Profit isn't fully turning into cash. Free cash flow is only 31% of reported profit.
Free cash flow is only 31% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Borrowing rising faster than profit. Since 2022: debt +182586%, operating profit +47%.
Knife River's debt grew 182586% since 2022 while operating profit changed +47%.
Investment surge. Capital spending 11% of revenue, up from 7.0% in 2022.
Knife River is spending 11% of revenue on facilities and equipment, up from 7.0% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Profits growing faster than sales. Since 2022: revenue +24%, operating profit +47%.
Since 2022, Knife River's revenue grew 24% while operating profit grew 47%: each extra dollar of sales is adding more profit.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 53 → 51
Share price +6.7%-2
Company's reported figures updated+1
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Free cash flow turned positive over the last 12 months
Why it changed since the Oct 27, 2026 close: Score 52 → 53
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Knife River
Is Knife River getting weaker?
Its latest SEC filing (Aug 4, 2026) got stronger: free cash flow turned positive over the last 12 months. Its overall score is unchanged at 54/100 since Oct 28, 2026.
How is Knife River valued vs its peers?
Priced about in line with its peers. Valuation scores 51/100 against 1,371 basic materials peers.
Is Knife River growing?
Yes, faster than most of its peers. Growth scores 63/100 against 1,371 basic materials peers.3-year revenue growth 8.3% vs a peer median of -0.0% (stronger than 77% of peers).3-year revenue growth 8.3% vs peers -0.0% (stronger than 77% of peers).Earnings per share growth -8.9% vs a peer median of 9.4% (weaker than 65% of peers).Earnings per share growth -8.9% vs peers 9.4% (weaker than 65% of peers).
How profitable is Knife River?
About as profitable as its peers. Profitability scores 53/100 against 1,371 basic materials peers.
How risky is Knife River?
Moderate risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Current ratio 2.66× vs a peer median of 1.76× (stronger than 73% of peers).Current ratio 2.66× vs peers 1.76× (stronger than 73% of peers).Debt / equity 1.01× vs a peer median of 0.36× (weaker than 84% of peers).Debt / equity 1.01× vs peers 0.36× (weaker than 84% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Free cash flow turned positive over the last 12 months
Previous quarter
Latest quarter
Change
Revenue (12 months)
3.2B USD
3.3B USD
+3.3%
Net income (12 months)
146.6M USD
139.9M USD
−4.6%
Operating margin
8.8%
8.3%
−0.5 pts
Free cash flow (12 months)
−5.2M USD
43.1M USD
turned positive
Debt
1.4B USD
1.6B USD
+12.8%
Cash
13.3M USD
40.7M USD
+204.9%
Shares outstanding
56.8M
56.8M
+0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Basic Materials · 121 companies
Valuations in Basic Materials are near the top of their range since 2016.
84% of months since 2016 were valued lower than now.
43% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +23% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is −9% vs the whole market, against a usual −27%.
2016Shaded: most expensive fifth of its range2026
Shown for Basic Materials: too few Building Materials companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
15.6%
14.2%
19.0%
19.7%
18.4%
▼ 1.3 pts
Operating margin
8.6%
7.7%
10.5%
10.9%
9.1%
▼ 1.8 pts
Net margin
5.8%
4.6%
6.5%
7.0%
5.0%
▼ 2.0 pts
Return on assets (ROA)
5.9%
5.1%
7.0%
7.1%
4.3%
▼ 2.8 pts
Return on equity (ROE)
13.6%
11.3%
14.4%
13.7%
9.6%
▼ 4.1 pts
Free cash flow margin
0.3%
1.2%
7.5%
5.2%
-2.2%
▼ 7.4 pts
Current ratio
—
1.18×
2.63×
2.67×
2.54×
▼ 4.8%
Quick ratio
—
0.55×
1.71×
1.64×
1.39×
▼ 15%
Debt to equity
—
0.00×
0.54×
0.46×
0.71×
▲ 55%
Interest coverage
9.94×
6.45×
5.10×
5.72×
3.49×
▼ 39%
KNF price history
Price history is added with the daily price update and will appear after the next one.