Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026
Basics
Sector
Energy
Industry
Oil & Gas Midstream
Country
United States
Market cap
9.2B USD
Enterprise value
13.3B USD
Full-time employees
500
Overall health
Strength:growing faster than most peersgrowing faster than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: its share price swings more than most peers’ (beta 0.79 vs a peer median of 0.57), though less than the overall market and less short-term liquidity (current ratio 0.68 vs a peer median of 1.37)higher risk: bigger price swings (beta 0.79 vs peers 0.57) and less liquidity (current ratio 0.68 vs peers 1.37)
Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Kinetik's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Stock pay outran buybacks. Stock-based pay expense $195M vs $182M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Kinetik recorded $195M of stock-based pay expense and spent $182M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Kinetik recorded $195M of stock-based pay expense and spent $182M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Profit isn't fully turning into cash. Free cash flow is only 29% of reported profit.
Free cash flow is only 29% 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.
Investment surge. Capital spending 28% of revenue, up from 17% in 2022.
Kinetik is spending 28% of revenue on facilities and equipment, up from 17% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -7.81Sector median: 0.4659 · MAD: 0.3175
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 Kinetik
Is Kinetik getting weaker?
Its latest SEC filing (Aug 6, 2026) got stronger: operating margin rose 2.3 points to 10.5%. Its overall score is unchanged at 39/100 since Oct 28, 2026.
How is Kinetik valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 20/100 against 404 energy peers.EBITDA yield 4.6% vs a peer median of 12.1% (weaker than 86% of peers).EBITDA yield 4.6% vs peers 12.1% (weaker than 86% of peers).
Is Kinetik growing?
Yes, faster than most of its peers. Growth scores 88/100 against 404 energy peers.3-year revenue growth 16.3% vs a peer median of -1.3% (stronger than 89% of peers).3-year revenue growth 16.3% vs peers -1.3% (stronger than 89% of peers).
How profitable is Kinetik?
About as profitable as its peers. Profitability scores 47/100 against 404 energy peers.Return on assets 7.6% vs a peer median of 4.4% (stronger than 76% of peers).Return on assets 7.6% vs peers 4.4% (stronger than 76% of peers).Return on invested capital 5.7% vs a peer median of 9.3% (weaker than 67% of peers).Return on invested capital 5.7% vs peers 9.3% (weaker than 67% of peers).
How risky is Kinetik?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 0.68× vs a peer median of 1.37× (weaker than 88% of peers).Current ratio 0.68× vs peers 1.37× (weaker than 88% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Operating margin rose 2.3 points to 10.5%
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.7B USD
1.9B USD
+8.9%
Net income (12 months)
518.1M USD
544.0M USD
+5.0%
Operating margin
8.2%
10.5%
+2.3 pts
Free cash flow (12 months)
106.8M USD
156.8M USD
+46.9%
Debt
3.8B USD
3.9B USD
+2.5%
Cash
720,000 USD
7.8M USD
+987.5%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
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 Aug 2019; 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
Operating margin
8.1%
12.4%
12.7%
12.1%
9.3%
▼ 2.7 pts
Net margin
0.2%
20.7%
23.0%
5.4%
10.1%
▲ 4.7 pts
Return on assets (ROA)
0.0%
4.2%
4.5%
1.2%
2.5%
▲ 1.3 pts
Free cash flow margin
23.8%
33.5%
21.6%
25.2%
6.3%
▼ 19 pts
Current ratio
0.90×
1.06×
1.03×
0.70×
0.69×
▼ 2.6%
Quick ratio
0.89×
1.04×
1.02×
0.70×
0.68×
▼ 2.9%
Interest coverage
0.51×
1.06×
0.73×
0.82×
0.69×
▼ 16%
KNTK price history
Price history is added with the daily price update and will appear after the next one.