Kodiak Gas Services, Inc. (KGS)

Quick 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	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	—	—	—	—	—	—	—	—	—	—	—
Receivables	US$ in thousands	229,930	273,548	261,212	293,927	208,850	161,567	130,616	126,483	123,767	119,534	101,106
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
Quick ratio		0.75	0.84	0.83	0.86	0.64	0.72	0.65	0.59	0.79	0.74	0.64

June 30, 2025 calculation

Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($5,428K + $—K + $229,930K) ÷ $313,318K
= 0.75

The quick ratio of Kodiak Gas Services, Inc. demonstrates variability over the specified period, reflecting fluctuations in the company's liquidity position. At the end of December 2022, the quick ratio was 0.64, indicating that the company's most liquid assets were insufficient to cover current liabilities by approximately 36%. This ratio experienced a steady increase through March 2023 (0.74) and June 2023 (0.79), suggesting an improvement in liquidity and a better position to meet short-term obligations without relying on inventory sales.

However, a decline occurred in September 2023, where the ratio dropped to 0.59, indicating a slight reduction in liquidity. The ratio recovered somewhat by December 2023 to 0.65 and increased further in March 2024 to 0.72. The upward trend continued into September 2024, with the ratio reaching 0.86, its highest point in the observed period, indicating a robust liquidity position and a greater cushion to meet immediate liabilities solely with liquid assets.

Subsequently, the ratio remained relatively stable in December 2024 at 0.83 and March 2025 at 0.84, maintaining a strong liquidity profile. By June 2025, the ratio slightly declined to 0.75 but remained substantially above the earlier lows, reflecting consistent liquidity management.

Overall, the chronological pattern of the quick ratio points to periods of strengthening liquidity, with notable peaks around September 2024. Despite some fluctuations, the ratio predominantly stays below 1.0, indicating that the company often relies on non-liquid assets or other sources to satisfy current liabilities. The trend suggests an overall cautious but improving liquidity outlook over the analyzed timeframe.