A Business at a Glance
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Knife River Corp
KNF
$4.4B
Mkt Cap
$78.06
+0.53%
Knife River Corp (KNF) has a current P/E ratio of 28.3, compared to its historical median P/E of 26.7. The stock is currently considered Fair based on its historical valuation range.
Knife River Corp (KNF) has a 5-year average return on invested capital (ROIC) of 13.5%. This indicates solid capital allocation.
Knife River Corp (KNF) has a market capitalization of $4.4B. It is classified as a mid-cap stock.
Knife River Corp (KNF) does not currently pay a regular dividend.
Based on historical P/E analysis, Knife River Corp (KNF) appears fair. The current P/E of 28.3 is 6% above its historical median of 26.7. The estimated fair value CAGR (P/E method) is 27.2%.
Knife River Corp (KNF) operates in the Mining & Quarrying Of Nonmetallic Minerals (No Fuels) industry, within the Materials sector.
Knife River Corp (KNF) reported annual revenue of $3.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Knife River Corporation is a vertically integrated aggregates-based construction materials and contracting services provider operating across 14 U.S. states with 1.3 billion tons of aggregate reserves, of which approximately 35 percent is used internally to support downstream products and services. The company operates through four geographic and service segments—West, Mountain, Central, and Energy Services—leveraging a network of 208 active aggregate sites, 135 ready-mix plants, 55 asphalt plants, and 9 liquid asphalt terminals to supply construction materials and contracting services to public and private-sector customers including federal, state, and municipal governments as well as industrial, commercial, and residential developers. The business model emphasizes vertical integration, with aggregates serving as the foundation for ready-mix concrete, asphalt production, and contracting services including asphalt paving, heavy-civil construction, concrete construction, and site development; the company transports products by truck, rail, and barge to complete the value chain and maximize operational efficiency across shared resources. Knife River's competitive advantages derive from broad access to high-quality aggregates in most markets, strategically located production facilities, an extensive fleet of ready-mix and dump trucks, and the ability to serve customers across multiple product lines from a single source, creating scale and operational excellence. The company serves primarily public-sector customers for infrastructure projects including highways, local roads, and bridges, while also serving private-sector customers for commercial and residential development, with strong positioning in mid-size, higher-growth markets characterized by favorable demographic trends and robust public infrastructure funding.
【Strong infrastructure demand ahead】 Management expects continued growth driven by record backlog of $1.2 billion entering 2026, with approximately 75 percent expected to be completed during the year, providing clear visibility into future activity. The company anticipates mid-single-digit volume growth in aggregates and pricing improvement as market demand continues to improve and internal paving work increases, supported by strong state DOT budgets that are growing faster than the U.S. average, with 10 of 14 Knife River states forecasting record DOT budgets for 2026. Management remains focused on cost control and operational efficiencies through its Competitive EDGE initiatives, expecting approximately 200 basis points of aggregates margin expansion in 2026, while contracting services margins are anticipated to improve through increased self-performed asphalt paving that drives project performance gains and pulls through higher-margin upstream materials. The company maintains a disciplined capital allocation approach, expecting to end 2026 with no borrowing on its revolving credit facility and net leverage near its long-term target of 2.5x, while continuing to pursue strategic acquisitions in aggregates-based, vertically integrated opportunities within mid-sized, higher-growth markets.
| Metric | Target | Period |
|---|---|---|
| Consolidated Revenue | $3.3 billion to $3.5 billion | FY2026 |
| Adjusted EBITDA | $520 million to $560 million | FY2026 |
| Aggregates Volume Growth | mid-single digits | FY2026 |
| Aggregates Pricing Growth | mid-single digits | FY2026 |
| Aggregates Margin Expansion | approximately 200 basis points | FY2026 |
| Ready-Mix Volume Growth | mid-single digits | FY2026 |
| Capital Expenditures (Maintenance and Improvement) | 5% to 7% of revenue | FY2026 |
| Organic Growth Projects and Reserve Additions | approximately $131 million | FY2026 |
Consolidated Revenue (FY2026): “For 2026, we expect consolidated revenue between $3.3 billion and $3.5 billion and Adjusted EBITDA between $520 million and $560 million”
Adjusted EBITDA (FY2026): “For 2026, we expect consolidated revenue between $3.3 billion and $3.5 billion and Adjusted EBITDA between $520 million and $560 million”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.1B | 2.9B | 2.8B | 2.5B | 2.2B |
| Net Income | 147M | 157M | 202M | 183M | 116M | 130M |
| EPS | $2.59 | $2.76 | $3.55 | $3.23 | $1,452.75 | $2.29 |
| Free Cash Flow | -5.2M | -70M | 150M | 211M | 29M | 7.0M |
| ROIC | 7.0% | 9.0% | 12.7% | 15.8% | 14.2% | 15.8% |
| Gross Margin | 18.2% | 18.4% | 19.7% | 19.0% | 14.2% | 15.6% |
| Debt/Equity | 0.92 | 0.74 | 0.49 | 0.57 | 0.05 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 282M | 286M | 316M | 296M | 194M | 191M |
| Operating Margin | 8.8% | 9.1% | 10.9% | 10.5% | 7.7% | 8.6% |
| ROE | 9.4% | 10.1% | 14.7% | 15.9% | 11.7% | 14.2% |
| Shares Outstanding | 57M | 57M | 57M | 57M | 0M | 57M |
| Metric | ||||||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 2.2B | 2.5B | 2.8B | 2.9B | 3.1B | 3.2B |
| Gross Margin | 15.6% | 14.2% | 19.0% | 19.7% | 18.4% | 18.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 156M | 167M | 243M | 254M | 291M | 302M |
| EBIT | 191M | 194M | 296M | 316M | 286M | 282M |
| Op. Margin | 8.6% | 7.7% | 10.5% | 10.9% | 9.1% | 8.8% |
| Net Income | 130M | 116M | 183M | 202M | 157M | 147M |
| Net Margin | 5.8% | 4.6% | 6.5% | 7.0% | 5.0% | 4.6% |
| Non-Recurring | 6.6M | 14M | 27K | 9.2M | 22M | 22M |
| Returns on Capital | ||||||
| ROIC | 15.8% | 14.2% | 15.8% | 12.7% | 9.0% | 7.0% |
| ROE | 14.2% | 11.7% | 15.9% | 14.7% | 10.1% | 9.4% |
| ROA | 5.9% | 5.2% | 7.5% | 7.4% | 4.8% | 3.8% |
| Cash Flow | ||||||
| Op. Cash Flow | 181M | 207M | 336M | 322M | 278M | 345M |
| Free Cash Flow | 7.0M | 29M | 211M | 150M | -70M | -5.2M |
| Owner Earnings | 78M | 88M | 209M | 178M | 73M | 127M |
| CapEx | 174M | 178M | 124M | 172M | 348M | 350M |
| Maint. CapEx | 101M | 118M | 124M | 137M | 194M | 207M |
| Growth CapEx | 73M | 60M | 478K | 36M | 154M | 143M |
| D&A | 101M | 118M | 124M | 137M | 194M | 207M |
| CapEx/OCF | N/A | N/A | 37.0% | 53.5% | 125.0% | 101.5% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.9M | 1.3M | 2.9M | 7.8M | 11M | 11M |
| Debt Repayment | 221K | 298K | 3.7M | 7.0M | 8.8M | 8.8M |
| Balance Sheet | ||||||
| Net Debt | -14M | 36M | 507M | 490M | 1.1B | 1.4B |
| Cash & Equiv. | 14M | 10M | 219M | 237M | 74M | 13M |
| Long-Term Debt | 221K | 427K | 675M | 667M | 1.2B | 1.4B |
| Debt/Equity | 0.00 | 0.05 | 0.57 | 0.49 | 0.74 | 0.92 |
| Interest Coverage | 9.9 | 6.5 | 5.1 | 5.7 | 3.5 | 3.2 |
| Equity | 953M | 1.0B | 1.3B | 1.5B | 1.6B | 1.6B |
| Total Assets | 2.2B | 2.3B | 2.6B | 2.9B | 3.7B | 3.8B |
| Total Liabilities | 1.2B | 1.3B | 1.3B | 1.4B | 2.0B | 2.3B |
| Intangibles | N/A | 13M | 11M | 29M | 33M | 38M |
| Retained Earnings | N/A | 495M | 666M | 868M | 1.0B | 945M |
| Working Capital | N/A | 92M | 566M | 618M | 583M | 590M |
| Current Assets | N/A | 609M | 914M | 988M | 961M | 942M |
| Current Liabilities | -21M | 517M | 347M | 370M | 378M | 352M |
| Per Share Data | ||||||
| EPS | 2.29 | 1,452.75 | 3.23 | 3.55 | 2.76 | 2.59 |
| Owner EPS | 1.38 | 1,104.68 | 3.69 | 3.13 | 1.29 | 2.23 |
| Book Value | 16.82 | 12,857.36 | 22.36 | 25.98 | 28.83 | 27.48 |
| Cash Flow/Share | 3.20 | 2,593.05 | 5.93 | 5.67 | 4.89 | 6.23 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 56.7M | 0.1M | 56.6M | 56.8M | 56.9M | 56.8M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | 20.8 | 29.0 | 26.7 | 30.1 |
| P/FCF | N/A | N/A | 17.9 | 39.0 | N/A | N/A |
| EV/EBIT | N/A | N/A | 14.2 | 19.8 | 18.4 | 20.7 |
| Price/Book | N/A | N/A | 3.0 | 4.0 | 2.6 | 2.8 |
| Price/Sales | N/A | N/A | 1.0 | 1.6 | 1.5 | 1.4 |
| FCF Yield | N/A | N/A | 5.6% | 2.6% | -1.7% | -0.1% |
| Market Cap | 0 | N/A | 3.8B | 5.8B | 4.2B | 4.4B |
| Avg. Price | 0.00 | N/A | 51.11 | 80.08 | 85.15 | 78.06 |
| Year-End Price | 0.00 | N/A | 67.03 | 102.97 | 73.68 | 78.06 |
Knife River Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
Knife River Corp trades at 28.3x trailing earnings, compared to its 15-year median P/E of 26.7x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 13.5% with a gross margin of 17.4%. At current prices, the estimated annualized return to fair value is -4.4%.
Knife River Corp (KNF) has a net profit margin of 5.0%. This is a modest margin.
Knife River Corp (KNF) generated $-70 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Knife River Corp (KNF) has a debt-to-equity ratio of 0.74. This indicates moderate leverage.
Knife River Corp (KNF) reported earnings per share (EPS) of $2.76 in its most recent fiscal year.
Knife River Corp (KNF) has a return on equity (ROE) of 10.1%. This indicates moderate shareholder returns.
Knife River Corp (KNF) has a 5-year average gross margin of 17.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 5 years of financial data for Knife River Corp (KNF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Knife River Corp (KNF) has a book value per share of $28.83, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued growth driven by record backlog of $1.2 billion entering 2026, with approximately 75 percent expected to be completed during the year, providing clear visibility into future activity. The company anticipates mid-single-digit volume growth in aggregates and pricing improvement as market demand continues to improve and internal paving work increases, supported by strong state DOT budgets that are growing faster than the U.S. average, with 10 of 14 Knife River states forecasting record DOT budgets for 2026. Management remains focused on cost control and operational efficiencies through its Competitive EDGE initiatives, expecting approximately 200 basis points of aggregates margin expansion in 2026, while contracting services margins are anticipated to improve through increased self-performed asphalt paving that drives project performance gains and pulls through higher-margin upstream materials. The company maintains a disciplined capital allocation approach, expecting to end 2026 with no borrowing on its revolving credit facility and net leverage near its long-term target of 2.5x, while continuing to pursue strategic acquisitions in aggregates-based, vertically integrated opportunities within mid-sized, higher-growth markets.
Based on recent SEC filings and earnings calls, Knife River Corp (KNF) has provided the following forward guidance: Consolidated Revenue: $3.3 billion to $3.5 billion (FY2026); Adjusted EBITDA: $520 million to $560 million (FY2026); Aggregates Volume Growth: mid-single digits (FY2026); Aggregates Pricing Growth: mid-single digits (FY2026); Aggregates Margin Expansion: approximately 200 basis points (FY2026), plus 3 additional metrics.
Aggregates Volume Growth (FY2026): “For 2026, we expect our aggregates volumes to grow mid-single digits as market demand continues to improve and the amount of our internal paving work increases.”
Aggregates Pricing Growth (FY2026): “We also expect that pricing will increase mid-single digits as we continue our dynamic pricing discipline.”
Aggregates Margin Expansion (FY2026): “With this backdrop and the continued focus on cost control and operational efficiencies, we anticipate continued aggregates margin expansion in 2026 of approximately 200 basis points.”
Ready-Mix Volume Growth (FY2026): “Looking ahead, we anticipate volumes will increase mid-single digits as we expect more paving work in 2026 than we performed last year.”
Capital Expenditures (Maintenance and Improvement) (FY2026): “For the full year 2026, the company expects capital expenditures for maintenance and improvement to remain between 5% and 7% of revenue”
Organic Growth Projects and Reserve Additions (FY2026): “and organic growth projects and reserve additions to be approximately $131 million.”
No recent press releases.