KGS Kodiak Gas Services, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/3 quarters. Q3 2025: $25M, Q2 2025: $0M, Q1 2025: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

New buyback activity: $25M after no prior spending

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-349M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 547,662 shares = 1.2% of 87,800,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

21 open-market purchases by 12 insiders

• Darden Alexander Newsom () bought 5,000 shares at $54.75 on 2026-03-13
• HOGAN RANDALL J () bought 6,000 shares at $54.81 on 2026-03-13
• McKee Robert Michael (President & CEO) bought 433 shares at $50.23 on 2026-02-20
• Montana Margaret C () bought 110 shares at $26.12 on 2024-08-16
• Montana Margaret C () bought 2,000 shares at $25.25 on 2024-03-12
• Bonno Terry () bought 4,000 shares at $18.45 on 2023-09-01
• McKee Robert Michael (President & CEO) bought 12,830 shares at $18.04 on 2023-08-24
• McKee Robert Michael (President & CEO) bought 3,350 shares at $18.09 on 2023-08-23
• Montana Margaret C () bought 5,000 shares at $19.17 on 2023-08-15
• Hamilton Ewan William (Chief Accounting Officer) bought 500 shares at $19.73 on 2023-08-15

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 1 of 3 quarters

• Q3 2025: Montana Margaret C bought while company spent $25M

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $2M, sold $1.9B (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected