olivLaw · US equity research
Knife River Corporation KNF
Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)
Knife River is an aggregates-based construction materials and contracting services provider with vertical integration across the western and central United States. The company reported total revenue of 3146.0 million USD in fiscal 2025 and raised its 2026 revenue guidance, while public infrastructure funding remains an important support.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Knife River Corporation (KNF) stock was 62.24 USD (+6.34% on the day), with market capitalisation 3.5 bn USD, P/E 26.3 on diluted EPS of 2.36 USD over the last 12 months, beta 1.43, 52-week range 47.98–93.97 USD. Latest reported quarter (Q3 2026): revenue of 1.3 bn USD (+6.0% YoY), net income of 137.9 m USD (−3.7% YoY), diluted EPS 2.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 45.75 – 60.72
- above the upper band · %B 1.10 · band width 28.1%
- SMA 50 / 200
- 55.35 / 73.86
- mixed trend
- MACD (12, 26, 9)
- 1.28 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.8% | −1.1% | +20.9 pp | — |
| 3 months | −8.2% | −0.5% | −7.7 pp | — |
| 6 months | −32.0% | +4.4% | −36.4 pp | — |
| Year to date | −11.5% | +12.3% | −23.8 pp | — |
| 1 year | −6.0% | +13.5% | −19.6 pp | −11.5% |
| 3 years | +13.8% | +76.4% | −62.6 pp | +29.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 657.2 m | 353.5 m | 833.8 m | 1.2 bn | 755.1 m | 410.1 m | 938.6 m | 1.3 bn |
| Cost of revenue | 543.1 m | 363.1 m | 676.5 m | 919.4 m | 609.7 m | 412.9 m | 775.8 m | 988.0 m |
| Gross profit | 114.1 m | -9.6 m | 157.2 m | 284.3 m | 145.3 m | -2.8 m | 162.8 m | 287.6 m |
| SG&A | 70.1 m | 73.1 m | 69.2 m | 69.1 m | 80.1 m | 83.5 m | 81.7 m | 73.5 m |
| Operating income | 44.0 m | -82.7 m | 88.1 m | 215.2 m | 65.2 m | -86.2 m | 81.1 m | 214.1 m |
| Depreciation & amortisation | 35.4 m | 38.8 m | 50.2 m | 53.5 m | 51.3 m | 52.2 m | 56.4 m | 55.6 m |
| Interest expense | 13.4 m | 15.3 m | 22.3 m | 23.0 m | 21.3 m | 20.7 m | 24.6 m | 24.7 m |
| Pre-tax income | 33.1 m | -93.3 m | 67.9 m | 193.4 m | 45.2 m | -107.6 m | 59.8 m | 188.6 m |
| Income tax | 9.9 m | -24.6 m | 17.3 m | 50.2 m | 13.2 m | -28.4 m | 16.0 m | 50.8 m |
| Net income | 23.3 m | -68.7 m | 50.6 m | 143.2 m | 32.0 m | -79.2 m | 43.9 m | 137.9 m |
| Diluted EPS | 0.41 ≈ | -1.21 | 0.89 | 2.52 | 0.56 ≈ | -1.40 | 0.77 | 2.43 |
| Operating cash flow | 172.4 m | -125.3 m | -42.6 m ≈ | 250.4 m ≈ | 195.9 m | -58.6 m | -75.1 m ≈ | 194.5 m ≈ |
| Capex | 45.3 m | 75.0 m | 153.6 m ≈ | 61.7 m ≈ | 57.7 m | 77.3 m | 72.9 m ≈ | 58.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 57 percentile of its own 14-quarter history (min 15.4, median 25.8, max 34.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.5 bn | 2.8 bn | 2.9 bn | 3.1 bn |
| Revenue YoY | unavailable | +13.7% | +11.7% | +2.4% | +8.5% |
| Net income | 129.8 m | 116.2 m | 182.9 m | 201.7 m | 157.1 m |
| Net income YoY | unavailable | −10.4% | +57.3% | +10.3% | −22.1% |
| Diluted EPS | 2.29 | 2.05 | 3.23 | 3.55 | 2.76 |
| Diluted EPS YoY | unavailable | −10.5% | +57.6% | +9.9% | −22.3% |
| net % | 5.8% | 4.6% | 6.5% | 7.0% | 5.0% |
| Free cash flow | 7.0 m | 29.3 m | 211.4 m | 149.9 m | -69.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 73.8 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 1.1 bn USD
- Equity
- 1.6 bn USD
- Total assets
- 3.7 bn USD
- Debt / equity
- 0.71x
- Current ratio
- 2.54x
- ROE
- 10.1%
- ROA
- 4.8%
- FCF margin
- -2.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.5 bn | 2.8 bn | 2.9 bn | 3.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 1.9 bn | 2.2 bn | 2.3 bn | 2.3 bn | 2.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 346.9 m | 360.9 m | 538.9 m | 569.8 m | 577.3 m | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 155.9 m | 166.6 m | 242.5 m | 253.6 m | 291.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 191.1 m | 194.3 m | 296.4 m | 316.2 m | 285.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 101.0 m | 117.8 m | 123.8 m | 136.9 m | 193.7 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 292.1 m ≈ | 312.1 m ≈ | 420.2 m ≈ | 453.1 m ≈ | 479.6 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 19.2 m | 30.1 m | 58.1 m | 55.2 m | 81.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 173.2 m | 158.8 m | 245.3 m | 271.0 m | 213.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 43.5 m | 42.6 m | 62.4 m | 69.3 m | 56.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 129.8 m | 116.2 m | 182.9 m | 201.7 m | 157.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 2.29 | 2.05 | 3.23 | 3.55 | 2.76 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 56.6 m | 56.6 m | 56.7 m | 56.8 m | 56.9 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 13.8 m | 10.1 m | 219.3 m | 236.8 m | 73.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | — | 323.3 m | 319.6 m | 380.3 m | 435.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | — | 608.6 m | 913.5 m | 987.7 m | 960.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 2.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 276.4 m | 274.5 m | 274.5 m | 297.2 m | 519.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 13.4 m | 10.8 m | 29.4 m | 32.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 2.2 bn | 2.3 bn | 2.6 bn | 2.9 bn | 3.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | — | 87.4 m | 107.7 m | 140.8 m | 145.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | — | 211.0 k | 7.1 m | 10.5 m | 11.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | — | 427.0 k | 674.6 m | 666.9 m | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | — | 516.9 m | 347.3 m | 370.0 m | 378.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | — | 1.3 bn | 1.3 bn | 1.4 bn | 2.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 952.8 m † | 1.0 bn † | 1.3 bn † | 1.5 bn † | 1.6 bn † | SEC (XBRL)· 20 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 181.2 m | 207.4 m | 335.7 m | 322.3 m | 278.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 174.2 m | 178.2 m | 124.3 m | 172.4 m | 348.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 7.0 m ≈ | 29.3 m ≈ | 211.4 m ≈ | 149.9 m ≈ | -69.6 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -398.3 m | -155.9 m | -117.9 m | -294.8 m | -913.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 223.8 m | -55.3 m | 34.4 m | -8.7 m | 477.5 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality38
- Growth66
- Valuation43
- Balance sheet39
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 39.99 – 163.51 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Peers: EV/EBITDA79.96 – 163.51 (Mid 131.05)7 companies used · median multiple 18.1x · quartiles 12.2x – 21.9xCMP, LEU, MLM, SND, TTAM, USLM, VMC
- Peers: P/E39.99 – 78.25 (Mid 59.75)10 companies used · median multiple 25.3x · quartiles 16.9x – 33.1xCMP, HL, IPI, LEU, MLM, SND, SQM, TTAM, USLM, VMC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.7% | 55 (vs peers) | 12% |
| Net margin · Quality | 4.0% | 47 (vs peers) | 7% |
| FCF conversion · Quality | -7.1% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 7.5% | 62 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 10.4% | 69 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.9x | 25 (vs peers) | 12% |
| Interest coverage · Balance sheet | 3.0x | 23 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 26.3x | 50 (vs peers) | 12% |
| EV/EBITDA · Valuation | 10.1x | 71 (vs peers) | 12% |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 3/3 factors with a value
- Growth66/100 · 2/2 factors with a value
- Quality38/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation43/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Knife River Corporation (KNF). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.1 bn USD in 2025; YoY growth 8.5%; net margin 4.0%; ROE 8.0%; net debt/EBITDA 2.9x.
The estimated value range is 59.97–120.88 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 95.40 USD, the price of 62.24 USD leaves a potential of 53.3% (value / price − 1) and a margin of safety of 34.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.7x
- EV/EBITDA: 10.1x
What contradicts it
- FCF conversion: -7.1%
- Net debt / EBITDA: 2.9x
- Interest coverage: 3.0x
- FCF yield: -0.3%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MLMMartin Marietta Materials, Inc. | 39.6 bn | 14.7 | 16.8% | 31.9% | +8.6% | −11% / +20% |
| VMCVulcan Materials Company | 38.2 bn | 35.2 | 12.9% | 13.8% | +7.1% | +0% / +39% |
| SQMChemical & Mining Co Of Chile Inc | 15.1 bn | 24.0 | 14.3% | 15.1% | −39.4% | −11% / +15% |
| HLHecla Mining Company | 10.0 bn | 26.7 | 14.5% | 21.0% | +53.0% | −11% / +200% |
| IONRIoneer Ltd | 7.2 bn | — | -4.3% | — | unavailable | −44% / −35% |
| USLMUnited States Lime & Minerals Inc | 3.5 bn | 26.6 | 20.0% | 35.1% | +17.3% | +1% / +191% |
| KNFKnife River Corporation | 3.5 bn | 26.3 | 8.0% | 4.0% | +8.5% | −6% / +14% |
| TTAMTitan America SA | 2.6 bn | 14.2 | 20.8% | 11.1% | +1.8% | −12% / unavailable |
| UUUUEnergy Fuels Inc. | 1.9 bn | — | -14.1% | -100.0% | −15.6% | −50% / −10% |
| LEUCentrus Energy Corp | 1.3 bn | 42.2 | 8.1% | 10.2% | +1.5% | −64% / +85% |
| CMPCompass Minerals International, Inc. | 976.5 m | 54.2 | 7.2% | 1.4% | +11.3% | +22% / −4% |
| GAUGaliano Gold Inc. | 540.4 m | — | -12.7% | -6.5% | +93.6% | −14% / +220% |
| IPIIntrepid Potash, Inc. | 418.0 m | 17.1 | 4.8% | 8.0% | +17.1% | +24% / +52% |
| SNDSmart Sand, Inc. | 185.3 m | 16.9 | 4.4% | 2.7% | +6.0% | +48% / +124% |
| ABATAmerican Battery Technology Company | 183.9 m | — | -74.5% | -337.5% | +406.8% | −66% / −70% |
| ATLXAtlas Lithium Corporation | 52.1 m | — | -103.0% | -33,954.4% | −86.1% | −65% / −93% |
| LGOLargo Inc. | 27.7 m | — | -46.4% | -62.3% | −12.0% | −67% / −84% |
| TECKTeck Resources Limited | — | — | 5.5% | 13.0% | +18.7% | +50% / +71% |
| ELVRElevra Lithium Limited | — | — | -54.2% | -131.8% | +11.2% | −40% / unavailable |
1- and 3-year price returns: for KNF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 38.02 Total return -39% · Per year -39% | 67.13 Total return 8% · Per year 8% | 100.98 Total return 62% · Per year 62% |
| 3 years | 39.13 Total return -37% · Per year -14% | 77.53 Total return 25% · Per year 8% | 127.73 Total return 105% · Per year 27% |
| 5 years | 40.28 Total return -35% · Per year -8% | 89.54 Total return 44% · Per year 8% | 161.57 Total return 160% · Per year 21% |
- Exit P/E± 19.38
- Net margin± 13.57
- Annual revenue growth± 10.83
- Annual dilution± 1.14
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Knife River is an aggregates-based construction materials and contracting services provider with vertical integration across the western and central United States. The company reported total revenue of 3146.0 million USD in fiscal 2025 and raised its 2026 revenue guidance, while public infrastructure funding remains an important support.
SWOT
Strengths
- Large aggregate reserves and vertical integration that lower costs and secure supply.
- A high share of public-sector contracting work that brings stability through economic cycles.
- A track record of integrating acquisitions and a clear strategy to expand margins.
Weaknesses
- EBITDA margin declined in the second quarter of 2026 because of energy costs and lower-margin contracting work.
- Gross debt rose after recent acquisitions, which limits financial flexibility.
- Net profit was under pressure in fiscal 2025 and the first half of 2026, with a loss over the first six months.
Opportunities
- Federal funds not yet distributed and record DOT budgets could support contracting volumes.
- Mid-sized, faster-growing markets offer acquisition and organic growth opportunities.
- Rising aggregate prices and operational efficiencies could improve margins.
Threats
- Reduced public funding or delayed projects could lower volumes.
- Energy, labour and material costs could remain volatile.
- Competition for bids and acquisitions could pressure prices and margins.
Risks
- Intense competitionmedium
Markets are fragmented and competition can lead to lower prices and higher costs.
- Reserve permittinghigh
Obtaining permits for new quarries can take years, and local communities may resist.
- Customer nonpaymentmedium
Public and private customers may delay payments in downturns, increasing the risk of uncollected receivables.
- Acquisition integrationhigh
Integrating acquired companies can be difficult and may lead to impairment of assets.
- Cybersecuritymedium
Cyberattacks or system outages could affect operations and reputation.
Investment thesis
What would need to be true (bull case)
- If federal funds and state budgets stay high, contracting volumes could keep growing.
- Vertical integration and large reserves could support better long-term margins if aggregate prices keep rising.
- Recent acquisitions could add volume and synergies in the coming periods.
What would break the thesis
- EBITDA margin fell in the second quarter of 2026, which could signal persistent pressure on profitability.
- Higher debt after acquisitions could limit flexibility in an economic slowdown.
- If public projects are postponed, backlog could fall faster than management expects.
What to watch
- Delivery of 2026 revenue and adjusted EBITDA guidance2026
- Development of the contracting backlog and its expected marginsQ3 2026
- Net leverage relative to adjusted EBITDAnext 10-K
- Spending of remaining IIJA funds in the operating states2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Knife River Corporation is an aggregates-based construction materials and contracting services provider in the United States. Its 1.3 billion tons of aggregate reserves support a vertically integrated strategy, with a large share of aggregates used internally for ready-mix concrete and asphalt. The company operates 208 active aggregate sites, 135 ready-mix plants and 55 asphalt plants across 14 states as of the annual report.
Activity is split into materials (aggregates, ready-mix concrete, asphalt, liquid asphalt) and contracting services, which include highway, bridge and site work. Contracting services are largely aimed at public-sector clients, which adds stability through economic cycles. The company integrates acquisitions such as Strata in North Dakota and northwestern Minnesota into existing segments.
Knife River separated from MDU Resources on May 31, 2023 and trades on the NYSE under the symbol KNF. Its EDGE strategy, launched in 2023, focuses on expanding adjusted EBITDA margin, capital discipline and growth in mid-sized, higher-growth markets.
Segments
West
The West segment covers Alaska, California, Hawaii, Oregon and Washington and generated 1210.1 million USD in fiscal 2025. Revenue fell year-over-year in the first half of 2026 on lower public-agency work in Oregon and project delays in Hawaii and Alaska.
Mountain
The Mountain segment covers Idaho, Montana, Utah and Wyoming and generated 644.0 million USD in fiscal 2025. Second-quarter 2026 revenue rose sharply, mainly from contracting services and first-quarter acquisitions, while EBITDA was roughly flat.
Central
The Central segment covers Iowa, Minnesota, North Dakota, South Dakota and Texas and generated 1004.8 million USD in fiscal 2025. It is the largest segment by revenue and benefited in 2026 from higher volumes and the Texcrete acquisition.
Market context
The US construction materials market is highly fragmented, with mostly local and regional operators, because transport costs limit delivery distance. Demand depends on public road and infrastructure spending, general economic conditions and interest rates. The company could benefit from federal funding if states keep allocating money from programs such as IIJA.
Seasonality shapes activity in the northern United States, where production and sales concentrate between May and October. Environmental and zoning approvals can slow new quarry openings, which makes already permitted reserves more valuable to incumbents.
Trends
- Public infrastructure fundingtailwind
DOT budgets in most of the company's states remain strong, and a significant part of IIJA formula funding has not yet been spent. If these funds turn into bid lettings, they could support contracting volumes.
- Energy and input costsheadwind
Energy and other input costs weighed on second-quarter 2026 EBITDA. If these costs stay high, production margins could remain under pressure.
- Tariffsmixed
The company did not see a material direct impact from tariffs in fiscal 2025, because most quotes include clauses that pass tariff costs to customers. The effect could grow if such clauses cannot be applied.
- Acquisitions and organic growthtailwind
The company invested in acquisitions and organic projects, including an aggregates expansion in South Dakota scheduled for 2027. If acquisitions are integrated well, volumes and margins could rise in coming periods.
Competitive position
The company competes with many regional, national and international operators, some with greater financial resources and others smaller and specialised. Competitive factors include price, quality, service, delivery time and proximity to the customer, and competitive pressure could lower prices or raise wage costs.
Acquisitions are also more competitive, which can raise the prices paid for new targets. The risk of losing public-project bids is real if rivals offer better terms.
- Regional aggregates and concrete producers
Local or regional companies competing in short-distance markets without a comparable national footprint.
- National construction materials producers
Larger companies with their own financial resources that compete across several regions and product lines.
- Small specialised contracting firms
Smaller firms with focused expertise that can win local contracts through reputation and proximity.
- International operators
Competitors with access to large capital that are active in certain markets and segments in the United States.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report18 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement06 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Knife River Corporation · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Knife River Corporation · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Knife River Corporation · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.