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%+. Bear: negative FCF or no buybacks.

Negative FCF ($-349M), buybacks not supported by cash flow

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?

3 open-market purchases by 3 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

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

3 insider purchases but company buybacks inactive

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $1M, sold $3M in the last 90 days (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