# USA Compression Partners, LP (USAC)

> Source: Nexqual · https://nexqual.com/USAC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, USA Compression Partners, LP (USAC), nexqual.com/USAC" · informational, not investment advice.

**Price:** USD 25.02 (-0.60% on the day) · last close of Oct 22, 2026; US market open, not a live price. Prev close 25.17 · day 24.55–25.49 · 52w 21.85–30.55 · market cap $3.63B · TEX

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.18B, net income $146M (12.4% margin), free cash flow $310M (SEC filings).
- Valuation: P/E 24.8x, EV/EBITDA 9.8x, net debt $2.93B.
- Earnings quality: non-operating income -$194M vs operating income $352M over the last four quarters; P/E excluding non-operating income ≈11.2x (estimate: non-operating income taxed at the company's 7.9% effective rate).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $262K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (5 analysts), mean target USD 29.8 (range 28–33).
- Total return with dividends: 1Y +19.9% vs S&P 500 +14.9%; 5Y +146.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.37, revenue estimate $348M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $633M | $705M | $846M | $950M | $998M | $1.18B |
| Operating income | $141M | $169M | $232M | $294M | $307M | $352M |
| Net income | $10.3M | $30.3M | $68.3M | $99.6M | $111M | $146M |
| Free cash flow | $220M | $126M | $33.4M | $136M | $277M | $310M |
| Operating margin | 22.3% | 24.0% | 27.4% | 31.0% | 30.7% | 30.0% |
| Net margin | 1.6% | 4.3% | 8.1% | 10.5% | 11.2% | 12.4% |
| Revenue growth | -5.2% | +11.4% | +20.1% | +12.3% | +5.0% | — |
| Cash + short-term investments | $0K | $35K | $11K | $14K | $8.6M | — |
| Total debt | $1.97B | $2.11B | $2.34B | $2.50B | $2.52B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.8x · P/E ex non-operating (est.) ≈11.2x · P/S 3.1x · EV/EBITDA 9.8x · EV/Sales 5.6x · P/FCF 11.7x · FCF yield 8.54% · Earnings yield 4.03% · Net debt $2.93B · EV $6.56B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $262K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-20…2026-08-21 | Whitehurst Bradford D. | Director | 10,000 | $262K | 26.22 | Too little history (no open-market trades in 2023) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 5 analysts; mean target USD 29.8 (low 28, high 33).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | RBC Capital | Target raised | Sector Perform | $30 → $31 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +19.9% | +146.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.0% | +19.8% |
| Volatility (annualized) | 27.9% | 27.1% |
| Max drawdown | -18.1% (May 2026→Jun 2026) | -24.2% (Jun 2022→Jun 2022) |

## Peers (Oil & Gas Equipment & Services)
OII (Oceaneering International, Inc.) USD 36.68 +0.16% · WBI (WaterBridge Infrastructure LLC) USD 28.33 -5.50% · TDW (Tidewater Inc.) USD 79.76 +0.19% · WHD (Cactus, Inc. Class A Common Sto) USD 60.38 -5.91% · KGS (Kodiak Gas Services, Inc.) USD 44.09 +0.05% · EFXT (Enerflex Ltd) USD 23.01 +0.50%

## More
Full page: https://nexqual.com/USAC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in USAC's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1522727/000152272726000015/usac-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Caterpillar (CAT) | "The fleet of compression units that we own and use to provide compression services consists of specially engineered compression units that utilize standardized components, principally engines manufactured by Caterpillar …" |
| Supplier | Ariel | "The fleet of compression units that we own and use to provide compression services consists of specially engineered compression units that utilize standardized components, principally engines manufactured by Caterpillar …" |
| Supplier | CUMMINS INC (CMI) | "The substantial majority of the components for our natural gas compression equipment are supplied by Caterpillar Inc., Cummins Inc., INNIO Waukesha, and TECO-Westinghouse for engines;" |
| Partner | Delaware Revised Uniform | "Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act (the "Delaware Act"), we may not make a distribution if the distribution would cause our liabilities to exceed the fair value of our assets." |
| Partner | USA Compression GP | "Our general partner, USA Compression GP, LLC (the "General Partner"), manages our operations and activities." |
| Partner | GP | "As set forth in the GP LLC Agreement, the General Partner may, from time to time, establish a conflicts committee to which the Board will appoint independent directors and which may be asked to review specific matters th…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Contract operations revenue | $319.4M | 93.4% | +31.9% |
| Retail parts and services revenue | $22.7M | 6.6% | +184.8% |
| Total revenue | $342.1M | 100% | — |

## Customer concentration

Period ended 2025-06-30: 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.37 | $0.34 | +8.6% | $348.1M | 1 |
| Next quarter (ends 2026-12-31) | $0.39 | $0.35 | +11.3% | $354.9M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.43 | $1.32 | +8.5% | $1.38B | 1 |
| Next fiscal year (ends 2027-12-31) | $1.63 | $1.79 | -9.0% | $1.47B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±7.1%; last 8 reports averaged ±3.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.1% | ±7.1% |
| 2026-12-18 | 56 | 29.0% | ±9.2% |
| 2027-03-19 | 147 | 25.9% | ±13.3% |
| 2027-06-17 | 237 | 26.3% | ±16.9% |