A Business at a Glance
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USA Compression Partners, LP
USAC
$3.8B
Mkt Cap
$26.38
-1.93%
USA Compression Partners, LP (USAC) has a current P/E ratio of 30.0, compared to its historical median P/E of 29.4. The stock is currently considered Fair based on its historical valuation range.
USA Compression Partners, LP (USAC) has a 5-year average return on invested capital (ROIC) of 10.1%. This indicates solid capital allocation.
USA Compression Partners, LP (USAC) has a market capitalization of $3.8B. It is classified as a mid-cap stock.
USA Compression Partners, LP (USAC) does not currently pay a regular dividend.
Based on historical P/E analysis, USA Compression Partners, LP (USAC) appears fair. The current P/E of 30.0 is 2% above its historical median of 29.4. The estimated fair value CAGR (P/E method) is 36.9%.
USA Compression Partners, LP (USAC) operates in the Natural Gas Transmission industry, within the Utilities sector.
USA Compression Partners, LP (USAC) reported annual revenue of $998 million in its most recent fiscal year, based on SEC EDGAR filings.
USA Compression Partners, LP (the “Partnership”) is a growth-oriented Delaware limited partnership. We are managed by our general partner, USA Compression GP, LLC (the “General Partner”), which is wholly owned by Energy Transfer. All references in this section to the Partnership, as well as the terms “our,” “we,” “us,” and “its” refer to USA Compression Partners, LP, together with its consolidated subsidiaries, unless the context otherwise requires or where otherwise indicated. We believe that we are one of the largest independent providers of natural gas compression services in the U.S. in terms of total compression fleet horsepower. We have been providing compression services since 1998 and completed our initial public offering in January 2013. As of December 31, 2025, we had 3.9 million horsepower in our fleet.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 998M | 950M | 846M | 705M | 633M |
| Net Income | 129M | 111M | 100M | 68M | 30M | 10M |
| EPS | $0.97 | $0.77 | $0.69 | $0.58 | $0.29 | $0.10 |
| Free Cash Flow | 303M | 277M | 136M | 33M | 126M | 220M |
| ROIC | 9.5% | 12.3% | 13.0% | 11.2% | 8.0% | 6.0% |
| Gross Margin | - | 67.1% | 67.1% | 66.4% | 66.7% | 69.3% |
| Debt/Equity | 9.41 | -22.57 | -17.85 | -8.03 | -18.28 | 19.73 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 329M | 307M | 294M | 232M | 169M | 141M |
| Operating Margin | 30.3% | 30.7% | 31.0% | 27.4% | 24.0% | 22.3% |
| ROE | 40.8% | -87.8% | -45.9% | -33.3% | -399.2% | 4.7% |
| Shares Outstanding | 145M | 145M | 145M | 118M | 103M | 98M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 222M | 271M | 264M | 277M | 584M | 698M | 668M | 633M | 705M | 846M | 950M | 998M | 1.1B |
| Gross Margin | 66.6% | 69.9% | 57.2% | 54.7% | 63.3% | 67.5% | 69.2% | 69.3% | 66.7% | 66.4% | 67.1% | 67.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 39M | 41M | 23M | 25M | 69M | 64M | 60M | 56M | 61M | 73M | 73M | 66M | 83M |
| EBIT | 38M | -136M | -27M | -263M | 65M | 168M | -465M | 141M | 169M | 232M | 294M | 307M | 329M |
| Op. Margin | 17.0% | -50.1% | -10.2% | -94.9% | 11.2% | 24.1% | -69.6% | 22.3% | 24.0% | 27.4% | 31.0% | 30.7% | 30.3% |
| Net Income | 760K | -154M | -27M | -265M | -11M | 39M | -595M | 10M | 30M | 68M | 100M | 111M | 129M |
| Net Margin | 0.3% | -57.0% | -10.2% | -95.7% | -1.8% | 5.6% | -89.1% | 1.6% | 4.3% | 8.1% | 10.5% | 11.2% | 11.9% |
| Non-Recurring | 2.2M | 173M | -120K | 223M | -13M | -940K | 619M | 2.6M | -1.5M | 14M | -4.0M | 4.0M | 4.0M |
| Returns on Capital | |||||||||||||
| ROIC | 2.9% | -9.0% | -1.8% | -15.3% | 2.3% | 5.2% | -22.5% | 6.0% | 8.0% | 11.2% | 13.0% | 12.3% | 9.5% |
| ROE | 0.1% | N/A | N/A | N/A | -0.7% | 3.1% | -78.3% | 4.7% | -399.2% | -33.3% | -45.9% | -87.8% | 40.8% |
| ROA | 0.1% | -10.2% | -1.8% | -16.6% | -0.4% | 1.0% | -17.8% | 0.4% | 1.1% | 2.5% | 3.6% | 4.1% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 102M | 117M | 130M | 136M | 226M | 301M | 293M | 265M | 261M | 272M | 341M | 394M | 426M |
| Free Cash Flow | -280M | -164M | 68M | -21M | -40M | 129M | 184M | 220M | 126M | 33M | 136M | 277M | 303M |
| Owner Earnings | 25M | 32M | 14M | 6.7M | -124K | 62M | 79M | 56M | 10M | -35M | 12M | 61M | 57M |
| CapEx | 382M | 281M | 62M | 157M | 267M | 171M | 109M | 45M | 134M | 239M | 205M | 117M | 123M |
| Maint. CapEx | 74M | 82M | 113M | 125M | 215M | 227M | 206M | 194M | 234M | 285M | 313M | 329M | 365M |
| Growth CapEx | 308M | 200M | 0 | 32M | 52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 74M | 82M | 113M | 125M | 215M | 227M | 206M | 194M | 234M | 285M | 313M | 329M | 365M |
| CapEx/OCF | 374.9% | 239.4% | 49.4% | 115.7% | 117.8% | 56.9% | 37.2% | 17.0% | 51.5% | 87.7% | 60.0% | 29.7% | 28.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 3.0M | 3.9M | 3.5M | 4.0M | 12M | 11M | 8.4M | 16M | 16M | 22M | 17M | 4.3M | 3.4M |
| Debt Repayment | 365M | 346M | 344M | 300M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 595M | 718M | 671M | 779M | 1.8B | 1.9B | 2.0B | 2.0B | 2.1B | 2.4B | 2.5B | 2.5B | 3.0B |
| Cash & Equiv. | 6K | 11M | 14M | 4.0M | 99K | 10K | 2K | 0 | 35K | 11K | 14K | 8.6M | 15M |
| Long-Term Debt | 595M | 729M | 685M | 783M | 1.8B | 1.9B | 1.9B | 2.0B | 2.1B | 2.3B | 2.5B | 2.5B | 3.0B |
| Debt/Equity | 0.71 | N/A | N/A | N/A | 1.28 | 1.59 | 5.78 | 19.73 | -18.28 | -8.03 | -17.85 | -22.57 | 9.41 |
| Interest Coverage | 3.0 | -7.7 | -1.3 | N/A | 0.8 | 1.3 | -3.6 | 1.1 | 1.2 | 1.4 | 1.5 | 1.6 | 1.7 |
| Equity | 840M | N/A | N/A | N/A | 1.4B | 1.2B | 338M | 101M | -116M | -293M | -141M | -113M | 317M |
| Total Assets | 1.5B | 1.5B | 1.5B | 1.7B | 3.8B | 3.7B | 2.9B | 2.8B | 2.7B | 2.7B | 2.7B | 2.6B | 3.7B |
| Total Liabilities | 677M | N/A | N/A | N/A | 1.9B | 2.1B | 2.1B | 2.2B | 2.3B | 2.6B | 2.9B | 2.7B | 3.4B |
| Intangibles | 82M | 79M | 75M | 198M | 393M | 363M | 334M | 304M | 275M | 246M | 216M | 187M | 185M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | -44M | -8.5M | 17M | 27M | 68M | 42M | 29M | 17M | 13M | 39M | 44M | 50M | 123M |
| Current Assets | 38M | 53M | 73M | 74M | 218M | 231M | 200M | 205M | 186M | 226M | 235M | 237M | 347M |
| Current Liabilities | 82M | 61M | 56M | 47M | 150M | 189M | 170M | 188M | 174M | 188M | 191M | 187M | 224M |
| Per Share Data | |||||||||||||
| EPS | 0.01 | -0.02 | 0.21 | -2.75 | -0.11 | 0.40 | -6.11 | 0.10 | 0.29 | 0.58 | 0.69 | 0.77 | 0.97 |
| Owner EPS | 0.47 | 0.53 | 0.22 | 0.07 | -0.00 | 0.64 | 0.81 | 0.56 | 0.10 | -0.30 | 0.08 | 0.42 | 0.39 |
| Book Value | 15.96 | 11.84 | 11.73 | N/A | 14.27 | 12.17 | 3.47 | 1.03 | -1.13 | -2.50 | -0.97 | -0.78 | 2.18 |
| Cash Flow/Share | 1.94 | 1.93 | 1.67 | 1.41 | 2.34 | 3.10 | 3.01 | 2.70 | 2.53 | 2.31 | 2.35 | 2.72 | 3.41 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 52.6M | 60.7M | 62.2M | 96.4M | 96.7M | 97.0M | 97.4M | 98.3M | 103.0M | 117.5M | 145.0M | 145.0M | 145.0M |
| Valuation | |||||||||||||
| P/E Ratio | 299.7 | N/A | 26.3 | N/A | N/A | 21.6 | N/A | 102.2 | 49.0 | 34.0 | 29.7 | 29.2 | 27.2 |
| P/FCF | N/A | N/A | 5.0 | N/A | N/A | 6.5 | 3.9 | 4.8 | 11.8 | 69.6 | 21.6 | 11.7 | 12.6 |
| EV/EBIT | 21.9 | N/A | 29.8 | N/A | 35.1 | 16.0 | N/A | 21.5 | 21.2 | 20.1 | 18.5 | 18.8 | 20.7 |
| Price/Book | 0.3 | 0.3 | 0.5 | N/A | 0.4 | 0.7 | 2.1 | 10.4 | N/A | N/A | N/A | N/A | 12.1 |
| Price/Sales | 1.5 | 1.1 | 1.1 | 2.1 | 1.1 | 1.1 | 0.9 | 1.5 | 1.8 | 2.4 | 3.1 | 3.4 | 3.5 |
| FCF Yield | -122.9% | -87.0% | 20.1% | -3.5% | -7.5% | 15.3% | 25.6% | 21.0% | 8.5% | 1.4% | 4.6% | 8.5% | 7.9% |
| Market Cap | 228M | 188M | 341M | 613M | 533M | 843M | 719M | 1.1B | 1.5B | 2.3B | 3.0B | 3.3B | 3.8B |
| Avg. Price | 6.21 | 5.08 | 4.61 | 6.03 | 6.84 | 7.66 | 6.17 | 9.70 | 12.62 | 17.10 | 20.64 | 23.23 | 26.38 |
| Year-End Price | 4.33 | 3.10 | 5.48 | 6.36 | 5.52 | 8.70 | 7.39 | 10.70 | 14.42 | 19.76 | 20.37 | 22.42 | 26.38 |
USA Compression Partners, LP passes 3 of 9 quality checks, indicating weak fundamentals.
USA Compression Partners, LP trades at 30.0x trailing earnings, compared to its 15-year median P/E of 29.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 13.8x vs a median of 9.1x. The company's 5-year average ROIC is 10.1% with a gross margin of 67.3%. At current prices, the estimated annualized return to fair value is -9.2%.
USA Compression Partners, LP (USAC) has a net profit margin of 11.2%. This is a healthy margin.
USA Compression Partners, LP (USAC) generated $277 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
USA Compression Partners, LP (USAC) reported earnings per share (EPS) of $0.77 in its most recent fiscal year.
USA Compression Partners, LP (USAC) has a return on equity (ROE) of -87.8%. A negative ROE may indicate losses or negative equity.
USA Compression Partners, LP (USAC) has a 5-year average gross margin of 67.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for USA Compression Partners, LP (USAC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
USA Compression Partners, LP (USAC) has a book value per share of $-0.78, based on its most recent annual SEC filing.