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Kinetik Holdings Inc.

KNTK Energy Oil & Gas Midstream

Kinetik Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 19.0% from fiscal 2024.

Revenue
+22.7%
EPS
+766.7%
Free cash flow
+692.5%
Total debt
−4.89%

Quarter to September 2026, against a year earlier

49.33 1.84 −3.60%
Market cap
$8.0B
P/E
16.3×
Fwd P/E
38.9×
Dividend yield
6.57%
F-score
5/9
Altman Z
0.32
Beneish M
−2.47
Dividend safety
12/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • Midstream Logistics
  • Pipeline Transportation

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 441.56
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 1 4 3 — — — 8 5 3 —
Insider Ownership 21.36%

Capital & Financial Ratios $m

Size
Market Cap 7,980.00
Revenue ttm 1,991.24
Net income ttm 585.61
Free cash flow ttm 236.48
Net debt Q 3,957.04
Valuation
P/E 16.33
Forward P/E 38.90 (above 35: high)
Price / sales 1.98
Forward P/S Powerpack
Price / FCF 16.68
Price / book 0.00
Financial health
Current ratio Q 0.64 (below 1: weak)
Debt / equity Q (2.93) (negative: negative equity)
Interest coverage Q 1.17
Growth
Revenue growth Q +22.72% (above 0%: growing)
Operating income growth Q +222.12% (above 0%: growing)
EPS, this year −43.83% (below 0%: weak)
EPS, next year A +32.13% (at or above 15%: strong)
Revenue, next year A +19.76% (at or above 10%: strong)
EPS, past 5 yrs +70.98% (at or above 15%: strong)
EPS, next 5 yrs A −2.94% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.0×, against a ten-year median of 4.1×; over the ten years it ranged from −1.6× in 2019 to 12.4× in 2019.
P/E against its own 10 years 32.14%
10-year low 10-year high
P/S against its own 10 years 78.77%
10-year low 10-year high
EV/Sales against its own 10 years 37.41%
10-year low 10-year high
EV/FCF against its own 10 years 75.30%
10-year low 10-year high

Dividends raised 4 years running

Yield
6.57%
Annual rate
3.24
Payout ratio
108.4%
Growth, 2021–26
+1.55%/yr
  1. 3.00 ’21
  2. 2.25 ’22 −25
  3. 3.00 ’23 +33
  4. 3.03 ’24 +1
  5. 3.12 ’25 +3
  6. 3.24 ’26 +4
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5 4 4 7
Receivables 216 252 250 366
Inventory — — — —
Other 8 2 14 16
257 295 302 429
2023 2024 2025 Q'26
Payables 34 27 42 14
ST’ Debt — 140 165 225
Other 10 46 18 46
250 419 441 668

Compound Annual Growth %

10y 5y 3y
Sales — 33.88% 13.29%
Cash Flow — 42.70% (0.49%)
Earnings — 129.65% 42.89%
Book Value — 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.40 Actual 0.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.15 2.16 Beat by 2.01
Q1 FY26 0.16 −0.07 Miss by 0.23
Q2 FY26 0.19 0.64 Beat by 0.45
Q3 FY26 0.40 0.26 Miss by 0.14
Q4 FY26 0.45 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.07) 0.64 0.26 — —
’25 0.05 0.33 0.03 2.16 2.63
’24 0.12 0.54 0.35 0.01 1.02
’23 (0.06) 0.41 0.21 1.70 2.52
’22 0.03 0.66 0.63 (25.39) 1.48
’20 (0.78) (0.03) 0.15 1.26 0.18
’19 0.10 (0.73) (0.25) (176.41) (177.22)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 410 581 569 — —
’25 443 427 464 430 1,764
’24 341 359 396 386 1,483
’23 281 296 330 349 1,256
’22 257 336 325 295 1,213
’21 148 136 167 56 662
’20 41 32 40 35 410
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 180 161 273 — —
’25 177 129 188 110 604
’24 154 126 214 144 637
’23 120 111 175 179 584
’22 98 171 184 160 613
’21 42 53 65 76 236
’20 52 35 51 (35) 102
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 91 46 129 — —
’25 95 (7) 16 (30) 75
’24 94 86 151 32 362
’23 51 6 88 110 255
’22 66 124 90 112 392
’21 21 31 46 58 156
’20 39 29 48 (212) (97)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 15.4% a year for ten years.

Implied
15.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 15 77 136 410 662 1,213 1,256 1,483 1,764 1,991 +81.3% 2,113 2,454 2,625 +14.2%
Gross margin, % — (9.61) 29.74 58.87 61.30 50.98 44.06 46.10 44.93 40.07 41.01 +49.7 pt
EBT 0 (12) (11) (1,263) (1,155) 3 253 154 267 577 645 n/m
EBT margin, % 0.00 (76.17) (13.99) (929.93) (281.54) 0.51 20.88 12.22 18.02 32.68 32.37 +32.7 pt
Net income 0 (19) 0 (1,328) (1,156) 1 251 386 244 526 586 n/m
Per share, $
Per share, $ Revenue 0.00 2.43 4.43 18.13 54.75 88.37 29.15 24.24 25.01 28.48 24.91 n/m
Earnings 0.00 (2.98) (0.30) (177.22) 0.37 (1.86) 1.48 5.25 1.03 2.66 3.02 n/m
Cash flow 0.00 0.00 0.04 10.18 13.63 31.44 14.73 11.28 10.75 9.75 9.06 n/m
Capex 0.00 0.00 (4.85) (43.96) (26.57) (10.56) (5.32) (6.35) (4.65) (8.54) (6.10) n/m
Free cash flow 0.00 0.00 (4.81) (33.78) (12.94) 20.88 9.41 4.93 6.10 1.21 2.96 n/m
Book value 0.02 89.31 (12.34) (47.13) (33.02) 0.00 (20.17) (10.24) (50.21) (9.12) (16.95) n/m
Shares, m 1 6 17 7 7 7 42 52 59 62 71 +58.1%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 21.84 5.91 55.60 13.92 16.33 10.8
P/S — 0.00 17.44 1.58 1.20 0.45 1.10 1.39 2.27 1.27 1.98 3.0
P/B — 43.26 0.00 0.00 0.00 22,973.23 0.00 0.00 0.00 0.00 0.00 2,557.4
EV/Sales — 0.00 11.57 4.52 5.32 4.99 3.91 4.27 4.64 3.43 3.97 4.7
EV/FCF — 660.89 612.36 (2.43) (9.93) 16.17 12.10 21.01 19.02 81.07 33.41 156.7
Cash, $m
Cash, $m Operating cash flow 0 0 1 76 102 236 613 584 637 604 724 n/m
Capex — — (84) (329) (199) (79) (221) (329) (275) (529) (488) +30.1%
Free cash flow 0 0 (83) (253) (97) 156 392 255 362 75 236 n/m
Balance, $m
Balance, $m Working capital 0 (118) 370 (2) 13 (23) 14 7 (124) (138) (239) +174.6%
Net debt 0 — (450) 400 600 2,301 3,408 3,584 3,522 3,820 3,957 n/m
Shareholders’ equity 0 556 (214) (353) (247) 0 (840) (531) (2,977) (565) (1,355) n/m
Returns, %
Returns, % ROA 0.00 (5.26) (0.34) (21.35) 0.17 (0.52) 1.29 4.66 1.20 2.56 0.00 +2.6 pt
ROIC (9.93) (1.30) 0.00 (1,720.48) (180.96) 1.45 3.66 3.26 20.56 3.17 5.82 +13.1 pt
ROE 0.00 (6.68) (2.56) 126.50 (0.93) 11.27 (14.55) (42.24) (4.56) (10.07) 0.00 (10.1) pt
People
People Employees 2 2 2 — 5 — 300 330 460 500 — +84.7%
Revenue/emp, $m 0.00 7.57 38.38 0.00 82.04 0.00 4.04 3.81 3.22 3.53 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Kinetik Holdings is a midstream energy company operating in the Permian Basin of Texas and New Mexico. It connects oil and natural gas production to the pipelines and markets that take those products away. Jamie Welch is president and chief executive officer. Its corporate office is in Houston, and its operational headquarters is in Midland, Texas.

For natural gas producers, Kinetik gathers gas from producing areas, compresses it for movement through pipelines, removes unwanted substances and processes it into marketable components. Those components include natural gas liquids, or NGLs, which the company also stabilizes and transports. Its processing complexes have over 2.4 Bcf/d of cryogenic gas processing capacity.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Midstream Logistics 1,474 99.37%
Pipeline Transportation 35 2.39%
Gross margin 44.93%
Operating margin 12.09%
Pre-tax margin 18.02%

Revenue by segment since 2017

Kinetik Holdings Inc. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VNOM Viper Energy Inc. $14.4B 18.1× 16.7× +58.13% (above 0%: growing) n/m +57.25% (above 0%: growing) 100.00% 60.36% Compare
DTM DT Midstream, Inc. $11.5B 24.4× 26.7× +7.01% (above 0%: growing) +4.92% (above 0%: growing) +40.46% (above 0%: growing) 100.00% 48.51% Compare
FRO Frontline PLC $10.0B 6.7× 5.4× +112.25% (above 0%: growing) +745.71% (above 0%: growing) +155.42% (above 0%: growing) 74.15% 65.92% Compare
AM Antero Midstream Corporation $9.1B 13.4× 15.8× +10.92% (above 0%: growing) +244.92% (above 0%: growing) +232.64% (above 0%: growing) 74.54% 170.39% Compare
KNTK Kinetik Holdings Inc. $8.0B 16.3× 38.9× +22.72% (above 0%: growing) +766.67% (above 0%: growing) +692.49% (above 0%: growing) 34.67% 11.19%
SOBO South Bow Corporation $6.6B 14.4× 19.5× +4.20% (above 0%: growing) +39.13% (above 0%: growing) +48.75% (above 0%: growing) 55.68% 48.90% Compare
HESM Hess Midstream Partners LP $6.3B 10.5× 10.5× −2.57% (below 0%: shrinking) +1.35% (above 0%: growing) +35.38% (above 0%: growing) 100.00% 63.98% Compare
INSW International Seaways Inc. $4.8B 4.5× 4.1× +146.04% (above 0%: growing) +386.01% (above 0%: growing) +323.97% (above 0%: growing) 0.00% 0.00% Compare
CMBT CMB.TECH nv $4.8B 3.4× 3.9× +519.15% (above 0%: growing) n/m +451.20% (above 0%: growing) 71.02% 54.45% Compare
Median of peers $7.8B 12.0× 13.2× +34.53% +142.02% +106.34% 74.34% 57.41%

All 57 Oil & Gas Midstream stocks →

From the latest earnings call

Updated

  • CEO Jamie Welch said Kinetik expanded its planned Kings Landing II processing capacity while keeping the expected project cost unchanged.
  • CFO Trevor Howard said Kinetik expects 2026 adjusted EBITDA at the high end of guidance and capital spending below its prior forecast.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 43.99%
Held by the ten largest 25.38%
Holder Shares Stake Change
Blackstone Inc. 11.92m 7.34% 0.00
BlackRock 8.60m 5.29% +1.59m
Vanguard 6.08m 3.74% +729.63k
Goldman Sachs 4.26m 2.62% +369.08k
State Street 2.00m 1.23% +286.48k
Citadel Advisors 1.84m 1.13% +129.10k
Invesco 1.83m 1.13% +33.38k
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 1.75m 1.08% −122.00k
COHEN & STEERS, INC. 1.52m 0.93% +22.63k
Franklin Templeton 1.42m 0.87% +21.17k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 8 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.16m (58.23m) 206.00
2024 7.24m 95.20m 303.00
2022 343.61k 706.65k 164.00
2021 2.48m 4.35m 143.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Kinetik Holdings Inc. (KNTK) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript

4 Nov

Impact 3 · · Business Wire

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

19 Oct

Impact 4 · · Insider Monkey

1 Oct

Impact 3 · · Zacks

16 Sep

Impact 4 ·

15 Sep

Impact 4 ·

4 Sep

Impact 3 ·

3 Sep

Impact 3 · · The Motley Fool

8 Aug

Impact 3 · · MarketBeat

5 Aug

Impact 4 ·

29 Jul

Impact 3 ·

17 Jun

Impact 3 ·

20 May

Impact 4 · · offshore-technology.com

19 May

Impact 4 · · Business Wire

15 May

Impact 3 · · Simply Wall St.

11 May

Impact 4 · · MarketBeat

7 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

6 May

Impact 4 · · Business Wire
Impact 3 · · Zacks

29 Apr

Impact 3 · · Zacks

7 Mar

Impact 4 · · Simply Wall St.

4 Mar

Impact 4 · · Insider Monkey

1 Mar

Impact 3 · · Insider Monkey

28 Feb

Impact 4 · · MarketBeat

26 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · Simply Wall St.

25 Feb

Impact 4 ·

KNTK metrics, ten years each

stockrow.com/KNTK · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com