Kodiak Gas Services, Inc.
KGS Energy Oil & Gas Equipment & Services
Kodiak Gas Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 12.8% from fiscal 2024. In the quarter to June 2026, revenue grew 21.2%, EPS grew 22.7%, free cash flow fell 194.0% and total debt rose 8.48%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five, operating cash flow growth for three; insiders bought in the last twelve months.
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Kodiak Gas Services, Inc. (KGS) Piotroski F-score
Kodiak Gas Services, Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | (1.00) |
| FY2024 | 7 | 1.00 |
| FY2023 | 6 | 1.00 |
| FY2022 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.79% | 1.25% | Pass | 1 |
| Positive operating cash flow | 599.74m | 327.99m | Pass | 1 |
| Rising return on assets | 1.79% | 1.25% | Pass | 1 |
| Cash flow above net income | 521.24m | 279.90m | Pass | 1 |
| Falling long-term leverage | 0.58 | 0.67 | Pass | 1 |
| Rising current ratio | 0.84 | 1.20 | Fail | 0 |
| No new shares issued | 87,199,000 | 83,094,000 | Fail | 0 |
| Rising gross margin | 63.31% | 60.46% | Pass | 1 |
| Rising asset turnover | 0.30 | 0.30 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| AROC Archrock, Inc. compare | 8 |
| LB LandBridge Company LLC compare | 7 |
| OII Oceaneering International, Inc. compare | 7 |
| TDW Tidewater Inc. compare | 7 |
| KGS Kodiak Gas Services, Inc. | 6 |
| USAC USA Compression Partners, LP compare | 6 |
| WFRD Weatherford International PLC compare | 6 |
| WHD Cactus, Inc. compare | 5 |
| SEI Solaris Energy Infrastructure, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover