Latest Ratios: P/E Ratio 8.2x · EV/EBITDA 11.4x · ROE 17.8%. (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 | $3.6B | $2.3B | $3.4B | $1.7B | $1.4B | $1.2B | $897M | $2.1B | $2.9B | $4.6B |
| Enterprise Value | $7.5B | $6.1B | $6.9B | $5.3B | $4.8B | $3.5B | $3.3B | $2.5B | $2.5B | $4.6B |
| P/E Ratio → | 8.18 | 13.71 | 55.60 | 13.25 | 22.35 | 782.14 | — | — | — | — |
| P/S Ratio | 1.80 | 1.28 | 2.30 | 1.38 | 1.13 | 1.75 | 2.19 | 5.66 | 5.11 | 302.45 |
| P/B Ratio | 1.04 | 0.77 | 1.14 | 0.66 | 0.60 | 1.15 | 0.86 | 2.37 | 1.69 | 8.24 |
| P/FCF | 5.58 | 30.34 | 9.43 | 6.79 | 3.50 | 7.58 | — | — | — | — |
| P/OCF | 5.94 | 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 | 11.43 | 11.18 | 13.79 | 12.10 | 11.58 | 11.81 | — | 13.36 | 27.30 | — |
| EV / EBIT | 45.18 | 7.63 | 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 | 33.8% | 33.8% | 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 | 29.8% | 29.8% | 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 | 17.8% | 17.8% | 8.7% | 15.8% | 8.3% | 0.1% | -118.8% | -11.0% | -9.5% | -3.3% |
| ROA | 7.5% | 7.5% | 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 | 3.56 | 3.56 | 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 | 254.04 | 254.04 | — | — | — | — | 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 | 16.4% | 22.1% | 5.1% | 4.7% | 2.9% | 4.4% | — | 13.5% | — | — |
| Payout Ratio | 95.1% | 95.1% | 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 | 12.2% | 7.3% | 1.8% | 7.5% | 4.5% | 0.1% | — | — | — | — |
| FCF Yield | 17.9% | 3.3% | 10.6% | 14.7% | 28.6% | 13.2% | — | — | — | — |
| Buyback Yield | 4.9% | 7.8% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 21.3% | 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 |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying KNTK stock.
Kinetik Holdings Inc.'s current P/E ratio is 8.2x. The historical average is 26.2x.
Kinetik Holdings Inc.'s current EV/EBITDA is 11.4x. 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 17.8%. The historical average is -10.2%.
Based on historical data, Kinetik Holdings Inc. is trading at a P/E of 8.2x. Compare with industry peers and growth rates for a complete picture.
Kinetik Holdings Inc.'s current dividend yield is 16.36% with a payout ratio of 95.1%.
Kinetik Holdings Inc. has 33.8% 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.
Key Metrics
Top Statement Risk
Leverage and single-basin concentration
Metrics are mathematically derived from official filings.
Premium Growth Multiple on Thin Earnings
Based on reported figures, KNTK trades at 18.54 times trailing earnings and 13.61 times trailing EV/EBITDA, with forward P/E expanding to 32.56, implying the market is pricing a substantial earnings recovery that the trailing ratios do not yet show.
The jump from a trailing P/E of 18.54 to a forward P/E of 32.56 indicates that consensus expects earnings to compress or that the forward estimate reflects an unusually depressed base, and this divergence warrants caution. Relative to peers, Hess Midstream trades at 10.48 times earnings and 8.15 times EV/EBITDA, suggesting KNTK carries a premium that is not supported by a comparable return profile. The 1.04 price-to-book multiple sits near parity with a deficit-laden equity base, so valuation rests primarily on cash-flow and EBITDA assumptions rather than asset backing.
Volatile Margins Obscure Earning Power
As reported in financial statements, KNTK's operating margin swung from -0.9% in 2026Q1 to 23.0% in 2026Q2 before settling at 11.2% in 2026Q3, indicating operating income is highly sensitive to quarterly revenue timing.
A margin range this wide is atypical for a fee-based midstream profile and suggests contract mix, commodity-linked processing exposure, or timing effects are driving results more than a stable utilization base. The reported net margin of 96.8% in 2025Q4 reflects a large non-operating contribution rather than operating strength, so net margin is a poor proxy for true earning power here. Operating margin across the ten quarters, which averages in the low teens, is the more defensible measure of sustainable profitability and should be the anchor for normalized earnings.
Returns Compressed Against Asset Base
According to the quarterly ratio series, KNTK's ROIC has remained below 1.5% in every recent quarter, with 0.7% in 2026Q3, far below typical midstream cost-of-capital thresholds on a $7.3B asset base.
Low ROIC alongside a large asset base suggests that the integrated system is not yet converting invested capital into returns at a rate that compounds shareholder value, despite the volume growth management has reported. ROE is distorted by the negative equity base, so ROIC is the more reliable gauge and it is persistently weak. Investors should monitor whether the incremental throughput from recent expansions lifts ROIC over subsequent quarters, as the current trend does not yet support a compounding thesis.
Elevated Leverage Limits Flexibility
Based on reported quarterly figures, KNTK's debt-to-equity ratio has ranged between 1.12 and 1.61 over ten quarters, with 1.39 in 2026Q3, and debt-to-EBITDA reached as high as 39.70 in 2026Q1, indicating volatile and elevated leverage.
Interest coverage of 2.03 in 2026Q3 is thin, and the wide swings in coverage between quarters suggest debt service comfort depends heavily on which quarter is observed. The 0.64 current ratio and minimal cash on hand imply reliance on revolver access and operating inflows, which may tighten if volumes or commodity-linked cash flows weaken. Refinancing and covenant headroom are not disclosed in the supplied data, so the leverage picture should be treated as a monitoring item rather than a settled risk.
Misapplied Ratio Obscures Asset Economics
Analytically, price-to-book is frequently misapplied to KNTK because its negative equity makes the 1.04 P/B reading unreliable, and EV/EBITDA better captures the economics of an asset-heavy integrated midstream system.
Book value reflects accumulated distributions and depreciation rather than the replacement cost of the Delaware pipeline and processing footprint, so a P/B near 1.0 may understate the economic value of the assets while overstating what equity holders own. Free cash flow yield, currently distorted by volatile quarterly capex and working capital, and distributable cash flow would better reflect what is available to shareholders. Investors should adjust toward EBITDA-based and distributable-cash measures and treat the reported P/B with skepticism.