Kodiak Gas Services, Inc. (KGS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-40.7%

$26.80

vs $45.17 price

Levered DCF

$39.54

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.33

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	40.65×	68.05×	69.24×	11.06×	6.51×	-539.52×
P/B	2.67×	2.49×	1.2×	5.14×	1.23×	1.56×
P/S	2.46×	2.93×	1.61×	1.66×	1.94×	2.21×
EV / EBITDA	5.55×	11.32×	7.23×	8.1×	8.16×	11.56×
Gross margin	42.2%	38.0%	37.2%	37.6%	38.9%	39.0%
Operating margin	31.7%	21.5%	28.7%	31.4%	31.2%	31.6%
Net margin	6.2%	4.3%	2.4%	15.0%	29.8%	-0.4%
Current ratio	0.84×	1.2×	1.1×	1.08×	1.14×	0.09×
Debt / equity	0.04×	1.95×	1.6×	11.92×	1.92×	2.52×
Interest coverage	2.09×	1.27×	1.1×	1.34×	2.23×	1.48×
Dividend yield	5.0%	3.9%	5.3%	71.2%	0.1%	0.0%
Payout ratio	198.2%	268.3%	359.3%	788.6%	0.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	6.7%	3.7%	1.8%	46.4%	18.8%	-0.3%
Return on invested capital	7.6%	4.0%	4.6%	5.6%	6.6%	-2.2%
Return on assets	1.9%	1.1%	0.6%	3.3%	6.0%	-0.1%
Free cash flow yield	8.8%	-0.3%	3.4%	-3.4%	4.1%	-4.5%
Earnings yield	2.5%	1.5%	1.5%	9.0%	15.4%	-0.2%
Enterprise value	$3.3B	$6B	$3.2B	$3.9B	$3B	$3.1B
Net debt / EBITDA	0.07×	4.95×	4.13×	5.65×	4.95×	7.11×
Cash conversion cycle (days)	70	105	64	69	53	58