KGSKodiak Gas Services, Inc.

Natural Gas Transmission

Revenue: $1.3B; 13% YoY
Operating margin: 26.0%; 21% YoY
EBITDA: $616M; 21% YoY
Market cap: $4.7B
Employees: 1,300; $1M revenue each
Net debt / EBITDA: 4.2×; $2.6B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
745% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
44% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 38th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$674M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$606M	$708M	$850M	$1.2B	$1.3B	13%
Operating income	$189M	$222M	$244M	$249M	$340M	36%
Net income	$181M	$106M	$20M	$50M	$81M	61%
Operating cash flow	$250M	$220M	$266M	$328M	$600M	83%
Capex	$202M	$259M	$220M	$337M	$315M	6.4%
Stock-based comp	$1M	$971K	$6M	$18M	$25M	39%
Buybacks	—	$0	$0	$40M	$104M	160%
Dividends	$0	$0	$30M	$134M	$160M	19%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 8, 2024	Spartan Energy Holdco LLC	SC 13D	0.3%	Passive

Insider trading

Open-market buys, 12 mo: $624K · 3
Open-market sells, 12 mo: $674M · 21
Net: −$674M

Pay vs performance

No pay-versus-performance disclosure yet.