Kodiak Gas Services
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 202.2% | whyThe dividend is set against the allowed return on the rate base. |
| Operating cash flow | 26.6% | whyBefore the capital programme the regulator expects. |
| Free cash flow | 56.1% | whySwings with the capex cycle by design — growth into the rate base is recovered through rates. Says little about the dividend. |
Spread between highest and lowest: 175.6 percentage points. Same filings, different denominators.
Coverage rating 34 / 100 — Strained. ? Peer standing 0/50Direction 25/30Stability 10/20
GAAP earnings payout, last 3 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 202.2% |
| 2024-12-31 | 282.1% |
| 2023-12-31 | 131.0% |
0% of the 57 utilities here pay out more — at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $1.80 ÷ diluted EPS $0.890
- Operating cash flow — dividends paid $160m ÷ operating cash flow $600m
- Free cash flow — dividends paid $160m ÷ (operating cash flow $600m − capex $315m)
Where the figures came from
- 10-K filed 2026-02-26 · accession 0001767042-26-000012
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the GAAP earnings payout ratio measures, and where every company here sits on it.
Who else looks like this
Every figure above is computed from Kodiak Gas Services’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules two investors published — free, and nothing you screen leaves your browser.