Latest Ratios: P/E Ratio 61.0x · EV/EBITDA 8.0x · ROE 6.2%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $5.5B | $3.3B | $3.5B | $1.4B | — | — | — |
| Enterprise Value | $5.5B | $3.3B | $6.1B | $3.2B | — | — | — |
| P/E Ratio → | 61.04 | 42.02 | 72.91 | 69.24 | — | — | — |
| P/S Ratio | 4.19 | 2.50 | 3.00 | 1.61 | — | — | — |
| P/B Ratio | 3.92 | 2.70 | 2.53 | 1.20 | — | — | — |
| P/FCF | 19.29 | 11.51 | — | 29.49 | — | — | — |
| P/OCF | 9.14 | 5.46 | 10.60 | 5.15 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.53 | 5.28 | 3.75 | — | — | — |
| EV / EBITDA | 7.97 | 4.78 | 12.01 | 7.48 | — | — | — |
| EV / EBIT | 13.33 | 10.62 | 22.41 | 12.39 | — | — | — |
| EV / FCF | — | 11.65 | — | 68.61 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 42.2% | 42.2% | 38.0% | 37.2% | 37.6% | 38.9% | 39.0% |
| Operating Margin | 31.7% | 31.7% | 21.5% | 28.7% | 31.4% | 31.2% | 31.6% |
| Net Profit Margin | 6.2% | 6.2% | 4.3% | 2.4% | 15.0% | 29.8% | -0.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 6.2% | 6.2% | 4.0% | 2.9% | 17.9% | 21.1% | -0.3% |
| ROA | 1.8% | 1.8% | 1.3% | 0.6% | 3.4% | 5.7% | -0.1% |
| ROIC | 11.8% | 11.8% | 5.4% | 6.2% | 5.8% | 5.2% | 4.8% |
| ROCE | 10.3% | 10.3% | 7.0% | 8.1% | 7.5% | 8.4% | 10.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 1.93 | 1.60 | 11.92 | 1.92 | 2.52 |
| Debt / EBITDA | 0.06 | 0.06 | 5.19 | 4.28 | 6.88 | 5.29 | 6.06 |
| Net Debt / Equity | — | 0.03 | 1.92 | 1.59 | 11.83 | 1.89 | 2.49 |
| Net Debt / EBITDA | 0.06 | 0.06 | 5.18 | 4.26 | 6.83 | 5.20 | 5.99 |
| Debt / FCF | — | 0.14 | — | 39.12 | — | 37.81 | — |
| Interest Coverage | 1.57 | 1.57 | 1.39 | 1.16 | 1.84 | 2.45 | 1.05 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.84 | 0.84 | 1.20 | 1.10 | 1.08 | 1.14 | 0.09 |
| Quick Ratio | 0.57 | 0.57 | 0.88 | 0.73 | 0.70 | 0.80 | 0.06 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.03 | 0.11 | 0.20 | 0.01 |
| Asset Turnover | — | 0.30 | 0.26 | 0.26 | 0.22 | 0.20 | 0.16 |
| Inventory Turnover | 7.45 | 7.45 | 6.95 | 7.00 | 6.12 | 7.66 | 7.16 |
| Days Sales Outstanding | — | 56.58 | 82.24 | 56.06 | 52.13 | 48.61 | 44.75 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 4.9% | 3.9% | 5.3% | — | — | — |
| Payout Ratio | 198.2% | 198.2% | 268.3% | 359.3% | 788.6% | 0.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 2.4% | 1.4% | 1.4% | — | — | — |
| FCF Yield | 5.2% | 8.7% | — | 3.4% | — | — | — |
| Buyback Yield | 1.9% | 3.2% | 1.2% | 0.0% | — | — | — |
| Total Shareholder Yield | 5.3% | 8.1% | 5.1% | 5.3% | — | — | — |
| Shares Outstanding | — | $87M | $85M | $68M | $75M | $75M | $75M |
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying KGS stock.
Kodiak Gas Services, Inc.'s current P/E ratio is 61.0x. The historical average is 61.4x. This places it at the 33th percentile of its historical range.
Kodiak Gas Services, Inc.'s current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.1x.
Kodiak Gas Services, Inc.'s return on equity (ROE) is 6.2%. The historical average is 8.6%.
Based on historical data, Kodiak Gas Services, Inc. is trading at a P/E of 61.0x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kodiak Gas Services, Inc.'s current dividend yield is 3.36% with a payout ratio of 198.2%.
Kodiak Gas Services, Inc. has 42.2% gross margin and 31.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kodiak Gas Services, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue concentration and cyclicality
Metrics are mathematically derived from official filings.
Margin Expansion Masks Earnings Volatility
Gross margin improved to 44.6% in 2026Q1 from 36.5% in 2024Q2, while operating margin reached 31.8% in 2026Q2, as per financial statements, indicating strong pricing power.
The consistent expansion in gross and operating margins over the past two years suggests that KGS is benefiting from operational leverage and favorable contract pricing. However, net margin swung from -4.3% in 2025Q3 to 13.3% in 2026Q2, reflecting non-operating items such as acquisition-related costs and tax effects. Investors should focus on operating margin as the cleaner measure of core earning power, given the volatility in net income.
ROIC Recovery Signals Efficiency Gains
ROIC improved from 1.2% in 2024Q2 to 5.7% in 2026Q2, as reported in financial statements, suggesting that capital deployment is becoming more productive despite heavy investment.
The upward trend in ROIC, albeit from a low base, indicates that KGS is beginning to generate returns above its cost of capital, likely driven by margin expansion and asset utilization. However, ROE remains modest at 3.1% in 2026Q2, reflecting the large equity base built through recent acquisitions. The divergence between ROIC and ROE suggests that the company is still in the early stages of realizing synergies from its growth strategy.
Working Capital Efficiency Improves
Cash conversion cycle shortened to 73 days in 2026Q1 from 101 days in 2024Q4, as per reported figures, indicating better management of receivables and inventory.
The reduction in DSO from 83 days in 2024Q4 to 58 days in 2026Q1 suggests improved collection processes, while DPO has remained relatively stable. This efficiency gain has contributed to stronger operating cash flow, which consistently exceeds net income. However, the sharp swings in working capital, such as the -$154.6M change in 2026Q2, highlight the lumpy nature of cash flows in this capital-intensive business.
Debt Reduction Transforms Balance Sheet
Debt-to-equity fell from 2.13 in 2025Q3 to 0.04 in 2026Q2, with D/EBITDA dropping to 0.42, based on reported figures, indicating a dramatic deleveraging.
The plunge in leverage appears to be driven by a significant equity raise or debt repayment, as total debt declined from $2.7B to $85.5M. This has substantially improved interest coverage, which rose to 2.48x in 2026Q2 from 0.64x in 2025Q3. While the balance sheet is now conservatively positioned, the rapid shift may reflect one-time transactions, and investors should monitor whether this capital structure is sustainable given the company's heavy capex needs.
Liquidity Strengthens but Capex Pressures Remain
Current ratio improved to 1.45 in 2026Q2 from 0.84 in 2025Q4, with cash at $137.6M, as per the latest balance sheet, yet negative FCF persists.
The improvement in liquidity metrics suggests that KGS has adequate short-term resources to cover obligations. However, the negative free cash flow margin of -37.8% in 2026Q2, driven by capital expenditures reaching 81.5% of revenue, indicates that the company is heavily reinvesting in its asset base. This reliance on external funding or cash reserves to finance growth could strain liquidity if cash flows deteriorate.
Misapplied EV/EBITDA in Asset-Heavy Model
EV/EBITDA at 9.01 appears low, but this metric understates the capital intensity of KGS's business, as EBITDA ignores depreciation and maintenance capex.
For a company with significant fixed assets and high depreciation, EV/EBITDA can be misleading because it does not account for the cash required to maintain those assets. A more appropriate measure would be EV/EBIT or EV/EBITDA minus maintenance capex, which would likely show a higher multiple. Investors should also consider the impact of recent acquisitions, which may inflate EBITDA without corresponding cash flows, as evidenced by the divergence between net income and operating cash flow.