Kodiak Gas Services, Inc. (KGS)
Cash ratio
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | US$ in thousands | 5,428 | 1,950 | 4,750 | 7,434 | 3,852 | 9,306 | 5,562 | 6,128 | 41,371 | 14,000 | 20,431 |
| Short-term investments | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | US$ in thousands | 313,318 | 329,869 | 319,369 | 348,788 | 334,434 | 237,904 | 210,629 | 223,200 | 209,798 | 181,566 | 188,974 |
| Cash ratio | 0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.04 | 0.03 | 0.03 | 0.20 | 0.08 | 0.11 |
June 30, 2025 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($5,428K
+ $—K)
÷ $313,318K
= 0.02
The cash ratio of Kodiak Gas Services, Inc. has exhibited significant fluctuations over the specified periods. At the end of December 2022, the ratio was relatively low at 0.11, indicating that the company's cash holdings covered approximately 11% of its current liabilities. This low level persisted into the first quarter of 2023, declining to 0.08, which suggests an even more modest liquidity cushion in terms of cash.
Subsequently, there was a noticeable increase by the second quarter of 2023, with the cash ratio rising to 0.20. This improvement implies that the company increased its cash reserves, improving its ability to cover current liabilities with cash alone, reaching 20%. However, this positive momentum was short-lived, as the ratio sharply declined to 0.03 by the third quarter of 2023, and remained at that level through the end of the year. The near-constant low ratio around 0.03 indicates a minimal cash buffer relative to current liabilities during this period.
Looking ahead to 2024 and 2025, the cash ratio continued to reflect a very limited liquidity position. The first quarter of 2024 saw a slight increase to 0.04, but this was still very low, and the ratio further decreased to 0.01 by the second quarter. The subsequent quarters maintained or returned to similarly low levels, with values generally between 0.01 and 0.02, indicating that cash reserves remained insufficient to cover current liabilities purely through cash holdings.
Overall, the trend demonstrates a historically low cash ratio that rarely exceeds 0.2 during the period analyzed. This pattern suggests that Kodiak Gas Services, Inc. maintains minimal cash relative to its current liabilities, which could imply a reliance on other liquid assets or operational cash flows to meet short-term obligations. The persistently low levels also reflect potential liquidity constraints or a strategic choice to operate with limited cash holdings, thereby exposing the company to increased liquidity risk during periods of financial stress.
Peer comparison
Jun 30, 2025