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KGS, Kodiak Gas Services

Pipelines & Midstream capital-intensive Distress / turnaround

We are a leading provider and operator of large horsepower contract compression infrastructure in the U.S, supporting the critical movement and processing of natural gas across key production regions.

Through our wholly-owned subsidiary, Kodiak Services, formed in 2011, we have built and operated a substantial fleet of high-reliability compression assets for more than a decade.

Kodiak Gas Services is centered on long term customer relationships, operational excellence, and disciplined capital deployment, positioning us to deliver stable performance while supporting the essential infrastructure needs of the domestic energy industry.

Latest annual: FY2025 10-K

KGS · Kodiak Gas Services

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.3B

+12.8% YoY · 21% 4-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.3B 5-yr avg $926M

Operating margin 27.0% 5-yr avg 27.7%

Owner-earnings margin 21% 5-yr avg 11%

Free cash flow margin 15% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Contract Services (90%) and Other Services (10%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has run about 29% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. That margin has stayed fairly steady relative to where it runs (22%–31% over the years), so unit growth and cost discipline, not a moving line, are the lever. Capital spending runs about 29% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 6%, above 15% in 1 of 5 years). By owner earnings: roughly 6% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Contract Services is 90% of revenue, with Other Services the other meaningful segment at 10%.

Revenue by reportable segment, FY2025

Contract Services90%$1.2B
Other Services10%$127M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2021–2025

realized figures from each filing · older years to the left

2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
						Income statement
$606M	$708M	$850M	$1.2B	$1.3B	$1.3B	RevenueRevenue
6%	6%	9%	13%	11%	12%	SG&A / revenueSG&A/rev
$189M	$222M	$244M	$249M	$340M	$358M	Operating incomeOp. inc.
31.2%	31.4%	28.7%	21.5%	26.0%	27.0%	Operating marginOp. mgn
$181M	$106M	$20M	$50M	$81M	$68M	Net incomeNet inc.
—	24%	43%	34%	28%	26%	Effective tax rateTax rate
						Cash flow & returns
$250M	$220M	$266M	$328M	$600M	$557M	Operating cash flowOp. cash
$160M	$174M	$183M	$260M	$276M	$274M	DepreciationDeprec.
($92M)	($62M)	$57M	$162K	$219M	$191M	Working capital & otherWC & other
$202M	$259M	$220M	$337M	$315M	$356M	CapexCapex
33.3%	36.6%	25.8%	29.1%	24.1%	26.9%	Capex / revenueCapex/rev
$90M	$45M	$47M	$68M	$284M	$282M	Owner earningsOwner earn.
14.8%	6.4%	5.5%	5.8%	21.7%	21.3%	Owner earnings marginOE mgn
$48M	($40M)	$47M	($9M)	$284M	$200M	Free cash flowFCF
7.9%	−5.6%	5.5%	−0.8%	21.7%	15.1%	Free cash flow marginFCF mgn
$0	$0	$30M	$134M	$160M	$166M	Dividends paidDiv. paid
—	$0	$0	$40M	$104M	—	BuybacksBuybacks
20%	6%	5%	4%	6%	—	ROICROIC
19%	46%	2%	4%	7%	6%	Return on equityROE
19%	46%	−1%	−6%	−7%	−8%	Retained to equityRetained/eq
						Balance sheet
$29M	$20M	$6M	$5M	$3M	$94M	Cash & investmentsCash+inv
$81M	$98M	$113M	$254M	$198M	$238M	ReceivablesReceiv.
—	$72M	$76M	$103M	$102M	$104M	InventoryInvent.
—	$38M	$50M	$58M	$73M	$72M	Accounts payablePayables
$81M	$132M	$140M	$299M	$226M	$270M	Operating working capitalOper. WC
—	$204M	$231M	$384M	$323M	$460M	Current assetsCur. assets
—	$189M	$211M	$319M	$386M	$360M	Current liabilitiesCur. liab.
—	1.1×	1.1×	1.2×	0.8×	1.3×	Current ratioCurr. ratio
—	$306M	$306M	$415M	$409M	$409M	GoodwillGoodwill
$3.0B	$3.2B	$3.2B	$4.4B	$4.3B	$4.5B	Total assetsAssets
—	$2.7B	$1.8B	$2.6B	$2.6B	$2.8B	Total debtDebt
—	$2.7B	$1.8B	$2.6B	$2.6B	$2.7B	Net debt / (cash)Net debt
2.2×	1.3×	1.1×	—	—	2.1×	Interest coverageInt. cov.
$960M	$229M	$1.1B	$1.4B	$1.2B	$1.2B	Shareholders’ equityEquity
0.2%	0.1%	0.7%	1.5%	1.9%	1.8%	Stock comp / revenueSBC/rev
						Per share
59.0M	59.0M	68.3M	85.2M	88.5M	87.5M	Shares out (diluted)Shares
$10.28	$12.00	$12.45	$13.61	$14.78	$15.13	Revenue / shareRev/sh
$3.07	$1.80	$0.29	$0.59	$0.91	$0.78	EPS (diluted)EPS
$1.52	$0.77	$0.68	$0.80	$3.21	$3.23	Owner earnings / shareOE/sh
$0.81	$-0.67	$0.68	$-0.11	$3.21	$2.29	Free cash flow / shareFCF/sh
$0.00	$0.00	$0.44	$1.57	$1.80	$1.89	Dividends / shareDiv/sh
$3.42	$4.40	$3.22	$3.96	$3.56	$4.07	Cap. spending / shareCapex/sh
$16.27	$3.88	$16.72	$16.13	$13.64	$13.43	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	4-yr	5-yr
Revenue / share	+9.5%/yr	+9.5%/yr (4-yr)
Owner earnings / share	+20.5%/yr	+20.5%/yr (4-yr)
EPS	−26.2%/yr	−26.2%/yr (4-yr)
Capital spending / share	+1.0%/yr	+1.0%/yr (4-yr)
Book value / share	−4.3%/yr	−4.3%/yr (4-yr)

The record, charted

FY2021–2025

Each measure over its full record; the current point and the worst year marked.

Share count

89Mpeak FY2025

ROIC

6%low FY2024

Net debt ÷ owner earnings

9.0×peak FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$284Mowner earningsvs.$81Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $81M of profit into $284M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$81M

Owner earnings$284M · 22% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$81M	$50M	$20M	$106M	$181M
Depreciation & amortizationnon-cash charge added back	+$276M	+$260M	+$183M	+$174M	+$160M
Stock-based compensationreal costnon-cash, but a real cost	+$25M	+$18M	+$6M	+$971K	+$1M
Working capital & othertiming of cash in and out, other non-cash items	+$219M	+$162K	+$57M	−$62M	−$92M
Cash from operations	$600M	$328M	$266M	$220M	$250M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$315M	−$260M	−$220M	−$174M	−$160M
Owner earnings	$284M	$68M	$47M	$45M	$90M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$77M	—	−$85M	−$42M
Free cash flow	$284M	($9M)	$47M	($40M)	$48M
Owner-earnings marginowner earnings ÷ revenue	22%	6%	5%	6%	15%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $25M), owner earnings is nearer $260M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.5×

Thin

Operating income $340M ÷ interest expense $223M

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? $2.6B · 7.5× operating profit

Heavy net debt

Cash $3M − debt $2.6B

What this means
Netting $3M of cash and short-term investments against $2.6B of debt leaves $2.6B owed, about 7.5× a year's operating profit. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 6%

Below average through the cycle

5-yr median, range 4%–20%; 6% latest = NOPAT $244M ÷ invested capital $3.8B

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 6% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 6%

Solid through the cycle

5-yr median margin, range 5%–22%; latest $284M = operating cash $600M − maintenance capex $315M

Industry peers: median 18%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 22% of revenue this year, a 6% median across 5 years. Treating stock comp as the real expense it is (less $25M of SBC) leaves $260M.
Are earnings backed by cash? 7.45×

Cash-backed

Cash from ops $600M ÷ net income $81M

In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 93%

Returns most of it

Dividends + buybacks $264M ÷ Owner Earnings $284M

What this means
Of $284M Owner Earnings, $264M (93%) went back to shareholders, $160M dividends, $104M buybacks. Net of $25M stock comp, the real buyback was about $79M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.14×

Maintaining

Capex $315M ÷ depreciation $276M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.84×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $2.6B vs ($63M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (5-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 3 of 5 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.57/share (latest year $0.91), the averaged base the calculator's gate runs on, and book value is $13.60/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2021–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 5

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 31% → 24% (2-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 31% early to 24% lately, median 29% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +27%/yr

What this means
Owner earnings grew about 27% a year over the record.
Worst year 2024 · 21.5% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +10.7%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Kodiak's competitors or other entities may also integrate artificial intelligence into their information systems and business operations more swiftly or effectively than Kodiak, potentially impairing its competitive edge and negatively impacting its financial performance.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$460M

Cash & short-term investments$94M
Receivables$238M
Inventory$104M
Other current assets$23M

Current liabilities$360M

Accounts payable$72M
Other current liabilities$288M

Current ratio1.28×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.99×stricter: inventory excluded

Cash ratio0.26×strictest: cash alone against what's due

Working capital$100Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+4.9%the freshest read on whether the business is still growing

Current ratio, recent quarters1.1× → 1.3×

Deeper floors

Tangible book value$617Mequity stripped of goodwill & intangibles

Net current asset value($2.9B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$2.8B$52M of it operating leases

Deferred revenue$92Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2021–2025

Over the record, the business generated $1.7B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.3B · 80%
Dividends$323M · 19%
Buybacks$144M · 9%

Returned to owners$467M
88% of the owner earnings the business produced over the span, $323M as dividends and $144M as buybacks.
Source of funding−$137M
Reinvestment and shareholder returns ran $137M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Average price paid for buybacks$32.05
Across the years where the filing reports a share count, 4M shares were bought for $144M, about $32.05 each.
Net change in share count48.3%
The diluted count rose from 59M to 88M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$1.80/sh
Paid in 3 of the years on record. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Mr. McKee	$4.9M	$5.6M	$47M
2024	Mr. McKee	$6.1M	$13.5M	$68M
2025	Mr. McKee	$6.6M	$11.9M	$284M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$25M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Kodiak Gas Services is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2021–2025.

2 of the 5 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?48.3%
Diluted shares grew 48.3% over 2021–2025, even as the company spent $144M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid receivables and inventory outpace sales?13% → 18% of sales
Receivables and inventory grew from $81M to $238M while revenue grew 118%: working capital is climbing faster than sales (13% of revenue then, 18% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pipelines & Midstream

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
KNTKKinetik Holdings Inc.	$1.8B	30%	8.1%	3%	22%
AROCArchrock	$1.5B	-25%	17.8%	6%	16%
KGSKodiak Gas Services	$1.3B	—	28.7%	6%	6%
NWNNorthwest Natural	$1.3B	—	19.1%	6%	10%
DTMDT Midstream Inc. Common Stock	$1.2B	—	51.1%	5%	59%
EEExcelerate Energy Inc.	$1.2B	—	19.9%	7%	14%
AMAntero Midstream Corporation	$1.2B	—	56.4%	8%	70%
USACUSA Compression Partners LP Common	$998M	—	23.1%	—	18%
Group median	—	—	21.5%	6%	17%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Kodiak Gas Services has delivered.

Kodiak Gas Services’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Kodiak Gas Services earns about $84M on its 6.4% median owner-earnings margin. This year’s 21.7% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($84M) Net of stock comp (−$23M) Steady-state · maintenance capex ($241M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+138%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $200M on 89M shares outstanding, per the 10-Q cover, as of 2026-05-06; net debt $2.7B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($356M) runs well above depreciation ($274M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $241M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh KGS against another business →

The owners of KGS: the meeting and the votes →

Cite: Owner Scorecard, "Kodiak Gas Services (KGS), the owner's record," https://ownerscorecard.com/c/KGS, data as of 2026-07-09.

Manual order: ← KG its page in the Manual KHC →

Industry order: ← GEL the Pipelines & Midstream chapter KMI →