Knife River Corp posted strong Q2 2026 revenue growth offset by unspecified factors during its earnings call. Mixed Q2 2026 earnings with revenue gains tempered by offsets will moderately shift KNF market trajectory.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 262.32 | 281.13 | 123.42 | 102.03 |
| Receivables | 266.79 | 267.24 | 278.03 | 468.41 |
| Inventory | 319.62 | 380.34 | 435.71 | 507.33 |
| Other | 27.29 | 31.28 | 77.53 | 121.93 |
| 913.54 | 987.67 | 960.92 | 1,271.67 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 107.66 | 140.83 | 145.58 | 227.94 |
| ST’ Debt | 7.08 | 10.48 | 11.71 | 17.22 |
| Other | 51.38 | 42.13 | 33.77 | 26.64 |
| 347.27 | 370.04 | 377.99 | 477.24 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | — | ‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 410.13 | 938.59 | — | — |
—
|
| ’25 | 353.47 | 833.76 | 1,203.72 | 755.06 |
3,146.01
|
| ’24 | 329.59 | 806.91 | 1,105.29 | 657.22 |
2,899.01
|
| ’23 | 307.90 | 785.19 | 1,090.37 | 646.89 |
2,830.35
|
| ’22 | 309.97 | 711.81 | 975.43 | 537.52 |
2,534.73
|
| ’21 | — | — | — | — |
2,228.93
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (58.55) | (75.09) | — | — |
—
|
| ’25 | (125.28) | (42.57) | 250.43 | 195.89 |
278.48
|
| ’24 | (43.21) | (46.57) | 239.67 | 172.43 |
322.32
|
| ’23 | (79.28) | 8.90 | 223.31 | 182.80 |
335.73
|
| ’22 | (76.16) | (71.65) | 187.21 | 168.05 |
207.44
|
| ’21 | — | — | — | 181.24 |
181.24
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (132.76) | (146.26) | — | — |
—
|
| ’25 | (182.71) | (182.29) | 195.53 | 147.38 |
(22.09)
|
| ’24 | (85.27) | (101.36) | 216.97 | 131.56 |
161.89
|
| ’23 | (118.47) | (14.37) | 204.54 | 148.02 |
219.73
|
| ’22 | (114.40) | (109.37) | 147.04 | 128.89 |
52.16
|
| ’21 | — | — | — | 19.03 |
19.03
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (1.40) | 0.77 | — | — |
—
|
| ’25 | (1.21) | 0.89 | 2.52 | 0.56 |
2.76
|
| ’24 | (0.84) | 1.37 | 2.60 | 0.41 |
3.55
|
| ’23 | (516.50) | 1.00 | 2.58 | 0.36 |
3.23
|
| ’22 | — | 0.68 | 1.76 | — |
2.05
|
| ’21 | — | — | — | — |
2.29
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — | 36.48 | 61.50 | 58.72 | — | — | — |
Low Price
|
| — | — | — | — | — | — | — | 67.43 | 108.39 | 108.83 | — | — | — |
High Price
|
| — | — | — | — | — | — | 3,797 | 4,389 | 4,761 | 5,298 | — | — | — |
Employees
|
| — | — | — | — | ‡‡‡ | ‡‡‡ | 0.67 | 0.64 | 0.61 | 0.59 | — | — | — |
Revenue/Emp
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,534.73 | 2,830.35 | 2,899.01 | 3,146.01 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.24% | 19.04% | 19.66% | 18.35% | — | — | — |
Gross Margin
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 158.82 | 245.31 | 270.99 | 213.21 | — | — | — |
EBT
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.27% | 8.67% | 9.35% | 6.78% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 116.22 | 182.87 | 201.68 | 157.07 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 118.28 | 126.92 | 139.63 | 197.46 | — | — | — |
Depreciation
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 44.81 | 50.03 | 51.21 | 55.53 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡ | 2.05 | 3.23 | 3.56 | 2.77 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.67 | 5.93 | 5.69 | 4.92 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.75) | (2.05) | (2.83) | (5.31) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.92 | 3.88 | 2.86 | (0.39) | — | — | — |
Free CF/Sh
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 18.18 | 22.38 | 26.08 | 28.96 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 56.57 | 56.57 | 56.61 | 56.65 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | — | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 28.47 | 25.31 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.82 | 1.28 | 1.98 | 1.27 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.14 | 2.87 | 3.90 | 2.43 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.05 | 1.43 | 2.12 | 1.60 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 55.28 | 18.43 | 37.99 | (227.56) | — | — | — |
EV/FCF
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 207.44 | 335.73 | 322.32 | 278.48 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | (155.28) | (116.00) | (160.43) | (300.57) | ‡‡‡‡‡ | — | — |
Capex
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 52.16 | 219.73 | 161.89 | (22.09) | ‡‡‡‡‡ | — | — |
FCF
|
| — | — | — | — | — | ‡‡‡‡‡ | 91.68 | 566.27 | 617.63 | 582.93 | — | — | — |
Working Cap'
|
| — | — | — | — | — | ‡‡‡‡‡ | 447.09 | 681.66 | 677.39 | 1,165.54 | — | — | — |
Total Debt
|
| — | — | — | — | — | ‡‡‡‡‡ | 437.00 | 419.34 | 396.25 | 1,042.12 | — | — | — |
Net Debt
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 1,028.59 | 1,266.01 | 1,476.09 | 1,640.94 | — | — | — |
Sh' Equity
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 5.19% | 7.47% | 7.40% | 4.83% | — | — | — |
ROA
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 8.29% | 10.99% | 10.55% | 6.66% | — | — | — |
ROIC
|
| — | — | — | — | ‡‡‡ | ‡‡‡ | 11.69% | 15.94% | 14.71% | 10.08% | — | — | — |
ROE
|
Knife River Corporation (KNF) exemplifies steady, resilient growth in the construction materials sector following its 2023 spin-off from MDU Resources, unlocking focused execution amid the Infrastructure Investment and Jobs Act’s (IIJA) $1 trillion tailwinds. Revenue has compounded at 7.4% annually from 2020 to 2024, reaching $2.9 billion, with projections for 7-8% CAGR through 2027, driven by aggregates, asphalt, and concrete demand in key U.S. markets. While operational scale has expanded efficiently—headcount up 25% without major productivity dips—cyclical construction pressures and input cost volatility warrant caution.
Profitability and cash flow metrics underscore balance sheet discipline: EBT margins improved to 9.4%, gross margins rebounded to 19.7%, and free cash flow per share doubled to $2.86, funding capex while net debt remains low at $396 million against $1.48 billion in equity. EPS is forecast to grow 20% cumulatively by 2027, with ROE and ROIC holding at elite levels for the industry (14.7% and 10.6%), providing a buffer against downturns. Yet, a projected 2025 EPS dip highlights election-year uncertainties and spin-off adjustments.
At forward P/E multiples compressing to 21.8x by 2027 and analyst targets implying 15-49% upside, KNF trades at a premium for quality but discounts to peak earnings power. With minimal insider activity and positioning in sustainable materials, it offers potential for shareholder returns via buybacks—though labor shortages and commodity swings pose downside risks best mitigated by its prudent leverage.
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