Kodiak Gas Services, Inc. (KGS) Balance Sheet
KGS balance sheet, 2025
December 31, 2025 · U.S. dollars$4.32B assets = $3.11B liabilities + $1.21B equity
Both columns are drawn to the same scale: what KGS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KGS financial health
Descriptive bands, not a rating. Fiscal 2025.
KGS balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.30B2020 | $4.32B2025 | +5.6%/yr | |
| Total liabilities | $2.54B2020 | $3.11B2025 | +4.1%/yr | |
| Shareholders’ equity | $755.3M2020 | $1.21B2025 | +9.8%/yr | |
| Cash & short-term investments | $24.1M2020 | $3.2M2025 | −33.3%/yr | |
| Total debt | $1.90B2020 | $43.8M2025 | −53.0%/yr | |
| Net cash (debt) | −$1.88B2020 | −$40.6M2025 | +$1.8B | |
| Working capital | −$1.50B2020 | −$62.8M2025 | +$1.4B | |
| Book value per share | $10.072020 | $13.802025 | +6.5%/yr | |
| Current ratio | 0.092020 | 0.842025 | +0.75 | |
| Debt / equity | 2.522020 | 0.042025 | −2.49 | |
| Shares outstanding | 75.0M2020 | 87.5M2025 | +3.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KGS assets
KGS liabilities and equity
KGS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KGS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $3.2M | $4.8M | $5.6M | $20.4M | $28.8M | $24.1M |
| Cash & equivalents | $3.2M | $4.8M | $5.6M | $20.4M | $28.8M | $24.1M |
| Receivables | $202.8M | $261.2M | $130.6M | $101.1M | $80.7M | $65.3M |
| Inventory | $101.5M | $103.3M | $76.2M | $72.2M | $48.4M | $45.4M |
| Other current assets | $15.6M | $14.4M | $18.5M | $10.3M | $6.3M | $7.7M |
| Total current assets | $323.1M | $383.7M | $231.0M | $204.0M | $164.1M | $142.4M |
| Property, plant & equipment (net) | $3.43B | $3.45B | $2.57B | $2.50B | $2.40B | $2.35B |
| Goodwill & intangible assets | $563.2M | $578.0M | $428.4M | $437.9M | $447.4M | $456.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $5.5M | $19.0M | $14.9M | $65.1M | $449,000 | $347.3M |
| Total assets | $4.32B | $4.44B | $3.24B | $3.21B | $3.01B | $3.30B |
| Liabilities | ||||||
| Accounts payable | $73.0M | $58.7M | $65.3M | $52.1M | $43.7M | $33.4M |
| Short-term debt | $0 | $17.2M | $6.4M | $3.1M | $398,000 | $1.51B |
| Deferred revenue | — | $73.1M | $63.7M | $57.1M | $51.2M | $43.6M |
| Total current liabilities | $385.9M | $319.4M | $210.6M | $189.0M | $144.1M | $1.64B |
| Long-term debt | $2.56B | $2.59B | $1.79B | $2.72B | $1.85B | $0 |
| Lease obligations | $55.8M | $65.1M | $34.5M | $9.8M | $0 | — |
| Other long-term liabilities | $165.0M | $156.7M | $99.4M | $67.5M | $62.3M | $897.6M |
| Total liabilities | $3.11B | $3.06B | $2.10B | $2.98B | $2.05B | $2.54B |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $903,000 | $892,000 | $774,000 | $590,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | $12.8M | $93.6M | $178.1M | $195.3M | $88.1M | −$93.0M |
| Accumulated other comprehensive income | −$1.6M | — | — | — | — | — |
| Minority interest | $4.9M | $13.7M | $0 | — | — | — |
| Total shareholders' equity | $1.21B | $1.36B | $1.14B | $229.1M | $960.1M | $755.3M |
| Key figures | ||||||
| Total debt | $43.8M | $2.65B | $1.83B | $2.73B | $1.85B | $1.90B |
| Net cash (debt) | −$40.6M | −$2.64B | −$1.82B | −$2.71B | −$1.82B | −$1.88B |
| Working capital | −$62.8M | $64.3M | $20.3M | $15.1M | $20.1M | −$1.50B |
| Tangible book value | $644.2M | $782.0M | $714.2M | −$208.8M | $512.7M | $298.4M |
| Book value per share | $13.80 | $15.97 | $16.72 | $3.05 | $12.80 | $10.07 |
| Shares outstanding | 87.5M | 85.2M | 68.3M | 75.0M | 75.0M | 75.0M |
| Current ratio | 0.84 | 1.20 | 1.10 | 1.08 | 1.14 | 0.09 |
| Quick ratio | 0.53 | 0.83 | 0.65 | 0.64 | 0.76 | 0.05 |
| Debt / equity | 0.04 | 1.95 | 1.60 | 11.92 | 1.92 | 2.52 |
| Equity / assets | 28.0% | 30.7% | 35.2% | 7.1% | 31.9% | 22.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $137.6M | $94.4M | $3.2M | $724,000 | $5.4M | $1.9M | $4.8M | $7.4M | $3.9M | $9.3M | $5.6M | $6.1M |
| Cash & equivalents | $137.6M | $94.4M | $3.2M | $724,000 | $5.4M | $1.9M | $4.8M | $7.4M | $3.9M | $9.3M | $5.6M | $6.1M |
| Receivables | $274.0M | $246.1M | $202.8M | $220.8M | $229.9M | $273.5M | $261.2M | $293.9M | $208.8M | $161.6M | $130.6M | $126.5M |
| Inventory | $107.1M | $103.9M | $101.5M | $101.2M | $101.0M | $99.8M | $103.3M | $118.1M | $119.6M | $82.9M | $76.2M | $70.6M |
| Other current assets | $9.5M | $15.2M | $15.6M | $18.7M | $9.2M | $11.8M | $14.4M | $23.9M | $20.0M | $9.5M | $18.5M | $13.3M |
| Total current assets | $528.1M | $459.5M | $323.1M | $341.5M | $345.5M | $387.1M | $383.7M | $443.4M | $352.4M | $263.3M | $231.0M | $216.5M |
| Property, plant & equipment (net) | $4.00B | $3.47B | $3.43B | $3.46B | $3.45B | $3.46B | $3.45B | $3.47B | $3.48B | $2.59B | $2.57B | $2.54B |
| Goodwill & intangible assets | $942.9M | $558.2M | $563.2M | $565.1M | $574.2M | $576.3M | $578.0M | $574.8M | $568.6M | $426.1M | $428.4M | $430.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $27.8M | $7.5M | $5.5M | $4.9M | $8.4M | $13.1M | $19.0M | $8.3M | $34.8M | $33.1M | $14.9M | $52.4M |
| Total assets | $5.50B | $4.49B | $4.32B | $4.37B | $4.38B | $4.44B | $4.44B | $4.49B | $4.44B | $3.32B | $3.24B | $3.24B |
| Liabilities | ||||||||||||
| Accounts payable | $97.7M | $71.8M | $73.0M | $76.0M | $50.4M | $72.8M | $58.7M | $87.1M | $77.9M | $89.3M | $65.3M | $65.5M |
| Short-term debt | — | — | $0 | $13.3M | $15.3M | $16.6M | $17.2M | $18.3M | $18.5M | $3.1M | $6.4M | — |
| Deferred revenue | — | — | — | $69.5M | $84.4M | $79.0M | $73.1M | $70.2M | $71.4M | $68.3M | $63.7M | $71.9M |
| Total current liabilities | $365.0M | $360.0M | $385.9M | $349.0M | $313.3M | $329.9M | $319.4M | $348.8M | $334.4M | $237.9M | $210.6M | $223.2M |
| Long-term debt | $2.72B | $2.79B | $2.56B | $2.61B | $2.55B | $2.59B | $2.59B | $2.60B | $2.49B | $1.83B | $1.79B | $1.75B |
| Lease obligations | $96.5M | $57.4M | $55.8M | $58.7M | $62.2M | $65.3M | $65.1M | $64.9M | $63.2M | $37.0M | $34.5M | $34.0M |
| Other long-term liabilities | $250.2M | $172.7M | $165.0M | $154.1M | $163.7M | $156.1M | $156.7M | $148.7M | $154.7M | $105.3M | $99.4M | $101.3M |
| Total liabilities | $3.34B | $3.32B | $3.11B | $3.12B | $3.03B | $3.08B | $3.06B | $3.10B | $2.98B | $2.17B | $2.10B | $2.07B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.1M | $908,000 | $903,000 | $902,000 | $895,000 | $895,000 | $892,000 | $845,000 | $842,000 | $774,000 | $774,000 | $774,000 |
| Retained earnings (deficit) | −$10.5M | −$12.4M | $12.8M | $31.6M | $86.0M | $87.1M | $93.6M | $111.2M | $152.2M | $178.5M | $178.1M | $214.6M |
| Accumulated other comprehensive income | $2.7M | −$99,000 | −$1.6M | −$2.4M | −$8.3M | −$5.7M | — | −$1.28B | $152.5M | — | — | — |
| Minority interest | $3.2M | $3.6M | $4.9M | $5.0M | $12.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.16B | $1.18B | $1.21B | $1.25B | $1.34B | $1.34B | $1.36B | $1.25B | $1.31B | $1.14B | $1.14B | $1.17B |
| Key figures | ||||||||||||
| Total debt | $85.5M | $45.9M | $43.8M | $2.67B | $2.61B | $2.65B | $2.65B | $2.66B | $2.55B | $1.87B | $1.83B | $1.78B |
| Net cash (debt) | $52.1M | $48.5M | −$40.6M | −$2.67B | −$2.60B | −$2.65B | −$2.64B | −$2.65B | −$2.55B | −$1.86B | −$1.82B | −$1.78B |
| Working capital | $163.1M | $99.6M | −$62.8M | −$7.5M | $32.2M | $57.2M | $64.3M | $94.6M | $17.9M | $25.4M | $20.3M | −$6.7M |
| Tangible book value | $1.22B | $616.8M | $644.2M | $684.5M | $761.9M | $767.6M | $782.0M | $671.8M | $742.2M | $718.9M | $714.2M | $741.0M |
| Book value per share | $22.36 | $13.43 | $13.80 | $14.35 | $14.84 | $14.83 | $15.23 | $14.79 | $14.46 | $14.66 | $14.71 | $13.90 |
| Shares outstanding | 96.8M | 87.5M | 87.5M | 87.1M | 90.0M | 90.6M | 89.3M | 84.3M | 90.7M | 78.1M | 77.7M | 84.3M |
| Current ratio | 1.45 | 1.28 | 0.84 | 0.98 | 1.10 | 1.17 | 1.20 | 1.27 | 1.05 | 1.11 | 1.10 | 0.97 |
| Quick ratio | 1.13 | 0.95 | 0.53 | 0.63 | 0.75 | 0.84 | 0.83 | 0.86 | 0.64 | 0.72 | 0.65 | 0.59 |
| Debt / equity | 0.04 | 0.04 | 0.04 | 2.14 | 1.95 | 1.97 | 1.95 | 2.13 | 1.95 | 1.63 | 1.60 | 1.52 |
| Equity / assets | 39.3% | 26.1% | 28.0% | 28.6% | 30.5% | 30.3% | 30.7% | 27.8% | 29.5% | 34.5% | 35.2% | 36.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
KGS financial position
At the end of fiscal 2025 (December 31, 2025), Kodiak Gas Services had total assets of $4.3 billion (down 2.6% from a year earlier), total liabilities of $3.1 billion and shareholders' equity of $1.2 billion. It held $3.2 million in cash and short-term investments against $43.8 million of debt, net debt of $40.6 million. Its current ratio was 0.84. In the latest quarter (ended June 30, 2026) total assets were $5.5 billion and equity $2.2 billion.
Related: KGS income statement, KGS cash flow statement, KGS key metrics. See the KGS stock overview for the latest quote and news.
KGS balance sheet FAQ
What are Kodiak Gas Services's total assets?
Kodiak Gas Services reported total assets of $4.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.4 billion a year earlier.
How much debt does Kodiak Gas Services have?
Kodiak Gas Services had $43.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.04.
How much cash does Kodiak Gas Services have?
Kodiak Gas Services held $3.2 million in cash and short-term investments at the end of fiscal 2025; with $43.8 million of debt that is net debt of $40.6 million.
What is Kodiak Gas Services's book value?
Kodiak Gas Services's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $13.80 per share.
What is Kodiak Gas Services's current ratio?
Kodiak Gas Services had current assets of $323.1 million and current liabilities of $385.9 million, a current ratio of 0.84 (current liabilities exceed current assets).
How much goodwill does Kodiak Gas Services have?
Kodiak Gas Services carried $563.2 million of goodwill and intangible assets, 13.0% of total assets, at the end of fiscal 2025.