 | 407.92 |
| Total Operating Income As Reported | - | 222.09 | 244.11 | 249.45 | 340.01 |
| EBITDA | - | 479.69 | 440.52 | 533.32 | 588.03 |
| Normalized EBITDA | - | 395.70 | 426.23 | 548.84 | 655.94 |
| EBIT | - | 305.22 | 257.65 | 273.05 | 311.84 |
| Interest Expense | - | 165.87 | 222.51 | 197.14 | 198.37 |
| Net Interest Income | - | -165.87 | -222.51 | -197.14 | -198.37 |
| Other Non Operating Income Expenses | - | 0.02 | 0.03 | -0.42 | -28.17 |
| Other Income Expense | - | 84.01 | 14.32 | -15.93 | -96.08 |
| Interest Expense Non Operating | - | 165.87 | 222.51 | 197.14 | 198.37 |
| Net Non Operating Interest Income Expense | - | -165.87 | -222.51 | -197.14 | -198.37 |
| Pretax Income | - | 139.36 | 35.14 | 75.91 | 113.47 |
| Tax Provision | - | 33.09 | 15.07 | 25.57 | 31.88 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 19.99 | 3 | -5.23 | -19.08 |
| Net Income Continuous Operations | - | 106.26 | 20.07 | 50.33 | 81.59 |
| Net Income From Continuing And Discontinued Operation | - | 106.26 | 20.07 | 49.90 | 80.52 |
| Net Income From Continuing Operation Net Minority Interest | - | 106.26 | 20.07 | 49.90 | 80.52 |
| Net Income | - | 106.26 | 20.07 | 49.90 | 80.52 |
| Net Income Common Stockholders | - | 106.26 | 20.07 | 49.90 | 80.52 |
| Net Income Including Noncontrolling Interests | - | 106.26 | 20.07 | 50.33 | 81.59 |
| Normalized Income | - | 42.26 | 8.78 | 60.18 | 129.35 |
| Diluted NI Availto Com Stockholders | - | 106.26 | 20.07 | 49.90 | 80.52 |
| Basic Average Shares | - | 75 | 68.06 | 83.09 | 87.20 |
| Diluted Average Shares | - | 75 | 68.33 | 85.17 | 88.52 |
| Reconciled Depreciation | - | 174.46 | 182.87 | 260.27 | 276.18 |
| Reconciled Cost Of Revenue | - | 441.81 | 533.74 | 718.65 | 756.11 |
| Total Unusual Items | - | 83.99 | 14.29 | -15.52 | -67.91 |
| Total Unusual Items Excluding Goodwill | - | 83.99 | 14.29 | -15.52 | -67.91 |
| Minority Interests | - | 0 | 0 | -0.44 | -1.07 |
| Special Income Charges | - | 0.87 | -5.98 | -39.53 | -67.91 |
| Other Special Charges | - | - | 6.76 | - | - |
| Impairment Of Capital Assets | - | 0 | 0 | 9.92 | 6.34 |
| Gain On Sale Of Security | 18.17 | 83.12 | 20.27 | 24.02 | - |
| Depreciation Amortization Depletion Income Statement | 160.04 | 174.46 | - | - | - |
| Depreciation And Amortization In Income Statement | 160.04 | 174.46 | - | - | - |
| Gain On Sale Of Ppe | - | 0.87 | 0.78 | -29.61 | -61.57 |
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 | $6.9B | 85.36↑ premium | 5.72 | 6.7% | 16.12 |
| SM Energy Company | SM | $8.1B | 12.56 | 1.69 | 13.5% | 4.75 |
| Kinetik Holdings Inc. | KNTK | $7.7B | 14.55 | -13.54 | -93.0% | 9.72 |
| Noble Corporation plc | NE | $7.4B | 34.37 | 1.64 | 4.8% | 8.84 |
| Archrock, Inc. | AROC | $6.1B | 18.91 |
| - |
| - |
| - |
| - |
| - |
| - |
| 4.09 |
| 21.6% |
| 10.01 |
| California Resources Corporation | CRC | $5.4B | 14.92 | 1.47 | 9.9% | 5.94 |
| Magnolia Oil & Gas Corporation | MGY | $5.4B | 16.51 | 2.77 | 16.8% | 6.29 |
| Liberty Energy Inc. | LBRT | $5.2B | 34.83 | 2.48 | 7.1% | 7.80 |
| Core Natural Resources, Inc. | CNR | $5.0B | -32.54 | 1.36 | -4.2% | 11.71 |
| Peer Median | - | 15.72 | 1.66 | 8.5% | 8.32 | |