📈 Price History

Ratio Health

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📊 Peer Medians

About

USA Compression Partners, LP provides natural gas compression services in the United States. The company offers compression services to oil companies and independent producers, processors, gatherers, and transporters of natural gas and crude oil, as well as for infrastructure applications, including centralized natural gas gathering systems and processing facilities, and gas lift applications in crude oil wells. It also owns and operates a fleet of equipment to offer natural gas treating services, such as carbon dioxide and hydrogen sulfide removal, as well as natural gas cooling and dehydration to natural gas producers and midstream companies. As of December 31, 2025, the company has 3.9 million horsepower in its fleet. USA Compression Partners, LP was founded in 1998 and is headquartered in Dallas, Texas.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management leads with 'record-setting quarter' and 'strong execution' despite macro headwinds, provides specific metrics (revenue per hp +5% YoY, utilization 94.4%) and forward-looking statements on demand and cost savings.

Q3 2025

Confident Specific

Management used language like 'deliver another solid quarter', 'all-time high pricing', 'increased our 2025 ranges for EBITDA and DCF guidance', and highlighted improved leverage and coverage ratios, conveying strong conviction in results and outlook.

Q4 2025

Confident Specific

Management used emphatic language like 'records' (EBITDA $613.8M, DCF $385.7M) and 'all-time high' pricing ($21.69/hp). They provided specific guidance for 2026 EBITDA ($770-$800M) and synergy targets ($10-20M), backed by concrete operational milestones (94.5% utilization, 0.39 TRIR). No hedging or vague optimism.

Q1 2026 latest

Confident Specific

Management repeatedly cited concrete figures: 'pricing at an all-time high of $22.73 per horsepower', 'contracted over 90% of 2026 horsepower', 'placed orders for engines for 2028 and a portion of 2029'. They also highlighted operational milestones like 'integrated the combined operations organization' and 'completed ERP system implementation' without hedging language.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management demonstrated concrete execution on the J-W integration, with synergy tracking and operational improvements. The proactive ordering of engines for 2028/2029, leveraging manufacturing optionality, provides a structural supply-chain advantage in a market where lead times have tripled. Record pricing and high contract coverage (over 90%) support near-term revenue visibility. However, risks remain: lubricant cost inflation from sustained high oil prices could compress margins if not fully passed through, and leverage may tick up in Q2 as new horsepower deliveries hit before generating cash flow. The distribution coverage of 1.72x, while strong, was partially due to lower maintenance spend during the SAP transition, so sustainability should be watched. Key items for next quarter: leverage ratio movement, any disclosure on cost pass-through success, and updates on 2027 contract backlog progress.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED USA Compression Partners: Q1 net income $38.3M, pricing record $22.73/hp, 4.4M active hp.

Revenue & Profitability

First quarter 2026 net income was $38.3 million, operating income was $91.4 million, and net cash from operations was $86.1 million. Cash interest expense net was $47.1 million. Average revenue per horsepower per month reached an all-time high of $22.73, up 5% sequentially and 8% year-over-year. The company maintains full-year adjusted EBITDA guidance of $778 million-$100 million and DCF guidance of $480 million-$510 million.

Outlook

Management sees strong demand for natural gas compression driven by LNG export growth, data center demand, and coal-to-gas switching. They highlight that over 10 million incremental horsepower will be needed by 2030. Oil-directed rig count remains flat but producer optimism is rising. The 12-month oil strip is perceived as underpriced. Waha pricing is expected to improve materially with export capacity increases in Q4 2026.

Growth Drivers

Key growth drivers include contracted over 90% of nearly 110,000 new horsepower expected to be added to the fleet in 2026. Utilization in the small horsepower class increased nearly 10% year-over-year. The company expects consistent growth of over 100,000 hp per year. Multi-year strategic planning discussions with strongest customers are underway to shore up the 2027 book.

Balance Sheet & CapEx

First quarter expansion capital expenditures were $26.4 million, and maintenance capital was $9.2 million. Full-year guidance remains: expansion capital $230 million-$250 million, maintenance capital $60 million-$70 million. Most growth capital will be focused on new horsepower and reconfigurations. Advanced orders have been placed for engines for 2027, 2028, and a portion of 2029 to maintain full utilization of the manufacturing complex.

Margins

First quarter adjusted gross margins came in at 64.4%. Management is focused on minimizing cost increases tied to lubricants, which may flow through in the second half if oil remains elevated. They aim to drive efficiencies in the organization to protect margin as contracts renew. Most contracts are CPI-U based, providing revenue support. The company expects continued pricing improvement consistent with past trends.

Key Risks

Management flagged extended engine lead times (tripled from 50 weeks to approximately 150 weeks) as a challenge. Lubricant cost increases from higher oil prices could impact the second half of the year as contracts renew. Integration risks from the J-W acquisition were noted, though progress has been smooth. Competitive dynamics or specific competitor risks were not discussed.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Q2 2026 saw strong revenue and margin growth, driven by the J-W acquisition and robust demand outlook. Integration and technology investments are enhancing efficiency, while extended equipment lead times and rising lube oil costs present challenges. Leverage remains below target, with disciplined capital allocation and M&A focus.

Q1 2026 Q1 2026 2026-05-05

Q1 2026 saw strong financial and operational results, driven by the J-W Power integration, record pricing, and high contracting rates for new horsepower. Guidance remains unchanged, with leverage and distribution coverage metrics improving and advanced planning mitigating supply chain risks.

Q4 2025 Q4 2025 2026-02-17

Record 2025 results with Adjusted EBITDA of $613.8M and DCF of $385.7M, high utilization, and expanded horsepower following the J-W Power acquisition. 2026 guidance projects further growth, with $770M–$800M Adjusted EBITDA and significant capital investment planned.

Q3 2025 Q3 2025 2025-11-05

Q3 2025 saw record revenues, strong margins, and improved leverage, prompting raised EBITDA and DCF guidance. Refinancing efforts reduced borrowing costs, while robust demand and pricing trends support continued growth into 2026.

Q2 2025 Q2 2025 2025-08-06

Record Q2 revenue and margins were achieved, with strong demand and utilization across basins. Guidance for 2025 is maintained, and long-term growth is expected from tech and utility investments. Leverage and distribution coverage remain within targets.

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