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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

48.82 0.32 −0.65%
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

Kinetik Holdings Inc. (KNTK) valuation and DCF model

What the price implies · reverse DCF

At $48.82 the price implies free cash flow after share-based pay growing 15.3% a year for ten years.

Free cash flow after share-based pay grew 49.5% a year over the last five years. The price asks for less than its five-year rate. The industry’s median company is priced for 5.8%.

In December 2021 the price assumed 18.8% a year; Kinetik Holdings Inc. went on to grow free cash flow after share-based pay −47.3% a year to FY2025.

Price implies
15.3%
Last 5 years, reported
49.5%
Industry median implies
5.8%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
15.3% a year for ten years
$48.82
today’s price
Its base case
25.0% a year for five years, then 15.0%
$95.75
96.1% above today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Kinetik Holdings Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 15.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Kinetik Holdings Inc.’s own cost of capital: risk-free 4.3% + beta 0.67 × equity premium 4.5% = 7.3% cost of equity; weighted, 7.3%.

Use 7.3%
Equity value $6.85b ▲ above market cap $3.49b
Base case value per share $95.75 equity value ÷ 71.54m shares
Current price $48.82 market price per share
Above today’s price 96.1% upside at the base case’s assumptions

How we got there$3.47b 10 years of cash to equity+$7.33b terminal value−$3.96b net debt=$6.85b equity value÷71.54m shares=$95.75 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Oil & Gas Midstream).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 16.33× 22.72× 22.72× 28% below 11.68× 40% above
P/FCF 16.68× 13.22× 206.39× 92% below 8.52× 96% above
P/B — 11,508.24× 11,508.24× — 1.68× —
EV/EBITDA 12.85× 12.00× 22.71× 43% below 9.03× 42% above
EV/Sales 3.97× 4.04× 5.18× 23% below 3.43× 16% above
P/E P/FCF P/B EV/EBITDA EV/Sales
11.73×25.06×38.38×51.71×10Y avg 22.72×20222023202420252026

KNTK trades at 16.33× P/E, against a 10-year average of 22.72× (range 5.91×–55.60×). That is cheaper than 50% of the last 4 year-end readings; re-rating to the average implies $67.91 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.