Kinetik Holdings Inc. KNTK
We are an integrated midstream energy company in the Permian Basin providing comprehensive gathering, transportation, compression, processing and treating services. Our core capabilities include a variety of service offerings including natural gas gathering, transportation, compression, treating and processing; NGLs stabilization and transportation; produced water gathering and disposal; and crude oil gathering, stabilization, storage and transportation. We have over 2.4 Bcf/d cryogenic natural gas processing capacity strategically located across Texas and New Mexico. As measured by processing capacity, we are the fourth largest natural gas processor in the Delaware Basin and fourth largest across the entire Permian Basin. In addition, we have equity interests in two long-term contracted pipelines transporting natural gas, NGLs, and crude oil from the Permian Basin to the U.S. Gulf Coast and Mexico markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.76B | $1.48B | $1.26B | $1.21B | $662.0M | $410.2M | $135.8M | $76.8M | $15.1M | — |
| Cost of revenue | — | — | — | — | — | — | $55.9M | $53.9M | $16.6M | — |
| Gross profit | — | — | — | — | — | — | $79.9M | $22.8M | -$1.5M | — |
| SG&A | $130.6M | $134.2M | $97.9M | $94.3M | $28.6M | $22.9M | $10.3M | $7.4M | $4.0M | — |
| Total operating expenses | $300.3M | $220.7M | $183.1M | $154.3M | $608.6M | $1.43B | $1.42B | $89.0M | $26.7M | — |
| Operating income | $164.9M | $179.2M | $159.3M | $150.5M | $53.5M | -$1.02B | -$1.29B | -$12.2M | -$11.5M | — |
| Interest expense | — | — | $205.9M | — | — | — | — | — | — | — |
| Pre-tax income | $576.7M | $267.3M | $153.5M | $253.3M | $3.3M | -$1.15B | -$1.26B | -$10.7M | -$11.5M | — |
| Income tax | $50.7M | $23.0M | $232.9M | $2.6M | $1.9M | $968.0K | $64.9M | $10.5M | $7.0M | — |
| Net income | $525.9M | $244.2M | $386.5M | $250.7M | $99.2M | -$1.16B | -$1.33B | -$239.0K | -$18.6M | — |
| EPS, basic | 2.66 | 1.03 | 5.25 | 1.47 | 0.00 | 0.00 | -95.70 | -0.51 | -0.30 | — |
| EPS, diluted | 2.63 | 1.02 | 2.52 | 1.47 | 0.00 | 0.00 | -95.70 | -0.51 | -0.30 | — |
| Shares, diluted (wtd. avg.) | $62.7M | $60.1M | $146.2M | $41.7M | $0 | $0 | $3.7M | $8.7M | $62.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.0M | $3.6M | $4.5M | $6.4M | $18.7M | $19.6M | $50.3M | $449.9M | $0 | $0 |
| Receivables | $85.3M | $111.9M | $215.7M | $204.0M | $178.1M | — | $15.5M | $10.9M | $5.4M | — |
| Inventory | $4.6M | $3.6M | $3.1M | $4.8M | $2.1M | $3.6M | $4.0M | $5.8M | $743.0K | — |
| Total current assets | $302.0M | $294.8M | $257.3M | $241.9M | $217.5M | $42.8M | $31.7M | $468.0M | $6.2M | $7.5K |
| Property, plant and equipment | $3.87B | $3.43B | $2.74B | $2.54B | $1.84B | $195.8M | $205.8M | $1.23B | $699.6M | — |
| Goodwill | $5.1M | $5.1M | $5.1M | $5.1M | $0 | — | — | — | — | — |
| Other intangibles | $553.2M | $652.5M | $591.7M | $695.4M | $786.0M | — | — | — | — | — |
| Total assets | $7.10B | $6.81B | $6.50B | $5.92B | $3.55B | $1.80B | $1.50B | $1.86B | $705.8M | $45.7K |
| Accounts payable | $42.1M | $27.2M | $34.0M | $17.9M | $12.2M | — | — | — | — | — |
| Short-term debt | $165.2M | $140.2M | $0 | — | — | $0 | $9.8M | — | — | — |
| Total current liabilities | $440.5M | $418.6M | $250.1M | $227.8M | $240.9M | $30.0M | $33.7M | $98.5M | $124.5M | $23.1K |
| Long-term debt | $3.65B | $3.39B | $3.59B | $3.40B | $2.35B | $624.0M | $396.0M | $0 | — | — |
| Total liabilities | $4.17B | $3.84B | $3.87B | $3.65B | $2.55B | $863.5M | $597.3M | $130.5M | $149.7M | $23.1K |
| Retained earnings | -$806.1M | -$2.98B | -$723.5M | -$958.6M | $0 | -$369.4M | -$392.6M | -$213.7M | -$18.6M | -$2.4K |
| Total equity | -$565.4M | -$2.98B | -$530.8M | -$839.8M | $10.0K | $10.0K | $9.0K | -$227.0M | $556.1M | $59.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $604.1M | $637.3M | $584.5M | $613.0M | $235.6M | $102.1M | $76.3M | $661.0K | $0 | — |
| Depreciation and amortisation | $382.6M | $324.2M | $281.0M | $260.3M | $243.6M | $223.8M | $41.5M | $20.1M | $6.0M | — |
| Stock-based compensation | $62.6M | $76.5M | $56.0M | $42.8M | $0 | $0 | — | — | — | — |
| Capital expenditure | $492.5M | $263.5M | $312.9M | $206.2M | $78.0M | $181.4M | $342.6M | $84.0M | $0 | — |
| Investing cash flow | -$199.1M | -$176.9M | -$686.3M | -$286.1M | -$99.6M | -$505.6M | -$1.50B | -$175.1M | $0 | — |
| Financing cash flow | -$404.7M | -$461.4M | $100.0M | -$339.2M | -$136.8M | $372.8M | $983.5M | $624.4M | $0 | — |
| Dividends paid | $193.7M | $175.2M | $81.4M | $39.3M | $0 | $0 | $0 | — | — | — |
| Buybacks | $176.0M | $0 | $5.8M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001692787-26-000086.
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