Latest Ratios: P/E Ratio 18.7x · EV/EBITDA 13.2x · ROE 6.0%. (2017–2025 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $2.3B | $3.4B | $1.7B | $1.4B | $1.2B | $897M | $2.1B | $2.9B | $4.6B |
| Enterprise Value | $7.2B | $6.1B | $6.9B | $5.3B | $4.8B | $3.5B | $3.3B | $2.5B | $2.5B | $4.6B |
| P/E Ratio → | 18.68 | 13.71 | 55.60 | 13.25 | 22.35 | 782.14 | — | — | — | — |
| P/S Ratio | 1.92 | 1.28 | 2.30 | 1.38 | 1.13 | 1.75 | 2.19 | 5.66 | 5.11 | 302.45 |
| P/B Ratio | 1.05 | 0.77 | 1.14 | 0.66 | 0.60 | 1.15 | 0.86 | 2.37 | 1.69 | 8.24 |
| P/FCF | 45.39 | 30.34 | 9.43 | 6.79 | 3.50 | 7.58 | — | — | — | — |
| P/OCF | 5.59 | 3.74 | 5.35 | 2.96 | 2.23 | 4.92 | 8.78 | 47.99 | — | — |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.47 | 4.68 | 4.24 | 3.92 | 5.30 | 8.12 | 6.72 | 4.33 | 302.42 |
| EV / EBITDA | 13.22 | 11.18 | 13.79 | 12.10 | 11.58 | 11.81 | — | 13.36 | 27.30 | — |
| EV / EBIT | 43.91 | 7.56 | 14.55 | 15.08 | 12.11 | 32.69 | — | — | — | — |
| EV / FCF | — | 82.21 | 19.20 | 20.90 | 12.16 | 22.96 | — | — | — | — |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.4% | 18.4% | 36.3% | 36.6% | 33.9% | 27.9% | 29.6% | 27.9% | 6.8% | -49.2% |
| Operating Margin | 9.3% | 9.3% | 12.1% | 12.7% | 12.4% | 8.1% | -248.8% | -3.2% | -4.6% | -76.2% |
| Net Profit Margin | 10.1% | 10.1% | 16.5% | 30.8% | 11.2% | 0.2% | -281.8% | -38.1% | -19.1% | -122.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | 6.0% | 8.7% | 15.8% | 8.3% | 0.1% | -118.8% | -11.0% | -9.5% | -3.3% |
| ROA | 2.5% | 2.5% | 3.7% | 6.2% | 2.9% | 0.0% | -45.3% | -8.6% | -8.5% | -2.6% |
| ROIC | 1.9% | 1.9% | 2.1% | 2.0% | 2.5% | 1.2% | -32.0% | -0.7% | -2.2% | -1.6% |
| ROCE | 2.5% | 2.5% | 2.8% | 2.7% | 3.3% | 1.6% | -41.6% | -0.7% | -2.3% | -2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.32 | 1.32 | 1.19 | 1.37 | 1.49 | 2.35 | 2.36 | 0.45 | — | — |
| Debt / EBITDA | 7.06 | 7.06 | 7.02 | 8.18 | 8.27 | 7.98 | — | 2.15 | — | — |
| Net Debt / Equity | — | 1.32 | 1.19 | 1.37 | 1.49 | 2.33 | 2.34 | 0.45 | -0.26 | -0.00 |
| Net Debt / EBITDA | 7.05 | 7.05 | 7.01 | 8.17 | 8.25 | 7.91 | — | 2.12 | -4.97 | — |
| Debt / FCF | — | 51.87 | 9.77 | 14.11 | 8.66 | 15.38 | — | — | — | — |
| Interest Coverage | 3.47 | 3.47 | 2.27 | 1.77 | 2.63 | 1.03 | -470.88 | -0.05 | -0.31 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.69 | 0.69 | 0.70 | 1.03 | 1.06 | 0.90 | 0.71 | 0.94 | 4.75 | 0.05 |
| Quick Ratio | 0.68 | 0.68 | 0.70 | 1.03 | 1.06 | 0.90 | 0.70 | 0.82 | 4.69 | 0.04 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.08 | 0.12 | 0.18 | 4.57 | 0.00 |
| Asset Turnover | — | 0.24 | 0.22 | 0.19 | 0.20 | 0.19 | 0.11 | 0.25 | 0.31 | 0.02 |
| Inventory Turnover | 313.04 | 313.04 | — | — | — | — | 320.91 | 67.78 | 91.81 | 30.40 |
| Days Sales Outstanding | — | 51.82 | 27.55 | 62.67 | 61.37 | 98.19 | 79.75 | 19.91 | 6.97 | 130.70 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 16.2% | 22.1% | 5.1% | 4.7% | 2.9% | 4.4% | — | 13.5% | — | — |
| Payout Ratio | 280.5% | 280.5% | 71.7% | 21.2% | 29.0% | 3454.0% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 7.3% | 1.8% | 7.5% | 4.5% | 0.1% | — | — | — | — |
| FCF Yield | 2.2% | 3.3% | 10.6% | 14.7% | 28.6% | 13.2% | — | — | — | — |
| Buyback Yield | 5.2% | 7.8% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 21.5% | 29.9% | 5.1% | 5.1% | 2.9% | 4.4% | 0.0% | 13.5% | 0.0% | 0.0% |
| Shares Outstanding | — | $63M | $60M | $52M | $41M | $38M | $38M | $75M | $38M | $47M |
Basin-specific volume volatility
Based on reported financial statements, KNTK trades at a forward P/E of 52.63, a multiple that appears disconnected from its recent contraction in profitability and suggests that market participants may be overestimating the company's ability to achieve rapid earnings recovery in the current Delaware Basin environment.
The elevated forward P/E ratio relative to the TTM P/E of 18.92 implies an expectation of significant earnings growth that remains unsupported by the current trend of margin compression. Investors should monitor whether this valuation premium is driven by a misunderstanding of the company's capital-intensive cost structure or an overly optimistic outlook on regional throughput volumes.
As reported in financial statements, KNTK's ROIC has trended toward negative territory, reaching -0.1% in 2026Q1, which indicates that the company is currently failing to generate returns on its invested capital that exceed the cost of its debt-heavy financing structure within the Delaware Basin.
The consistent decay in ROIC over the last ten quarters suggests that the company's aggressive expansion strategy has not yet translated into sustainable value creation. This trend warrants further investigation into whether the high capital intensity of the integrated gathering and processing system is structurally preventing the achievement of adequate returns on invested capital.
According to recent SEC filings, KNTK's cash conversion cycle has fluctuated significantly, reaching 45 days in 2025Q4, which reflects the operational challenges of managing a complex, integrated midstream network where payment timing and inventory management are highly sensitive to regional producer activity and takeaway constraints.
The variability in DSO and the lack of consistent CCC data suggest that the company's working capital efficiency is highly dependent on the creditworthiness and operational health of its upstream customers. Investors should monitor these metrics as indicators of potential liquidity stress, particularly if regional gas takeaway constraints lead to further production curtailments.
Based on KNTK's reported figures, the interest coverage ratio has deteriorated to -0.07 in 2026Q1, a concerning trend that suggests the company's ability to service its debt obligations is increasingly compromised by the recent decline in operating income and the high fixed costs of its infrastructure.
The reliance on debt to fund capital-intensive projects in a high-interest-rate environment appears to be placing significant pressure on the balance sheet. This leverage profile, combined with a negative equity base, suggests that the company may face limited financial flexibility if regional drilling activity does not rebound to support higher throughput volumes.
As indicated by financial data, the 16.0% dividend yield is frequently misapplied by investors as a signal of financial strength, when in reality, it obscures the underlying cash flow volatility and the company's reliance on external financing to sustain distributions amidst a period of negative net income.
Investors should prioritize Distributable Cash Flow (DCF) over dividend yield to assess the true sustainability of shareholder returns. Relying on yield alone ignores the reality that KNTK's capital allocation strategy is currently constrained by the need to fund maintenance and growth capital in a challenging, high-cost operating environment.
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Quick answers to the most common questions about buying KNTK stock.
Kinetik Holdings Inc.'s current P/E ratio is 18.7x. The historical average is 26.2x. This places it at the 50th percentile of its historical range.
Kinetik Holdings Inc.'s current EV/EBITDA is 13.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.4x.
Kinetik Holdings Inc.'s return on equity (ROE) is 6.0%. The historical average is -11.5%.
Based on historical data, Kinetik Holdings Inc. is trading at a P/E of 18.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kinetik Holdings Inc.'s current dividend yield is 16.25% with a payout ratio of 280.5%.
Kinetik Holdings Inc. has 18.4% gross margin and 9.3% operating margin.
Kinetik Holdings Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.