Knife River Corporation (KNF) 10-Year Financial Performance & Capital Metrics

KNF • • Industrial / General

Basic MaterialsConstruction MaterialsAggregates & Heavy Construction MaterialsAggregates-Focused Producers

AboutKnife River Corporation provides aggregates-based construction materials and contracting services in the United States. It operates through six segments: Pacific, Northwest, Mountain, North Central, South, and Energy Services. The company mines, processes, and sells construction aggregates, including crushed stone and sand, and gravel; and produces and sells asphalt and ready-mix concrete, as well as provides contracting services to support the aggregate-based product lines, including heavy-civil construction, asphalt and concrete paving, and site development and grading. It serves federal, state, and municipal governments for various projects, such as highways, bridges, airports, schools, public buildings, and other public-infrastructure projects. The company was founded in 1917 and is based in Bismarck, North Dakota.Show more

Revenue $2.9B +2.4%
EBITDA $453M +7.8%
Net Income $202M +10.3%
EPS (Diluted) 3.55 +9.9%
Gross Margin 19.66% +3.2%
EBITDA Margin 15.63% +5.3%
Operating Margin 10.91% +4.2%
Net Margin 6.96% +7.7%
ROE 14.71% -7.7%
ROIC 12.99% +1.6%
Debt/Equity 0.49 -14.2%
Interest Coverage 5.72 +12.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y9.16%

TTM5.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y15.84%

TTM-25.51%

EPS CAGR

10Y-

5Y-

3Y15.73%

TTM-25.21%

ROCE

10Y Avg12.33%

5Y Avg12.33%

3Y Avg12.95%

Latest13.36%

Peer Comparison

Aggregates-Focused Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VMCVulcan Materials Company	39.87B	301.71	44.05	-4.68%	14.26%	12.82%	2.02%	0.72
KNFKnife River Corporation	4.55B	80.24	22.60	2.43%	4.87%	9.23%	3.3%	0.49
MLMMartin Marietta Materials, Inc.	38.65B	640.94	19.78	-3.56%	17.35%	11.83%	1.56%	0.61

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.23B	2.53B	2.83B	2.9B
Revenue Growth %	-	0.14%	0.12%	0.02%
Cost of Goods Sold+	1.88B	2.17B	2.29B	2.33B
COGS % of Revenue	0.84%	0.86%	0.81%	0.8%
Gross Profit+	346.95M	360.89M	538.93M	569.83M
Gross Margin %	0.16%	0.14%	0.19%	0.2%
Gross Profit Growth %	-	0.04%	0.49%	0.06%
Operating Expenses+	155.87M	166.6M	242.54M	253.63M
OpEx % of Revenue	0.07%	0.07%	0.09%	0.09%
Selling, General & Admin	155.87M	166.6M	242.54M	253.63M
SG&A % of Revenue	0.07%	0.07%	0.09%	0.09%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	0	0	0	0
Operating Income+	191.08M	194.29M	296.4M	316.19M
Operating Margin %	0.09%	0.08%	0.1%	0.11%
Operating Income Growth %	-	0.02%	0.53%	0.07%
EBITDA+	292.05M	312.09M	420.2M	453.06M
EBITDA Margin %	0.13%	0.12%	0.15%	0.16%
EBITDA Growth %	-	0.07%	0.35%	0.08%
D&A (Non-Cash Add-back)	100.97M	117.8M	123.81M	136.87M
EBIT	192.43M	188.94M	303.4M	326.24M
Net Interest Income+	-19.22M	-30.12M	-58.1M	-55.24M
Interest Income	0	0	0	0
Interest Expense	19.22M	30.12M	58.1M	55.24M
Other Income/Expense	-17.86M	-35.47M	-51.09M	-45.2M
Pretax Income+	173.21M	158.82M	245.31M	270.99M
Pretax Margin %	0.08%	0.06%	0.09%	0.09%
Income Tax+	43.46M	42.6M	62.44M	69.32M
Effective Tax Rate %	0.75%	0.73%	0.75%	0.74%
Net Income+	129.75M	116.22M	182.87M	201.68M
Net Margin %	0.06%	0.05%	0.06%	0.07%
Net Income Growth %	-	-0.1%	0.57%	0.1%
Net Income (Continuing)	129.75M	116.22M	182.87M	201.68M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	2.29	2.05	3.23	3.55
EPS Growth %	-	-0.1%	0.58%	0.1%
EPS (Basic)	2.29	2.05	3.23	3.56
Diluted Shares Outstanding	56.57M	56.57M	56.7M	56.8M
Basic Shares Outstanding	56.57M	56.57M	56.6M	56.6M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	542.63M	608.57M	913.54M	987.67M
Cash & Short-Term Investments	13.85M	10.09M	262.32M	281.13M
Cash Only	13.85M	10.09M	262.32M	281.13M
Short-Term Investments	0	0	0	0
Accounts Receivable	196.69M	226.21M	266.79M	267.24M
Days Sales Outstanding	32.21	32.57	34.4	33.65
Inventory	291.44M	323.28M	319.62M	380.34M
Days Inventory Outstanding	56.52	54.28	50.91	59.6
Other Current Assets	40.64M	48.99M	64.81M	58.96M
Total Non-Current Assets+	1.64B	1.69B	1.69B	1.86B
Property, Plant & Equipment	1.3B	1.36B	1.36B	1.49B
Fixed Asset Turnover	1.71x	1.86x	2.08x	1.94x
Goodwill	276.43M	274.54M	274.48M	297.23M
Intangible Assets	16.23M	13.43M	10.82M	29.41M
Long-Term Investments	38.48M	36.7M	41.22M	45.82M
Other Non-Current Assets	7.63M	0	0	0
Total Assets+	2.18B	2.29B	2.6B	2.85B
Asset Turnover	1.02x	1.10x	1.09x	1.02x
Asset Growth %	-	0.05%	0.13%	0.1%
Total Current Liabilities+	357.2M	516.89M	347.27M	370.04M
Accounts Payable	82.6M	87.37M	107.66M	140.83M
Days Payables Outstanding	16.02	14.67	17.15	22.07
Short-Term Debt	108.23M	238.21M	7.08M	10.47M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K
Other Current Liabilities	25.73M	29.19M	48.1M	50.66M
Current Ratio	1.52x	1.18x	2.63x	2.67x
Quick Ratio	0.70x	0.55x	1.71x	1.64x
Cash Conversion Cycle	72.71	72.18	68.17	71.18
Total Non-Current Liabilities+	871.78M	748.84M	986.53M	1.01B
Long-Term Debt	576.16M	446.88M	674.58M	666.91M
Capital Lease Obligations	35.13M	32.66M	31.76M	34.53M
Deferred Tax Liabilities	168.53M	175.8M	174.54M	174.73M
Other Non-Current Liabilities	91.96M	93.5M	105.65M	128.91M
Total Liabilities	1.23B	1.27B	1.33B	1.38B
Total Debt+	734.52M	730.96M	726.37M	726.76M
Net Debt	720.67M	720.87M	464.05M	445.63M
Debt / Equity	0.77x	0.71x	0.57x	0.49x
Debt / EBITDA	2.52x	2.34x	1.73x	1.60x
Net Debt / EBITDA	2.47x	2.31x	1.10x	0.98x
Interest Coverage	9.94x	6.45x	5.10x	5.72x
Total Equity+	952.84M	1.03B	1.27B	1.48B
Equity Growth %	-	0.08%	0.23%	0.17%
Book Value per Share	16.84	18.18	22.33	25.99
Total Shareholders' Equity	952.84M	1.03B	1.27B	1.48B
Common Stock	800K	800K	570K	570K
Retained Earnings	430.45M	494.66M	665.87M	867.55M
Treasury Stock	-3.63M	-3.63M	-3.63M	-3.63M
Accumulated OCI	-24.49M	-12.35M	-11.32M	-9.3M
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	181.24M	207.44M	335.73M	322.32M
Operating CF Margin %	0.08%	0.08%	0.12%	0.11%
Operating CF Growth %	-	0.14%	0.62%	-0.04%
Net Income	129.75M	116.22M	182.87M	201.68M
Depreciation & Amortization	93.47M	117.8M	123.81M	139.63M
Stock-Based Compensation	1.85M	1.27M	2.89M	7.83M
Deferred Taxes	32.86M	2.08M	-1.61M	0
Other Non-Cash Items	-12.06M	-909K	7.68M	-2.73M
Working Capital Changes	-64.64M	-29.02M	20.09M	-24.09M
Change in Receivables	15.36M	-40.51M	-38.77M	14.06M
Change in Inventory	-42.44M	-31.03M	3.65M	-44.3M
Change in Payables	-13.9M	17.49M	33.09M	0
Cash from Investing+	-398.27M	-155.88M	-117.89M	-294.8M
Capital Expenditures	-174.23M	-178.16M	-124.28M	-172.43M
CapEx % of Revenue	0.08%	0.07%	0.04%	0.06%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	-162.21M	22.88M	6.39M	8.61M
Cash from Financing+	223.8M	-55.32M	34.39M	-8.71M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	-57.96M	-56.02M	-867.23M	0
Net Change in Cash	-	-	-	-
Free Cash Flow+	7.01M	29.28M	211.44M	149.9M
FCF Margin %	0%	0.01%	0.07%	0.05%
FCF Growth %	-	3.18%	6.22%	-0.29%
FCF per Share	0.12	0.52	3.73	2.64
FCF Conversion (FCF/Net Income)	1.40x	1.78x	1.84x	1.60x
Interest Paid	0	0	0	0
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	13.62%	11.73%	15.94%	14.71%
Return on Invested Capital (ROIC)	8.56%	8.51%	12.78%	12.99%
Gross Margin	15.57%	14.24%	19.04%	19.66%
Net Margin	5.82%	4.59%	6.46%	6.96%
Debt / Equity	0.77x	0.71x	0.57x	0.49x
Interest Coverage	9.94x	6.45x	5.10x	5.72x
FCF Conversion	1.40x	1.78x	1.84x	1.60x
Revenue Growth	-	13.72%	11.66%	2.43%

Revenue by Segment

	2023	2024
Ready-mix concrete	653.94M	655.44M
Ready-mix concrete Growth	-	0.23%
Aggregates	547.87M	556.15M
Aggregates Growth	-	1.51%
Asphalt	452.42M	441.44M
Asphalt Growth	-	-2.43%
Other	249.03M	265.82M
Other Growth	-	6.74%

Revenue by Geography

	2023	2024
Central	824.91M	817.87M
Central Growth	-	-0.85%
Northwest	663.68M	689.89M
Northwest Growth	-	3.95%
Mountain	633.62M	662.89M
Mountain Growth	-	4.62%
Pacific	462.16M	493.07M
Pacific Growth	-	6.69%
Energy Services	253.2M	238.94M
Energy Services Growth	-	-5.63%

Frequently Asked Questions

Valuation & Price

Knife River Corporation (KNF) has a price-to-earnings (P/E) ratio of 22.6x. This is roughly in line with market averages.

Growth & Financials

Knife River Corporation (KNF) reported $3.05B in revenue for fiscal year 2024. This represents a 37% increase from $2.23B in 2021.

Knife River Corporation (KNF) grew revenue by 2.4% over the past year. Growth has been modest.

Yes, Knife River Corporation (KNF) is profitable, generating $148.3M in net income for fiscal year 2024 (7.0% net margin).

Dividend & Returns

Knife River Corporation (KNF) has a return on equity (ROE) of 14.7%. This is reasonable for most industries.

Knife River Corporation (KNF) had negative free cash flow of $80.6M in fiscal year 2024, likely due to heavy capital investments.

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