Kinetik vs Viper Energy
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The short version
- Kinetik is the larger business, with $1.8B of revenue in fiscal 2025 against $1.4B for Viper Energy.
- Viper Energy grew revenue faster (62.0%, against 19.0%).
- Kinetik kept more of each dollar of sales as operating profit (9.4% operating margin, against −10.0%).
- Kinetik earned a higher return on the capital invested in it (8.6%, against −1.3%).
| Latest fiscal year | KNTK · FY25 | VNOM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $9.1B |
| Revenue | $1.8B | $1.4B |
| Free cash flow | $112M | — |
| Net income | $178M | −$68.0M |
| Growth | ||
| Revenue growth | 19.0% | 62.0% |
| 5-year growth | 64.1% | 41.0% |
| Share count change | 4.2% | 51.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 9.4% | −10.0% |
| Net margin | 10.1% | −4.9% |
| FCF margin | 6.3% | — |
| Return on capital | 8.6% | −1.3% |
| Return on equity | — | −2.2% |
| Balance sheet | ||
| Net debt | $3.6B | $2.2B |
| Net debt / EBITDA | 6.7x | 4.7x |
| Dividends and buybacks | $370M | $328M |
| Valuation & quality | ||
| P/E | 19.8x | — |
| Piotroski F-score | 5 | 3 |
Revenue
FY16
KNTK —
VNOM $79.1M
FY17
KNTK $15.1M
VNOM $172M
FY18
KNTK $76.8M
VNOM $289M
FY19
KNTK $136M
VNOM $298M
FY20
KNTK $148M
VNOM $251M
FY21
KNTK $161M
VNOM $505M
FY22
KNTK $1.2B
VNOM $867M
FY23
KNTK $1.3B
VNOM $828M
FY24
KNTK $1.5B
VNOM $861M
FY25
KNTK $1.8B
VNOM $1.4B
KNTK
VNOM
Operating margin
FY16
KNTK —
VNOM −11.8%
FY17
KNTK −76.2%
VNOM 66.2%
FY18
KNTK −16.0%
VNOM 70.3%
FY19
KNTK −946.8%
VNOM 64.9%
FY20
KNTK −687.6%
VNOM 21.1%
FY21
KNTK 33.3%
VNOM 71.6%
FY22
KNTK 12.4%
VNOM 78.5%
FY23
KNTK 12.7%
VNOM 74.9%
FY24
KNTK 12.1%
VNOM 65.9%
FY25
KNTK 9.4%
VNOM −10.0%
KNTK
VNOM
Free cash flow
FY16
KNTK —
VNOM $68.6M
FY17
KNTK $0.0M
VNOM $139M
FY18
KNTK −$83.3M
VNOM $240M
FY19
KNTK −$266M
VNOM $237M
FY20
KNTK −$79.3M
VNOM $197M
FY21
KNTK $158M
VNOM —
FY22
KNTK $407M
VNOM —
FY23
KNTK $272M
VNOM —
FY24
KNTK $374M
VNOM —
FY25
KNTK $112M
VNOM —
KNTK
VNOM
Return on capital
FY16
KNTK —
VNOM —
FY17
KNTK —
VNOM 13.9%
FY18
KNTK —
VNOM 15.6%
FY19
KNTK —
VNOM 8.8%
FY20
KNTK −161.3%
VNOM 1.6%
FY21
KNTK 1.8%
VNOM 13.4%
FY22
KNTK 6.1%
VNOM 23.3%
FY23
KNTK 5.7%
VNOM 16.7%
FY24
KNTK 9.4%
VNOM 12.8%
FY25
KNTK 8.6%
VNOM −1.3%
KNTK
VNOM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.