Kodiak Gas Services, Inc. (KGS)

Operating return on assets (Operating ROA)

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating income	US$ in thousands	249,450	249,334	222,091	188,955	168,431
Total assets	US$ in thousands	4,435,120	3,244,110	3,205,540	3,011,600	3,295,830
Operating ROA		5.62%	7.69%	6.93%	6.27%	5.11%

December 31, 2024 calculation

Operating ROA = Operating income ÷ Total assets
= $249,450K ÷ $4,435,120K
= 5.62%

The operating return on assets (operating ROA) of Kodiak Gas Services, Inc. has demonstrated a generally upward trending pattern over the analyzed period from December 31, 2020, through December 31, 2024. At the end of 2020, the operating ROA was recorded at 5.11%, reflecting the company's initial level of operational efficiency relative to its total assets. Throughout 2021, this metric increased to 6.27%, indicating improved operational profitability in relation to asset utilization. The upward trend continued into 2022, with the operating ROA reaching 6.93%, further signifying sustained enhancements in operational performance or efficiency gains. By the close of 2023, the operating ROA reached 7.69%, representing the company’s strongest performance within this period and suggesting effective management and operational strategies leading to better asset productivity.

However, in 2024, a decline occurred, with the operating ROA decreasing to 5.62%. Despite this reduction, the figure remains above the levels observed in 2020, indicating that the company's operational profitability, relative to its assets, still retains a partial recovery and is relatively strong compared to initial levels. The fluctuations in operating ROA over this period suggest variability in operational efficiency or external market conditions impacting the company's performance. Overall, the trend illustrates progressive improvement from 2020 through 2023 followed by a minor setback in 2024, yet maintaining a level higher than the baseline period.