olivLaw · US equity research
Kodiak Gas Services, Inc. KGS
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
Kodiak Gas Services is one of the largest U.S. providers of large horsepower contract gas compression, with a fleet concentrated in the Permian Basin. The company has extended into distributed power through the DPS acquisition, and strong demand for compression supported record revenue and margins in its compression segment in 2026.
At the close of 04 Nov 2026, Kodiak Gas Services, Inc. (KGS) stock was 41.26 USD (−11.35% on the day), with market capitalisation 4.2 bn USD, P/E 48.6 on diluted EPS of 0.85 USD over the last 12 months, dividend yield 4.65%, beta 1.19, 52-week range 32.95–76.27 USD. Latest reported quarter (Q2 2026): revenue of 391.1 m USD (+21.1% YoY), net income of 52.0 m USD (+31.6% YoY), diluted EPS 0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.5
- weak (30–45)
- Bollinger (20, 2)
- 41.51 – 54.19
- below the lower band · %B -0.02 · band width 26.5%
- SMA 50 / 200
- 53.66 / 59.38
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.61 / -2.51
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.0% | −1.1% | −21.9 pp | — |
| 3 months | −28.7% | −0.5% | −28.2 pp | — |
| 6 months | −42.2% | +4.4% | −46.6 pp | — |
| Year to date | +10.3% | +12.3% | −2.0 pp | — |
| 1 year | +13.8% | +13.5% | +0.2 pp | +12.1% |
| 3 years | +135.9% | +76.4% | +59.5 pp | +57.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 324.6 m | 309.5 m | 329.6 m | 322.8 m | 322.7 m | 332.9 m | 345.8 m | 391.1 m |
| Cost of revenue | 129.3 m | 118.3 m | 128.5 m | 115.3 m | 116.2 m | 120.0 m | 122.9 m | 144.4 m |
| Gross profit | 121.9 m | — | — | — | — | — | — | — |
| SG&A | 35.5 m | 31.4 m | 32.3 m | 35.1 m | 37.8 m | 38.9 m | 46.1 m | 40.9 m |
| Operating income | 66.1 m | 69.0 m | 89.2 m | 99.7 m | 64.2 m | 86.9 m | 106.8 m | 124.2 m |
| Depreciation & amortisation | 73.5 m | 70.4 m | 70.5 m | 66.1 m | 66.3 m | 73.2 m | 68.7 m | 78.7 m |
| Pre-tax income | -8.4 m | 35.1 m | 41.6 m | 53.4 m | -20.5 m | 39.0 m | 20.6 m | 73.2 m |
| Income tax | -2.2 m | 15.5 m | 10.5 m | 13.4 m | -6.3 m | 14.2 m | 2.8 m | 21.1 m |
| Net income | -5.6 m | 19.1 m | 30.4 m | 39.5 m | -14.0 m | 24.6 m | 17.8 m | 52.0 m |
| Diluted EPS | -0.07 | 0.25 ≈ | 0.33 | 0.43 | -0.17 | 0.29 ≈ | 0.20 | 0.53 |
| Operating cash flow | 36.9 m ≈ | 118.5 m | 114.3 m | 177.2 m ≈ | 113.4 m ≈ | 194.9 m | 71.2 m | 99.5 m ≈ |
| Capex | 86.5 m ≈ | 73.2 m | 77.6 m | 82.6 m ≈ | 102.5 m ≈ | 52.8 m | 118.4 m | 200.2 m ≈ |
| Dividends paid | 35.1 m | 36.4 m | 36.4 m | 40.1 m ≈ | 40.0 m ≈ | 43.0 m | 42.6 m | 50.0 m ≈ |
| Share repurchases | 25.0 m ≈ | 15.0 m | 10.0 m | 10.0 m ≈ | 50.4 m ≈ | 33.6 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 54 percentile of its own 13-quarter history (min 18.0, median 44.4, max 99.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 606.4 m | 707.9 m | 850.4 m | 1.2 bn | 1.3 bn |
| Revenue YoY | unavailable | +16.7% | +20.1% | +36.3% | +12.8% |
| Net income | 181.0 m | 106.3 m | 20.1 m | 49.9 m | 80.5 m |
| Net income YoY | unavailable | −41.3% | −81.1% | +148.7% | +61.4% |
| Diluted EPS | 3.07 | 1.80 | 0.29 | 0.56 | 0.89 |
| Diluted EPS YoY | unavailable | −41.4% | −83.9% | +93.1% | +58.9% |
| net % | 29.8% | 15.0% | 2.4% | 4.3% | 6.2% |
| Free cash flow | 48.0 m | -39.5 m | 46.5 m | -9.0 m | 284.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.2 m USD
- Financial debt
- 2.6 bn USD
- Net debt
- 2.6 bn USD
- Equity
- 1.2 bn USD
- Total assets
- 4.3 bn USD
- Debt / equity
- 2.12x
- Current ratio
- 0.84x
- ROE
- 6.2%
- ROA
- 1.8%
- FCF margin
- 21.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 606.4 m | 707.9 m | 850.4 m | 1.2 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | — | 267.4 m | 350.9 m | 458.4 m | 479.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 236.2 m | 266.1 m | 316.6 m | 700.9 m ≈ | 828.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| SG&A | 37.7 m | 44.9 m | 73.3 m | 151.7 m | 144.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 189.0 m | 222.1 m | 244.1 m | 249.5 m | 340.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 160.0 m | 174.5 m | 182.9 m | 260.3 m | 276.2 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 349.0 m ≈ | 396.6 m ≈ | 427.0 m ≈ | 509.7 m ≈ | 616.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 84.6 m | 165.9 m | 222.5 m | — | — | SEC (XBRL)· 07 Mar 2024verified |
| Pre-tax income | 122.4 m | 139.4 m | 35.1 m | 75.9 m | 113.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -58.6 m | 33.1 m | 15.1 m | 25.6 m | 31.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 181.0 m | 106.3 m | 20.1 m | 49.9 m | 80.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 3.07 | 1.80 | 0.29 | 0.56 | 0.89 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 59.0 m | 59.0 m | 68.3 m | 85.2 m | 88.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | — | — | 0.38 | 1.58 | 1.80 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 28.8 m | 20.4 m | 5.6 m | 4.8 m | 3.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 80.7 m | 97.6 m | 113.2 m | 253.6 m | 197.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | — | 72.2 m | 76.2 m | 103.3 m | 101.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | — | 204.0 m | 231.0 m | 383.7 m | 323.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | — | 2.5 bn | 2.5 bn | 3.4 bn | 3.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | — | 305.6 m | 305.6 m | 415.2 m | 408.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 132.4 m | 122.9 m | 162.7 m | 154.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 3.0 bn | 3.2 bn | 3.2 bn | 4.4 bn | 4.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | — | 38.0 m | 49.8 m | 57.6 m | 73.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | — | 2.7 bn | 1.8 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | — | 189.0 m | 210.6 m | 319.4 m | 385.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | — | 3.0 bn | 2.1 bn | 3.1 bn | 3.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 960.1 m | 229.1 m | 1.1 bn | 1.4 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 250.0 m | 219.8 m | 266.3 m | 328.0 m | 599.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 201.9 m | 259.3 m | 219.8 m | 337.0 m | 315.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 48.0 m ≈ | -39.5 m ≈ | 46.5 m ≈ | -9.0 m ≈ | 284.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -202.0 m | -251.4 m | -218.4 m | -292.5 m | -285.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -43.3 m | 23.2 m | -62.8 m | -36.3 m | -316.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 0 | 0 | 29.8 m | 133.9 m | 159.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 40.0 m | 104.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 35 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation27
- Returns53
- Quality15
- Balance sheet54
- Growth50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.74 – 61.14 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA35.56 – 61.14 (Mid 55.30)9 companies used · median multiple 12.2x · quartiles 9.2x – 13.1xDTM, ET, KMI, KNTK, NGL, TRGP, USAC, WES, WMB
- Peers: P/E11.74 – 20.31 (Mid 15.37)11 companies used · median multiple 18.1x · quartiles 13.8x – 23.9xAM, AROC, DTM, EPD, ET, KMI, KNTK, TRGP, USAC, WES, WMB
- Dividend discount (DDM)23.65 – 31.81 (Mid 27.13)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 35/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.3% | 22 (vs peers) | 11% |
| Net margin · Quality | 5.8% | 18 (vs peers) | 7% |
| FCF conversion · Quality | 6.2% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 22.7% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -20.9% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.9x | 55 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 54 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 48.6x | 8 (vs peers) | 11% |
| EV/EBITDA · Valuation | 10.1x | 67 (vs peers) | 11% |
| FCF yield · Valuation | 0.1% | 2 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 6.2% | 89 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 3,506.4% | 0 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet54/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality15/100 · 3/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation27/100 · 3/3 factors with a value
Memo
Kodiak Gas Services, Inc. (KGS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth 12.8%; net margin 5.8%; ROE 4.6%; net debt/EBITDA 3.9x.
The estimated value range is 23.65–31.81 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 27.13 USD, the price of 41.26 USD leaves a potential of -34.2% (value / price − 1) and a margin of safety of -52.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 35/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 22.7%
- Shareholder yield (distributions): 6.2%
What contradicts it
- ROIC: 6.3%
- Net margin: 5.8%
- FCF conversion: 6.2%
- EPS CAGR 3Y: -20.9%
- P/E (TTM): 48.6x
- FCF yield: 0.1%
- Payout ratio (FCF): 3,506.4%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMBWilliams Companies, Inc. | 83.0 bn | 27.1 | 24.0% | 25.2% | +13.8% | +11% / +84% |
| EPDEnterprise Products Partners L.P. | 79.2 bn | 12.0 | — | 10.2% | −6.4% | +12% / +37% |
| KMIKinder Morgan, Inc. | 70.2 bn | 19.5 | 11.6% | 19.6% | +12.2% | +15% / +79% |
| ETEnergy Transfer LP | 67.0 bn | 12.7 | — | 4.9% | +3.5% | +16% / +40% |
| TRGPTarga Resources Corp. | 61.1 bn | 27.2 | 72.6% | 13.5% | +3.9% | +63% / +215% |
| WESWestern Midstream Partners, LP | 17.6 bn | 13.6 | — | 28.2% | +6.6% | +8% / +43% |
| DTMDT Midstream, Inc. | 12.0 bn | 25.5 | 9.9% | 35.4% | +26.7% | −3% / +105% |
| AMAntero Midstream Corporation | 9.4 bn | 14.0 | 31.6% | 53.4% | +7.4% | +10% / +49% |
| AROCArchrock, Inc. | 5.0 bn | 14.8 | 22.6% | 22.9% | +28.7% | +17% / +97% |
| KGSKodiak Gas Services, Inc. | 4.2 bn | 48.6 | 4.6% | 5.8% | +12.8% | +14% / +136% |
| USACUSA Compression Partners, LP | 3.5 bn | 22.3 | — | 12.4% | +5.0% | −3% / +3% |
| KNTKKinetik Holdings Inc. | 3.4 bn | 18.1 | — | 10.4% | +19.0% | +48% / +41% |
| NGLNGL Energy Partners LP | 1.9 bn | — | — | -3.8% | −9.0% | +58% / +258% |
| SMCSummit Midstream Corporation | 308.0 m | 9,397.5 | 0.1% | 0.0% | +30.8% | +15% / +40% |
| TRPTc Energy Corporation | — | — | 12.8% | 23.1% | +10.7% | +14% / +67% |
| NGGNational Grid PLC | — | — | 8.6% | 15.8% | −7.4% | +12% / +29% |
| TGSGas Transporter Of The South Inc. | — | — | 18.1% | 30.3% | +23.7% | −26% / +67% |
| TCPATranscanada Pipelines Ltd | — | — | 14.0% | 23.1% | +7.2% | −13% / unavailable |
1- and 3-year price returns: for KGS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 25.24 Total return -37% · Per year -37% | 44.42 Total return 10% · Per year 10% | 66.64 Total return 64% · Per year 64% |
| 3 years | 29.94 Total return -22% · Per year -8% | 58.75 Total return 50% · Per year 14% | 95.96 Total return 142% · Per year 34% |
| 5 years | 35.52 Total return -4% · Per year -1% | 77.70 Total return 103% · Per year 15% | 138.18 Total return 255% · Per year 29% |
- Exit P/E± 14.69
- Net margin± 10.28
- Annual revenue growth± 7.67
- Annual dilution± 0.86
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kodiak Gas Services is one of the largest U.S. providers of large horsepower contract gas compression, with a fleet concentrated in the Permian Basin. The company has extended into distributed power through the DPS acquisition, and strong demand for compression supported record revenue and margins in its compression segment in 2026 13.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on oil and gas demandhigh
A prolonged fall in demand or production could reduce the company's revenue 1.
- Integration of the DPS acquisitionhigh
The company could face difficulty integrating DPS and achieving the expected synergies 12.
- Customer concentrationmedium
Losing a major customer or a deterioration in its finances could affect results 1.
- Uncertain contract renewalsmedium
Contracts can be cancelled after the primary term, and renewal at lower rates could reduce revenue 1.
- Sales tax disputeslow
Audits of sales tax, including in Texas, could create significant additional liabilities 1.
Investment thesis
What would need to be true (bull case)
- If output from unconventional basins keeps growing, demand for large horsepower compression could support revenue and high margins 13.
- Expansion into distributed generation could open a new growth source if data center projects materialize 23.
- Near-full fleet utilization and long-term contracts could generate stable and predictable cash flow 3.
What would break the thesis
What to watch
- Development of Compression Infrastructure margins and fleet utilizationQ3 2026
- Progress on Power Infrastructure projects and turbine deliveries2027
- Delivery against 2026 adjusted EBITDA guidanceQ4 2026
- Debt levels and leverage ratio after acquisitionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kodiak Gas Services, Inc. (NYSE: KGS) provides and operates large horsepower contract compression infrastructure in the U.S. that supports the transport and processing of natural gas 1. The business relies on fixed-revenue contracts, typically with a primary term of three to five years for large horsepower, and customers pay a fixed monthly fee similar to midstream take-or-pay contracts 1. Following the DPS acquisition in April 2026, the company added distributed power generation and reorganized reporting into three segments 23.
The compression fleet is built mainly on large horsepower units above 1,000 horsepower each, which made up about 80% of the roughly 4.5 million horsepower fleet at year-end 2025 1. The model depends on mechanical reliability and high fleet utilization, and the company argues that long relationships with upstream and midstream customers create recurring revenue 1. Its largest customers are S&P 500 constituents with investment-grade ratings, which lowers counterparty risk 1.
From June 30 2026 reporting covers Compression Infrastructure (formerly Contract Services), Power Infrastructure and Other Services 23. Other Services covers station construction, maintenance, overhaul and crane services and is often sold alongside compression 12. The company has also described a goal of developing more than two gigawatts of power generation capacity by the end of the decade, which could change its risk and capital profile 3.
Segments
Market context
Demand for compression is supported by rising gas output from unconventional basins, where low initial reservoir pressure requires more compression horsepower 1. The EIA expects U.S. natural gas production to keep growing through 2050, led by Permian associated gas, and LNG export capacity is expected to expand 1. Compression demand could stay strong if these projects are delivered on time 13.
The distributed power market is new for the company and depends on demand from data centers, utilities and industry 2. The company signed a turbine supply agreement for up to one gigawatt and reported engineering work on several projects 3. The pace of development will depend on customer down payments and equipment deliveries 3.
Trends
- Rising output from unconventional basinstailwind
Production in the Permian and Eagle Ford needs more compression horsepower, which supports demand for large units 1.
- Expansion of LNG exportstailwind
Gulf Coast LNG projects could drive gas output and compression needs in the Permian 1.
- Trade policy and regulatory uncertaintyheadwind
U.S. tariffs and regulatory changes could raise costs and complicate investment planning 1.
- Outsourcing of compression by customerstailwind
Operators increasingly outsource compression to limit capital spending, which supports the contract model 1.
Competitive position
The compression market is competitive, and rivals could gain share if they cut prices or raise resources devoted to competing services 1. Customers could vertically integrate by buying their own compression fleets, which would reduce demand for the company's services 1.
In distributed power the company enters a market with varied suppliers, and winning contracts depends on turbine deliveries and operational reputation 23. The sources analyzed do not name specific power competitors, so the picture remains limited to the categories the filings describe 1.
- Independent compression providers
Generic competitors named in the company's risk factors, which could add new compression fleets 1.
- Customers that integrate operations
Producers and transporters that could buy their own fleets, acting as potential competitors 1.
- Alternative oil production technologies
Artificial lift methods customers could use instead of the gas lift compression the company provides 1.
- Distributed power suppliers
Distributed generation and turbine providers active in the new Power Infrastructure market 23.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Stocks making the biggest moves midday: MongoDB, Boeing, Kodiak Sciences, Roblox, Nvidia & moreCNBC — Top News · 28 Sept 2026 · EN
- Kodiak Sciences (KOD) Races Toward Three Make-Or-Break Trial VerdictsYahoo Finance — News · 03 Sept 2026 · EN
- Predicting the 2026 Bristol Bay and Kodiak Salmon RunsHacker News · 22 May 2026 · EN
SEC filings
- Current report (amendment)28 Sept 2026Financial statements and exhibits
- Current report28 Sept 2026Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report06 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Other events · Financial statements and exhibits
- Current report (amendment)13 May 2026Financial statements and exhibits
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Current report08 May 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Kodiak Gas Services, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Kodiak Gas Services, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Kodiak Gas Services, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.