Latest Ratios: P/E Ratio 30.8x · EV/EBITDA 12.4x · ROE 10.1%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $4.8B | $4.0B | $5.8B | $3.8B | — | — |
| Enterprise Value | $6.0B | $5.1B | $6.2B | $4.2B | — | — |
| P/E Ratio → | 30.82 | 25.49 | 28.63 | 20.49 | — | — |
| P/S Ratio | 1.53 | 1.27 | 1.99 | 1.33 | — | — |
| P/B Ratio | 2.95 | 2.44 | 3.91 | 2.96 | — | — |
| P/FCF | — | — | 38.51 | 17.75 | — | — |
| P/OCF | 17.33 | 14.37 | 17.91 | 11.18 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.63 | 2.15 | 1.49 | — | — |
| EV / EBITDA | 12.43 | 10.71 | 13.73 | 10.03 | — | — |
| EV / EBIT | 20.85 | 17.40 | 19.06 | 13.90 | — | — |
| EV / FCF | — | — | 41.49 | 19.94 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 18.4% | 18.4% | 19.7% | 19.0% | 14.2% | 15.6% |
| Operating Margin | 9.1% | 9.1% | 10.9% | 10.5% | 7.7% | 8.6% |
| Net Profit Margin | 5.0% | 5.0% | 7.0% | 6.5% | 4.6% | 5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 14.7% | 15.9% | 11.7% | 13.6% |
| ROA | 4.8% | 4.8% | 7.4% | 7.5% | 5.2% | 5.9% |
| ROIC | 9.1% | 9.1% | 13.0% | 12.8% | 8.5% | 8.6% |
| ROCE | 9.9% | 9.9% | 13.4% | 14.7% | 10.8% | 10.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.49 | 0.57 | 0.71 | 0.77 |
| Debt / EBITDA | 2.62 | 2.62 | 1.60 | 1.73 | 2.34 | 2.52 |
| Net Debt / Equity | — | 0.69 | 0.30 | 0.37 | 0.70 | 0.76 |
| Net Debt / EBITDA | 2.36 | 2.36 | 0.98 | 1.10 | 2.31 | 2.47 |
| Debt / FCF | — | — | 2.97 | 2.19 | 24.62 | 102.79 |
| Interest Coverage | 3.60 | 3.60 | 5.91 | 5.22 | 6.27 | 10.01 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.54 | 2.54 | 2.67 | 2.63 | 1.18 | 1.52 |
| Quick Ratio | 1.39 | 1.39 | 1.64 | 1.71 | 0.55 | 0.70 |
| Cash Ratio | 0.33 | 0.33 | 0.76 | 0.76 | 0.02 | 0.04 |
| Asset Turnover | — | 0.86 | 1.02 | 1.09 | 1.10 | 1.02 |
| Inventory Turnover | 5.90 | 5.90 | 6.12 | 7.17 | 6.72 | 6.46 |
| Days Sales Outstanding | — | 32.27 | 33.65 | 34.40 | 32.57 | 32.21 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 3.9% | 3.5% | 4.9% | — | — |
| FCF Yield | — | — | 2.6% | 5.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $57M | $57M | $57M | $57M | $57M |
Seasonal Margin Volatility
Based on current market data, KNF trades at a forward EV/EBITDA of 9.49, which appears to reflect a significant discount compared to pure-play aggregate peers like Vulcan Materials, likely due to the market's skepticism regarding the lower-margin contracting services embedded within the company's operational structure.
The valuation gap suggests that investors are currently pricing KNF as a construction services firm rather than a materials producer. This may overlook the strategic benefit of vertical integration, which provides a captive customer base for its high-margin aggregate reserves during cyclical downturns.
As reported in financial statements, KNF's ROIC has fluctuated significantly, peaking at 8.0% in 2024Q3 before declining to -2.3% in 2026Q1, a trend that highlights the difficulty of maintaining efficient capital returns while aggressively expanding the asset base through regional acquisitions.
The volatility in ROIC appears driven by the heavy capital intensity required to maintain quarrying and asphalt infrastructure. Investors should monitor whether the 'Competitive Edge' program can drive sustained margin expansion to improve these returns above the company's cost of capital.
According to recent quarterly filings, KNF's cash conversion cycle remains highly seasonal, peaking at 138 days in 2026Q1, which underscores the company's reliance on efficient receivables management and inventory turnover to navigate the winter months when construction activity in northern climates is largely suspended.
The wide variance in the CCC suggests that the company's working capital efficiency is structurally tied to weather patterns rather than operational mismanagement. Analysts should focus on the DSO trends during the peak Q3 season to gauge the underlying health of customer collections.
Based on reported figures, KNF's debt-to-equity ratio has climbed to 0.95 as of 2026Q1, reflecting a strategic shift toward debt-funded expansion that warrants careful monitoring as interest coverage ratios have become increasingly sensitive to the company's seasonal earnings volatility.
While the current leverage remains within manageable bounds, the rapid increase in debt levels suggests that management is prioritizing geographic footprint expansion. Investors should assess whether the cash flow generated from these new assets will be sufficient to deleverage the balance sheet in the coming cycles.
The P/E ratio is frequently misapplied to KNF, as it fails to account for the non-cash depletion of aggregate reserves and the heavy seasonal earnings swings inherent in the company's percentage-of-completion accounting for its large-scale infrastructure contracting projects.
Using P/E as a primary valuation metric obscures the true cash-generative potential of the company's quarrying assets. A more appropriate approach would involve focusing on EV/EBITDA or P/FCF, which better capture the underlying operational performance by stripping out the noise of seasonal accounting adjustments.
Includes 30+ ratios · 5 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying KNF stock.
Knife River Corporation's current P/E ratio is 30.8x. The historical average is 24.9x. This places it at the 100th percentile of its historical range.
Knife River Corporation's current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Knife River Corporation's return on equity (ROE) is 10.1%. The historical average is 13.2%.
Based on historical data, Knife River Corporation is trading at a P/E of 30.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Knife River Corporation has 18.4% gross margin and 9.1% operating margin.
Knife River Corporation's Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.