KGSNYSENatural Gas TransmissionUS GAAP · USD

Kodiak Gas Services, Inc.

Kodiak Gas Services, Inc. owns and operates large-horsepower contract compression infrastructure used to move, gather, process, and transport natural gas and oil across major U.S. production basins. The company also provides related field services such as station construction, maintenance and overhaul, freight and crane support, and parts sales through its Other Services segment.

Kysy yhtiöstä
Liikevaihto1 308milj. USD
+12,8 %v/v
Liikevoitto (EBIT)340milj. USD
+36,3 %v/v
EBIT-marginaali26,0%
+4,5 %-yks.v/v
Nettotulos80,5milj. USD
+61,4 %v/v
Vapaa kassavirta284milj. USD
+3 269,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2021–2025

05001 0001 500milj. USD2021: 606 milj. USD2021: EBIT 189 milj. USD20212022: 708 milj. USD2022: EBIT 222 milj. USD20222023: 850 milj. USD2023: EBIT 244 milj. USD20232024: 1 159 milj. USD2024: EBIT 249 milj. USD20242025: 1 308 milj. USD2025: EBIT 340 milj. USD20251 308340
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Contract Services88 %

Operating company-owned and customer-owned compression, gas treating, and cooling assets under fixed-revenue contracts.

Other Services12 %

Station construction, maintenance and overhaul, freight and crane charges, parts sales, and other ancillary services.

Tuotteet

Raportoitu · osuus liikevaihdosta
90,3%9,7%FY2025100 %
  • Contract Services90,3 %
  • Services and other9,7 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Kodiak sells primarily to upstream and midstream oil and gas companies that need outsourced compression to produce, gather, process, and transport natural gas and oil. Customers use Kodiak to avoid owning compression fleets themselves, preserve capital, and access reliable high-horsepower equipment in active basins. The business is also exposed to customer concentration, contract renewals, and the spending cycles of producers and processors tied to commodity prices.

Upstream oil and gas producers

Buy large-horsepower compression for gas lift and field production support because it helps them produce more efficiently without owning the equipment.

Midstream gatherers and processors

Use Kodiak's compression and gas treating/cooling assets to move and condition gas through gathering and processing systems.

Natural gas transmission operators

Use compression infrastructure to maintain throughput and reliability in transmission networks.

Customers needing ancillary field services

Buy station construction, maintenance, overhaul, freight, crane, and parts services to support installed compression fleets.

Strategia

Kodiak's strategy centers on being the preferred outsourced compression operator in core U.S. basins through large-horsepower assets, long-term customer relationships, and fixed-revenue contracts. Management is also focused on fleet standardization, geographic concentration in attractive basins, and cross-selling ancillary services to improve utilization and cash flow. The company continues to invest in new large-horsepower units and operational discipline while pursuing selective acquisitions and portfolio optimization.

Grow large-horsepower compression capacityKeskipitkä aikaväli

Demand is shifting toward larger units for multi-well pads and centralized gathering systems.

Deepen customer relationships and renew contractsLyhyt aikaväli

Long-term contracts and renewals are central to revenue visibility and fleet utilization.

Cross-sell ancillary servicesKeskipitkä aikaväli

Other Services adds cash flow with limited incremental capital expenditure.

Integrate acquisitions and optimize the fleetLyhyt aikaväli

Acquisitions can expand scale, but value depends on integration and synergy capture.

Maantiede

Kodiak's operations are concentrated in the U.S., with the Permian Basin and Eagle Ford Shale called out as the core operating areas. The company also serves other active U.S. hydrocarbon production regions, but management emphasizes that geographic concentration increases exposure to regional production, regulation, and infrastructure disruptions. A prior divestiture of Mexico operations suggests the portfolio is being focused on core U.S. basins.

Riskit

Kodiak's earnings are exposed to customer concentration, contract renewals, and commodity-cycle weakness that can reduce producer spending on compression. The business also depends on a limited supplier base, reliable IT and cybersecurity defenses, and compliance with environmental and safety rules, while its asset-heavy model creates impairment risk if demand or utilization weakens.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration and non-renewal risk1Commodity-cycle and customer capex risk2Supplier concentration and supply chain disruption3Geographic concentration in the Permian Basin and Eagle Ford Shale4Cybersecurity and IT disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentration and non-renewal riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A small number of large customers can materially affect revenue if contracts are not renewed or are repriced lower.

    Kohdistuu: Contract Services revenue and fleet utilization

  2. Commodity-cycle and customer capex riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Lower oil and gas prices can reduce producer spending and delay infrastructure demand.

    KohdistuuNew deploymentsRenewalsAncillary services
  3. Supplier concentration and supply chain disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Compression equipment depends on a limited number of vendors and packagers, creating lead-time and pricing risk.

    Kohdistuu: Fleet expansion and maintenance availability

  4. Geographic concentration in the Permian Basin and Eagle Ford ShaleVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Regional disruptions, regulation, or production curtailments could disproportionately affect results.

    Kohdistuu: Core operating footprint

  5. Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Operations rely on IT systems and third-party providers, and prior incidents show the business is exposed to future breaches.

    Kohdistuu: Operational continuity and confidential data

Kirjanpito

Harkinnanvaraiset erät
Long-lived asset and goodwill impairment

The fleet is large and capital intensive, so lower demand or utilization could trigger non-cash charges.

Vaikutus: Could reduce earnings and book value

Sales tax accruals on compression equipment purchases

Management notes open audit periods and estimated accruals, especially in Texas.

Vaikutus: Affects growth capex and liabilities

Acquisition-related costs

CSI acquisition severance and professional fees reduce comparability across periods.

Vaikutus: Impacts operating expenses and adjusted earnings

Lease expense and non-cash lease items

Lease-related costs are included in operating results and can affect cash flow presentation.

Vaikutus: Affects EBITDA-like measures and liabilities

Samankaltaisia listattuja yhtiöitä

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Päivitetty: 24.9.2026