Kodiak Gas Services, Inc.

Kodiak Gas Services owns and runs natural gas compressors, the large machines that pressurize gas so it can flow through gathering lines, processing plants and pipelines. Its customers are oil and gas producers (upstream companies) and the firms that gather, process and transport gas (midstream companies). These customers do not buy and maintain the equipment themselves. Instead, they pay Kodiak fixed fees under contracts that run for a set first term, and Kodiak's crews keep the machines running. As of December 31, 2025, the fleet had about 4.5 million horsepower across 4,736 units. About 80% of that horsepower came from large units of more than 1,000 horsepower each. Kodiak says large units win longer contracts and higher margins.

Contract Services runs compressors, both Kodiak's own and customer-owned, plus gas treating and cooling equipment. It brought in $1.18 billion, or 90.3% of 2025 revenue of $1.31 billion. Other Services made up the remaining 9.7%. It covers station construction, upkeep of customer-owned compressors, freight and crane work, and parts sales, and it is often sold alongside a compression contract.

The fleet works in onshore U.S. regions. As of December 31, 2025, 82.8% of its compression assets were in the Permian Basin, the country's largest oil and gas producing basin, and the Eagle Ford Shale. The four largest customers supplied about 32% of 2025 revenue.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $391.1M, up 21.1% from a year earlier, and net income was $52.0M (+31.6%).
• For fiscal 2025, revenue was $1.31B (+12.8% year over year; +21.2% a year from FY2021 to FY2025) with a 6.2% net margin.

• Over FY2021–FY2025: $144.0M in buybacks and $323.2M in dividends.
• At least 2 consecutive annual increases: every fiscal year in the SEC data (FY2023–FY2025) shows an increase; the true streak may be longer.
• Dividends took 198.2% of earnings and 56.1% of free cash flow in the latest fiscal year.
• Shares outstanding changed +30.6% from Aug 10, 2023 to Aug 3, 2026.

Rank among 1514 US companies

Market value at each year end

Kodiak Gas Services’s market value went from $1.55B at the end of 2023 to $4.86B on Oct 28, 2026, about 3.1 times as much; since the end of 2025 it is up 50%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 13 sales ($2.4M), 13 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in KGS

1. Most equipment sits in two basins. As of December 31, 2025, 82.8% of Kodiak's compression assets were in the Permian Basin and Eagle Ford Shale. A drilling slowdown or new rules there could hit revenue hard.
2. A few customers supply a third of revenue. The four largest customers supplied about 32% of 2025 revenue, and one topped 10%. Losing one, or seeing one cut spending when oil and gas prices fall, would noticeably reduce revenue.
3. Contracts can end on short notice. After the first term, customers can cancel contracts on 30 to 90 days' notice. Rivals, or customers buying their own compressors, could force lower renewal rates. Missing its equipment uptime guarantee also lets customers exit.
4. A large debt load. As of June 30, 2026, total debt was $2.73 billion against $138 million of cash. Part of the debt has variable rates, so rising interest rates raise costs, and loan terms limit flexibility.
5. Integrating the Distributed Power Solutions deal. Kodiak agreed to buy Distributed Power Solutions, a provider of distributed power (electricity generated near where it is used). Integration costs, lost customers or staff, added debt or smaller-than-expected savings could hurt results.
6. Weaker oil and gas activity. Demand depends on U.S. gas and oil production, which swings with prices. Export limits, like a 2024 pause, since lifted, on some new liquefied natural gas export approvals, or climate rules could also cut demand.

• Sep 28, 2026 Bylaws or fiscal year changed
• Aug 6, 2026 Quarterly results released
• Aug 6, 2026 Investor presentation or announcement
• May 15, 2026 Other company announcement
• May 11, 2026 Quarterly results released
• May 8, 2026 Investor presentation or announcement
• May 7, 2026 Bylaws or fiscal year changed; Shareholder vote results
• Apr 2, 2026 Major agreement signed; Acquisition or sale of assets completed; Unregistered sale of shares; Investor presentation or announcement
• Mar 24, 2026 Major agreement signed; New debt or financial obligation
• Mar 12, 2026 Other company announcement

Kodiak began paying dividends after its July 2023 stock market listing. Dividends per share rose from $1.58 in 2024 to $1.80 in 2025. The $0.38 paid in 2023 covered only part of a year. The yield was 4.07% as of October 28, 2026. In 2025, dividends equaled about 198% of net income but 56% of free cash flow, the cash left after capital spending. Free cash flow was negative in 2024, though, and the company warns it cannot guarantee future dividends. Kodiak also bought back $104 million of stock in 2025, yet the share count rose about 31% between August 2023 and August 2026.

The stock has traded only since 2023, so there is no record of how it held up in the 2008, 2020 or 2022 market downturns. Its largest drop since listing was 41.8%, and it fell 26.9% in the six months to October 28, 2026. Single stocks carry more risk than diversified funds.