KNTK
Kinetik Holdings Inc.
Next earnings Aug 4, 2026 (after close) · consensus $0.23 EPS, $447M rev
Last earnings +0.6% on 2026-05-07
$47.75
▼ -3.38%$47.75▲ +16.63%
over 1Y
L $30.53H $51.27
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-3.4%
1W-0.6%
1M+4.8%
3M+4.1%
YTD+35.9%
1Y+16.6%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 23 analysts
Buy
Permian-focused midstream growing revenue ~19% with a fat, rising dividend; negative book equity is a structural artifact, not distress.
Revenue $1.76B · FY2025
The read
Quality fundamentals and an attractive price line up (~109% below fair value) — the rarer case where both the business and the entry look good.
Kinetik is a Permian Basin midstream operator (Midstream Logistics and Pipeline Transportation segments) executing a capital-heavy growth phase. FY2025 revenue grew 19.0% to $1.76B, continuing a steep ramp from $662M in FY2021, and net income more than doubled to $178M (diluted EPS $2.63, +157.8%). The growth is being funded by aggressive capex — up 86.9% to $492M — to expand gathering, processing and pipeline capacity tied to rising Permian gas and NGL volumes. Operating cash flow remained robust at $604M, comfortably covering both the $194M dividend (+10.6%) and $176M of buybacks.
The scary-looking metrics — negative stockholders' equity (-$565M), negative retained earnings (-$806M), and a -31.5% ROE — are structural artifacts of Kinetik's up-C/partnership structure and history of distributions exceeding GAAP retained earnings, not signs of financial distress. The relevant gauges for a midstream are cash flow and leverage: long-term debt of $3.65B (+7.8%) against $604M of operating cash flow is meaningful but typical for the sector, and the asset base ($7.10B total assets, including $2.01B of equity-method pipeline investments) supports the debt. The board's $0.81/quarter dividend (declared January 2026) underpins an attractive income yield.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:53 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $662M | $1.21B | $1.26B | $1.48B | $1.76B |
| Gross profit | — | — | — | — | — |
| Operating income | $53.5M | $150M | $159M | $179M | $165M |
| Net income | — | — | $289M | $80.0M | $178M |
| Diluted EPS | $0.00 | $1.47 | $2.52 | $1.02 | $2.63 |
| Net margin | — | — | 23.0% | 5.4% | 10.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$11.8B
EV / EBITDA21.5
EV / Sales6.7
EV / FCF105.7
P / FCF71.5
PEG (trailing)0.15
Earnings yield2.2%
FCF yield1.4%
Quality & risk
ROIC (est.)—
Free cash flow$112M
Total debt$3.82B
Net cash-$3.81B
Altman Z-Score1.29 distress
Piotroski F-Score5/8
Capital returns
Buyback yield2.2%
Dividend yield (est.)2.4%
Shareholder yield4.6%
Shares Δ YoY+4.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-232026-06-25open ↗4Period ending 2026-06-242026-06-25open ↗3Period ending 2026-06-232026-06-25open ↗11-KPeriod ending 2025-12-312026-06-08open ↗4Period ending 2026-05-192026-05-20open ↗4Period ending 2026-05-192026-05-20open ↗4Period ending 2026-05-192026-05-20open ↗4Period ending 2026-05-192026-05-20open ↗4Period ending 2026-05-192026-05-20open ↗8-KPeriod ending 2026-05-192026-05-20open ↗SCHEDULE 13G/AFiling2026-05-14open ↗10-QPeriod ending 2026-03-312026-05-08open ↗
Frequently asked
- Is Kinetik Holdings Inc. (KNTK) a buy?
- KNTK currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Permian-focused midstream growing revenue ~19% with a fat, rising dividend; negative book equity is a structural artifact, not distress.
- What is KNTK's fair value?
- A Modified-Graham model based on KNTK's SEC fundamentals estimates a fair value of about $99.94. It is an estimate from reported earnings, not a price target.
- Is KNTK overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, KNTK currently appears undervalued relative to its SEC-grounded earnings power.
- What is Kinetik Holdings Inc.'s quality score?
- KNTK scores 66.34447580230824/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001692787, latest 10-Q filed 2026-05-08) · EODHD · Proprietary analysis · as of 6/21/2026, 8:53:24 PM.
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