Kinetik Holdings Inc.
KNTK · Natural Gas Transmission · 146.2M shares · +150%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$50M (gross $6M, SBC $56M)
Grade
C65Permian midstream operator with solid revenue and earnings growth but mid-pack returns and a negative-equity ROE artifact.
Strengths
- Net income growth 93.8th pct and revenue growth 75th pct on FY2025
- Positive FCF ($112M) and strong OCF margin (34%)
Risks
- Operating margin only 14th pct and ROA 25th pct — mid-pack returns
- Negative book equity / D/E (-6.75, 12.5th pct) and current ratio 0.69 signal a levered balance sheet
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -6.75)
- Weak liquidityCurrent ratio 0.69 (<1)
- Chronic dilutionShare count +150%/yr over 4y (dilution, book value/share -144967%)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
9.3%
Net margin
10.1%
Return on equity
-31.5%
Return on assets
2.5%
ROIC
4.0%
Revenue growth (QoQ)
-4.7%
Net-income growth
122.8%
Debt / equity
-6.8×
Net debt / EBITDA
7.0×
Current ratio
0.7×
Free cash flow
$112M
EBITDA
$548M
Tangible book value
-$1.1B
Cash & investments
$4M
Stock comp / revenue
3.5%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-05-20 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-03 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-09-05 | Material agreementReg FDExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-23 | 0001692787-26-000110 ↗ |
| 8-K | 2026-05-20 | 2026-05-19 | 0001692787-26-000095 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001692787-26-000092 ↗ |
| 8-K | 2026-05-07 | 2026-05-06 | 0001692787-26-000089 ↗ |
| 8-K | 2026-04-03 | 2026-03-31 | 0001193125-26-142345 ↗ |
| 8-K | 2026-02-26 | 2026-02-25 | 0001692787-26-000047 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001692787-26-000048 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001692787-25-000067 ↗ |
| 8-K | 2025-11-06 | 2025-11-05 | 0001692787-25-000064 ↗ |
| 8-K | 2025-09-05 | 2025-08-30 | 0001193125-25-197243 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0001692787-25-000050 ↗ |
| 8-K | 2025-08-07 | 2025-08-06 | 0001692787-25-000047 ↗ |