Kodiak Gas Services, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Kodiak Gas Services, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	606	708	850	1,159	1,308
Cost of revenue		267	351	458	480
Gross profit	236	266	317	701	828
Selling, general and administrative	37.7	44.9	73.3	152	144
Operating expenses	417	486	606
Operating income	189	222	244	249	340
Interest expense	84.6	166	223
Other non-operating income	-66.6	-82.7	-209	-174	-227
Pre-tax income	122	139	35.1	75.9	113
Income tax	-58.6	33.1	15.1	25.6	31.9
Net income to minority interests		0	0	0.44	1.07
Net income	181	106	20.1	49.9	80.5
EBITDA	349	397	427	510	616
EPS, basic	3.07	1.80	0.29	0.58	0.90
EPS, diluted	3.07	1.80	0.29	0.56	0.89
Shares, basic (weighted)	59	59	68.1	83.1	87.2
Shares, diluted (weighted)	59	59	68.3	85.2	88.5
Dividend per share			0.38	1.58	1.80

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	28.8	20.4	5.56	4.75	3.18
Receivables	80.7	97.6	113	254	198
Inventory		72.2	76.2	103	102
Other current assets		9.52	10.4	10.7	15.6
Total current assets		204	231	384	323
Property, plant and equipment		2,489	2,536	3,395	3,378
Lease right-of-use assets		9.83	33.7	53.8	42.2
Goodwill		306	306	415	409
Intangible assets		132	123	163	154
Other non-current assets		0.56	0.64	1.49	0.79
Total assets	3,012	3,206	3,244	4,435	4,318
Accounts payable		38	49.8	57.6	73
Accrued liabilities		93.9	97.1	189	218
Deferred revenue		57.1	63.7	73.1	94.5
Total current liabilities		189	211	319	386
Long-term debt		2,720	1,791	2,582	2,555
Lease liabilities		6.75	34.5	49.7	39.4
Other non-current liabilities		3.55	2.15	3.15	2.78
Total liabilities		2,976	2,101	3,062	3,111
Total debt		2,720	1,791	2,588	2,556
Paid-in capital		33.2	964	1,305	1,334
Retained earnings		195	178	93.6	12.8
Treasury stock			0	-40	-144
Other comprehensive income				0	-1.59
Shareholders' equity	960	229	1,143
Minority interests			0	13.7	4.91
Total equity	960	229	1,143	1,374	1,207
Total liabilities and equity		3,206	3,244	4,435	4,318
Shares outstanding		59	77.4	87.8	85.8

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	181	106	20.1	50.3	81.6
Depreciation and amortization	160	174	183	260	276
Stock-based compensation	1.22	0.97	5.91	17.7	24.5
Deferred income tax	-61	27.3	7.86	15.4	25.7
Change in receivables	-14.9	-16.9	-22.7	-103	43.8
Change in inventory	-2.97	-24.3	-4.58	-1.34	1.07
Change in payables	-2.78	-1.52	10.2	4.97	5.17
Cash from operations	250	220	266	328	600
Capital expenditures	-202	-259	-220	-337	-315
Cash from investing	-202	-251	-218	-292	-285
Debt issued	564	1,614	1,020	2,642	2,857
Debt repaid	-629	-725	-1,244	-2,476	-2,864
Share buybacks		0	0	-40	-104
Dividends paid	0	0	-29.8	-134	-160
Cash from financing	-43.3	23.2	-62.8	-36.3	-316
Net change in cash	4.69	-8.36	-14.9	-0.81	-1.57
Free cash flow	48	-39.5	46.5	-8.97	284
Interest paid	120	143	217	147	169
Income taxes paid	1.85	2.18	9.76	14.7	5.94

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $42.26 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.0%	Gross profit / revenue.
Operating margin	31.0%	Operating income / revenue.
EBITDA margin	51.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.2%	Pre-tax income / revenue.
Net margin	11.3%	Net income / revenue.
FCF margin	-2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.2%	Cash from operations / revenue.
Effective tax rate	25.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.0%	Net income / average total assets.
SG&A / revenue	11.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	40.6%	Capital expenditures / revenue.
D&A / revenue	20.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	18.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	46.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	36.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	20.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	61.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	58.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-20.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	82.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	39.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	3.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	14.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.31x	Current assets / current liabilities.
Quick ratio	0.94x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Debt / assets	49.2%	Total debt / total assets.
Liabilities / assets	60.8%	Total liabilities / total assets.
Net debt	$2.67B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.55x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$125.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	0.36x	Revenue / average property, plant and equipment.
Inventory turnover	4.69x	Cost of revenue / average inventory.
Days inventory	78 days	365 x average inventory / cost of revenue.
Receivables turnover	5.04x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	89 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	61 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-21.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	106.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.40	Revenue / diluted weighted shares.
FCF per share	-$0.35	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.50	Cash from operations / diluted weighted shares.
Cash per share	$0.86	(Cash + short-term investments) / shares outstanding.
Payout ratio	111.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.27B	Share price x shares outstanding.
Enterprise value	$6.95B	Market cap + total debt - cash - short-term investments.
P/E	25.7x	Market cap / net income. Only when net income is positive.
P/S	2.90x	Market cap / revenue.
P/OCF	7.61x	Market cap / cash from operations, when positive.
EV/Sales	4.72x	Enterprise value / revenue.
EV/EBIT	15.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.23x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.8%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	4.3%	Dividends paid over the period / market cap.
Shareholder yield	5.1%	(Dividends paid + share buybacks) / market cap.

What was Kodiak Gas Services, Inc.'s revenue in fiscal 2025?

Kodiak Gas Services, Inc. reported revenue of $1.31B for fiscal 2025, 12.8% higher than the year before.

Was Kodiak Gas Services, Inc. profitable in fiscal 2025?

Yes. Net income was $80.5M, a net margin of 6.2%.

How much free cash flow did Kodiak Gas Services, Inc. generate in fiscal 2025?

Cash from operations of $599.7M minus capital expenditures of $315.5M left free cash flow of $284.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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