The company underwent a radical capital structure transformation, with total debt collapsing from $2.7 billion in 2025Q3 to $45.9 million in 2026Q1, resulting in a debt-to-equity ratio of 0.04.
| Total Current Assets | 459.54M | 323.14M | 383.66M | 230.96M | 204.03M | 164.15M | 142.41M |
| Cash & Short-Term Investments | 94.36M | 3.18M | 4.75M | 5.56M | 20.43M | 28.8M | 24.11M |
| Cash Only | 94.36M | 3.18M | 4.75M | 5.56M | 20.43M | 28.8M | 24.11M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 238.38M | 197.6M | 261.21M | 130.62M | 101.11M | 80.75M | 65.28M |
| Days Sales Outstanding | 61.1 | 55.14 | 82.24 | 56.06 | 52.13 | 48.61 | 44.75 |
| Inventory | 103.93M | 101.53M | 103.34M | 76.24M | 72.16M | 48.35M | 45.38M |
| Days Inventory Outstanding | 49.69 | 49.01 | 52.49 | 52.14 | 59.61 | 47.67 | 50.98 |
| Other Current Assets | 22.88M | 20.83M | 14.36M | 14.53M | 4.68M | 1.54M | 2.34M |
| Total Non-Current Assets | 4.04B | 3.99B | 4.05B | 3.01B | 3B | 2.85B | 3.15B |
| Property, Plant & Equipment | 3.47B | 3.43B | 3.45B | 2.57B | 2.5B | 2.4B | 2.35B |
| Fixed Asset Turnover | 0.38x | 0.38x | 0.34x | 0.33x | 0.28x | 0.25x | 0.23x |
| Goodwill | 408.68M | 408.68M | 415.21M | 305.55M | 305.55M | 305.55M | 305.55M |
| Intangible Assets | 149.51M | 154.47M | 162.75M | 122.89M | 132.36M | 141.84M | 151.31M |
| Long-Term Investments | 11.13M | 0 | 17.54M | 14.26M | 64.52M | 0 | 151.31M |
| Other Non-Current Assets | 7.52M | 5.45M | 1.49M | 639K | 564K | 449K | -150.97M |
| Total Assets | 4.49B | 4.32B | 4.44B | 3.24B | 3.21B | 3.01B | 3.3B |
| Asset Turnover | 0.30x | 0.30x | 0.26x | 0.26x | 0.22x | 0.20x | 0.16x |
| Asset Growth % | -5.42% | -2.64% | 36.71% | 1.2% | 6.44% | -8.62% | - |
| Total Current Liabilities | 359.97M | 385.94M | 319.37M | 210.63M | 188.97M | 144.06M | 1.64B |
| Accounts Payable | 71.83M | 72.97M | 58.67M | 65.35M | 52.07M | 43.74M | 33.41M |
| Days Payables Outstanding | 33.05 | 35.23 | 29.8 | 44.69 | 43.02 | 43.12 | 37.53 |
| Short-Term Debt | 0 | 0 | 5.34M | 0 | 3.09M | 398K | 1.51B |
| Deferred Revenue (Current) | 153.86M | 0 | 73.08M | 63.71M | 57.11M | 51.2M | 43.56M |
| Other Current Liabilities | 288.14M | 312.97M | 17.06M | 16.58M | 4.67M | 7.11M | 39.61M |
| Current Ratio | 1.28x | 0.84x | 1.20x | 1.10x | 1.08x | 1.14x | 0.09x |
| Quick Ratio | 0.99x | 0.57x | 0.88x | 0.73x | 0.70x | 0.80x | 0.06x |
| Cash Conversion Cycle | 77.74 | 68.92 | 104.93 | 63.51 | 68.72 | 53.16 | 58.2 |
| Total Non-Current Liabilities | 2.96B | 2.72B | 2.74B | 1.89B | 2.79B | 1.91B | 897.55M |
| Long-Term Debt | 45.9M | 43.8M | 2.58B | 1.79B | 2.72B | 1.85B | 392.48M |
| Capital Lease Obligations | 95.61M | 0 | 53.26M | 34.47M | 6.75M | 0 | 0 |
| Deferred Tax Liabilities | 476.7M | 122.85M | 103.83M | 62.75M | 57.16M | 29.64M | 437.33M |
| Other Non-Current Liabilities | 2.79B | 2.56B | 3.15M | 2.15M | 3.54M | 32.71M | 67.75M |
| Total Liabilities | 3.32B | 3.11B | 3.06B | 2.1B | 2.98B | 2.05B | 2.54B |
| Total Debt | 45.9M | 43.8M | 2.65B | 1.83B | 2.73B | 1.85B | 1.9B |
| Net Debt | -48.47M | 40.62M | 2.64B | 1.82B | 2.71B | 1.82B | 1.88B |
| Debt / Equity | 0.04x | 0.04x | 1.93x | 1.60x | 11.92x | 1.92x | 2.52x |
| Debt / EBITDA | 0.07x | 0.06x | 5.19x | 4.28x | 6.88x | 5.29x | 6.06x |
| Net Debt / EBITDA | -0.07x | 0.06x | 5.18x | 4.26x | 6.83x | 5.20x | 5.99x |
| Interest Coverage | 2.15x | 2.09x | 1.39x | 1.16x | 1.84x | 2.45x | 1.05x |
| Total Equity | 1.18B | 1.21B | 1.37B | 1.14B | 229.09M | 960.07M | 755.29M |
| Equity Growth % | -42.82% | -11.74% | 20.21% | 398.77% | -76.14% | 27.11% | - |
| Book Value per Share | 13.47 | 13.86 | 16.13 | 16.72 | 3.05 | 12.80 | 10.07 |
| Total Shareholders' Equity | 1.18B | 1.21B | 1.36B | 1.14B | 229.09M | 960.07M | 755.29M |
| Common Stock | 908K | 903K | 892K | 774K | 590K | 1K | 1K |
| Retained Earnings | -12.42M | 12.8M | 93.64M | 178.12M | 195.31M | 88.08M | -92.98M |
| Treasury Stock | 0 | 0 | -40M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -99K | -1.59M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.6M | 4.91M | 13.69M | 0 | 0 | 0 | 0 |
Liquidity and leverage volatility
According to recent quarterly filings, Kodiak Gas Services' total debt plummeted from $2.7 billion in 2025Q3 to $45.9 million by 2026Q1, a dramatic deleveraging event that suggests a fundamental shift in the company's financing strategy following its recent acquisition and capital market activities.
The rapid reduction in reported debt levels appears to indicate a significant restructuring of the balance sheet, though the sustainability of this lower leverage profile remains to be seen. Investors should monitor whether this trajectory reflects permanent debt repayment or a temporary accounting reclassification that may mask underlying capital requirements.
As reported in financial statements, the company's debt-to-equity ratio collapsed from 2.13 in 2025Q3 to 0.04 in 2026Q1, signaling a major departure from the high-leverage environment that characterized the firm's post-acquisition integration phase throughout the previous fiscal year.
While the headline debt-to-equity ratio suggests a significantly de-risked balance sheet, the suddenness of this change warrants further investigation into the specific instruments used to retire debt. It is possible that the company has shifted its financing burden toward off-balance-sheet obligations or other structures not captured in the primary debt line item.
Based on the company's reported figures, net property, plant, and equipment grew to $3.5 billion by 2026Q1, representing the vast majority of the $4.5 billion total asset base and confirming the firm's heavy reliance on specialized compression hardware to drive its core revenue streams.
The high concentration of PPE underscores the capital-intensive nature of the business, where the quality and age of the fleet are paramount to maintaining competitive advantage. The stability of these asset values suggests that management is successfully integrating acquired units, though the potential for future impairment remains a risk if utilization rates in the Permian Basin decline.
As evidenced by the most recent quarterly data, Kodiak Gas Services maintains a cash position of $94.4 million against a current ratio of 1.28, which, while improved from the 2025Q4 low of $3.2 million, still suggests a narrow margin for operational error.
The historical volatility in cash balances, which dropped as low as $724,000 in 2025Q3, indicates that the company operates with limited internal liquidity to absorb unexpected shocks or project delays. This reliance on external financing or revolving credit facilities to manage working capital needs warrants close scrutiny by investors.
Based on the provided balance sheet data, the company's retained earnings swung from a positive $152.2 million in 2024Q2 to a negative $12.4 million by 2026Q1, suggesting that recent operational performance and acquisition costs have significantly eroded the firm's accumulated equity base.
This erosion of retained earnings may indicate that the company is struggling to generate consistent organic growth that translates into shareholder value. Investors should be wary of whether this trend reflects structural profitability challenges or simply the accounting impact of aggressive expansion and integration-related expenses.
Quick answers to the most common questions about buying KGS stock.
As of 2025, Kodiak Gas Services, Inc. (KGS) had total assets of $4.32B including $323.1M in current assets.
Kodiak Gas Services, Inc. (KGS) carries total debt of $43.8M, offset by $3.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kodiak Gas Services, Inc. (KGS) has total shareholders' equity (book value) of $1.21B ($13.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kodiak Gas Services, Inc. (KGS) reported a current ratio of 0.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.