The company maintains a fundamentally challenged capital structure characterized by a persistent negative equity position that reached -$565.4 million by 2025Q4 alongside $3.9 billion in total debt.
| Total Current Assets | 0 | 302.04M | 294.76M | 257.3M | 241.87M | 217.52M | 118.42M | 31.74M | 468.03M | 6.17M |
| Cash & Short-Term Investments | 720K | 3.95M | 3.61M | 4.51M | 6.39M | 18.73M | 19.59M | 5.98M | 449.94M | 479.06K |
| Cash Only | 720K | 3.95M | 3.61M | 4.51M | 6.39M | 18.73M | 19.59M | 5.98M | 449.94M | 479.06K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 250.48M | 111.94M | 215.72M | 204.04M | 178.11M | 89.62M | 20.66M | 10.91M | 5.42M |
| Days Sales Outstanding | 30.01 | 51.82 | 27.55 | 62.67 | 61.37 | 98.19 | 79.75 | 19.91 | 6.97 | 130.7 |
| Inventory | 0 | 4.6M | 0 | 0 | 0 | 0 | 900K | 4.03M | 5.8M | 743K |
| Days Inventory Outstanding | 0.34 | 1.17 | - | - | - | - | 1.14 | 5.39 | 3.98 | 12.01 |
| Other Current Assets | -720K | 43.01M | 179.21M | 37.07M | 31.44M | 20.68M | 8.31M | 1.07M | 1.38M | 67.48K |
| Total Non-Current Assets | 0 | 6.97B | 6.52B | 6.24B | 5.68B | 3.34B | 3.49B | 1.47B | 1.39B | 699.59M |
| Property, Plant & Equipment | 0 | 3.94B | 3.46B | 2.78B | 2.56B | 1.9B | 1.93B | 205.8M | 1.23B | 699.59M |
| Fixed Asset Turnover | 0.59x | 0.45x | 0.43x | 0.45x | 0.47x | 0.35x | 0.21x | 1.84x | 0.47x | 0.02x |
| Goodwill | 0 | 5.08M | 5.08M | 5.08M | 5.08M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 553.23M | 652.49M | 591.67M | 695.39M | 786.05M | 921.77M | 0 | 0 | 0 |
| Long-Term Investments | 6.2B | 2.01B | 2.12B | 2.54B | 2.38B | 626.48M | 611.22M | 1.26B | 91.1M | 0 |
| Other Non-Current Assets | 0 | 89.99M | 77.06M | 85.42M | 32.27M | 22.32M | 23.6M | 5.27M | 3.73M | 0 |
| Total Assets | 0 | 7.27B | 6.81B | 6.5B | 5.92B | 3.55B | 3.6B | 1.5B | 1.86B | 705.75M |
| Asset Turnover | 0.32x | 0.24x | 0.22x | 0.19x | 0.20x | 0.19x | 0.11x | 0.25x | 0.31x | 0.02x |
| Asset Growth % | -84.09% | 6.69% | 4.9% | 9.75% | 66.6% | -1.4% | 139.93% | -19.14% | 163.17% | - |
| Total Current Liabilities | 0 | 440.5M | 418.55M | 250.14M | 227.83M | 240.93M | 167M | 33.69M | 98.52M | 124.47M |
| Accounts Payable | 0 | 42.07M | 27.24M | 34M | 17.9M | 12.22M | 13.38M | 0 | 0 | 0 |
| Days Payables Outstanding | 8.04 | 10.66 | 10.52 | 15.58 | 8.15 | 9.35 | 16.91 | - | - | - |
| Short-Term Debt | 187.1M | 208.81M | 140.2M | 0 | 0 | 54.28M | 53.31M | 12.36M | 0 | 0 |
| Deferred Revenue (Current) | 11.51M | 5.67M | 0 | 6.48M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -187.1M | 180.41M | 216.88M | 177.96M | 13.21M | 7.01M | 16.08M | 19.91M | 98.05M | 124.17M |
| Current Ratio | - | 0.69x | 0.70x | 1.03x | 1.06x | 0.90x | 0.71x | 0.94x | 4.75x | 0.05x |
| Quick Ratio | - | 0.68x | 0.70x | 1.03x | 1.06x | 0.90x | 0.70x | 0.82x | 4.69x | 0.04x |
| Cash Conversion Cycle | 22.31 | 42.32 | - | - | - | - | 63.98 | - | - | - |
| Total Non-Current Liabilities | 0 | 3.9B | 3.42B | 3.62B | 3.42B | 2.31B | 2.39B | 564.69M | 32.01M | 25.23M |
| Long-Term Debt | 3.64B | 3.63B | 3.36B | 3.56B | 3.37B | 2.25B | 2.34B | 396M | 0 | 0 |
| Capital Lease Obligations | 106.98M | 29.03M | 11.49M | 9.35M | 6.02M | 29.89M | 31.09M | 1.03M | 0 | 0 |
| Deferred Tax Liabilities | 234.09M | 197.7M | 16.76M | 13.24M | 11.02M | 7.19M | 0 | 1.05M | 2.64M | 7.04M |
| Other Non-Current Liabilities | -3.64B | 14.72M | 4.08M | 8.58M | 11.01M | 3.26M | 23.5M | 166.61M | 29.37M | 18.19M |
| Total Liabilities | 0 | 4.34B | 3.84B | 3.87B | 3.65B | 2.55B | 2.56B | 598.38M | 130.53M | 149.7M |
| Total Debt | 3.83B | 3.87B | 3.53B | 3.6B | 3.4B | 2.37B | 2.45B | 409.39M | 0 | 0 |
| Net Debt | 3.83B | 3.86B | 3.53B | 3.6B | 3.39B | 2.35B | 2.43B | 403.4M | -449.94M | -479.06K |
| Debt / Equity | - | 1.32x | 1.19x | 1.37x | 1.49x | 2.35x | 2.36x | 0.45x | - | - |
| Debt / EBITDA | 7.18x | 7.06x | 7.02x | 8.18x | 8.27x | 7.98x | - | 2.15x | - | - |
| Net Debt / EBITDA | 7.18x | 7.05x | 7.01x | 8.17x | 8.25x | 7.91x | - | 2.12x | -4.97x | - |
| Interest Coverage | 3.17x | 3.47x | 2.27x | 1.77x | 2.63x | 1.03x | -470.88x | -0.05x | -0.31x | - |
| Total Equity | 0 | 2.93B | 2.98B | 2.63B | 2.27B | 1.01B | 1.04B | 903.52M | 1.73B | 556.05M |
| Equity Growth % | -124.74% | -1.63% | 13.4% | 15.59% | 125.72% | -3.34% | 15.29% | -47.68% | 210.55% | - |
| Book Value per Share | 0.00 | 46.76 | 49.56 | 50.69 | 54.95 | 26.64 | 27.56 | 12.06 | 45.69 | 11.79 |
| Total Shareholders' Equity | 0 | -565.38M | -2.98B | -530.82M | -839.77M | 10K | 1.04B | -353.07M | -213.71M | 556.05M |
| Common Stock | 0 | 16K | 15K | 15K | 14K | 10K | 1.04B | 32K | 32K | 14K |
| Retained Earnings | 0 | -806.12M | -2.98B | -723.52M | -958.63M | 0 | 0 | -392.63M | -213.75M | -18.57M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -266K | 0 | 0 |
| Minority Interest | 0 | 3.5B | 5.96B | 3.16B | 3.11B | 1.01B | 0 | 1.26B | 1.94B | 0 |
Negative equity and leverage
As reported in financial statements, KNTK's equity position has remained consistently negative over the last ten quarters, reaching a deficit of $565.4 million by 2025Q4, which suggests that the company's capital structure is fundamentally challenged by ongoing losses and aggressive capital allocation strategies.
The persistent negative equity indicates that the company has been unable to generate sufficient retained earnings to offset its capital base, effectively operating with a deficit that warrants investor caution. This trajectory suggests that the balance sheet is not strengthening, but rather remains in a state of structural vulnerability that limits financial flexibility.
Based on KNTK's reported figures, the company maintained a debt-to-equity ratio of 1.32 in 2025Q4, a metric that appears misleadingly stable given the underlying negative equity base and the $3.9 billion in total debt that continues to weigh on the firm's financial health.
The reliance on debt to fund infrastructure expansion in the Delaware Basin creates a high fixed-cost burden that complicates the company's ability to navigate cyclical downturns. Investors should monitor whether this leverage level remains sustainable if throughput volumes continue to face the volatility observed in recent periods.
According to recent SEC filings, KNTK's current ratio stood at 0.69 in 2025Q4, reflecting a liquidity profile that appears insufficient to cover short-term obligations without relying on external financing or the continued support of its revolving credit facilities during periods of operational stress.
A current ratio consistently below 1.0 suggests that the company lacks a meaningful buffer against unexpected shocks or sudden declines in cash flow. This tight liquidity position may force management to prioritize debt service over other capital allocation priorities, potentially limiting future growth initiatives.
As indicated by the balance sheet data, KNTK's asset base is heavily concentrated in net PPE, which reached $3.9 billion in 2025Q4, underscoring the company's extreme reliance on physical infrastructure within the Delaware Basin to drive its long-term revenue generation and operational performance.
The high concentration of assets in a single geographic basin exposes the company to localized regulatory and operational risks that could impair the value of its infrastructure. The lack of diversification in the asset mix suggests that any downturn in regional drilling activity could have a disproportionate impact on the company's asset utilization and overall valuation.
Quick answers to the most common questions about buying KNTK stock.
As of 2025, Kinetik Holdings Inc. (KNTK) had total assets of $7.27B including $302.0M in current assets.
Kinetik Holdings Inc. (KNTK) carries total debt of $3.87B, offset by $4.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kinetik Holdings Inc. (KNTK) has total shareholders' equity (book value) of $-565.4M ($46.76 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kinetik Holdings Inc. (KNTK) reported a current ratio of 0.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.