KGS
Kodiak Gas Services, Inc.35.51
-1.83-4.9%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A unveils plant engine switch demand
Q&A revealed supply tightness stems from Permian processing plants swapping electric motors for gas engines due to grid delays—a demand vector beyond broad gas growth. Management detailed securing engines into 2028 via partial spec buys, risking less than full CapEx upfront, while pursuing 7-10 year customer renewals that pull forward recontracts from 2027-28. Gross margin guide embeds conservatism post-Q4's pristine run, offset by AI-driven condition-based maintenance extending intervals across fleet and future DPS power assets. No walk-backs; answers reinforce scripted momentum. Kodiak eyes multi-year visibility. Supply execution matters next.
Key Stats
Market Cap
3.04BP/E (TTM)
42.27Basic EPS (TTM)
0.84Dividend Yield
0.05%Recent Filings
8-K
Prices $1B notes offering
Kodiak Gas Services priced a $1.0 billion private offering of 5.875% senior unsecured notes due 2031, upsized from prior plans, with closing eyed for March 20, 2026. Proceeds will redeem $750 million of 7.25% notes due 2029 at 103.625% plus fund Distributed Power Solutions acquisition via ABL draws. Debt refinances at lower rates. Risks hinge on closing conditions.
8-K
Launches $750M notes for DPS buy
Kodiak launched a $750M senior unsecured notes offering due 2031 to redeem 7.25% notes due 2029 at 103.625%. Proceeds, plus ABL draws, fund the pending $675M DPS acquisition—$575M cash, 2.4M shares—signed February 5, expected early April post-HSR. DPS posted $93M revenue, $15M net income in 2025. Closing hinges on approvals.
10-K
FY2025 results
Kodiak Gas Services crushed FY2025 with $1.3B revenue, up 12.8% y/y, driven by 14.2% Contract Services growth from pricing and 2.5% higher revenue-generating horsepower to 4.4M. Fleet utilization hit 97.7%, yet Q4 saw sequential dips from Mexico divestiture ($33.3M loss) and asset scrapping. Operating income soared 36.3% to $340M; adjusted EBITDA climbed to $715M (54.7% margin). Debt stands at $2.6B after senior notes refinancings, with $1.5B ABL availability. Repurchased 2.7M shares; dividends held steady. Customer concentration lingers at 32%.
8-K
Record Q4 EBITDA, strong guidance
Kodiak Gas Services crushed Q4 2025 with record adjusted EBITDA of $184.5 million, up 9.1% year-over-year, and fleet utilization hitting 97.7%. Full-year discretionary cash flow soared 23.7% to $461.7 million while hitting 3.5x leverage. Record margins. Guides 2026 adjusted EBITDA to $750-780 million pre-DPS buy.
8-K
Kodiak acquires DPS for $675M
Kodiak Gas Services signed a deal on February 5, 2026, to buy Distributed Power Solutions for $675 million—$575 million cash plus 2.4 million shares. The acquisition adds a 384 MW Caterpillar-powered generation fleet, targeting data centers and energy clients, with closure eyed for early April pending HSR approval. Deal carries integration risks and share dilution.
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