KGS
Kodiak Gas Services, Inc.
KGS's fundamentals are strong and it looks cheap: trading at 26x earnings, less than half its usual 61x. Analysts expect earnings growth.
KGS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Under pressure | |
| Under pressure |
KGS's revenue and profitability are currently healthy, but its cash flow and balance sheet are under pressure.
KGS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $44.40 | — |
| Current | 26x | $44.40 | — |
| Cheap | 40x | $69.20 | +56% |
| Fair | 61x | $106 | +138% |
| Expensive | 85x | $147 | +232% |
Historical ranges are pointers, not guarantees.
KGS's PE is in its cheap range at 26x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
KGS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for KGS, but weaker profitability.
KGS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.56 | +48% |
| Q3 2026 | $1.73 | +125% |
| Q2 2026 | $0.86 | -1.1% |
| Q1 2026 | $0.76 | +52% |
| Q4 2025 | $0.89 | +59% |
| Q3 2025 | $0.77 | +166% |
| Q2 2025 | $0.87 | +36% |
| Q1 2025 | $0.50 | -43% |
| Q4 2024 | $0.56 | +70% |
KGS earned $1.73 per share over the past year, up 125% from the year before.
KGS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $401.8M | +24% |
| Q2 2026 | $391.1M | +21% |
| Q1 2026 | $345.8M | +4.9% |
| Q4 2025 | $332.9M | +7.5% |
| Q3 2025 | $322.7M | -0.6% |
| Q2 2025 | $322.8M | +4.3% |
| Q1 2025 | $329.6M | +53% |
| Q4 2024 | $309.5M | +37% |
KGS's revenue has grown year over year for four quarters in a row: $402M last quarter, up 24% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | +15 points |
| Q2 2026 | 32% | +0.9 points |
| Q1 2026 | 31% | +3.8 points |
| Q4 2025 | 26% | +3.8 points |
| Q3 2025 | 20% | -0.5 points |
| Q2 2025 | 31% | +13 points |
| Q1 2025 | 27% | -0.9 points |
| Q4 2024 | 22% | -4.6 points |
KGS's operating margin was 34% last quarter, up 15 points from the same quarter a year ago, near the top of its range since 2022.
KGS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$29.4M | -370% |
| Q2 2026 | -$100.7M | -207% |
| Q1 2026 | -$47.2M | -228% |
| Q4 2025 | $142M | +214% |
| Q3 2025 | $10.9M | +$60.6M |
| Q2 2025 | $94.6M | +2235% |
| Q1 2025 | $36.8M | +$45.4M |
| Q4 2024 | $45.2M | +$56.8M |
KGS's free cash flow was −$35M over the past year, against $187M the year before.
KGS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +5.6% | +5.4M shares |
| 1 year | +17% | +15.1M shares |
| 3 years | +33% | +25.3M shares |
KGS has 102M diluted shares, up 17% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $33.6M |
| Q3 2025 | $50.4M |
| Q2 2025 | $10M |
| Q1 2025 | $10M |
| Q4 2024 | $15M |
KGS spent $34M buying back its own shares over the past year, down 61% from the year before.
KGS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.6x | Elevated |
| Q2 2026 | 3.9x | Elevated |
| Q1 2026 | 4.3x | High |
| Q4 2025 | 4.1x | High |
| Q3 2025 | 4.4x | High |
| Q2 2025 | 4.2x | High |
| Q1 2025 | 4.6x | High |
| Q4 2024 | 5.1x | High |
KGS's net debt is about 3.5 years of its operating earnings (EBITDA), down from 4.4 years a year ago.
KGS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.7 | Neutral |
| Stochastic | 16.3 | Oversold |
KGS's weekly RSI is 38 (neutral) and its Stochastic is 16 (oversold).
KGS PE vs Energy Sector
| Metric | KGS | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 13x | 96% above |
| PE % | 0 | 59 | 59 pts below |
KGS is trading at 26x earnings, a 96% premium to the Energy sector's median of 13x.
KGS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.2 | 7.8% below |
| 20 week MA | $56.7 | 22% below |
| 50 week MA | $55.7 | 20% below |
| 100 week MA | $46.2 | 3.8% below |
KGS is in a downtrend: it's below all four of its weekly moving averages, and 3.8% below its 100-week average.
KGS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $16.2 | $20.1 | +24% |
| 2024 | $20.1 | $40.5 | +101% |
| 2025 | $40.5 | $36.4 | -10% |
| 2026 YTD | $36.4 | $44.4 | +22% |
KGS has finished higher in two of the last three years. It's up 22% so far in 2026.