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Kinetik

KNTK NYSE Oil & Gas Storage & Transportation Financials FY2017–FY2025

Kinetik's revenue rose 19.0% to $1.8 billion in fiscal 2025. Its operating margin was 9.3%, down from 12.1% a year earlier. Free cash flow was $112 million, down 70.1%. It paid out $370 million in dividends and buybacks, 331% of free cash flow. The diluted share count rose 4.2%.

Last close · Oct 23, 2026

$55.70

1.9%
Value it Compare
Revenue Total sales reported in the income statement.
$1.8B
19.0% vs prior year
Operating margin Operating income as a share of revenue.
9.4%
2.7 pts
Net income Profit after all expenses, interest and tax.
$178M
122.9%
Free cash flow Cash from operations minus capital spending.
$112M
70.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.6%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.8x
On $2.82 EPS (TTM)

About these figures. Kinetik's preferred interests held by outside investors sit between liabilities and equity on its balance sheet, so they count as neither; we show them separately so the balance sheet adds up. Share counts and per-share figures for earlier years are restated for a stock split (1-for-20), so every year is on today's share basis.

What Kinetik does

No business description yet.

Legal name
KINETIK HOLDINGS INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001692787-26-000048
0001692787

Revenue and margins

Kinetik had $1.8B of revenue in fiscal 2025, up 19.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $112M in fiscal 2025, 6.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Kinetik returned $370M to shareholders in fiscal 2025, 331% of free cash flow. The diluted share count rose 4.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Kinetik yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.6B and divides by 62.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.8x · peers 24.8x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Kinetik can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $18.7M$6.4M$4.5M$3.6M$4.0M
Debt incl. finance leases $2.3B$3.4B$3.6B$3.4B$3.7B
Net debt / EBITDA 7.8x8.3x8.2x6.7x6.7x
Interest coverage 0.5x1.1x0.7x0.8x0.7x
Current ratio 0.9x1.1x1.0x0.7x0.7x
Quick ratio 0.9x1.0x1.0x0.7x0.7x
Total assets $3.6B$5.9B$6.5B$6.8B$7.1B
Total liabilities $2.5B$3.6B$3.9B$3.8B$4.2B
Shareholders' equity $0.0M−$840M−$531M−$3.0B−$565M
Net debt (− = net cash) $2.3B$3.4B$3.6B$3.4B$3.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$24.9M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 23, 2026 I Squared Capital LLC10% owner Sold 24,194 $53.55 $1.3M Form 4
Sep 22, 2026 I Squared Capital LLC10% owner Sold 39,937 $53.72 $2.1M Form 4
Sep 21, 2026 Sadek Wahba10% owner Sold 21,511 $53.59 $1.2M Form 4
Sep 18, 2026 Sadek Wahba10% owner Sold 135,084 $54.25 $7.3M Form 4
Sep 17, 2026 Sadek Wahba10% owner Sold 108,977 $53.84 $5.9M Form 4
Sep 16, 2026 ISQ Global Fund II GP LLC10% owner Sold 8,772 $55.06 $0.5M Form 4
Sep 15, 2026 ISQ Global Fund II GP LLC10% owner Sold 4,686 $55.11 $0.3M Form 4
Sep 14, 2026 ISQ Global Fund II GP LLC10% owner Sold 1,025 $55.15 $0.1M Form 4
Sep 10, 2026 ISQ Holdings LLC10% owner Sold 5,840 $55.39 $0.3M Form 4
Sep 9, 2026 ISQ Holdings LLC10% owner Sold 4,585 $55.19 $0.3M Form 4
Sep 8, 2026 ISQ Holdings LLC10% owner Sold 58,383 $55.14 $3.2M Form 4
Sep 1, 2026 Sadek Wahba10% owner Sold 45,428 $55.06 $2.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 4 / 86 / 85 / 8
Accruals ratio −4.8%−8.4%−6.1%
Altman Z'' −0.34−2.18−0.48

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Kinetik KNTK $4.2B 19.0% 9.4% 6.3% 8.6% 19.8x 5
Viper Energy VNOM $9.1B 62.0% −10.0% — −1.3% — 3 Compare →
DT Midstream DTM $12.7B 26.7% 49.4% 35.5% 5.7% 27.1x 7 Compare →
Antero Midstream AM $9.9B 7.4% 54.3% — 9.2% 24.8x 7 Compare →
International Seaways INSW $5.5B −11.4% 41.0% 44.9% — 7.1x 6 Compare →

9 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $15.1M $76.8M $136M $148M $161M $1.2B $1.3B $1.5B $1.8B
Gross profit −$1.5M $22.8M $79.9M — — — — — —
Operating income −$11.5M −$12.2M −$1.3B −$1.0B $53.5M $151M $159M $179M $165M
Interest expense $7.1M $8.4M $6.4M $140M $105M $142M $218M $218M $240M
Pretax income $0.5M −$10.7M −$1.3B −$1.2B $3.3M $253M $154M $267M $577M
Income tax $7.0M −$10.5M $64.9M $1.0M $1.9M $2.6M −$233M $23.0M $50.7M
Net income −$0.2M −$0.2M −$1.3B −$1.2B $1.5M $251M $289M $80.0M $178M
Diluted EPS −$6.00 −$0.51 −$95.70 $0.00 $0.00 $1.47 $2.52 $1.02 $2.63
Diluted shares 0.00B 0.01B 0.00B 0.00B 0.00B 0.04B 0.15B 0.06B 0.06B
Cash flow
Cash from operations $0.0M $0.7M $76.3M $102M $236M $613M $585M $637M $604M
Capital expenditure $0.0M $84.0M $343M $181M $78.0M $206M $313M $264M $493M
Free cash flow $0.0M −$83.3M −$266M −$79.3M $158M $407M $272M $374M $112M
Depreciation and amortization $6.0M $20.1M $41.5M $224M $244M $260M $281M $324M $383M
Stock-based compensation — — — $0.0M $0.0M $42.8M $56.0M $76.5M $62.6M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $125M $341M $176M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $5.8M $0.0M $176M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $39.3M $81.4M $175M $194M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $39.3M $87.1M $175M $370M
Balance sheet
Cash and short-term investments $0.0M $450M $6.0M $24.2M $18.7M $6.4M $4.5M $3.6M $4.0M
Total debt — $0.0M $396M $624M $2.3B $3.4B $3.6B $3.4B $3.7B
Finance lease liabilities $0.0M $0.0M $9.8M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $6.2M $468M $31.7M $42.8M $218M $242M $257M $295M $302M
Current liabilities $125M $98.5M $33.7M $30.0M $241M $228M $250M $419M $441M
Inventory $0.7M $5.8M $4.0M $3.6M $2.1M $4.8M $3.1M $3.6M $4.6M
Property and equipment, net $700M $1.2B $206M $196M $1.8B $2.5B $2.7B $3.4B $3.9B
Total assets $706M $1.9B $1.5B $1.8B $3.6B $5.9B $6.5B $6.8B $7.1B
Total liabilities $150M $131M $597M $864M $2.5B $3.6B $3.9B $3.8B $4.2B
Shareholders' equity $556M −$227M $0.0M $0.0M $0.0M −$840M −$531M −$3.0B −$565M
Margins
Gross margin −9.6% 29.7% 58.9% — — — — — —
Operating margin −76.2% −16.0% −946.8% −687.6% 33.3% 12.4% 12.7% 12.1% 9.4%
EBITDA margin −36.6% 10.2% −916.3% −536.8% 184.9% 33.9% 35.0% 34.0% 31.0%
Net margin −1.2% −0.3% −977.7% −778.8% 0.9% 20.7% 23.0% 5.4% 10.1%
FCF margin 0.0% −108.6% −196.2% −53.5% 98.1% 33.5% 21.6% 25.2% 6.3%
Returns
Return on capital — — — −161.3% 1.8% 6.1% 5.7% 9.4% 8.6%
Return on capital employed — −1.1% −79.7% −63.1% 2.1% 3.3% 2.7% 2.8% 2.5%
Return on equity — −0.2% — — — — — — —
Return on assets — −0.0% −79.1% −70.0% 0.1% 5.3% 4.7% 1.2% 2.6%
Growth
Revenue growth — 406.9% 76.9% 9.3% 8.2% 655.5% 3.5% 18.0% 19.0%
Net income growth — — — — — 16,817.8% 15.4% −72.4% 122.8%
EPS growth — — — — — — 71.4% −59.5% 157.8%
FCF growth — — — — — 158.3% −33.2% 37.6% −70.1%
Share count change — 178.1% −56.7% −100.0% — — 250.9% −58.9% 4.2%
Financial health
Net debt / EBITDA — −57.5x — — 7.8x 8.3x 8.2x 6.7x 6.7x
Interest coverage −1.6x −1.5x −201.4x −7.3x 0.5x 1.1x 0.7x 0.8x 0.7x
Current ratio 0.1x 4.8x 0.9x 1.4x 0.9x 1.1x 1.0x 0.7x 0.7x
Quick ratio 0.0x 4.7x 0.8x 1.3x 0.9x 1.0x 1.0x 0.7x 0.7x
Capital allocation
Capex / revenue 0.0% 109.5% 252.3% 122.3% 48.6% 17.0% 24.9% 17.8% 27.9%
Stock comp / revenue — — — 0.0% 0.0% 3.5% 4.5% 5.2% 3.6%
Payouts / FCF — — — — 0.0% 9.7% 32.1% 46.9% 331.2%
Quality scores
Piotroski F-score — — 4.0 5.0 5.0 7.0 4.0 6.0 5.0
Altman Z'' 2.6 −0.9 −6.6 −4.4 0.1 −0.6 −0.3 −2.2 −0.5
Accruals ratio — −0.1% −83.6% −76.2% −8.8% −7.7% −4.8% −8.4% −6.1%

Source: SEC EDGAR XBRL filings (CIK 0001692787). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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