# Knife River Corporation (KNF)

> Source: Nexqual · https://nexqual.com/KNF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Knife River Corporation (KNF), nexqual.com/KNF" · informational, not investment advice.

**Price:** USD 53.85 (+2.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 52.44 · day 51.88–53.99 · 52w 47.79–96.28 · market cap $3.06B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.31B, net income $140M (4.2% margin), free cash flow $43.1M (SEC filings).
- Valuation: P/E 21.9x (avg 24.9x at the last 3 fiscal year-ends), EV/EBITDA 9.5x, net debt $1.58B.
- 1 of 80 tracked superinvestors hold KNF (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y -14.6% vs S&P 500 +14.9%; 5Y +23.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 2.56, revenue estimate $1.29B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.23B | $2.53B | $2.83B | $2.90B | $3.15B | $3.31B |
| Gross profit | $347M | $361M | $539M | $570M | $577M | — |
| Operating income | $191M | $194M | $296M | $316M | $286M | $275M |
| Net income | $130M | $116M | $183M | $202M | $157M | $140M |
| EPS (diluted) | $2.29 | $2.05 | $3.23 | $3.55 | $2.76 | — |
| Free cash flow | $7.0M | $29.3M | $211M | $150M | -$69.6M | $43.1M |
| Gross margin | 15.6% | 14.2% | 19.0% | 19.7% | 18.4% | — |
| Operating margin | 8.6% | 7.7% | 10.5% | 10.9% | 9.1% | 8.3% |
| Net margin | 5.8% | 4.6% | 6.5% | 7.0% | 5.0% | 4.2% |
| Revenue growth | — | +13.7% | +11.7% | +2.4% | +8.5% | — |
| Cash + short-term investments | $13.8M | $10.1M | $219M | $237M | $73.8M | — |
| Total debt | — | $638K | $682M | $677M | $1.17B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.9x · P/S 0.9x · EV/EBITDA 9.5x · EV/Sales 1.4x · P/FCF 71.0x · P/B 1.9x · FCF yield 1.41% · Earnings yield 4.58% · Net debt $1.58B · EV $4.63B
P/E at fiscal year-ends: Dec 2025 25.5x, Dec 2024 28.6x, Dec 2023 20.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KNF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.10% | $10.7M | Reduced -4.5% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | JP Morgan | Target lowered | Underweight | $73 → $63 |
| 2026-10-09 | RBC Capital | Downgrade | Outperform → Sector Perform | $103 → $58 |
| 2026-10-05 | Wells Fargo | Target lowered | Equal-Weight | $62 → $54 |
| 2026-09-25 | B. Riley Securities | Target lowered | Buy | $105 → $65 |
| 2026-09-24 | Oppenheimer | Target lowered | Outperform | $90 → $80 |
| 2026-09-09 | Wells Fargo | Target lowered | Equal-Weight | $73 → $62 |
| 2026-09-02 | JP Morgan | Downgrade | Neutral → Underweight | $80 → $73 |
| 2026-08-10 | JP Morgan | Target lowered | Neutral | $95 → $80 |
| 2026-08-05 | RBC Capital | Target lowered | Outperform | $107 → $103 |
| 2026-08-05 | Wells Fargo | Upgrade | Underweight → Equal-Weight | $81 → $73 |
| 2026-07-08 | Wells Fargo | Target raised | Underweight | $80 → $81 |
| 2026-06-30 | RBC Capital | Target lowered | Outperform | $109 → $107 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-06-05) |
|---|---|---|
| Total return | -14.6% | +23.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.6% | +6.4% |
| Volatility (annualized) | 50.7% | 39.4% |
| Max drawdown | -48.9% (Feb 2026→Oct 2026) | -52.9% (Dec 2024→Oct 2026) |

## Peers (Building Materials)
USLM (United States Lime & Minerals, ) USD 111.5 +4.61% · TTAM (Titan America SA) USD 13.77 +1.77% · TGLS (Tecnoglass Holdings Inc.) USD 38.72 +2.73% · EXP (Eagle Materials Inc) USD 178.74 +3.09% · LOMA (Loma Negra Compania Industrial ) USD 9.44 -2.07% · CPAC (Cementos Pacasmayo S.A.A.) USD 12.77 +0.87%

## More
Full page: https://nexqual.com/KNF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name KNF in their own reports (relationship from KNF's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | Everus Construction Group, Inc. (ECG) | 10-K 2026-02-25 | "The Company repaid $27.0 million and $45.0 million of short- and long-term related-party notes payable, respectively, during the year ended December 31, 2023, in connection with the Knife River Corpor…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Central | $325.6M | 34.7% | +27.6% |
| West | $290.4M | 30.9% | -8.5% |
| Mountain | $236.5M | 25.2% | +34.3% |
| Energy Services | $103.0M | 11.0% | +5.8% |
| Total revenue | $938.6M | 100% | — |
The lines above cover 101.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Construction materials | $532.1M | 56.7% | +7.8% |
| — Contracting services (part of Construction materials) | $406.5M | 43.3% | +19.5% |
| — Contracting services public-sector (part of Construction materials) | $75.9M | 8.1% | -14.2% |
| — Other (part of Construction materials) | $49.3M | 5.3% | +0.0% |
| Ready-mix concrete | $88.2M | 9.4% | -1.9% |
| Aggregates | $80.0M | 8.5% | +6.9% |
| Asphalt | $39.1M | 4.2% | +1.5% |
| Contracting services private-sector | $21.9M | 2.3% | -32.9% |
| Total revenue | $938.6M | 100% | — |
The lines above cover 81.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.56 | $2.89 | -11.6% | $1.29B | 2 |
| Next quarter (ends 2026-12-31) | $0.45 | $0.66 | -32.6% | $780.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $2.32 | $3.29 | -29.5% | $3.43B | 3 |
| Next fiscal year (ends 2027-12-31) | $3.24 | $3.96 | -18.0% | $3.56B | 3 |