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NGL Energy Partners LP vs Kodiak Gas Services: NGL and KGS compared
NGL Energy Partners LP is the larger company: $987M of revenue in its latest quarter (Q2 FY27) against $391M for Kodiak Gas Services (Q2 2026). NGL Energy Partners LP is growing faster (+46% against +21% a year earlier). Kodiak Gas Services is more profitable, with an operating margin of 31.8% against 2.4%.
Where the money goes: NGL and KGS
NGL Energy Partners LP (NGL) · Q2 FY27
NGL Energy Partners LP, Q2 FY27: revenue $987M (+46% year over year), operating margin 2.4%, net loss $42.6M, operating cash flow $94.6M. The chart follows the revenue to costs, profit and cash.
Kodiak Gas Services (KGS) · Q2 2026
Kodiak Gas Services, Q2 2026: revenue $391M (+21% year over year), operating margin 31.8%, net earnings $52.0M, operating cash flow $99.5M. The chart follows the revenue to costs, profit and cash.
| NGL Energy Partners LP (NGL) | Kodiak Gas Services (KGS) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q2 2026 |
| Revenue | $987M | $391M |
| Revenue growth, Y/Y | +46% | +21% |
| Operating margin | 2.4% | 31.8% |
| Net earnings | −$42.6M | $52.0M |
| Net margin | -4.3% | 13.3% |
| Operating cash flow | $94.6M | $99.5M |
| Market value | $1.9B | $4.0B |
| P/E | — | 50.1× |
| Analysts’ mean target | — | $79.50 |
Where the revenue comes from
NGL Energy Partners LP
- Product: $766M (78%)
- Service: $221M (22%)
Kodiak Gas Services
- Compression Infrastructure: $315M (81%)
- Service, Other: $43.1M (11%)
- Power Infrastructure: $32.9M (8%)
Questions
Which is bigger, NGL Energy Partners LP or Kodiak Gas Services?
NGL Energy Partners LP is the larger company: $987M of revenue in its latest quarter (Q2 FY27) against $391M for Kodiak Gas Services (Q2 2026).
Is NGL Energy Partners LP or Kodiak Gas Services growing faster?
NGL Energy Partners LP is growing faster (+46% against +21% a year earlier).
Which is more profitable, NGL Energy Partners LP or Kodiak Gas Services?
Kodiak Gas Services is more profitable, with an operating margin of 31.8% against 2.4%.
More: NGL Energy Partners LP earnings · how NGL Energy Partners LP makes money · Kodiak Gas Services earnings · how Kodiak Gas Services makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 7, 2026). Fiscal quarters can end on different dates. Not investment advice.